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This year marks the 70th anniversary of the Fortune 500<\/a>, a list of the largest U.S companies ranked by revenue. The first edition<\/a> was published in 1955, with companies like General Motors<\/a>, Jersey Standard, U.S. Steel, and Chrysler topping the list.\u00a0<\/p>\n Today, a new cast of characters are dominating. In 2023, Chevron<\/a> secured the 10th spot on the list, bumping off drugmaker Cencora<\/a>, after the oil company recorded $36.5 billion<\/a> in profits last year.<\/p>\n Here are the top 10 companies from the Fortune 500 list<\/a> in 2023. Our 2024 list will launch in June.\u00a0<\/p>\n Walmart<\/a> raked in over $611 billion in revenue last year to secure the first spot for 11 straight years. The company recently completed a $2.3 billion acquisition<\/a> of TV maker Vizio, a move that experts say will help the company advertise to customers.\u00a0<\/p>\n The company, headquartered<\/a> in Arkansas, is run by CEO Doug McMillon and employs over 1.6 million people.\u00a0\u00a0\u00a0<\/p>\n The company also bought<\/a> entrepreneur Marc Lore\u2019s startup, Jet.com, for $3.3 billion in 2016 and is running a pilot of Lore\u2019s latest company, a restaurant concept called Wonder<\/a>, in one of their supercenters. Walmart plans<\/a> to open two to three more of Lore\u2019s restaurants in their retail chains this year.<\/p>\n As one of several retailers, like Target<\/a> and Home Depot<\/a>, to report sales losses<\/a> due to \u201cshrink,\u201d or inventory loss that includes theft, Walmart has recently posted limitations<\/a> on self-checkout lines to alleviate shoplifting, which accounted for over $112 billion<\/a> in industry losses in 2022, according to the National Retail Federation.\u00a0<\/p>\n Amazon<\/a>, with a yearly revenue of nearly $514 billion, holds the number two spot on the list for the fourth year.\u00a0<\/p>\n Run by CEO Andy Jassy, the ecommerce<\/a> giant also offers cloud services and digital advertising along with streaming platforms like Fire TV and Amazon Prime Video. It employs<\/a> about 1.5 million people. The company has two headquarters<\/a> in Seattle and Arlington.<\/p>\n Amazon has recently announced an investment<\/a> of more than $10 billion to build data centers in Saudi Arabia to help the country diversify its oil-dependent economy. Alphabet<\/a> Inc.\u2019s Google<\/a> and Microsoft<\/a> Corp have also invested. Amazon plans to spend $5.3 billion to create new infrastructure in the region to train local developers in 2026.\u00a0\u00a0<\/p>\n Exxon Mobil<\/a> brought in a revenue of over $413 billion to take the third spot on the list away from Apple<\/a> this year. The company moved through the rankings from it\u2019s sixth place spot last year, and could owe its success to a year of record-breaking profits<\/a> for oil and gas companies in 2022. \u00a0<\/p>\n With CEO Darren Woods at the helm, the company made $55 billion in profit<\/a>s last year and employs over 62,000 people globally. Headquarters are in Houston, Texas.\u00a0<\/p>\n This year, it\u2019s been involved in a whirlwind of acquisitions from fracking giants to lithium drilling operations, which the company is investing in to remain an industry leader as consumers shift<\/a> to electric cars. At the end of last year, Exxon Mobil announced<\/a> plans to drill for lithium in southern Arkansas and expects to produce the material, which is critical for electric vehicles, by 2027.\u00a0<\/p>\n In 2023, Apple dropped to fourth place on this list, but it still holds the title for most profitable company on the Fortune 500\u2014a title it\u2019s held for eight years.<\/p>\n The company, with Apple Park<\/a> as its headquarters in Cupertino, California, is run by CEO Tim Cook and employs<\/a> about 161,000 people and generates revenue from key products<\/a> like the iPhone, Mac, iPad, and software platforms like iOS.<\/p>\n Apple recorded more than $394 billion in revenues in 2023. It\u2019s had a rocky year <\/a>with regulators\u2013it was fined $2 billion<\/a> by the European Union\u2019s antitrust commission over a complaint<\/a> brought by Spotify<\/a> stating that the company refuses to let streaming services inform iOS users of cheaper off-platform subscriptions, which in turn creates a barrier to competition in the digital music market.\u00a0<\/p>\n In a statement<\/a>, Apple has said the Commission failed \u201cto uncover any credible evidence of consumer harm,\u201d and accused Spotify of \u201ccoordination with the European Commission.\u201d<\/p>\n With a revenue of over $324 billion, UnitedHealth Group<\/a> is the highest-ranking healthcare company on the Fortune 500 list. It maintained the fifth spot on the ranking for a third straight year.\u00a0<\/p>\n The company, headquartered<\/a> in Minnetonka, Minnesota, is run by CEO Andrew Witty and employs<\/a> about 400,000 people to develop health technology, financial services and pharmacy services.\u00a0<\/p>\n In February, the U.S Justice Department launched an antitrust investigation into the company as part of the Biden administration\u2019s antitrust<\/a> efforts<\/a> against some of the biggest<\/a> American companies, including Apple, Amazon, and Google\u2019s parent company, Alphabet.\u00a0<\/p>\n CVS has brought in over $322 billion in revenue this year and fell from number four to number six on the list last year. The group\u2019s CEO Karen Lynch tops<\/a> Fortune\u2019s<\/em> Most Powerful Women in Business<\/a> list for the third year in a row. Her aspirations for the company, she told<\/a> Fortune,<\/em> are expansive.\u00a0<\/p>\n With a headquarters<\/a> in Rhode Island, the company employs<\/a> about 300,000 people and generates most of its revenue<\/a> from healthcare benefits and pharmacy services.\u00a0<\/p>\n In the next few years, she said, there will be \u201cunprecedented change, more change than probably the last 50 years.\u201d Some of those changes include the company\u2019s overhaul<\/a> of its prescription drug pricing model, which it announced\u00a0 in December, and could help customers save money on drugs. The company announced it will roll out a new reimbursement model that aims to make drug costs more predictable and offer cash discount cards in the coming years.<\/p>\n CEO Warren Buffet\u2019s multinational holding company holds spot number seven on the list for the second year in a row with a reported revenue of over $302 billion dollars.\u00a0<\/p>\n Berkshire Hathaway<\/a>, headquartered in Omaha, Nebraska, employs<\/a> about 396,000 people and owns<\/a> businesses in insurance, rail transportation, energy generation and distribution, and manufacturing and retail sectors. It\u2019s also a large stakeholder in American companies like American Express<\/a> and Coca-Cola<\/a>.\u00a0<\/p>\n In February, the company\u2019s stock hit a brief record high<\/a> with a valuation of $1 trillion.<\/p>\n Alphabet, the parent company of Google and Microsoft<\/a> Corp, generated over $282 billion in revenue last year to secure its number eight ranking on the list. The two companies have been on the forefront of AI development, and lately, have been cracking down to moderate the software, too.<\/p>\n Headquartered in Mountain View, California and run by CEO Sundar Pichai, the company employs about 182,500 people and leverages its search, web browsing, advertising and cloud computing to generate money. Its revenues from Google Cloud have also been growing rapidly<\/a>.\u00a0<\/p>\n In March, Google announced in a blog post<\/a> that it plans to reduce spam, low-quality and unoriginal content in search results by 40%, after complaints surfaced that Google\u2019s search engine results are filled with spam<\/a>.<\/p>\n This medical supplies company earned nearly $264 billion in revenue last year to secure spot number nine on the list, the same spot it held last year. It\u2019s one of the lesser known companies on the top 10 of the Fortune 500 list, but its CEO Brian Tyler spoke<\/a> to Fortune<\/em> on some of the hallmarks of his four-year tenure.\u00a0<\/p>\n Headquartered<\/a> in Irving, Texas, employs<\/a> over 80,000 people and generates revenue through pharmaceutical distribution, wholesale medical supplies, and pharmacy technology services.\u00a0<\/p>\n With about $246 billion in revenue, Chevron closes out the list at spot number 10. The company\u2019s revenue climbed about 52%<\/a> last year due to rising oil prices, and has been investing in a number of initiatives this year, from green hydrogen plants to buying South American acreages for petroleum.\u00a0<\/p>\n With a headquarters<\/a> in San Ramos, California, and CEO Mike Wirth leading the company, it employs<\/a> about 45,600 people and sells crude oil and natural gas.\u00a0<\/p>\n In March, Chevron bought<\/a> a stake in acreage offshore Uruguay and joined several other industry companies with interest in South America\u2019s potential for oil discoveries. This month the group also shuttered<\/a> its operations in biodiesel plants in Iowa and Wisconsin.\u00a0<\/p>\n The group recently announced<\/a> ambitious plans to construct a green hydrogen facility in southern California, which is scheduled to begin operations in 2026, and will harness energy from an existing 29-megawatt solar energy array to generate hydrogen. Chevron intends to use \u201cnon-potable\u201d water<\/a>, a non-drinkable by-product of its oilfield operations, for its green hydrogen facility.<\/p>\n<\/div>\n\n\n
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