Texas leads nation with 55 companies on annual Fortune 500 list
For the second consecutive year, Texas leads the nation with the most businesses on Fortune magazine's annual list of the 500 largest companies ranked by revenue.
Texas is the headquarters of 55 Fortune 500 companies, while 53 are based in California and another 50 are in New York. Two of the 10 largest companies on the Fortune 500 — energy company Exxon Mobil and drug maker McKesson — are based out of the Dallas suburb of Irving.
Round Rock-based Dell Technologies ranks the highest among Austin-area companies. The computer and office equipment maker was listed at No. 34. Electric vehicle maker Tesla, which is based in eastern Travis County, ranked No. 50, and Austin-based computer software firm Oracle is No. 101 on the list.
More: Tesla releases diversity data for first time: How it stacks up against GM and Ford
"Texas is the headquarters of headquarters," Gov. Greg Abbott said in hailing the number of companies from the state.
“With our strong and growing workforce and welcoming business climate, Texas is where businesses find the freedom to flourish and people find opportunities to prosper," Abbott continued in a news release. "‘Made in Texas’ is already a powerful global brand. With significant, continuing investments in education and training, workforce development, infrastructure and innovation, we are building an even brighter Texas of tomorrow for generations to come."
New York City, the headquarters of 40 companies, is the top-ranked municipality, followed by Houston (22), Atlanta (15), Chicago (13) and Dallas (11).
More: Round Rock wins round in sales tax fight with state, but legal battle isn't over
The top 10 companies on the 2023 Fortune 500 list are:
Walmart
Amazon.com
Exxon Mobil
Apple
UnitedHealth Group
CVS Health
Berkshire Hathaway
Alphabet
McKesson
Chevron
The revenue threshold this year for making the Fortune 500 list was $7.2 billion, up 13% a year ago. The complete dataset is available for purchase from Fortune Analytics.
In total, Fortune 500 companies represent two-thirds of the U.S. gross domestic product with $18 trillion in revenues (up 13%), while profits, down 15%, fell for the second time in the past three years.
An all-time high 52 companies on the 2023 Fortune 500 are led by women, and for the first time in its 69-year history, more than10% of the companies on the list are led by female CEOs.
In the forward to the June/July 2023 issue of Fortune, Editor-in-Chief Alyson Shontell said there are "signs of progress — slow, but real" in the number of women-led companies. However, she added, "there are also more Black CEOs running Fortune 500s than ever before — but it's shameful to say that there are still only eight."
Other highlights of this year's Fortune 500 include:
Walmart held the top spot for the 11th year in a row, generating $5.7 trillion cumulative revenue.
Amazon.com experienced a 9% jump in revenue, eclipsing $510 billion.
Exxon Mobil bumped Apple, which dropped to No. 4.
With $99.8 billion in profits in 2022, Apple remains the most profitable company on the list for the eighth time in nine years.
Fueled by a 52% jump in annual revenue, Chevron moved back into the top 10 for the first time since 2015.
At No. 6, CVS Health becomes the highest-ranked company ever led by a female CEO (Karen Lynch).
This article originally appeared on Austin American-Statesman: Texas leads country with 55 companies on 2023 Fortune 500 list
