24 Virginia Companies Ranking On Fortune 500 List; 14 Are In Northern Virginia

VIRGINIA — Fortune magazine on Monday released its annual ranking of the 500 biggest companies in America by revenue, and 24 of them have headquarters in Virginia.

This is the 69th edition of the Fortune 500 list, a ranking of companies by total annual revenue. The corporations on the list had combined revenues of $18 trillion in fiscal year 2022 and account for two-thirds of the gross domestic product, Fortune said in a news release. Profits, down 15 percent, fell for the second time in the last three years.

Of the 24 ranked in Virginia, 14 are in the Northern Virginia region.

Companies in Virginia, including their rankings and revenue, that made the list are:

45. Freddie Mac: McLean, VA, $86.717 billion revenue

57. Raytheon Technologies: Arlington, VA, $67.074 billion revenue

58. Boeing: Arlington, VA, $66.608 billion revenue

91. Performance Food Group: Richmond, VA, $47.194 billion revenue

105. General Dynamics: Reston, VA, $39.407 billion revenue

106. Capital One Financial: McLean, VA, $38.373 billion revenue

113. Northrop Grumman: Falls Church, VA, $36.602 billion revenue

124. CarMax: Richmond, VA, $33.197 billion revenue

144. Dollar Tree: Chesapeake, VA, $28.332 million revenue

194. Altria Group: Richmond, VA, $20.688 million revenue

242. Dominion Energy: Richmond, VA, $17.174 billion revenue

255. DXC Technology: Ashburn, VA, $16.265 billion revenue

288. Leidos Holdings: Reston, VA, $14.396 billion revenue

327. AES: Arlington, VA, $12.617 billion revenue

352. Markel, Glenn Allen, VA, $11.675 billion revenue

375. Huntington Ingalls Industries, Newport News, VA, $10.676 billion revenue

376. NVR, Reston, VA, $10.580 billion revenue

390. Owens & Minor, Mechanicsville, VA, $9.956 billion revenue

431. Hilton Worldwide Holdings, McLean, VA, $8.773 billion

449. Beacon Roofing Supply, Herndon, VA, $8.430 billion

452. Booz Allen Hamilton Holding, McLean, VA, $8.364 billion

460. ARKO, Richmond, VA, $8.128 billion

479. Science Applications International, Reston, VA, $7.704 billion

486. Genworth Financial, Richmond, VA, $7.507 billion

For the first time in the list’s history, more than 10 percent of Fortune 500 companies have female CEOs. This year’s list includes 52 Fortune 500 companies that are led by women, an all-time high, up from 44 last year.

Three of those women are the chief executives at Virginia companies — General Dynamics, Northrop Grumman, and Science Applications International.

The number of companies led by women in this year’s Fortune 500 are a “slow, but real” sign of progress, Fortune Editor-in-Chief Alyson Shontoll said in her foreword in the June/July issue of the magazine.

“There are also more Black CEOs running Fortune 500s than ever before — but it’s shameful to say that there are still only eight,” Shontoll wrote.

The companies on the list are based in 224 cities in 38 states. For the second year, Texas leads with 55 Fortune 500 companies, followed by California with 53 companies, which bumped New York to No. 3 with 50 companies.

With 40 Fortune 500 companies based there, New York City is the top-ranked municipality, followed by Houston with 22 and Atlanta with 15.

The top 10 companies on the 2023 list are Walmart, Amazon.com, Exxon Mobil, Apple, UnitedHealth Group, CVS Health, Berkshire Hathaway, Alphabet, McKeeson and Chevron.

Walmart held the top spot for the 11th consecutive year, generating $5.7 trillion cumulative revenue over that time. Amazon.com is at No. 2 for the fourth straight year with a 9 percent jump in revenue, eclipsing the $510 billion mark. At No. 3 with a 45 percent jump in revenue, Exxon Mobil bumped Apple to No. 4.

But with $99.8 billion in profits, Apple was the most profitable company on the list for the eighth time in nine years.

UnitedHealth Group is the highest-ranked health care company on the list at No. 5, followed by CVS Health at No. 6.