The Fortune 500 list isn’t just a roll call of the biggest companies in America. It’s a snapshot of where business is headed — and who’s gaining ground.¹ This year, the 2025 rankings reflect not only size and revenue but also deeper shifts in leadership, industry, and momentum.

Walmart once again claimed the top spot with $681 billion in revenue, and familiar names like Amazon, Apple, and UnitedHealth Group remained in the top 10.² But beyond the headline rankings, the list highlights how the center of gravity in corporate America is slowly moving away from traditional hubs, toward emerging regions and new sectors. And while the barriers to entry are rising (it now takes $7.4 billion in revenue to make the cut), some companies are finding new ways to get in — and climb fast.³

Read more: Making billion-dollar magic: U.S. home to 49% of world’s unicorns

By the numbers: Profits, revenue, and global reach

Together, the Fortune 500 posted $19.9 trillion in total revenue — about two-thirds of the U.S. gross domestic product — and a record-setting $1.87 trillion in earnings.⁴ That’s a 9% increase from the previous year. Collectively, the companies on the list hold more than $43 trillion in assets and employ over 31 million people worldwide.⁵

Apple, Alphabet, and Berkshire Hathaway each reported profits of over $70 billion, with Apple leading the pack at nearly $97 billion.⁶ Walmart retained its crown as the largest employer on the list, with 2.1 million workers globally, followed by Amazon, which employs around 1.5 million.⁷

Where companies are planting roots is shifting

For the second year in a row, California leads the list with 58 Fortune 500 companies calling the state home.⁸ But Texas is catching up with 54 companies as it benefits from corporate relocations and a business-friendly climate with no state income tax, and it’s not the only state seeing gains.⁹ Connecticut placed 15 companies on this year’s list, led by The Cigna Group (No. 13).¹⁰ For a small state, that’s a significant showing — and a reminder that headquarters don’t need to be in Silicon Valley or Manhattan to have national influence.

Drilling down to the city level, New York City tops the list with 43 companies.¹¹ Houston comes in second with 24, and Chicago ranks third with 15.¹² Charlotte, NC saw a slight pullback, down to seven from eight last year.¹³
 

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AI is no longer just hype

The tech sector had a strong showing again this year, but one company stood out: Nvidia. The semiconductor firm jumped 34 spots to land at No. 31, driven by a 114% jump in revenue.¹⁴ That kind of growth isn’t common among companies already in the top 100.

Nvidia’s chips are now the backbone for a wide range of AI applications, from data centers to autonomous vehicles to consumer apps.¹⁵ The company’s surge suggests that AI is no longer something companies are exploring — it’s something they’re building with, investing in, and profiting from.

Empower research shows that nearly half (47%) of Americans are more comfortable using AI in their financial lives compared to a year ago. And 56% would use AI to recommend money moves to plan retirement.

Top tech companies Alphabet, Meta Platforms, Amazon, and Microsoft remain on pace to spend up to $320 billion combined on AI capital expenditures this year, up from $230 billion in 2024.

Read more: Trust in technology: AI-driven personalization in consumer finance

More women are leading Fortune 500 firms than ever

There are now 55 women running Fortune 500 companies — a record, and more than double the number from a decade ago.¹⁶ 

Mary Barra at General Motors (No. 18) remains the highest-ranked female CEO, but others are rising through the ranks across industries, including Rosalind Brewer (Walgreens Boots Alliance) and Jane Fraser (Citigroup).¹⁷ This year’s gains also reflect a broader range of sectors — women now lead firms in manufacturing, insurance, retail, and finance, in addition to consumer goods and healthcare.

What it takes to make the list now: Scale and speed

To land on the Fortune 500 this year, a company had to report at least $7.4 billion in revenue — the highest bar in the list’s history.¹⁸ That threshold alone tells part of the story. Revenue growth is no longer enough on its own. What’s rising fastest are companies built around adaptability — whether it’s through tech, logistics, finance, or next-gen manufacturing.

Beyond the boardroom

The Fortune 500 has ripple effects across the economy. It can influence where jobs are created, where capital flows, and which sectors set the pace for innovation and wage growth. It can also shape housing markets, local investment, and the strength of retirement portfolios tied to the performance of these firms.^{19,20,21,22,23}