Fortune 500 facts for kids
The Fortune 500 is a famous list made every year by Fortune magazine. It ranks the 500 biggest companies in the United States based on how much money they earn. This money is called their total revenue.
The list includes both companies whose shares are traded publicly and private companies if their earnings are known. An editor at Fortune named Edgar P. Smith created the idea for the Fortune 500. The very first list came out in 1955. People usually talk about the Fortune 500 more than the smaller Fortune 100 or the larger Fortune 1000 lists.
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History of the Fortune 500 List
The Fortune 500 list was first published in 1955. It was created by Edgar P. Smith, who worked for Fortune magazine. The very first companies at the top of the list were big names like General Motors, Jersey Standard, and U.S. Steel. Other early top companies included General Electric, Esmark, Chrysler, Armour, Gulf Oil, Mobil, and DuPont.
How the Fortune 500 List is Made
When the Fortune 500 list first started, it only included companies that made things. This meant businesses involved in manufacturing, mining, and finding energy. At that time, Fortune also made other lists. These included the "Fortune 50" for the biggest banks, utility companies, insurance companies, stores, and transportation businesses.
In 1994, Fortune magazine changed how it made the list. They started including companies that provide services. This change brought 291 new companies onto the famous list. Three of these new companies even made it into the top 10!
There's a small delay when the list is created. For example, the 2019 Fortune 500 list was based on how much money each company earned in their business year ending in late 2018 or early 2019.
Why the Fortune 500 is Important
The companies on the Fortune 500 list are very important to the United States' economy. As of 2020, these companies earned about two-thirds of all the money made in the U.S. This was around $14.2 trillion in revenue. They also made $1.2 trillion in profits. Their total value in the market was about $20.4 trillion.
The money these companies earn also makes up about 18% of the total money earned around the world. These businesses together employ a huge number of people. They have about 29.2 million workers worldwide. That's almost half a percent of the entire world's population!
Top Companies on the Fortune 500 List
Here are the top 20 companies from the Fortune 500 list in 2023:
| Rank | Company | State | Industry | Revenue in USD |
|---|---|---|---|---|
| 1 | Walmart |  Arkansas |
General merchandisers | $611.2 billion |
| 2 | Amazon |  Washington |
Internet service and retailing | $513.9 billion |
| 3 | ExxonMobil |  Texas |
Petroleum refining | $413.6 billion |
| 4 | Apple |  California |
Technology | $394.2 billion |
| 5 | UnitedHealth Group |  Minnesota |
Health care: insurance and managed care | $324.1 billion |
| 6 | CVS Health |  Rhode Island |
Health care: pharmacy and other services | $322.4 billion |
| 7 | Berkshire Hathaway |  Nebraska |
Insurance: property and casualty (stock) | $302 billion |
| 8 | Alphabet | California |
Internet services and retailing | $282.8 billion |
| 9 | McKesson | Texas |
Wholesalers: health care | $263.9 billion |
| 10 | Chevron Corporation | California |
Energy, oil and gas | $246.2 billion |
| 11 | Cencora |  Pennsylvania |
Wholesalers: health care | $238.5 billion |
| 12 | Costco | Washington |
Wholesalers | $226.95 billion |
| 13 | Microsoft | Washington |
Technology | $198.2 billion |
| 14 | Cardinal Health |  Ohio |
Healthcare | $181.364 billion |
| 15 | Cigna |  Connecticut |
Managed care, insurance | $180.5 billion |
| 16 | Marathon Petroleum | Ohio |
Petroleum | $180 billion |
| 17 | Phillips 66 | Texas |
Energy, oil and gas | $175.7 billion |
| 18 | Valero Energy | Texas |
Energy, oil and gas | $171.1 billion |
| 19 | Ford Motor Company |  Michigan |
Automotive | $158 billion |
| 20 | The Home Depot |  Georgia |
Retail | $157.4 billion |
States with the Most Fortune 500 Companies
This table shows the top 18 states that have the most companies on the Fortune 500 list, as of 2021.
| Rank | State | Companies |
|---|---|---|
| 1 | California |
53 |
 New York |
53 | |
| 3 | Texas |
49 |
| 4 |  Illinois |
28 |
| 5 | Ohio |
25 |
| 6 | Pennsylvania |
24 |
| 7 |  Virginia |
22 |
| 8 |  Florida |
20 |
| 9 | Georgia |
19 |
| 10 |  Massachusetts |
18 |
| Minnesota |
18 | |
| 12 | Michigan |
17 |
| 13 |  New Jersey |
16 |
| 14 | Connecticut |
14 |
| 15 |  North Carolina |
12 |
| 16 |  Colorado |
10 |
 Missouri |
10 | |
 Tennessee |
10 |
See also
- 40 under 40 (Fortune Magazine)
- Fortune Global 500
- Fortune India 500
- Fortune 1000
- List of largest companies in the United States by revenue
- List of largest companies by revenue
- List of Fortune 500 computer software and information companies
- List of women CEOs of Fortune 500 companies
- Forbes Global 2000
- Total Fortune 1000 companies by urban area list
