Fortune magazine has announced the Fortune 500 ranking for 2025, marking the 71st year of this annual list that ranks the largest corporations in the United States by revenue.
For the 2024 fiscal year, retailers, utilities, and insurance companies led all industries in terms of the number of Fortune 500 companies included.
The healthcare sector, which generated a combined $3 trillion in revenue, accounted for eight companies in the top 25 of the ranked Fortune 500.
In contrast, thirty years ago, in 1995, the top 25 included no healthcare companies.
In her foreword to the June/July 2025 issue of Fortune, Alyson Shontell, the editor-in-chief, noted that American business performance in 2024 was the most profitable year on record for the Fortune 500, which posted a collective $1.87 trillion in earnings.
Shontell highlighted that many business leaders continue to recognize stakeholder capitalism as the most effective long-term financial strategy.
Emphasizing that reinvesting profits in employees and customers can foster a more substantial legacy for their companies.
This year also marked a significant milestone in female leadership, with 55 women leading Fortune 500 companies—an all-time high, representing 11% of the list.
Notable female leaders include Mary Barra of General Motors (No. 18), who topped Fortune's 100 Most Powerful Women list this year; Jane Fraser of Citigroup (No. 21); Carol Tomé of UPS (No. 47); Thasunda Brown Duckett of TIAA (No. 98); and Corie Barry of Best Buy (No. 108).
The top 10 companies on the 2025 Fortune 500 list generated over $290 billion in annual revenue, totaling $4.2 trillion.
Overall, Fortune 500 companies accounted for two-thirds of U.S. GDP, with revenues of $19.9 trillion (up 6%), profits of $1.87 trillion (up 9%), and a market value of $46 trillion (up 7%), employing 31 million people worldwide.
Fourteen companies made their debut this year, including GE Vernova (No. 130), Ferguson Enterprises (No. 146), Kenvue (No. 281), and Palo Alto Networks (No. 470).
The revenue threshold for inclusion in the 2025 Fortune 500 list was $7.4 billion, a 4% increase from the previous year.
The top 10 companies on the 2025 Fortune 500 list are Walmart, Amazon, UnitedHealth Group, Apple, CVS Health, Berkshire Hathaway, Alphabet, ExxonMobil, McKesson, and Cencora.
Walmart claimed the top spot on the Fortune 500 list for the 13th consecutive year, generating over $7 trillion in cumulative revenue during that time, followed by Amazon, UnitedHealth Group, Apple, and CVS Health.
This year's companies are based in 225 cities across 37 states. New York City leads with 43 companies, followed by Houston (24), Chicago (15), Atlanta (13), and Dallas (9).
California added one new Fortune 500 company this year, maintaining its lead with a total of 58 companies—the highest of any state for the second consecutive year. Texas is second with 54 companies, followed by New York with 53 companies.