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Fortune Editors

Ever wonder how many Fortune 500 companies are in your state? (Or how often those companies made the cut over the last 20 years?) Our director of infographics, Nicolas Rapp, offers a look at where they're located—and how far some have come (or fallen).

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This is the 68th edition of our annual ranking of America’s largest companies, and it was a blowout year for the companies featured—despite rising inflation, the ongoing supply chain crisis, and the second year of the COVID-19 pandemic. Together, the 500 corporations on this year’s list generated a record $16.1 trillion in revenue and $1.8 trillion in profits. Explore the list to see which companies made the cut, which industries were most profitable, and more.

The retail Goliath extended its streak at No. 1 on the Fortune 500 for a 10th consecutive year, bringing in more than $570 billion in revenue. Walmart successfully navigated a challenging 2021—sales grew by 2.4%, and profits inched up by 1.2%—owing in part to its e-commerce offerings: To better compete with delivery rivals as varied as Amazon and DoorDash, Walmart expanded its store-to-fridge delivery service, InHome; it also tested driverless delivery vehicles with Ford. Its click-and-collect curbside pickup service generated sales of $20.4 billion in 2021, a tripling over the past two years. The company’s e-commerce strategy is now in new hands: Walmart’s chief e-commerce officer, Casey Carl, retired and was replaced by Tom Ward in February 2022.

Walmart

2021 was a tumultuous year for the e-commerce giant. Founder Jeff Bezos formally stepped down as president and CEO on July 5, 2021, and Andy Jassy, longtime head of the Amazon Web Services (AWS) cloud juggernaut, took the reins. The company struggled with labor shortages, a massive surge in employee turnover, and the biggest unionization push since its founding. But those obstacles didn’t stop Amazon from growing its headcount by a net of 310,000 employees in 2021. It also increased its minimum hourly wage from $15 to $18 in September of that year. Amazon’s streaming service sowed the seeds for further growth as the company acquired Hollywood studio MGM in an $8.5 billion deal. Amazon Prime Day sales in 2021 reached a record-breaking total of $11.19 billion. And overall, the retail and cloud-computing powerhouse grew revenue by more than 21% and brought in $33.3 billion in profits, a stunning 56.4% increase over 2020.

Amazon

Despite facing global setbacks, Apple hit multiple positive milestones in 2021. After many of its factories and those of its suppliers were shut down in China owing to COVID, Apple was forced to rethink its supply chain. The global chip shortage added further pressure, costing Apple billions in revenue. But after the company switched to designing more chip components in-house, sales picked up. And Apple finished the year with a gargantuan $94 billion in profits—outperforming every other U.S. company on that front. Apple also gained significant market share in the U.S. personal computing market with its Mac lineup, bringing in a record $37.4 billion in sales. In entertainment, the company made headlines at the Oscars after Apple TV+ became the first streaming service to win the coveted Best Picture award, for its coming-of-age drama CODA. Apple remained the big dog of the Trillion Dollar Club, too: Its market valuation briefly topped $3 trillion in January 2022, though by May it had receded to a mere $2.7 trillion—still higher than any other publicly traded company. Not everything was rosy for CEO Tim Cook: In early 2022, he faced considerable employee backlash for his hefty $99 million pay package in 2021, and many Apple staff were disgruntled with the company’s return-to-office plans.

Apple

CVS outpaced analyst expectations for 2021 under the leadership of Karen Lynch, who came aboard as CEO in February. The company reported $292 billion in revenue for the fiscal year that ended in December 2021—an 8.7% increase year over year. In a quest to revolutionize America’s access to health care, Lynch initiated a plan to transform hundreds of CVS stores into super-clinics that provide primary care—creating what will become the nation’s biggest network of urgent care and primary care outlets. CVS also played a major role in fighting COVID-19, administering over 50 million vaccines and 29 million tests through December 2021. In the fight to retain talent, CVS has announced a minimum wage increase to $15 an hour, effective July 2022.

CVS Health

UnitedHealth Group maintains its status as the nation’s largest health insurance provider, and 2021 was a year of significant growth. The company served 2.2 million more people than in the previous year and saw a 12% rise in revenue year over year, to $287 billion. Pharmacy benefits management company Optum, one of UnitedHealth’s subsidiaries, delivered a 33% increase in revenue per consumer. Adding a 16th company to its vast portfolio of acquisitions, UnitedHealth bought Golden Valley–based health insurer PreferredOne to compete for business in its home state of Minnesota.

UnitedHealth Group

Exxon Mobil bounced back from a rocky, pandemic-disrupted 2020, leaping from 10th to sixth place on the Fortune 500. After COVID-related restrictions caused energy demand and oil and gas prices to plummet, Exxon Mobil took to cost-cutting to perk up its balance sheet, reducing its employee headcount by 9,000. Those efforts, along with a rebound in oil prices, helped position the company to achieve its biggest annual profit in seven years in 2021, as it earned more than $23 billion. Following Russia’s invasion of Ukraine in February 2022, Exxon Mobil exited its Sakhalin-1 oil development in Russia, joining fellow energy giants like BP and Shell in divesting from that country, and announced that it would take a write-down of up to $4 billion. Having long taken heat for its contribution to climate change, Exxon Mobil has created a new company, Exxon Mobil Low Carbon Solutions, to commercialize technologies that could be used to achieve net-zero emissions.

Exxon Mobil

Berkshire Hathaway, the conglomerate headed by the nonagenarian investing legend Warren Buffett, had the second-largest profits among Fortune 500 companies, recording $90 billion in net income last year. Its shares rose by leaps and bounds, too, returning 23.2% in 2021 and rebounding from the COVID-related recession better than analysts had expected. Buffett credited the company’s results to factors including its insurance business, its stake in Apple, the performance of its BNSF railroad, and its energy operations. Berkshire’s P&amp;C reinsurance business also grew in 2021, with premiums increasing by more than 6.4%, to $14.15 billion. The conglomerate made headlines after purchasing 14.7 million shares (a $1 billion stake) in controversial video game company Activision Blizzard at the end of 2021; Berkshire subsequently added more to its stake after Microsoft announced its intention to acquire the gamemaker.

Berkshire Hathaway

Google parent Alphabet had a banner year, surpassing $200 billion in revenue for the first time. Alphabet boasted the top-performing Big Tech stock of 2021 as its shares soared by more than 65%, nearly three times the Nasdaq’s 22% gain. It also set aside a whopping $50 billion to buy back shares and announced a 20-for-1 stock split to encourage more investment. Alphabet’s stellar performance was boosted in part by its Google Cloud services, which registered a revenue increase of almost 50%. But while financials were booming, Alphabet faced many challenges on the HR front. Hundreds of workers opted to unionize, after which the company offered enhanced employee benefits including extended parental leave and vacation time; the company’s hybrid work plans also irked employees who had grown accustomed to working remotely. On the geopolitical front, Alphabet barred Russian media outlets from receiving ad revenue via its online platforms after Russia invaded Ukraine, and it transformed its Google offices in Poland into a safe haven for Ukrainian refugees.

Alphabet

The country’s largest drug distributor, like several of its competitors, remains under fire for its alleged role in America’s destructive opioid epidemic, as plaintiffs and prosecutors accuse it of hiding flaws in its supply chain that made it too easy for doctors to overprescribe and patients to abuse the drugs. In part as a result of a recent settlement with several states, McKesson reported a $4.5 billion loss for the fiscal year that ended in March 2021. After taking charge as a CDC-appointed centralized distributor for COVID vaccines in the U.S., McKesson distributed about 246 million doses as of December 2021. McKesson’s oncology technology business, Ontada, joined MYLUNG to advance precision medicine for lung cancer patients.

McKesson

Drug distribution giant AmerisourceBergen fell two spots on the Fortune 500 from last year. Like its large rivals in the business, the company continues to wrestle with lawsuits regarding its alleged role in the opioid crisis while enduring criticism from shareholders. Still, the company increased its revenue by 12.7%, to $214 billion for the fiscal year ended September 2021. AmerisourceBergen added more than 18,000 new employees and unveiled a new global headquarters in Conshohocken, Pa.

Cencora

The Top 10

This year’s Fortune 500 marks the 68th running of the list.

Fortune 500 list of companies 2022

legacy

Fortune 500

Costco Wholesale

Cigna

AT&T

Microsoft

Cardinal Health

Chevron

Home Depot

Walgreens Boots Alliance

Marathon Petroleum

Elevance Health

Kroger

Ford Motor

Verizon Communications

JPMorgan Chase

General Motors

Centene

Meta Platforms

Comcast

Phillips 66

Valero Energy

Dell Technologies

Target

Fannie Mae

United Parcel Service

Lowe's

Bank of America

Johnson & Johnson

Archer Daniels Midland

FedEx

Humana

Wells Fargo

State Farm Insurance

Pfizer

Citigroup

PepsiCo

Intel

Procter & Gamble

General Electric

MetLife

Prudential Financial

Albertsons

Walt Disney

Energy Transfer

Lockheed Martin

Freddie Mac

Goldman Sachs Group

Boeing

Morgan Stanley

HCA Healthcare

AbbVie

Tesla

Allstate

Best Buy

Charter Communications

Sysco

Merck

New York Life Insurance

Caterpillar

Cisco Systems

Publix Super Markets

ConocoPhillips

Liberty Mutual Insurance Group

Progressive

Nationwide

Tyson Foods

Bristol-Myers Squibb

Nike

Deere

American Express

Abbott Laboratories

StoneX Group

Plains GP Holdings

Enterprise Products Partners

TIAA

Oracle

Thermo Fisher Scientific

Coca-Cola

General Dynamics

USAA

Northwestern Mutual

Nucor

Exelon

Massachusetts Mutual Life Insurance

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Founder is CEO

Female CEO

Growth in Jobs

Global 500

Best Companies

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Fortune 500 list of companies 2022 | Fortune

Fortune 500

Fortune 500 Ranking (2022)