7 Virginia businesses land on Fortune Global 500

Once again, seven Virginia companies made the Fortune Global 500 list of the world’s largest corporations by revenue, which was released Tuesday.

Freddie Mac, the McLean government-sponsored home mortgage company, is still the state’s top-ranked company at No. 80 this year, up eight spaces from 2024’s list. According to Fortune, Freddie Mac reported $122 billion in revenue in fiscal 2024, up 13% from the previous year.

The Trump administration, however, has shaken up the leadership of Freddie Mac and Fannie Mae, another government-sponsored housing finance system. Several board members have been removed from Freddie Mac, and CEO Diana Reid was fired in March, only six months after she was named the corporation’s new permanent head. CEO Michael J. DeVito retired in March 2024. Michael Hutchins, who served as interim CEO following DeVito’s departure, is back as interim chief as of March.

Meanwhile, RTX, the Arlington County aerospace and defense contractor formerly known as Raytheon Technologies, is at No. 153, up 35 spots and passing by Arlington-based aerospace and government contractor Boeing, which fell 47 spots to No. 206 this year.

RTX reported $80.7 billion in revenue for last year, up 17.2% year-over-year, and Boeing was down 14.5% in revenue, reporting $66.5 billion in fiscal 2024. That’s an $11.8 billion decrease from fiscal 2023, a reflection of the some of the fallout the company’s experienced since the January 2024 midair blowout of a Boeing jet’s door plug. In the following months, Boeing CEO Dave Calhoun resigned, and Robert K. “Kelly” Ortberg succeeded him as the company’s chief executive.

In May, Boeing and the U.S. Department of Justice reached a deal that will allow the company to avoid criminal prosecution for allegedly misleading U.S. regulators about the 737 Max jetliner before two of the planes crashed and killed 346 people in 2018 and 2019. Under the agreement, Boeing would pay and invest more than $1.1 billion, including an additional $445 million for the crash victims’ families, the Justice Department said.

The Justice Department and Boeing came to an earlier agreement in 2024 for $2.5 billion, following the Alaska Airlines blowout, but a federal judge rejected the plea deal in December 2024.

The rest of Virginia’s companies on the list of the world’s largest corporations, based on total revenues for fiscal years ending on or before March 31, are Performance Food Group, Capital One Financial, General Dynamics and Northrop Grumman.

Once again, Walmart and Amazon.com landed the top two spots, with Walmart reporting $680.9 billion in revenue for 2024, and Amazon bringing in $637.9 billion; both are increases from last year.

Goochland County’s Performance Food Group reported $54.6 billion, up 2.5% from 2023, and Capital One reported $53.9 billion in revenue, up 9% from last year, and a move up 33 spaces. General Dynamics saw its revenue rise 12.9% last year to $47.7 billion, which gave it a boost of 44 spaces in the 2025 list. Northrop Grumman, meanwhile, rose two spaces and reported $41 billion in fiscal 2024 revenue, up 4.4%.

These are the Virginia-based companies that made the 2025 Fortune Global 500 list, in order of ranking:

80) Freddie Mac, McLean

153) RTX, Arlington County

206) Boeing, Arlington County

267) Performance Food Group, Goochland County

271) Capital One Financial, McLean

318) General Dynamics, Reston

380) Northrop Grumman, Falls Church