7 Va. companies make 2024 Fortune Global 500

Seven Virginia-based companies made Fortune magazine’s 35th Global 500 list, released Monday. Companies were ranked by total revenues for fiscal years ending on or before March 31.

McLean’s Freddie Mac remained the commonwealth’s top-ranked company at No. 88 — up 45 spots from 2023. The government-sponsored home mortgage company reported net income of $10.5 billion for full-year 2023, an increase of 13% year-over-year. Its former CEO, Michael DeVito, retired earlier this year, and President Mike Hutchins is serving as interim CEO. 

Boeing, headquartered in Arlington County, followed at No. 159 — up from No. 197 in 2023 — with $77.8 billion in revenue. It’s a silver lining for a company facing herculean challenges stemming from the midair blowout of its 737 Max 9 jet in January, which has led to financial woes and federal scrutiny ever since. 

In late July, Boeing’s board of directors named Robert K. “Kelly” Ortberg the aerospace and defense giant’s next president and CEO, succeeding Dave Calhoun, who previously announced his intention to step down after a turbulent, nearly four-year tenure as the company’s leader. In July, Boeing finalized a guilty plea to a federal criminal fraud conspiracy charge, under which it will pay at least $243.6 million in fines for violating a 2021 deferred prosecution agreement with the U.S. Justice Department that stemmed from Boeing’s role in two fatal 737 Max crashes in 2018 and 2019. Meanwhile, Boeing received no orders for its 737 Max planes in April and May, and in June, it sold only three 737 Max jets.

RTX, which is also based in Arlington County and was formerly Raytheon Technologies, came in at No. 188 — up from No. 195 last year. The aerospace and defense contractor reported $68.9 billion in revenue in 2023, up 3% from the prior year. 

Goochland County’s Performance Food Group took the No. 272 spot, up from No 304 last year and came in as Virginia’s fourth highest-ranking company on the list. The ​​food and foodservice distribution company reported $57.3 billion in net sales for fiscal 2023, a 13% increase over 2022.

The list follows Fortune’s annual list of the top 1000 U.S. companies, the latest of which was released in June; 39 Virginia-based companies made that list, with 24 making it onto the elite 500.

Eight Virginia companies made the Fortune Global 500 last year. Goochland County’s CarMax fell off the list in 2024, after ranking No. 498 in 2023. In an April earnings call, CEO Bill Nash said the market for the used car industry is challenging because “vehicle affordability and widespread macro factors continue to pressure sales.”

Taking the lead of the Fortune Global 500 for the 11th consecutive year is Walmart. The Arkansas-based retailer reported $648.1 billion for its 2024 fiscal year which ended Jan. 31. Walmart has held the No. 1 spot 19 times since 1995. Amazon followed at No. 2, up from No. 4 in 2023, with net sales of $574.8 billion, a 12% increase over 2022.  

The United States had more companies on the list (139) than Greater China (133) for the first time since 2018. Greater China includes the mainland, Hong Kong, Macau and Taiwan. Of the 10 most profitable Fortune Global 500 companies, nine out of 10 are located in China and the United States. 

These are the Virginia-based companies that made the 2024 Fortune Global 500 list, in order of ranking:

88) Federal Home Loan Mortgage (“Freddie Mac”), McLean

159) Boeing, Arlington County

188) RTX, Arlington County

272) Performance Food Group, Goochland County

304) Capital One Financial, McLean

362) General Dynamics, Reston

382) Northrop Grumman, Falls Church