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Tag: Fortune Global 500

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

 

September 2023 Top Five stories

The top five most-read daily news stories on VirginiaBusiness.com from July 15 to Aug. 15 included news about Buc-ee’s planning to build a mega-convenience store in Rockingham County in 2025. It would be the chain’s second Virginia store, following a New Kent County store also slated to open in 2025.

1  |  Plans revealed for second Buc-ee’s Virginia location 

The Texas-based travel center applied for a special-use permit at a site along Interstate 81 in Rockingham County near Mt. Crawford. (July 25)

2  |  Atlantic Union to acquire American National Bank 

Richmond-based Atlantic Union Bank’s parent company entered into an agreement to acquire Danville-based American National Bankshares, creating a bank with assets of $23.7 billion as of June 30. (July 25)

3  |  Eight Virginia companies make 2023 Fortune Global 500 

Freddie Mac remained the top-ranked Virginia-based company on the magazine’s 34th Global 500 list, with aerospace and defense companies RTX (formerly Raytheon Technologies) and Boeing close behind. (Aug. 2)

4  |  Stihl names new president, CEO 

Stihl Inc.’s former senior vice president of sales and marketing, Chris Keffer, became the Virginia Beach-based outdoor power equipment manufacturer’s president and CEO on Aug. 4. (July 14)

5  |  Lidl US chief to leave, reports say

In September, Michal Lagunionek, Arlington-based Lidl’s U.S. president and CEO, will be replaced by Joel Rampoldt, a Miami-based retail and wholesaler consultant. (Aug. 4)

8 Va. companies make 2023 Fortune Global 500

Eight Virginia-based companies made Fortune magazine’s 34th Global 500 list, released Tuesday, notably including the newly renamed RTX and Boeing Co. as Virginia’s second and third highest-ranking companies, both of which are also newcomers to the state, having moved their headquarters to Arlington County last year.

Freddie Mac remained Virginia’s top-ranked company, at No. 133, with $86.7 billion in fiscal 2022 revenue. RTX (formerly Raytheon Technologies) followed at No. 195, with $67.7 billion in revenue, and Boeing ranked just two steps behind at No. 197, logging $66.6 billion in revenue. The list follows Fortune’s annual list of the top 1000 U.S. companies ranked by revenue, the latest of which was released in June., and hews closely to it; 36 Virginia-based companies made that list, with 24 making it onto the elite 500. Six Virginia-based companies made the Fortune Global 500 last year.

Fortune’s Global 500 list also ranks global companies by revenue. Taking the lead for the 10th consecutive year is Walmart Inc. The Arkansas-based retailer reported $611.3 billion in revenue for fiscal 2022, an increase of $38.5 billion from 2021. Walmart has held the No. 1 spot 18 times since 1995.

Saudi Aramco followed at No. 2, up from No. 6 in 2022, with $603.6 billion in revenue, a 51% increase from the previous year. Fortune also noted that the Saudi state-owned company earned $159 billion in profit, the highest annual total for a Fortune Global 500 company. Saudi Aramco, and other energy giants, Fortune reported, benefited from soaring energy prices fueled by Russia’s ongoing war in Ukraine.

China outpaced the world with the most companies on the list at a total of 142. The United States reached its highest company total since 2010 with 136 companies. The number of women in charge also increased; the number of women CEOs on the Fortune Global 500 rose to 29 in 2023, up from 24 last year.

Among Virginia-based companies, Goochland County-based Performance Food Group Co. saw the highest rank increase, jumping 164 spots to No. 304, up from No. 486 last year. The company reported $47.1 billion in revenue in fiscal 2022, up from $30.3 the previous year.

Another Goochland-based company, CarMax Inc., saw the largest tumble, falling to No. 498 in 2023 with $31.13 billion in fiscal 2022 revenue, down from No. 432 on the 2022 global list, when the company reported $33.1 billion in revenue. Challenges in the used car market, prices for which soared during the pandemic, have continued among pressures from inflation; CarMax reported net revenues of $7.7 billion in the first quarter of fiscal 2024, which ended May 31, down 17.4% compared with the prior year’s first quarter.

“The overall used market obviously is still depressed,” CarMax CEO William Nash said on a call with analysts, according to a Reuters news report.

These are the Virginia-based companies that made the 2023 Fortune Global 500 list, in order of ranking:

133) Federal Home Loan Mortgage Corp. (“Freddie Mac”), McLean

195) RTX, Arlington County

197) Boeing Co., Arlington County

304) Performance Food Group Co., Goochland County

379) General Dynamics Corp., Reston

386) Capital One Financial Corp., McLean

413) Northrop Grumman Corp., Fairfax County

496) CarMax Inc., Goochland County

Six Va. companies land spots on Fortune Global 500

Six Virginia-based companies have landed spots on Fortune Magazine’s Global 500 list, which was released Thursday and ranks the world’s 500 largest corporations by total revenue.

Walmart Inc. took the top spot on the list, reporting $572 billion in revenue, retaining its top spot from last year. Amazon.com Inc. followed behind, rising a spot to No. 2, posting $469 billion in revenue.

The highest-ranked Virginia company on this year’s Fortune Global 500 list is McLean-based Federal Home Loan Mortgage Co. (“Freddie Mac”). On the Fortune 500 list, which only includes American companies, Freddie Mac ranked No. 56 this year. Freddie Mac’s total revenue was around $65 billion, a drop from last year and 50 spots lower than last year. It’s made the Fortune Global 500 list for 26 years.

Goochland County-based CarMax Inc. made the Global 500 for the first time this year. Its revenues were about $33 billion, up 65%. CarMax also ranked 174th on the Fortune 500 list this year.

The other Virginia-based companies that made the list are:

361) General Dynamics Corp., Reston (dropped 45 spots, 22 years on the list)

399) Northrop Grumman Corp., Falls Church (dropped 73 spots, 23 years on the list)

432) CarMax, Goochland County (was not on the list last year)

443) Capital One Financial Corp., McLean (dropped 54 spots, 12 years on the list)

468) Performance Food Group Co., Goochland County (jumped 15 spots, two years on the list)

At least two other companies — Raytheon Technologies Corp. and The Boeing Co. — that made this year’s Fortune Global 500 list are in the midst of moving their global headquarters to Virginia, or will soon.

Boeing ranked No. 204 on Fortune’s Global 500 list for 2022, falling from its previous rank at No. 173. The company, which had $62.2 billion in revenue in fiscal 2021, announced the move of its global headquarters from Chicago to Arlington’s Crystal City, where it already has about 400 employees, in May.

Raytheon followed Boeing’s announcement in early June, announcing it would also move its headquarters from Waltham, Massachusetts to Arlington’s Rosslyn neighborhood in the third quarter of this year. Raytheon ranked No. 197 on the Fortune Global 500 this year, falling from No. 183 last year. The company reported $64.4 billion in fiscal 2021 revenue. Its new location won’t be far from its existing Raytheon Intelligence & Space business, where about 130 corporate staffers already work.

Neither of the company’s moves are expected to involve major staff boosts.

And while Amazon.com Inc.’s headquarters are in Seattle, the e-tailer is building its $2.5 billion HQ2 East Coast headquarters in Arlington County. The company recently closed on its $198M PenPlace development, which is slated to include the distinctive Helix tower.