Virginia’s Fortune 500 companies

Virginia continues to perform well on the Fortune 500, with 21 companies from the commonwealth making the 2022 list, which ranks the 500 largest publicly traded companies in the United States by total revenue.

Mortgage finance company Federal Home Loan Mortgage Corp. (“Freddie Mac”) once again topped Virginia’s list of Fortune 500 companies. With $65.89 billion in 2021 revenue, the firm placed 56th on the list. (Freddie Mac will have more competition next year, though, when Raytheon Technologies Corp., ranked 58th this year with $64.38 billion in revenue, will be counted among the Virginia-based companies.)

Nine of this year’s Fortune 500 companies are based in Fairfax County. Coming in a close second is the Richmond region, with eight companies, including Richmond-based Arko Corp., which debuted on the Fortune 500 this year at No. 498. Arko is the parent company of Richmond-based GPM Investments LLC, one of the nation’s largest convenience store chains.

The only Virginia companies that moved up on the Fortune 500 this year were Goochland County-based Performance Food Group Co., which rose two slots to No. 112, and Henrico County insurer Markel Corp., which shot up 22 places to No. 289.

Notable companies that dropped from Virginia’s Fortune 500 list include railroad corporation Norfolk Southern, which moved to Atlanta last year, and federal contractor CACI International Inc., which slid to No. 522.