Virginia’s Fortune 500 companies

This year, 24 Virginia companies made Fortune magazine’s 70th annual Fortune 500 list, which ranks the nation’s largest corporations by total revenue.

Several companies’ fortunes rose, with top-ranked Virginia company Freddie Mac moving up nine spots to No. 36 on the
overall Fortune 500, posting $108.05 billion in revenue last year.

Meanwhile, Virginia’s second-ranked company, beleaguered aerospace and defense contractor Boeing, rose six spots to No. 52 on the Fortune 500. Boeing President and CEO Dave Calhoun plans to step down amid ongoing scrutiny of production problems and fallout from a January incident in which a panel blew out of a Boeing 737 Max jet cabin in mid-air. Boeing agreed in July to plead guilty to federal fraud charges stemming from two fatal crashes.

Fellow aerospace and defense company RTX ranked No. 3 among Virginia companies on the Fortune 500, ascending two spots to No. 55.

Also notable this year was global hotelier Hilton, which jumped 42 spots to No. 389, cementing its post-pandemic turnaround after dropping off the Fortune 500 in 2021 and 2022.

The Virginia company with the biggest slide on this year’s Fortune 500 list was Fortune 500 IT company DXC Technology, which slipped 39 places to No. 294.