Fortune 500: DoorDash Joins the List

Fortune 500: Top U.S. Companies by Revenue

• Prestigious Benchmark: The 2024 Fortune 500 list remains a key measure of business success, with companies generating US$18.8 trillion in revenue and representing two-thirds of the U.S. GDP, even as the revenue threshold for inclusion slightly decreased.

• Top 10 Leaders: Walmart led the Fortune 500 for the 12th consecutive year, followed by Amazon, Apple, UnitedHealth Group, Berkshire Hathaway, Exxon Mobil, CVS Health, Alphabet, McKesson, and new entrant Cencora in the top ten.

• Economic Powerhouses: Generating US$18.8 trillion in revenue and accounting for two-thirds of the U.S. GDP, Fortune 500 companies remain economic giants, with New York City hosting the most company headquarters, followed by Houston, Chicago, and Atlanta.

• DoorDash’s Debut: DoorDash made its first appearance on the Fortune 500 in 2024, driven by rapid growth and strategic expansions, including partnerships with Best Buy, Petco, and BarkBox, solidifying its North American dominance and expanding in Japan.

Every year, the Fortune 500 list captures the attention of business leaders and analysts, showcasing which companies have climbed to the top—and which have slipped.

For the twelfth year in a row, Walmart reigns supreme, while new entrants like DoorDash signal shifting dynamics in the market. The list doesn't just highlight the biggest players; it reflects broader economic trends, with these companies collectively driving a significant portion of the United States economy.

What Is a Fortune 500 Company?

Published in June 2024, the 70th annual Fortune 500 ranking lists the largest corporations in the United States based on their revenue for the 2023 fiscal year. While there may be debates regarding the most appropriate criteria for ranking these companies (such as profits or market value, which would place Apple at the top), as well as the relevance of ranking U.S. companies in a global corporate landscape, the Fortune 500 remains a prestigious and celebrated benchmark for businesses.

To qualify for the 2024 list of Fortune 500 companies, a minimum revenue of US$7.1 billion was required, slightly down by 2% from the previous year's threshold of US$7.24 billion. Combined, the Fortune 500 companies account for two-thirds of the U.S. GDP, generating US$18.8 trillion in revenues, marking a 4% increase compared to the previous year. Profits, on the other hand, saw a significant rise of 10%, with total net income reaching US$1.7 trillion.

Fortune 500: Walmart Number One for the 12th Year

The 2024 Fortune 500 list has seen some notable shifts among the top companies. Here's a quick overview of the major changes and rankings:

• Walmart retained its position as the leading company for the twelfth consecutive year, with a cumulative revenue now reaching US$5.7 trillion during that period.

• Amazon maintained its steady second-place ranking for the fifth year in a row, while Apple climbed back to the third spot.

• UnitedHealth Group rose to the fourth position, reflecting the continued strength of the healthcare industry, while Berkshire Hathaway moved up to fifth place.

• Exxon Mobil, despite a slight drop in ranking, remained in the top ten at sixth place, followed by CVS Health at seventh. Alphabet and McKesson held onto their positions at eighth and ninth place, respectively.

• The top ten saw a new entry with Cencora (formerly AmerisourceBergen) securing the tenth spot.

Fortune 500 Powers Two-Thirds of the U.S. Economy

The 2024 Fortune 500 companies collectively represent two-thirds of the U.S. GDP, with total revenues of US$18.8 trillion, an increase of 4% from the previous year. These companies also reported a net income of US$1.7 trillion and a market capitalization of US$43 trillion, employing 31 million people worldwide.

New York City remained the top headquarters for Fortune 500 companies, with 41 firms based there, followed by Houston with 21 companies. Chicago and Atlanta continued to be major business hubs, with 15 and 14 Fortune 500 companies, respectively.

DoorDash Debuts in Fortune 500

The American food delivery company DoorDash made its debut on the Fortune 500 list in 2024, reflecting its rapid growth, particularly in the Americas. With a compound annual growth rate of 77% since 2019, DoorDash has solidified its position in the American eCommerce landscape.

The company’s expansion beyond restaurant delivery is highlighted by its partnership with Best Buy, enabling quick access to tech products during the holiday season. DoorDash is also a key player in Japan's food delivery market, competing with local giants like Demae-can and Rakuten, and other entrants like Uber Eats. Despite stiff competition, DoorDash remains dominant in North America alongside companies like SkipTheDishes, Grubhub, and Postmates.

Additionally, DoorDash's reach extends into the broader eCommerce ecosystem through partnerships with Petco and BarkBox.

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Sources: PR Newswire, Fortune, ECDB