On the Fortune 500 list: These 10 Companies are Arizona’s Largest by Revenue

Article originally posted on AZ Central on June 19, 2023

Arizona placed 10 companies on this year’s Fortune 500 list, which measures corporate revenue leaders from around the nation.

Phoenix-based Avnet Inc., a distributor of electronic parts, led the Arizona contingent with 2022 sales of $24.3 billion, edging out copper-mining giant Freeport-McMoran at $22.8 billion, followed by Reliance Steel & Aluminum, Opendoor Technologies and Carvana.

The other Arizona-based companies in the Fortune 500 are Republic Services, Insight Enterprises, On Semiconductor, Taylor Morrison Home and Knight-Swift Transportation.

Nationally, Walmart topped the chart for the 11th consecutive year with $611 billion in revenue, followed by Amazon.com, Exxon Mobil, Apple and United Healthcare.

The Fortune report listed a record 52 companies on the list headed by women, including Karen Lynch at CVS Health, which placed sixth overall. Arizona’s Fortune 500 companies are well-represented in this regard, with CEOs Karla Lewis at Reliance Steel & Aluminum, Carrie Wheeler at Opendoor Technologies, Joyce Mullen at Insight Enterprises and Sheryl Palmer at Taylor Morrison Home.

Texas placed the most companies on the Fortune 500 with 55, followed by California (53), New York (50), Illinois (33) and Ohio and Virginia (tied at 24).

Court victory:Electronics distributor Avnet Inc. wins millions in price-fixing case against suppliers

The Fortune 500 ranks companies by revenue. Other measures would produce different results.

In terms of stock-market capitalization, or worth, for example, Arizona’s current leader is Freeport-McMoRan, which has a stock-market value of about $57 billion. Next up are Microchip Technology ($47 billion), Republic Services ($46 billion), On Semiconductor ($39 billion) and Align Technology in dental devices ($25 billion).

Nor are all of Arizona’s Fortune 500 companies profit leaders. For example, Opendoor and Carvana currently are operating at losses.

Arizona companies in the Fortune 500

Rank, company, industry, headquarters

163. Avnet, electronic-parts distribution, Phoenix

171. Freeport-McMoRan, copper/gold mining, Phoenix

247. Reliance Steel & Aluminum, metals processing, Scottsdale

266. Opendoor Technologies, online home purchases/sales, Tempe

308. Carvana, online used-vehicle sales, Tempe

309. Republic Services, trash collection/recycling, Phoenix

379. Insight Enterprises, information technology, Chandler

454. On Semiconductor, semiconductor manufacturing, Scottsdale

457. Taylor Morrison Home, homebuilding, Scottsdale

490. Knight-Swift Transportation, trucking, Phoenix

SOURCE: fortune.com/ranking/fortune500/