The Fortune 500 list is the ultimate measure of success for U.S. companies and Fortune’s flagship ranking.
Created over three decades after Fortune’s birth, the Fortune 500 was first a shot-in-the-dark idea by a journalist hoping to elucidate the world of business to a wider audience. The list is now the benchmark for companies around the world and a consistent metric with which to assess the country’s economic health.
Simply put, the Fortune 500 is a list of the largest 500 U.S. companies, public and private, ranked based on revenue.
For companies meeting this criteria, there’s a challenge to be eligible for the list. Every year, Fortune sets a revenue threshold for companies to meet to be considered for the list. In 2026, all listees had to have made at least $7.5 billion in revenue.
Despite the explosion of thriving businesses, the success of these companies were poorly documented, Loomis wrote. Fortune began compiling a list of the largest U.S. companies for its internal use, but Smith had another idea: “I think that our readers just might be interested in this list,” he said.
Compiling the list was a slog for Fortune’s staff. After it was released to the public, the attitude toward the Fortune 500 shifted. It was a “box-office smash, no question.” The list became the touchstone for tracking U.S. businesses and their rippling impact.
“In its entirety, the 500 has been a wide window on the U.S. economy and a reference point for all,” the Fortune story said. “It has been cited by Presidents and Congressmen, dissected by economists, and viewed by business leaders—still yearning for normality and never quite finding it—as the Bunyanesque yardstick of industrial progress.”
Companies such as GM and Mobil—which merged with Exxon in 1999 and ranks No. 9 on 2026’s list—have held their ground on the list for decades. More than 1,800 companies have been listees during the Fortune 500’s 72 years.
In 2025, the Fortune 500 companies had their highest ever combined revenue of $21 trillion, with $2.1 trillion in profits. The combined market value of the firms topped $55 trillion, a 19% leap from the year before.
On the other end of the spectrum, the Fortune 500 saw some fresh faces, including Galaxy Digital, Medline, Amentum Holdings, and Venture Global. In total, 12 new companies appeared on the list for the first time.
Executives agree that there’s not a quick fix to building diversity among the highest ranks of these companies, with few people of color in management tracks.
The Lone Star State has become popular among CEOs for its low cost of living and lack of corporate or individual state income tax.
A version of this story was published on Fortune.com on March 7, 2024.
