36 Va. companies make 2023 Fortune 1000 list
Freddie Mac, Raytheon, Boeing top Va.'s Fortune 500
Thirty-six Virginia-based companies made Fortune magazine’s 69th annual Fortune 1000 list, notably including newcomers to the commonwealth Raytheon Technologies Corp. and Boeing Co. as Virginia’s second and third highest-ranking companies. Freddie Mac remained Virginia’s top-ranked company, at No. 45, and 24 Virginia companies made this year’s elite Fortune 500 list.
Released Monday, the Fortune 1000 list ranks the 1,000 largest United States corporations by total revenue, including public companies and private companies for which revenue information is available.
Aerospace and defense companies Raytheon and Boeing both moved their headquarters to Arlington County from out of state last year. In 2022, Raytheon Technologies, then based in Massachusetts, was 58th on the list. Last year, Boeing, based in Chicago at the time, ranked No. 60.
Notably, Goochland County-based used vehicle retailer CarMax Inc. jumped 50 slots on the 2023 Fortune 500 list, rising from No. 174 last year to No. 124 this year. CarMax raked in $660.8 billion in fiscal year 2023 revenue, down 5.5% from the $699.5 billion it brought in in FY22. As of Feb. 28, the retailer had a total of 240 used car stores. During the fourth quarter of fiscal 2023, the company opened five retail locations in Chicago; Asheville, North Carolina; Indianapolis; College Station, Texas; and Amarillo, Texas.
Henrico County-based convenience retail holding company Arko Corp., which debuted on the Fortune 500 last year at No. 498, moved up almost 40 slots to No. 460. Arko is the parent company of Richmond-based GPM Investments LLC. One of the nation’s largest convenience store chains, GPM’s brands include Fas Mart and E-Z Mart. Arko reported $9.14 billion in 2022, up from almost $7.42 billion in 2021. In 2022, Arko completed two acquisitions, marking 22 acquisitions since 2013, and announced two pending acquisitions: Transit Energy Group LLC, which closed in March, and Quarles Petroleum Inc., which closed in July 2022.
The biggest slides on this year’s Fortune 500 list were seen from Henrico County-based insurance holding company Markel Group Inc., which dropped 63 slots to No. 352, and DXC Technology Co. in Ashburn, which dropped 48 slots, from No. 207 to No. 255. Markel changed its name from Markel Corp. on May 26. In 2022, Markel reported $49.79 billion in total assets, up from almost $48.48 billion in 2021. DXC Technology reported $14.43 billion in FY23, down from $16.26 billion in fiscal year 2022.
New to the Fortune 1000 list this year, coming in at No. 907, is McLean-based government contractor V2X Inc., which formed from the 2022 merger of Colorado-based government contractor Vectrus Inc. and Mississippi-based The Vertex Co.
Tysons-based real estate investment trust Park Hotels & Resorts Inc. reappeared on the list this year at No. 997, but Lynchburg-based nuclear components and fuel supplier BWX Technologies Inc., which was ranked No. 995 in 2022, was knocked off the 2023 list.
Last year, 34 Virginia companies made on the Fortune 1000 list, with 21 in the Fortune 500.
This year, 10 of Virginia’s Fortune 500 companies are based in Fairfax County, which makes it the Virginia locality with the most Fortune 500 companies. The metro Richmond area, including Hanover, Henrico and Goochland counties, has the second most, with five companies.
These are the Virginia-based companies that made the 2023 Fortune 1000 list, in order of ranking:
45) Federal Home Loan Mortgage Corp. (“Freddie Mac”), McLean
57) Raytheon Technologies Corp., Arlington County
58) Boeing Co., Arlington County
91) Performance Food Group Co., Goochland County
105) General Dynamics Corp., Reston
106) Capital One Financial Corp., McLean
113) Northrop Grumman Corp., Fairfax County
124) CarMax, Goochland County
144) Dollar Tree Stores Inc., Chesapeake
194) Altria Group Inc., Henrico County
242) Dominion Energy Inc., Richmond
255) DXC Technology Co., Ashburn
288) Leidos Holdings Inc., Reston
327) AES Corp., Arlington County
352) Markel Group Inc., Glen Allen
375) Huntington Ingalls Industries Inc., Newport News
376) NVR Inc., Reston
390) Owens & Minor Inc., Mechanicsville
431) Hilton Worldwide Holdings Inc., McLean
449) Beacon Roofing Supply, Herndon
452) Booz Allen Hamilton Holding Corp., McLean
460) Arko Corp., Henrico County
479) Science Applications International Corp. (SAIC), Reston
486) Genworth Financial, Henrico County
564) CACI International Inc., Reston
679) Maximus Inc., Reston
688) ASGN Inc., Glen Allen
693) Brink’s Co., Henrico County
723) Parsons Corp., Centreville
755) Graham Holdings Co., Arlington County
856) Tegna Inc., McLean
901) Gannett Co. Inc., McLean
907) V2X Inc., McLean
932) NewMarket Corp., Richmond
968) AvalonBay Communities Inc., Arlington County
987) Park Hotels & Resorts Inc., Tysons
Editor’s note: This article has been updated to reflect General Dynamics Corp.’s and Northrop Grumman Corp.’s current addresses and the total number of Fortune 500 companies in Fairfax County.