Six Va. companies land spots on Fortune Global 500

McLean-based Freddie Mac earns highest state ranking

Published August 4, 2022 by Courtney Mabeus-Brown / Robyn Sidersky

Six Virginia-based companies have landed spots on Fortune Magazine’s Global 500 list, which was released Thursday and ranks the world’s 500 largest corporations by total revenue.

Walmart Inc. took the top spot on the list, reporting $572 billion in revenue, retaining its top spot from last year. Amazon.com Inc. followed behind, rising a spot to No. 2, posting $469 billion in revenue.

The highest-ranked Virginia company on this year’s Fortune Global 500 list is McLean-based Federal Home Loan Mortgage Co. (“Freddie Mac”). On the Fortune 500 list, which only includes American companies, Freddie Mac ranked No. 56 this year. Freddie Mac’s total revenue was around $65 billion, a drop from last year and 50 spots lower than last year. It’s made the Fortune Global 500 list for 26 years.

Goochland County-based CarMax Inc. made the Global 500 for the first time this year. Its revenues were about $33 billion, up 65%. CarMax also ranked 174th on the Fortune 500 list this year.

The other Virginia-based companies that made the list are:

361) General Dynamics Corp., Reston (dropped 45 spots, 22 years on the list)

399) Northrop Grumman Corp., Falls Church (dropped 73 spots, 23 years on the list)

432) CarMax, Goochland County (was not on the list last year)

443) Capital One Financial Corp., McLean (dropped 54 spots, 12 years on the list)

468) Performance Food Group Co., Goochland County (jumped 15 spots, two years on the list)

At least two other companies — Raytheon Technologies Corp. and The Boeing Co. — that made this year’s Fortune Global 500 list are in the midst of moving their global headquarters to Virginia, or will soon.

Boeing ranked No. 204 on Fortune’s Global 500 list for 2022, falling from its previous rank at No. 173. The company, which had $62.2 billion in revenue in fiscal 2021, announced the move of its global headquarters from Chicago to Arlington’s Crystal City, where it already has about 400 employees, in May.

Raytheon followed Boeing’s announcement in early June, announcing it would also move its headquarters from Waltham, Massachusetts to Arlington’s Rosslyn neighborhood in the third quarter of this year. Raytheon ranked No. 197 on the Fortune Global 500 this year, falling from No. 183 last year. The company reported $64.4 billion in fiscal 2021 revenue. Its new location won’t be far from its existing Raytheon Intelligence & Space business, where about 130 corporate staffers already work.

Neither of the company’s moves are expected to involve major staff boosts.

And while Amazon.com Inc.’s headquarters are in Seattle, the e-tailer is building its $2.5 billion HQ2 East Coast headquarters in Arlington County. The company recently closed on its $198M PenPlace development, which is slated to include the distinctive Helix tower.

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