The Most Profitable Company in Every State
One really successful company can often have a ripple effect that spreads across a broader community. You might not think your line of work has much to do with what they’re doing over at that massive office complex across town, but odds are good that plenty of your own clients or customers come from there.
Once you include the families of employees, the number of stakeholders that can grow around the headquarters of a massive multinational corporation can mean a positively enormous footprint. If you really want to understand your local economy, it’s a good bet that your best starting point is the company that’s doing the most business — even if most of it’s elsewhere.
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Looking at the Fortune 500 — the list of the top 500 companies by total revenue compiled by the famed financial publication — GOBankingRates identified the most profitable company in each state. Seven states didn’t make the list — Alaska, Mississippi, Montana, New Mexico, Vermont, West Virginia and Wyoming — as none of them had a Fortune 500 company headquartered in-state. Hopefully, that serves as motivation for any ambitious young entrepreneurs living in those areas. And for everyone else, here’s a closer look at what business is currently making your state tick.
Alabama
Company name: Regions Financial
Industry: Commercial banks
2023 revenue: $7.53 billion
Year-over-year revenue change: 14.0%
2023 profits: $2.25 billion
Year-over-year profit change: -10.9%
CEO: John M. Turner, Jr.
Number of employees: 20,073
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Arizona
Company name: Avnet
Industry: Wholesalers (electronics and office equipment)
2023 revenue: $26.12 billion
Year-over-year revenue change: -6.1%
2023 profits: $796 million
Year-over-year profit change: -11.4%
CEO: Philip R. Gallagher
Number of employees: 15,800
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Arkansas
Company name: Walmart
Industry: General merchandisers
2023 revenue: $638.79 billion
Year-over-year revenue change: 6.7%
2023 profits: $16.29 billion
Year-over-year profit change: -14.6%
CEO: C. Douglas McMillon
Number of employees: 2.1 million
California
Company name: Apple
Industry: Computers
2023 revenue: $383.29 billion
Year-over-year revenue change: 7.8%
2023 profits: $97 billion
Year-over-year profit change: 5.4%
CEO: Timothy D. Cook
Number of employees: 161,000
Colorado
Company name: Arrow Electronics
Industry: Wholesalers (electronics and office equipment)
2023 revenue: $34.58 billion
Year-over-year revenue change: 7.7%
2023 profits: $1.06 billion
Year-over-year profit change: 28.8%
CEO: Sean J. Kerins
Number of employees: 22,300
Connecticut
Company name: Cigna
Industry: Healthcare (pharmacy and other services)
2023 revenue: $180.52 billion
Year-over-year revenue change: 3.7%
2023 profits: $6.67 billion
Year-over-year profit change: 24.3%
CEO: David M. Cordani
Number of employees: 70,231
Delaware
Company name: DuPont
Industry: Chemicals
2023 revenue: $16.55 billion
Year-over-year revenue change: 37.2%
2023 profits: $5.87 billion
Year-over-year profit change: 163.3%
CEO: Edward D. Breen
Number of employees: 23,000
District of Columbia
Company name: Fannie Mae
Industry: Diversified financials
2023 revenue: $121.6 billion
Year-over-year revenue change: 19.7%
2023 profits: $12.92 billion
Year-over-year profit change: -41.7%
CEO: Priscilla Almodovar
Number of employees: 8,000
Florida
Company name: World Kinect
Industry: Energy
2023 revenue: $59.04 billion
Year-over-year revenue change: 88.4%
2023 profits: $114 million
Year-over-year profit change: 54.8%
CEO: Michael J. Kasbar
Number of employees: 5,214
Georgia
Company name: Home Depot
Industry: Specialty retailers
2023 revenue: $153.71 billion
Year-over-year revenue change: 4.1%
2023 profits: $15.7 billion
Year-over-year profit change: 4.1%
CEO: Edward P. Decker
Number of employees: 471,600
Hawaii
Company name: Matson
Industry: Shipping
2023 revenue: $3.88 billion
Year-over-year revenue change: 10.6%
2023 profits: $759 million
Year-over-year profit change: 14.7%
CEO: Matthew J. Cox
Number of employees: 4,288
Idaho
Company name: Albertsons
Industry: Food and drug stores
2023 revenue: $77.65 billion
Year-over-year revenue change: 8%
2023 profits: $1.51 billion
Year-over-year profit change: -6.6%
CEO: Vivek Sankaran
Number of employees: 198,650
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Illinois
Company name: Walgreens Boot Alliance
Industry: Food and drug stores
2023 revenue: $132.7 billion
Year-over-year revenue change: -10.7%
2023 profits: $4.34 billion
Year-over-year profit change: 70.6%
CEO: Timothy Wentworth
Number of employees: 262,500
Indiana
Company name: Elevance Health
Industry: Healthcare (insurance and managed care)
2023 revenue: $171.34 billion
Year-over-year revenue change: 13%
2023 profits: $5.99 billion
Year-over-year profit change: -1.3%
CEO: Gail K. Boudreaux
Number of employees: 102,300
Iowa
Company name: Principal Financial
Industry: Insurance (life, health – stock)
2023 revenue: $17.49 billion
Year-over-year revenue change: 22.6%
2023 profits: $4.81 billion
Year-over-year profit change: 181.3%
CEO: Daniel J. Houston
Number of employees: 19,300
Kansas
Company name: Seaboard
Industry: Food production
2023 revenue: $11.24 billion
Year-over-year revenue change: 21.8%
2023 profits: $580 million
Year-over-year profit change: 1.8%
CEO: Robert L. Steer
Number of employees: 12,614
Kentucky
Company name: Humana
Industry: Healthcare (insurance and managed care)
2023 revenue: $106.37 billion
Year-over-year revenue change: 11.8%
2023 profits: $2.49 billion
Year-over-year profit change: -4.3%
CEO: Bruce D. Broussard
Number of employees: 67,100
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Louisiana
Company name: Lumen Technologies
Industry: Telecommunications
2023 revenue: $17.48 billion
Year-over-year revenue change: -11.2%
2023 profits: -$1.55 billion
Year-over-year profit change: -176.1%
CEO: Kathleen E. Johnson
Number of employees: 29,000
Maine
Company name: IDEXX Laboratories
Industry: Medical products and equipment
2023 revenue: $3.37 billion
Year-over-year revenue change: 4.7%
2023 profits: $679 million
Year-over-year profit change: -8.8%
CEO: Jonathan J. Mazelsky
Number of employees: 10,780
Maryland
Company name: Lockheed Martin
Industry: Aerospace and defense
2023 revenue: $67.57 billion
Year-over-year revenue change: -1.6%
2023 profits: $6.92 billion
Year-over-year profit change: -9.2%
CEO: James D. Taiclet, Jr.
Number of employees: 122,000
Massachusetts
Company name: General Electric
Industry: Industrial machinery
2023 revenue: $76.56 billion
Year-over-year revenue change: 3.2%
2023 profits: $225 million
Year-over-year profit change: N/A
CEO: H. Lawrence Culp, Jr.
Number of employees: 172,000
Michigan
Company name: Ford Motor
Industry: Motor vehicles and parts
2023 revenue: $158.06 billion
Year-over-year revenue change: 15.9%
2023 profits: -$1.98 billion
Year-over-year profit change: -111%
CEO: James D. Farley, Jr.
Number of employees: 173,000
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Minnesota
Company name: UnitedHealth Group
Industry: Healthcare (insurance and managed care)
2023 revenue: $371.62 billion
Year-over-year revenue change: 12.7%
2023 profits: $22.38 billion
Year-over-year profit change: 16.4%
CEO: Andrew P. Witty
Number of employees: 400,000
Missouri
Company name: Centene
Industry: Healthcare (insurance and managed care)
2023 revenue: $139.36 billion
Year-over-year revenue change: 14.7%
2023 profits: $2.44 billion
Year-over-year profit change: -10.8%
CEO: Sarah M. London
Number of employees: 67,800
Nebraska
Company name: Berkshire Hathaway
Industry: Insurance (property and casualty)
2023 revenue: $349.25 billion
Year-over-year revenue change: 9.4%
2023 profits: $76.67 billion
Year-over-year profit change: -125.4%
CEO: Warren E. Buffett
Number of employees: 383,000
Nevada
Company name: MGM Resorts International
Industry: Hotels, casinos, resorts
2023 revenue: $13.13 billion
Year-over-year revenue change: 35.6%
2023 profits: $1.47 billion
Year-over-year profit change: 17.4%
CEO: William J. Hornbuckle
Number of employees: 66,000
New Hampshire
Company name: Iron Mountain
Industry: Diversified outsourcing services
2023 revenue: $5.1 billion
Year-over-year revenue change: 13.6%
2023 profits: $557 million
Year-over-year profit change: 2,370%
CEO: William L. Meaney
Number of employees: 26,000
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New Jersey
Company name: Johnson & Johnson
Industry: Pharmaceuticals
2023 revenue: $85.16 billion
Year-over-year revenue change: 1.2%
2023 profits: $35.15 billion
Year-over-year profit change: -14.1%
CEO: Joaquin Duato
Number of employees: 152,700
New York
Company name: JPMorgan Chase
Industry: Megabanks
2023 revenue: $239.42 billion
Year-over-year revenue change: 21.7%
2023 profits: $49.55 billion
Year-over-year profit change: -22.1%
CEO: James Dimon
Number of employees: 309,926
North Carolina
Company name: Bank of America
Industry: Megabanks
2023 revenue: $171.91 billion
Year-over-year revenue change: 22.6%
2023 profits: $26.52 billion
Year-over-year profit change: -13.9%
CEO: Brian T. Moynihan
Number of employees: 212,985
North Dakota
Company name: MDU Resources Group
Industry: Energy
2023 revenue: $6.97 billion
Year-over-year revenue change: 22.8%
2023 profits: $368 million
Year-over-year profit change: -2.8%
CEO: Nicole A. Kivisto
Number of employees: 14,929
Ohio
Company name: Cardinal Health
Industry: Wholesalers (healthcare)
2023 revenue: $181.36 billion
Year-over-year revenue change: 11.6%
2023 profits: -$933 million
Year-over-year profit change: -252.7%
CEO: Jason Hollar
Number of employees: 46,035
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Oklahoma
Company name: Oneok
Industry: Pipelines
2023 revenue: $21.46 billion
Year-over-year revenue change: 35.3%
2023 profits: $2.38 billion
Year-over-year profit change: 14.8%
CEO: Pierce H. Norton II
Number of employees: 2,966
Oregon
Company name: Nike
Industry: Apparel
2023 revenue: $51.54 billion
Year-over-year revenue change: 4.9%
2023 profits: $5.3 billion
Year-over-year profit change: 5.6%
CEO: John J. Donahoe II
Number of employees: 83,700
Pennsylvania
Company name: Cencora
Industry: Wholesalers (healthcare)
2023 revenue: $238.59 billion
Year-over-year revenue change: 11.5%
2023 profits: $1.7 billion
Year-over-year profit change: 10.3%
CEO: Steven H. Collis
Number of employees: 41,500
Rhode Island
Company name: CVS Health
Industry: Healthcare (pharmacy and other services)
2023 revenue: $347.81 billion
Year-over-year revenue change: 10.4%
2023 profits: $8.47 billion
Year-over-year profit change: -47.5%
CEO: Karen S. Lynch
Number of employees: 259,500
South Carolina
Company name: Sonoco Products
Industry: Packaging, containers
2023 revenue: $7.25 billion
Year-over-year revenue change: 29.7%
2023 profits: $466 million
Year-over-year profit change: N/A
CEO: R. Howard Coker
Number of employees: 22,000
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South Dakota
Company name: Black Hills
Industry: Utilities (gas and electric)
2023 revenue: $2.55 billion
Year-over-year revenue change: 30.9%
2023 profits: $258 million
Year-over-year profit change: 9.1%
CEO: Linden R. Evans
Number of employees: 2,982
Tennessee
Company name: FedEx
Industry: Delivery
2023 revenue: $87.94 billion
Year-over-year revenue change: 11.4%
2023 profits: $4.29 billion
Year-over-year profit change: -26.9%
CEO: Rajesh Subramaniam
Number of employees: 518,249
Texas
Company name: Exxon Mobil
Industry: Petroleum refining
2023 revenue: $409.74 billion
Year-over-year revenue change: 44.8%
2023 profits: $61.69 billion
Year-over-year profit change: 141.9%
CEO: Darren W. Woods
Number of employees: 62,000
Utah
Company name: Zions Bancorp.
Industry: Commercial banks
2023 revenue: $3.34 billion
Year-over-year revenue change: 12.4%
2023 profits: $907 million
Year-over-year profit change: -19.7%
CEO: Harris H. Simmons
Number of employees: 9,989
Virginia
Company name: Freddie Mac
Industry: Diversified financials
2023 revenue: $86.72 billion
Year-over-year revenue change: 31.6%
2023 profits: $9.33 billion
Year-over-year profit change: -23%
CEO: Michael J. DeVito
Number of employees: 7,819
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Washington
Company name: Amazon
Industry: Internet services and retailing
2023 revenue: $554.03 billion
Year-over-year revenue change: 9.4%
2023 profits: $20.08 billion
Year-over-year profit change: -108.2%
CEO: Andrew R. Jassy
Number of employees: 1.5 million
Wisconsin
Company name: Northwestern Mutual
Industry: Insurance (life and health)
2023 revenue: $36.92 billion
Year-over-year revenue change: 0.5%
2023 profits: $912 million
Year-over-year profit change: -6.7%
CEO: John E. Schlifske
Number of employees: 8,323
Gabrielle Olya contributed to the reporting for this article.
Methodology: For this study, GOBankingRates used the Fortune 500 list to find the most profitable companies in every state. The companies with headquarters in each state were analyzed, with the top-ranking company being kept. For each company, a number of factors were sourced including company name, headquarters location, 2023 profits, 2023 revenue, company industry, company CEO, number of employees, year-over-year change in revenue, year-over-year change in profits, website, company type, ticker symbol and rank within the Fortune 500. All data was collected and is up-to-date as of Feb. 21, 2024.
This article originally appeared on GOBankingRates.com: The Most Profitable Company in Every State
