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.

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.

• 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

• 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

• 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

• 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

• Company name: Arrow Electronics
• Industry: Wholesalers (electronics and office equipment)
• 2023 revenue: $33.11 billion
• Year-over-year revenue change: -11%
• 2023 profits: $4.15 billion
• Year-over-year profit change: -14%
• CEO: Sean J. Kerins
• Number of employees: 22,100

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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.