American businesses rake in trillions of dollars every year, with the biggest players boasting their status as a Fortune 500 company. However, the COVID-19 pandemic, the supply chain crisis and rising inflation have all created a significant impact on consumer spending. And these challenges aren't equally applied across industries with some, like health insurance and oil companies, faring better than others. Discover the top 50 American businesses making the big bucks, as ranked by Fortune's 500 list for 2022.
America's largest life insurance provider saw a 20% jump in profits last year thanks in part to the performance of its investment portfolio. The life insurance industry as a whole saw a record number of payouts for COVID-19 deaths, more than $90 billion in 2020 alone. While some feared this would be problematic for the industry that wasn't the case. Instead the pandemic fueled a life insurance buying spree with Americans purchasing a record-breaking $3.3 trillion worth of policies in 2020. This trend continued into 2021 with the highest sales growth since 1983. MetLife recorded revenues of $71 billion in 2021.
Once a world-leading computer maker, IBM sold off that part of its business in 2005 to Lenovo, focusing on its IT-management services and cloud computing. It's also developing artificial intelligence-powered systems that can help other firms manage their carbon emissions, which may explain why the tech company saw higher revenue growth in 2021, taking in a tidy $72.3 billion, after a decade-long slump.
With Thomas Edison as one of its founders, GE has long been associated with lighting and electricity over the last 130 years. However, this household name grew into a giant conglomerate with its reaches in an array of industries including consumer finance, mining, television broadcasting, appliances and manufacturing of all kinds, among many, many others. In November 2021 GE announced it will separate into three businesses over the next three years. These will focus on aviation, healthcare and energy and power. This slimmed-down version of the firm is expected to continue making the big bucks, from green energy in particular, with revenues of $74.2 billion last year.
Procter & Gamble began as a soap and candle business in 1837, but the business has grown beyond its origins and produces many of the big brands Americans shop for every week like Pampers diapers, Oral-B toothbrushes and Olay beauty products. Though it reported a $76.1 billion revenue in 2021, Fortune warns inflation may chip away at profit margins. On top of that, a court settlement this spring concerning high levels of benzene, a cancer-causing chemical, in aerosol deodorants could further dampen the firm’s financial situation in 2022.
While the computer processing manufacturer still makes Fortune’s top 50, Intel has seen declining revenues over the last seven quarters, reporting $79 billion in 2021. Once the leading chipmaker by revenue, it's lost that title to Samsung, and its design and manufacturing problems added to the recent global semiconductor shortage. Intel hopes to turn its fortunes around by investing more than $250 billion over the next decade, which includes building chip manufacturing plants in Arizona and Ohio.
PepsiCo makes more than just soda, supplying snackers with chips from brands like Doritos and Fritos, along with pantry staples like Quaker Oats. Revenue is up as shoppers spend more following the pandemic, however the brand isn't entirely optimistic thanks to rising costs for ingredients and shipping alike. On top of that, ending much of its business in Russia has cost the company more than $400 million this year. On the other hand, with $79.5 billion in revenue in 2021 Pepsi did beat out its rival, Coca-Cola, which didn't make the top 50 at $38.7 billion.
Citigroup is also coping with the costs of ending its business with Russia, estimating potential losses could reach as much as $3 billion. The bank had already been working on a plan to exit the country, and 13 others, prior to the invasion of Ukraine. This strategy has seen revenue decline over 2021 as the bank refocuses and reorganizes under new leadership. With $79.9 billion in revenue last year, Citi is the fourth largest bank in America.
Pfizer has always been a big name in the pharmaceutical industry, but its prominence of late can't be overstated. The firm's revenue nearly doubled last year to $81.3 billion and most of those gains came from the Pfizer-BioNTech COVID-19 vaccine, of which more than 3 billion have been shipped around the world. And 2022 looks to be a bumper year as well thanks to the pharmaceutical company's oral anti-viral pill Paxlovid. The Biden administration agreed to purchase 20 million treatment courses this April, more than any other country.
Celebrating its 100-year anniversary in 2022, the insurance giant is well known for both home and auto policies. It's actually America's largest insurer for vehicles. In an industry-wide trend, State Farm saw losses on accident claims last year, in part from an increase in miles driven after 2020's lockdowns. The firm managed revenues of $82.2 billion nonetheless. Record-breaking policy sales of a whopping $116 billion helped offset the car accident claims in 2021.
Well known across America, one in three households use Wells Fargo for banking and loans. Post-pandemic shoppers looking to splurge, and happy to borrow, gave the banking sector a boost with Wells Fargo alone seeing $21.5 billion in earnings last year. With revenues of $82.4 billion it's the third largest bank in America. However, it's not entirely smooth sailing. A class action lawsuit against the bank alleges it discriminated against Black, Hispanic, Latino and other minorities in its mortgage refinance decisions. Wells Fargo denies the accusation. Separately it announced in August it will scale back its mortgage business.
More than 20 million Americans get their health insurance through Humana and around a quarter of these customers are enrolled in the company's growing Medicare programs. This portion of the membership is said to have driven the insurer's increasing revenues over the last year, which reached $83.1 billion. Along with its insurance business the company is expanding its CenterWell healthcare services and opening primary care centers specifically for seniors.
With steep increases in online shopping during the pandemic it's no surprise delivery firm FedEx is one of America's biggest businesses. E-commerce sales increased by 43% during 2020, according to Census data, and only kept growing last year. In fact, FedEx predicts its deliveries could exceed 100 million a day in 2022. The company's revenue amounted to nearly $84 billion last year but not everyone is celebrating. One of FedEx's largest contractors is pushing for better compensation due to higher fuel and labor costs and threatening to stop deliveries during the holiday season if contract terms are not adjusted.
While not necessarily a household name, it's likely the foods in your kitchen are composed of products made by this nutrition, food processing and commodities company. Archer Daniels Midland (ADM) produces sweeteners, starches and even the colorings and flavors used in foods like yogurt, marinades and cereals. Other products made by ADM are used for manufacturing gasoline and cosmetics. In 2021 the firm saw revenues of just over $85 billion, and continued to expand its vast reach buying into four pet food companies.
While Johnson & Johnson has long been known for selling household products like baby shampoo and Band-Aids, those goods alone made up only a fraction of the company's hefty $93.8 billion revenue in 2021. The company's pharmaceutical business is worth big bucks with more than 19 million of the firm's single-dose COVID-19 vaccines administered around the world. And that's where Johnson & Johnson plans to focus its business. It announced in November 2021 it will solely focus on pharmaceutical and medical devices, spinning off the household products into a separate company by late 2023.
Like its competitors, Bank of America saw soaring profits in 2021 and reported healthy revenues of nearly $94 billion. Part of this growth came from fees the bank charges in its wealth management division as well as overseeing mergers and acquisitions. The automotive sector saw a number of megadeals in 2021 and Fortune reports, by value, Bank of America oversaw more deals in the auto industry than any other bank in 2021.
The pandemic and the competitive housing market are two reasons for the substantial growth of home improvement retailer Lowe's. As many Americans continued to work remotely or struggled to move into a new property, updating their existing homes proved to be a lucrative business, with Lowe's reporting $96.2 billion in revenues last year. That's is an increase of more than one third from 2019. Whether demand will be sustained is uncertain. The chain store has seen a decline in sales in 2022, especially for pandemic favorites like freezers, grills and patio furniture.
Like its competitors, UPS benefitted from the COVID-19 pandemic — its profits grew by an incredible 860% in 2021. This is the result of severe shipping disruptions that created higher rates of freight needing to be moved, and the firm also played a part in distributing vaccines around the world. With a revenue of $97.3 billion last year, FedEx expects this to grow in 2022 even though delivery volumes are down because it’s offsetting losses with a higher rate. Part of this strategy is to limit the number of packages it delivers for online retail giant Amazon, in favor of shipments with higher financial returns.
The government-backed mortgage company Fannie Mae doesn't actually sell mortgages, but rather buys and guarantees them. Considering the pandemic's real estate frenzy and hot housing market, Fannie Mae made out well with revenues of $101.5 billion in 2021. In that year alone it acquired 1.4 million single family home loans and 3.3 million refinanced mortgages. Fortune even speculates that without Fannie Mae, the skyrocketing house prices seen during the pandemic might not have happened.
With curbside pickup and home delivery options already in place, big box retailer Target not only weathered the pandemic but also gained new customers, creating record-high revenue growth to $106 billion in 2021. However, some analysts worry inflation may eat away at Target's business as price-conscious Americans cut back on spending and shop for just the essentials. Groceries make up only 20% of the chain's sales compared to more than half for rival Walmart.
The pandemic also created a boom for Texas-based computer manufacturer Dell, as offices shifted to remote work creating increased demand for laptops and desktops alike. The company reported revenues just shy of $107 billion last year, and while other industry stalwarts fear slowing sales due to inflation that may not be such a concern for Dell. It makes nearly half its revenue from corporate customers in the kinds of enterprise, or long term, deals that can command higher margins.
America's oil and gas companies are prominent among the top 30 biggest businesses. They had a bumper year in 2021 with refining company Valero posting revenues of $108.3 billion as lockdown restrictions eased. And the momentum isn't letting up. Big Oil firms including Valero posted record-breaking profits as gas prices surged earlier this year to as much as $5 per gallon in June.
Likewise Phillips 66, the operator of refineries and gas stations, saw steep revenue gains in 2021 as the world reopened after the pandemic's initial lockdowns. Its revenues, just shy of $115 billion, made for a 75% increase. It too has had better than expected results so far this year as the price at the pump jumped at gas stations across America.
Cable and media conglomerate Comcast is another pandemic beneficiary with super-sized demand for both Internet as well as streaming media. This proved a boon for the Philadelphia-based company that reported $116.4 billion in revenue in 2021. Comcast launched its Peacock streaming platform in July 2020, which has seen revenues double over the last 12 months from June. The subscription service allows Comcast to compete with the likes of Netflix, and platforms from Apple and Disney.
With its new name, the company behind Facebook hopes to focus less on its original social media site and expand its digital offerings, which also include social media apps Instagram and WhatsApp. While the company has been pouring billions into developing its "metaverse," it still saw $40 billion in profit for 2021 with revenues just shy of $118 billion. How the firm's finances will play out in 2022 is less certain. The company has acknowledged the number of daily active Facebook users had declined for the first time, so too has ad revenue.
During the pandemic, many Americans chose to stay home instead of pursuing medical treatment, in fear of catching COVID-19. However, they continued to pay for their health insurance and this has helped the industry rake in billions. St. Louis-based Centene recorded $1.3 billion in profits in 2021 and nearly $126 billion in revenue. Like Humana it has a significant number of plans targeting government programs like Medicare and Medicaid, and it's the largest provider through the Affordable Care Act, sometimes called Obamacare.
One of the world's biggest car makers, General Motors wasn't immune to last year's semiconductor shortage. The company ran its US factories at 60% capacity during the third quarter of 2021. Despite this, the maker of popular vehicles like the Chevrolet Silverado and Cadillac Escalade still reported $127 billion in revenues for the year. In January GM revealed plans to invest $7 billion in electric vehicle production in Michigan, building a battery plant and remodeling a factory for making electric pickup trucks. Production is expected by 2024.
With revenues of $127.2 billion, 2021 was a very good year for financial institute JPMorgan Chase. The investment bank took home more than $48 billion from trading activities in a bouyant market as well as fees for overseeing mergers and acquisitions. This year it made history becoming the first bank to set up shop in the metaverse, opening an online lounge in the Metajuku Mall in virtual world Decentraland. Ironically the firm's CEO has made headlines this year for demanding an end to remote-work policies implemented during the pandemic.
Telecommunications firm Verizon bet big on 5G in February 2021, and it paid off with profits up 24% from 2020. At a government auction for the airwaves that host the wireless networks, Verizon bid $45 billion, nearly double that of AT&T, the next highest bidder. Its customers quickly adopted the faster, but pricier service with 25% now using 5G. The firm reported $133.6 billion in revenue for the year.
Ford struggled through the pandemic, reporting losses in 2020 and slowly recovering in 2021, albeit with revenues of more than $136 billion. Like its competitors, America's largest motor company is investing heaps of money into electric vehicles, expecting these to account for half of its global sales by 2030. Beating rival GM to the market, Ford started delivering its new and hotly anticipated electric version of the F-150 pickup truck this summer. The company also hinted it has another new electric truck in the works that could be available as soon as 2025.
Supermarket chain Kroger saw explosive growth during the pandemic thanks to its online sales, which grew by 113% from 2019 to 2021. This helped deliver profits of more than $1.6 billion and revenues of nearly $138 billion for 2021. But that's not to say everything is going swimmingly post pandemic. Staffing shortages plagued Kroger, which teamed up with personal shopping service Instacart to help alleviate the challenges of a tight labor market. Meanwhile, employees have called on Kroger to improve wages, with many reporting food insecurity despite their employment with America's largest grocer.
Elevance Health is the company behind insurance providers like Anthem Blue Cross and Blue Shield and Wellpoint. It also owns healthcare services company Carelon. Like many in the sector, Elevance attributes COVID-19 for elevated profits, reporting a one-third increase over that of 2020, along with revenues of $138.6 billion. And like many of its industry competitors, it’s seen a boost from enrolling Medicare customers, whose numbers also increased by nearly a third compared to the year before.
Like most gas companies, 2021 saw Marathon Petroleum's profits rebound after so many Americans stayed home during the onset of the pandemic in 2020. Boosting this trend is the company's sale of its gas station brand Speedway to 7-Eleven in May 2021, a deal worth $21 billion. Its 2021 revenues were $141 billion but 2022 could be a tricky year for Marathon, which has long relied on purchasing Russian oil and needs to find new suppliers.
COVID-19 has also meant big business for drugstore chain Walgreens. Boosted by sales of rapid tests and administering vaccines, the company saw its profits skyrocket by an astonishing 457% compared to 2020, with revenues of $148.6 billion for 2021. Looking to stay competitive it's investing billions of dollars to expand into the primary care services business. And to staunch the losses from burned out pharmacists leaving the industry it's also working on robot-powered prescription refill centers.
Like competitor Lowe's, home improvement retailer Home Depot saw outsized demand during the pandemic as people took up DIY and renovation projects while staying home. Sales topped $150 billion in 2021, with revenues of just over $151 billion. Whether 2022 is as successful for the specialty retailer is under debate. Rising inflation is forecasted to cut into shoppers' budgets, who aren’t taking on as many new projects with lockdowns seemingly a thing of the recent past. Home Depot has expanded its ecommerce services and reported strong sales during the second quarter, but noted professional contractors outspent its DIY customers.
Chevron, like many of its big Oil rivals, had a rough year in 2020 followed by a stellar 2021, with profits of $15.6 billion and revenues of $162.5 billion. The firm announced record-breaking profits of $11.6 billion in the second quarter of 2022, and has come under criticism as high gas prices fuel growing inflation. As the second largest energy company in the US it has been accused of profiteering at the expense of consumers. Chevron told investors it does plan to increase energy supply, including more production at its oil fields in Texas and New Mexico.
Cardinal Health is a distributor for pharmaceuticals, a medical and laboratory products manufacturer and provides various health care services like long term care and community health centers. Its $162 billion revenues for 2021 are largely based on assets and stockholder equity. The firm reported a mere $611 million in profit due to a number of lawsuits related to its role in the opioid crisis and racial harassment claims by Black employees. Cardinal announced earlier this year it will pay billions to settle many but not all of the Opioid-related suits
Microsoft had an incredibly busy year in 2021. From earning its place behind Apple as the second company in US history to reach a $2 trillion valuation, to securing a $22 billion contract for supplying the US Army with augmented reality headsets after launching its virtual reality platform Microsoft Mesh. However, those successes came alongside a few stumbling blocks. The tech company wasn't immune to the global chip crisis, creating shortages for its Xbox game consoles, and cyberattacks targeted the firm's Exchange email software. In the end, Microsoft reported increased profits at $61 billion and revenues of $168 billion.
For the world's largest telecommunications company 2021 was a mixed year as well. After buying Time Warner and DirecTV in 2018, the nearly $200 billion deal didn't work out as planned for AT&T, which sold off the businesses and exited the media realm in 2021. It also let go of roughly 28,000 employees. Fortune reports the firm's phone business may be its saving grace, adding more new customers last year than in the previous 10 years combined, helping AT&T see revenues of nearly $169 billion.
A failed attempt to merge with Anthem in 2017 bogged down both health insurance companies in a legal spat that finally ended in 2021. Unfortunately, not the way Cigna had hoped it would. An appeals court ruled in favor of Anthem, and rejected Cigna's demand for a $1.85 billion break up fee. Legal fees meant profits for the year drooped, down by more than a third. Cigna’s revenues have drastically increased over the last two years, up more than 200% in 2020. However, 2021's revenues of $174 billion is only an 8.5% increase.
Membership-only wholesaler Costco faced many of the same challenges as other retail chains across America. In 2021 it raised its minimum wage to prevent staffing shortages and prices went up too due to the growing rate of inflation. Despite these increases, Costco reported a 91% membership renewal rate. And customers returning to in-store shopping spent plenty, with a 25% increase over 2020 profits, and revenues of more than $195 billion. Things look promising in 2022, too, with Costco expanding its global footprint into New Zealand.
Another wholesaler, AmerisourceBergen distributes pharmaceuticals and wasn't alone in the industry as it faced a challenging 2021. As part of the same settlement agreement as distributor Cardinal Health, the firm is on the line for billions of dollars in payouts over its role in the opioid crisis. Litigation came at a cost and the firm's profits took a hit in 2021. However, its revenues were up at $214 billion and it opened a new global headquarters and added 18,000 employees.
McKesson, America's largest drug distributor, is the third firm in the 2022 opioid settlement with Cardinal Health and AmerisourceBergen. Together they agreed to pay $19.5 billion over the next 18 years to end numerous lawsuits across the US. McKesson is covering the largest portion of the settlement at $7.5 billion, for its alleged role in making it easy for doctors to overprescribe drugs and for patients to abuse them. The firm announced losses of $4.5 billion for the fiscal year that ended in 2021, but managed revenues of about $264 billion for 2021. This is in part due to its lucrative role overseeing the US government's COVID-19 vaccine distribution.
Tech firm Alphabet, the parent company of Google, had a banner year in 2021. It surpassed the $200 billion mark for the first time with revenues totaling more than $257 billion. And revenue from its Google Cloud services grew by nearly 50%. It was also the top-performing Big Tech stock with shares climbing a whopping 65%. In recent years Google has been trying to expand its share of the hardware market with its smartphones, Chromecast media player and Nest digital home products. This fall it'll launch its first smartwatch in an attempt to compete with Apple.
Investor Warren Buffett's conglomerate owns companies including BNSF Railway, and also has an impressive portfolio that includes stakes in Apple, Coca Cola and many others. Revenue reached $276 billion last year, keeping it comfortably in the top 10 of the Fortune 500 rankings. However, it was the firm's massive $90 billion profits in 2021 — the second highest on the list — that helped make it one of America's biggest businesses. Berkshire Hathaway saw growth in its insurance and reinsurance companies, along with strong performances from its energy operations. Toward the end of the year the company bought a $1 billion stake in video game firm Activision Blizzard, which Microsoft has very recently acquired.
Facing the same industry-wide pandemic challenges, ExxonMobil cut costs including its workforce, which lost 9,000 employees. The strategy paid off for America's largest oil company when demand returned in 2021, helping the firm secure $285.6 billion in revenue. While exiting Russia will cost the company $4 billion due to sanctions it’s far from struggling. ExxonMobil reported nearly $18 billion in profits during the second quarter 2022, making it an obvious target for political leaders who are worried about the role gas prices play in inflation-spiking consumer prices. In June President Biden said ExxonMobil "made more money than God" this year.
UnitedHealth Group saw its revenue grow to $287 billion in 2021, and the Minnesota-based firm is looking to keep its position as the largest health insurer in the US. In 2021 it acquired local competitor PreferredOne, which is the 16th company to be added to the group. It's also attempting to buy tech firm Change Healthcare, a purchase interrupted by a Department of Justice lawsuit that says the $13 billion deal would harm competition in the companies' industries. The trial is underway.
Like its competitor Walgreens, drug store chain CVS had a strong year in 2021 with $292 billion in revenue and a prominent role in administering COVID-19 tests and vaccines. It's also among the many companies eager to move into primary care facilities. While the firm has owned the MinuteClinic chain of walk in services since 2006, it announced an ambitious plan in 2021 to convert CVS locations into clinics, aspiring to create the nation's largest network of urgent and primary care outlets. "We'll be far more than the corner drug store," the CEO explained.
Number three on Fortune's list, but first in profit. The tech giant clocked the highest profits in America in 2021 at $94 billion, along with revenues of more than $365 billion. Its good fortune rolled into 2022, as well. Apple celebrated having the first streaming service to win Best Picture at the Oscars for the film CODA and being the first to top a $3 trillion market valuation. The computer maker hasn't lost sight of its roots either. While the iPhone is Apple's hottest item, Mac laptops and desktops sold in droves in 2021, with record high sales of more than $37 billion.
Initially an online bookshop, back in the earliest days of the internet, Amazon has since become one of the biggest companies worldwide, and the second largest in America. Despite its steep growth trajectory over the last two decades, 2021 alone brought major changes. Founder Jeff Bezos stepped down as president in July and workers launched their biggest unionization push yet. It wasn't all bad news though. The company's Amazon Prime Day sales broke records at $11.2 billion and it scooped up Hollywood's MGM studio for a cool $8.5 billion. Amazon's revenue for 2021 was just shy of $470 billion, a 21% jump over 2020.
This is the 10th year in a row big box retailer Walmart has held the top spot on Fortune's 500 list, with revenue of $572.8 billion in 2021. Sales from the company's curbside shopping service tripled over the last two years to more than $20 billion, showing Walmart's willingness to compete in the ever-changing retail landscape. So much so, in 2021 it developed a membership-based grocery delivery service and even tested driverless vehicle options. The retail giant will be hard to beat.