News Summary
The 2025 Fortune 500 list includes seven companies from the Charlotte area, down from eight last year. Bank of America leads North Carolina at 17th place, while Lowe’s falls to 52nd. Several companies reported revenue changes, including significant declines for Truist Financial and Nucor Steel. The total number of Fortune 500 employees is 31 million, reflecting a diverse corporate landscape. Notably, there is a record number of women leading these companies, indicating advancements in gender representation in corporate leadership.
Charlotte—Seven companies from the Charlotte area have made the 2025 Fortune 500 list, the prestigious ranking of the largest U.S. corporations by annual revenue. This marks a decline from last year when eight companies were included. The total number of companies from North Carolina on the list remains at 11, while South Carolina has no companies represented.
Bank of America stands out as the highest-ranked company in North Carolina, securing the 17th position with reported revenues of $192 billion, an impressive 11.9% increase compared to the previous year. Following closely, Lowe’s Home Improvement occupies the 52nd spot after generating $84 billion in revenue, although it experienced a decrease of 3.1%, resulting in a drop of three places from last year.
In the latest listings, Honeywell is ranked at 119 with $38 billion in revenue, showcasing a 5% increase, but it still fell five positions compared to last year. Nucor Steel ranks 140 with $31 billion, reporting a decrease of 11.5% and dropping 16 spots. Duke Energy comes in at 144, boasting $30 billion in revenue, which reflects a 3.5% growth and an upward shift of four places. Truist Financial saw a significant decline of 23%, with revenues amounting to $26 billion, resulting in a drop of 36 spots to number 168. Sonic Automotive reported $14 billion, falling eight places to rank 304 with a modest decline of 1% in revenue.
Wells Fargo, primarily headquartered in San Francisco but with a substantial presence in Charlotte, ranks 33rd with $125 billion, marking an 8.7% increase in revenue. Moreover, LPL Financial, which operates with dual headquarters in Fort Mill, South Carolina, and San Diego, ranks at 340 with $12 billion in revenue, showcasing a significant growth of 23.2% from last year. Meanwhile, Domtar, based in Fort Mill, just missed inclusion on the Fortune 500 list, ranking 511 with $7 billion in revenue, a 1.3% increase.
Dropped from the list this year is Albemarle Corporation, the world’s largest lithium miner, which fell from 412 to 624, reporting a revenue decline of 44.1% to $5.4 billion. This significant drop can be attributed to falling lithium prices and ongoing cost-cutting measures, including a cost-reduction plan exceeding $750 million, which has led to job cuts affecting nearly 500 employees out of its approximately 1,100 workforce in the Charlotte and Kings Mountain areas.
The total number of employees across the Fortune 500 companies is noteworthy, equating to 31 million workers worldwide, with these companies generating a combined revenue of $19.9 trillion, which accounts for two-thirds of the U.S. GDP. In a notable milestone, the 2025 list marks the highest representation of women, with 55 women currently leading Fortune 500 companies, making up 11% of the total.
The Fortune 500 list, now in its 71st year, serves as a benchmark for corporate performance and growth trends across industries, providing important insights into the economy and business landscape in both North Carolina and beyond.
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Additional Resources
- Axios: Charlotte Fortune 500 Companies 2025
- Wikipedia: Fortune 500
- Charlotte Observer: Fortune 500 Companies
- Encyclopedia Britannica: Fortune 500
- Fortune: 2025 Fortune 500 Rankings
- Google Search: Charlotte Fortune 500 list
- Herald Online: Business News
- Google News: Fortune 500
- WBTV: Honeywell Split Impact
- Google Scholar: Fortune 500
- Charlotte Ledger: Honeywell Split
