3 MD Companies Make Fortune 500 List For 2023

MARYLAND — Fortune magazine on Monday released its annual ranking of the 1,000 biggest companies in America by revenue and six of them with headquarters in Maryland land in the top 600.

This is the 69th edition of the Fortune 500 list, a ranking of companies by total annual revenue. The corporations on the list had combined revenues of $18 trillion in fiscal year 2022 and account for two-thirds of the gross domestic product, Fortune said in a news release. Profits, down 15 percent, fell for the second time in the last three years.

Companies in Maryland, including their rankings and revenue, that made the list are:

• No. 60: Lockheed Martin, based in Bethesda, $6.5 billion in revenue, 116,000 employees Weapons manufacturer Lockheed Martin had a disappointing year in 2022 as revenue and operating profit both declined, 1.6 percent and 8.5 percent respectively. In his 2022 letter to shareholders, CEO James Taiclet attributed the lackluster performance to continued “pandemic impacts and supply-chain challenges,” saying he expected the company to return to sustained growth in 2024.

• No. 162: Constellation Energy, based in Baltimore, $2.4 billion in revenue, 13,370 employees Constellation is the nation’s largest producer of carbon-free energy and provides sustainable solutions to homes, businesses and public-sector customers across the continental United States.

• No. 192: Marriott International, based in Bethesda, $2 billion in revenue, 140,000 employees Marriott International has 31 brands and 8,500+ properties across 138 countries and territories.

• No. 537: T. Rowe Price, based in Baltimore, $6 million in revenue, 7,868 employees
  T. Rowe Price is an independent investment management firm focused on helping clients meet their objectives and achieve their long-term financial goals.

• No. 548: McCormick, based in Hunt Valley, $6 million in revenue, 14,200 employees
  McCormick is a global leader in flavor operating in two segments across 170 countries and territories. With compelling offerings for every retail and customer strategy, our iconic brands have leading share positions in many of our markets.

• No. 594: Under Armour, based in Baltimore, $5 million in revenue, 12,300 employees
  Under Armour produces sports apparel, athletic shirts, shoes and accessories

For the first time in the list’s history, more than 10 percent of Fortune 500 companies have female CEOs. This year’s list includes 52 Fortune 500 companies that are led by women, an all-time high, up from 44 last year.

One of those women is the chief executive at Maryland-based Under Armour.

The number of companies led by women in this year’s Fortune 500 are a “slow, but real” sign of progress, Fortune Editor-in-Chief Alyson Shontoll said in her foreword in the June/July issue of the magazine.

“There are also more Black CEOs running Fortune 500s than ever before — but it’s shameful to say that there are still only eight,” Shontoll wrote.

The companies on the list are based in 224 cities in 38 states. For the second year, Texas leads with 55 Fortune 500 companies, followed by California with 53 companies, which bumped New York to No. 3 with 50 companies.

With 40 Fortune 500 companies based there, New York City is the top-ranked municipality, followed by Houston with 22 and Atlanta with 15.

The top 10 companies on the 2023 list are Walmart, Amazon.com, Exxon Mobil, Apple, UnitedHealth Group, CVS Health, Berkshire Hathaway, Alphabet, McKeeson and Chevron.

Walmart held the top spot for the 11th consecutive year, generating $5.7 trillion cumulative revenue over that time. Amazon.com is at No. 2 for the fourth straight year with a 9 percent jump in revenue, eclipsing the $510 billion mark. At No. 3 with a 45 percent jump in revenue, Exxon Mobil bumped Apple to No. 4.

But with $99.8 billion in profits, Apple was the most profitable company on the list for the eighth time in nine years.

UnitedHealth Group is the highest-ranked health care company on the list at No. 5, followed by CVS Health at No. 6.