Phoenix serves as the hub for major industries in Arizona, housing several Fortune 500 companies.
Arizona has maintained nine companies in the 2025 Fortune 500 rankings, yet this marks a slight decline from last year. Freeport-McMoRan leads the state at No. 169, showing significant revenue growth amidst a strong copper market. Following closely is Avnet at No. 181, facing a revenue drop. Other notable companies include Republic Services and Sprouts Farmers Market, which has returned to the list. Despite the small drop in representation, Phoenix remains a vital hub for major industries.
Arizona has secured nine spots in the 2025 Fortune 500 list, which ranks the largest public companies based on revenue. However, the number of Arizona-based companies has decreased by one compared to last year, revealing a slight downturn in the state’s representation in this prestigious ranking.
Leading the way for Arizona is Freeport-McMoRan Inc., based in Phoenix, which has made a significant leap to No. 169 in the overall Fortune 500 ranking, up from No. 178 in the previous year. The company reported a staggering revenue of $25.455 billion, reflecting an 11.4% increase from 2024, primarily fueled by a robust copper market during the first quarter of the year.
Following Freeport-McMoRan, the second highest-ranked Arizona company is Avnet (NYSE: AVT), which fell to No. 181, down from No. 157 on the list. Avnet’s revenue also took a hit, declining by 10.5% to $23.757 billion.
Nationally, Walmart continues to be the top company on the Fortune 500, marking its 13th consecutive year at the top of the list with an impressive revenue of $681 billion. Other major players in the top five include Amazon ($638 billion), UnitedHealth Group ($400 billion), Apple ($391 billion), and CVS Health ($373 billion).
Aside from Freeport-McMoRan and Avnet, several other companies from Arizona made it to the Fortune 500 list:
While Freeport-McMoRan and Avnet reported closely comparable revenues, their market values stand in stark contrast. Freeport boasts a market value of $58 billion, while Avnet is valued at approximately $4 billion.
Interestingly, Sprouts Farmers Market has made a return to the Fortune 500 list after an absence. Conversely, both Knight-Swift Transportation and ON Semiconductor have dropped off the list entirely, highlighting the ebbs and flows of corporate standings within the state.
All Arizona companies on the Fortune 500 list are headquartered in the Phoenix area, which serves as a hub for the state’s major industries and economic activity. As companies continue to navigate market conditions, these rankings provide a snapshot of business health and performance in Arizona and beyond.
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