Arizona's Fortune 500 companies reflecting economic shifts and revenue performance.
Freeport-McMoRan has regained the top position among Arizona’s Fortune 500 companies, ranking No. 169 with $25.5 billion in revenue. Avnet, last year’s leader, dropped to No. 181 with $23.8 billion. This year, the total number of Arizona companies in the Fortune 500 has decreased from ten to nine, reflecting changes in the corporate landscape. The rankings highlight the challenges various industries face amidst a dynamic economic environment.
Freeport-McMoRan has regained its status as Arizona’s leading Fortune 500 company, ranking No. 169 overall and reporting $25.5 billion in revenue. This marks an improvement from its No. 178 position in the previous year’s rankings. In contrast, Avnet, which held the top position last year, has dropped to No. 181 with a revenue report of $23.8 billion, reflecting a 10.5% decline in revenue compared to 2024.
In the greater context of the Fortune 500 list, Walmart continues to lead overall, maintaining the No. 1 spot for the 13th consecutive year, with a staggering $681 billion in revenue. Following Walmart are other industry giants such as Amazon ($638 billion), UnitedHealth Group ($400 billion), Apple ($391 billion), and CVS Health ($373 billion).
The annual Fortune 500 rankings prioritize companies based on revenue generated during the most recent fiscal year, which in this case ended on December 31. Freeport-McMoRan has notably increased its stock market value to $58 billion, significantly outpacing Avnet’s market value of $4 billion.
Beyond Freeport-McMoRan and Avnet, the rankings include other prominent Arizona businesses: Republic Services at No. 266 with $16 billion in revenue, Reliance Inc. at No. 309 with $13.8 billion, and Carvana at No. 314 with $13.7 billion. Carvana’s executives, Ernest Garcia II and Ernest Garcia III, are recognized as Arizona’s wealthiest billionaires.
Additional Arizona companies making their mark in the Fortune 500 this year include Insight Enterprises at No. 447 with $8.7 billion, Taylor Morrison Home Corp. at No. 467 with $8.2 billion, Sprouts Farmers Market at No. 481 generating $7.7 billion, and Microchip Technology at No. 485 with $7.6 billion. Notably, Sprouts Farmers Market is making a comeback to the Fortune 500 for the first time since 2021.
The total number of Arizona companies represented in the Fortune 500 has decreased from ten in 2024 to nine in 2025, marking a shift in the state’s corporate landscape. The rankings saw the exit of two companies: Knight-Swift Transportation and ON Semiconductor, both of which did not feature in this year’s list.
Freeport-McMoRan’s improved position can be attributed to a strong copper market, which contributed to an 11.4% increase in revenue during the first quarter. This development underscores the cyclical nature of the Fortune 500 rankings and highlights the challenges that various industries face.
The 2025 Fortune 500 list reflects a dynamic economic environment in Arizona, signaling changes in revenue performance and market presence among its top corporations. The competition among these businesses emphasizes the need for adaptability and resilience in the ever-evolving landscape of national and global markets.
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