Charlotte companies saw major shifts in Fortune 500 rankings, with a new firm on top
The number of Fortune 500 companies in the Charlotte area held steady in 2022 at eight — but most local firms dropped in the ranking.
The list, updated annually, ranks the largest public and private companies in the country by annual revenue. Companies on this year’s ranking had at least $6.3 billion in revenue.
Here’s who rose and fell in the rankings.
Who’s on the list?
The Fortune 500 companies in the Charlotte area are:
Lowe’s, $96 billion in revenue, No. 35
Bank of America, $94 billion in revenue, No. 36
Nucor, $36 billion in revenue, No. 98
Honeywell, $34 billion in revenue, No. 105
Duke Energy, $25 billion in revenue No. 145
Truist Financial, $23 billion in revenue, No. 155
Sonic Automotive, $12 billion in revenue, No. 300
Brighthouse Financial, $7 billion in revenue, No. 468
That’s the same names and number as last year. There are 13 Fortune 500 firms with N.C. headquarters, and none in South Carolina.
Who rose in the rankings?
Steelmaker Nucor jumped 51 spots to No. 98, boosted in part by increased steel prices.
The manufacturer, headquartered at the same Rexford Road site since 1966, has been steadily expanding in recent months: the company announced a new micro steel mill in Lexington, and a $3 billion acquisition of a Midwestern overhead door manufacturer.
The only other Charlotte area firm to rise on the list was auto dealer Sonic Automotive, which increased its ranking by eight to No. 300.
Other notable shifts included Lowe’s, which dropped four slots but switched with Bank of America to become Charlotte’s highest-ranked company. The retailer brought in $96 billion worth of revenue in fiscal year 2022.
Which companies fell in the rankings?
Several notable Charlotte companies dropped down the list.
Bank of America fell seven spots to No. 36, although the bank still earned nearly $94 billion in revenue. The bank’s profits were fueled by higher wealth management fees and a booming merger and acquisition business in 2021, Fortune reported.
Other companies that dropped included Honeywell, down 11 spots to No. 105, and Duke Energy, down 19 spots to No. 145.
Truist Financial dropped to No. 155 after rising nearly 100 spots in last year’s ranking. And life insurance company Brighthouse Financial, No. 468, dropped 115 slots.
Why does the list matter?
The biggest total of Charlotte-area companies that made the list was nine in 2007, a tally that included bygone headquarters like those of Wachovia and Family Dollar. That number fell to about half that number in 2017.
Though a higher number of Fortune 500 headquarters are a welcome talking point for city promoters, a lower number isn’t necessarily a bad economic omen for the city.
A significant number of companies on the list have some presence in Charlotte, and eight is a pretty high number of Fortune 500 firms for one city. By comparison, Raleigh has just one: Advance Auto Parts.
The top five Fortune 500 companies were unchanged from 2021. Walmart ranked No. 1 for the 10th straight year, with over $570 billion in revenue. The retailer was followed by Amazon, Apple and CVS Health.
