For Immediate Release
May 7, 2012
FORTUNE MAGAZINE RELEASES ANNUAL FORTUNE 500 LIST: EXXON MOBILE IS #1
Profits at the 500 Largest U.S. Corporations Set New Record High
(May 7, 2012, New York, NY)—Today, FORTUNE releases the FORTUNE 500, its annual ranking of the
largest corporations in the United States, ranked by revenue for the 2011 fiscal year. The combined
earnings of the FORTUNE 500 companies increased 16.4% from last year to reach a record high of
$824.5 billion in 2011, breaking the previous record of $785 billion, which was set in 2006 during a
robust economy. See full list here: http://www.fortune.com/500
FORTUNE's Shawn Tully writes, "Given the sluggish recovery and a strapped consumer, you’d expect to
see corporate America trudging along, not racing for glory. In fact, the Fortune 500 are thriving as a
group. Unlike the U.S. economy, they’ve shown quicksilver agility, rapidly shifting their product mix and
producing more goods at little new cost."
In the United States, FORTUNE 500 companies employ nearly 17 million Americans — and millions more
work in companies who support the 500 and the people who work for them. On the jobs created by the
FORTUNE 500 Tully writes, "Starting with the financial crisis of late 2008, companies slashed costs,
especially labor, as if a depression were looming. Since the economy began expanding again in late
2009, they’ve been reluctant to hire more workers, who account for almost 70% of their total costs.
Today the Fortune 500 employs 25.8 million people worldwide, up by less than 1% since 2007."
Exxon Mobil edges out Wal-Mart and reclaims the number one spot with $453 billion in revenues, while
General Motors jumps three places to number five on the list. It is the the 13th time that Exxon has
taken first place and the sixth time that Exxon Mobile and Wal-Mart have traded the top two positions
during the past decade. Exxon Mobile led the 500 with $41.1 billion in earnings, up 35% over the
previous year.
Today, FORTUNE will host its first-ever FORTUNE 500 day, which will include a special event honoring
veterans in the workforce at the New York Stock Exchange.
The May 21, 2012 issue of FORTUNE hits newsstands on Monday, May 7.
FORTUNE 500 TOP 10 LIST:
1. Exxon Mobil
2. Wal-Mart Stores
3. Chevron
4. ConocoPhillips
5. General Motors
6. General Electric
7. Berkshire Hathaway
8. Fannie Mae
9. Ford Motor
10. Hewlett-Packard
See the full FORTUNE 500 list here: http://www.fortune.com/500
For the FORTUNE 1000, go to FORTUNE 500+ App: https://www.fortune500-app.com/
Follow the conversation online with #FORTUNE500
MORE ON THE FORTUNE 500:
— This year’s list features 26 additions, including seven companies in mining, metals and energy
production.
— In the United States, FORTUNE 500 companies employ nearly 17 million Americans. The FORTUNE
500 employs 25.8 million people worldwide.
— 53 of the companies on this year’s list are based in California, followed by 52 in Texas and 50 in New
York.
— Setting a new record, 18 of the companies on this year’s list are run by female CEOs, including
Hewlett-Packard's Margaret Whitman, IBM's Virginia Rometty and PepsiCo’s Indra Nooyi.
— 41 of the companies on this year's list are run by CEOs with a military background, including Conoco
Phillips' James Mulva, General Motors' Daniel Akerson and FedEx's Fred Smith.
—Wal-Mart employs the most U.S. workers with 1.4 million domestic employees.
— Three sectors— consumer cyclicals, energy, and financial services — generated 73% of last year's
$116 billion earnings gain. For 2011, the sector posted $150 billion in earnings, up 19% over 2010.
FORTUNE’S SHAWN TULLY ON THE FORTUNE 500:
—"Apple boosted earnings by 85%, to $25.9 billion, helped by two of the best selling consumer products
in history, the iPhone and the iPad, which together generated $67 billion in sales, more than double the
figure in 2010. Microsoft also enjoyed a banner year, lifting earnings by 23%, to $23.2 billion. Swelling its
results were a 48% gain in sales on its Xbox 360, the best selling video game console, and a 23% jump in
its profits from business software and services"
—"Profits at GM (No. 5) rose by 49%, to $9.2 billion. GM has introduced a fleet of briskly selling models
since late 2010, led by the compact Chevy Cruze and the subcompact Sonic. Since emerging from
bankruptcy in 2009, GM has also curbed costs to the point where it makes money when the U.S. car
market reaches 10.5 million units (last year’s figure: 12.8 million). That’s a remarkable 5 million units
below GM’s old profitability threshold. Over at Ford (No. 9), profits jumped 208%, to $20.2 billion."
—"Financial services are experiencing a comeback of sorts. For 2011, the sector posted $150 billion in
earnings, up 19% over 2010. That’s far from its peak in the mid-2000s, but a big stride from the $213
billion loss that the industry suffered in the crisis year of 2008."
— "AIG (No. 33), is enjoying a remarkable revival. AIG earned $17.8 billion in 2011, up $10 billion over
the previous year."
—"The financial sector also saw a revival in the fortunes of the big commercial banks. Bank of America
(No. 13) swung from a $2.2 billion loss to a $1.4 billion profit last year. BofA benefited from selling
assets, including part of its stake in China Construction Bank, and from a sharp drop in its credit costs, a
gift from the improving economy."
ALSO ON FORTUNE.COM:
—The 20 Most Profitable: http://cnnmon.ie/JZ1uV8
—The 20 Worst Money Losers: http://cnnmon.ie/KAmf5a
—Newcomers to the FORTUNE 1000: http://cnnmon.ie/JjUbU1
—Social Media Stars of the 500: http://cnnmon.ie/K7qace
—CEOs who served in the military: http://cnnmon.ie/IKt8EZ
FORTUNE 500+ App, now free to all subscribers, is the only place you can see the FORTUNE 1000 list:
http://www.fortune500-app.com
—Find and research the 1,000 biggest companies in America.
—Use LinkedIn to see who you know at each company and who your contacts know.
—Build and share lists for sales calls, trips or meetings.
—Get instantly updated news and financials on every company.
—Map all 1,000 companies
Methodology
Companies are ranked by total revenues for their respective fiscal years. Included in the survey are
companies that are incorporated and operate in the U.S. and file financial statements with a
government agency. This includes private companies and cooperatives that file a 10-K or a comparable
financial statement with a government agency, and mutual insurance companies that file with state
regulators. It also includes companies that file with a government agency but are owned by private
companies, domestic or foreign, that do not file such financial statements. Excluded are private
companies not filing with a government agency; companies incorporated outside the U.S.; and U.S.
companies owned or controlled by other companies, domestic or foreign, that file with a government
agency. Also excluded are companies that failed to report full financial statements for at least three
quarters of the current fiscal year. The percent change calculations for revenue, net income, and
earnings per share are based on data as originally reported. They are not restated for mergers,
acquisitions, or accounting changes. The only changes to prior years’ data are for significant restatement
resulting from reporting errors that require a company to file an amended 10-K.
Follow the FORTUNE 500 online:
#FORTUNE500
@FortuneMagazine
Facebook.com/FortuneMagazine
Foursquare.com/FortuneMagazine
Media Contacts: TIME PR HOTLINE, (212) 522-4800
Danny Leonard (212) 522-0361
Jen Nedeau (212) 522-0613