The 2023 Fortune 500 list has some new entrants, with 15 companies making their debut this year. Together, they raked in $146.2 billion in revenue and saw an average growth rate of 52.6%. The minimum revenue needed to make this year’s list was $7.24 billion, about $850 million more than last year’s $6.39 billion.
Some new entries are attributed to corporate machinations like mergers, spinoffs, and corporate address changes that allow firms to enter the list on a technicality more than anything else. However, a select few made the list on organic revenue growth alone.
Airbnb saw a 35% increase in dollar sales from rentals, totaling $16.3 billion, as pent-up demand for travel soared. Skechers had a second consecutive year of record sales, up $1.1 billion from 2021, while software company ServiceNow rode the remote work wave fueling sales for its organizational tools.
Four energy companies debuted on the list, tied with tech for the most of any sector. The energy industry was buoyed by record-high prices from the combined macro trends of inflation and the ongoing war in Ukraine, allowing firms to charge higher prices for the same products. One standout was Continental Resource—the highest-ranked energy company among the debutants at No. 407—which saw profits climb 142.3% to $4 billion in 2022.
Most notable on the list is the recently disgraced Silicon Valley Bank at No. 491. If not for its March collapse, SVB would have been preparing to celebrate a then-record year of $7.4 billion in revenue thanks to its longstanding relationship with venture capital clients. Those very same clients triggered a bank run when SVB disclosed a $1.8 billion loss after selling $21 billion of bonds. Ironically, the bank's 2022 year-end report included boilerplate language that turned out to be unexpectedly prescient. “Liquidity risk could impair our ability to fund operations and jeopardize our financial condition.”
Coupang, No. 195
The South Korean e-commerce giant debuted on the Fortune 500 after relocating its headquarters from Seoul to Seattle.
CEO: Bom Kim
Revenue: $20.6 billion
Revenue % change YoY: 11.8%
Profit: -$92 million
Profit % change YoY: Loss to loss
Kyndryl Holdings, No. 225
IBM spun off IT infrastructure subsidiary Kyndryl Holdings in November 2021, making 2022 its first full year as an independent company.
CEO: Martin Schroeter
Revenue: $18.3 billion
Revenue % change YoY: N/A
Profit: -$2.1 billion
Profit % change YoY: Loss to loss
VMware, No. 313
Another entrant by spinoff, VMware became an independent company when Dell Technologies divested its shares in the cloud computing company in November 2021.
CEO: Raghu Raghuram
Revenue: $13.4 billion
Revenue % change YoY: 3.9%
Profit: $1.3 billion
Profit % change YoY: -27.8%
Continental Resource, No. 407
The oil and natural gas company Continental Resources made it onto the Fortune 500 due to a 43% increase in the average sales price of a barrel of oil and acquisitions that expanded production.
CEO: Robert (Doug) Lawler
Revenue: $9.5 billion
Revenue % change YoY: 65.6%
Profit: $4 billion
Profit % change YoY: 142.3%
Coterra Energy, No. 420
In 2022, Coterra Energy reported its first full-year results since its October 2021 merger between Cabot Oil & Gas and Cimarex Energy.
CEO: Thomas Jorden
Revenue: $9.1 billion
Revenue % change YoY: 162.4%
Profit: $4.1 billion
Profit % change YoY: 251%
Airbnb, No. 450
Airbnb had a momentous 2022 with the first profitable year in its 15-year history.
CEO: Brian Chesky
Revenue: $8.4 billion
Revenue % change YoY: 40.2%
Profit: $1.9 billion
Profit % change YoY: Loss to profit
Lululemon, No. 461
The athletic apparel company expanded its global retail footprint with 81 net new stores, including 31 in China.
CEO: Calvin McDonald
Revenue: $8.1 billion
Revenue % change YoY: 29.6%
Profit: $854.8 million
Profit % change YoY: -12.4%
EQT, No. 487
The Pittsburgh-based energy company more than doubled revenue in 2022 almost entirely due to higher energy prices, as dollar sales increased 78% despite only a 4.4% increase in annual volume.
CEO: Toby Rice
Revenue: $7.5 billion
Revenue % change YoY: 144.6%
Profit: $1.8 billion
Profit % change YoY: Loss to profit
Skechers, No. 488
The maker of the famously and intentionally uncool sneakers had its second consecutive year of record revenue on the back of well-rounded global performance, which accounted for 59% of its total sales.
CEO: Robert Greenberg
Revenue: $7.4 billion
Revenue % change YoY: 18%
Profit: $373 million
Profit % change YoY: -49.7%
Knight-Swift Transportation, No. 490
The freight company saw its less-than-truckload segment, which transports smaller quantities of goods from different vendors on the same truck, more than double, contributing an additional $673.2 million to the top line compared to 2021.
CEO: David Jackson
Revenue: $7.4 billion
Revenue % change YoY: 23.9%
Profit: $771.3 million
Profit % change YoY: 3.8%
SVB Financial Group, No. 491
Silicon Valley Bank became the face of present-day economic uncertainty after the biggest bank run in U.S. history saw it lose $42 billion worth of deposits in a single day.
CEO: N/A, absorbed by First Citizens Bank
Revenue: $7.4 billion
Revenue % change YoY: 22.8%
Profit: $1.7 billion
Profit % change YoY: -8.8%
Par Pacific Holdings, No. 492
Energy company Par Pacific leaped up 142 spots on the Fortune 1000 after executing a $2.5 billion turnaround of its petroleum refining business, which saw the division, and the company as a whole, go from a loss to a profit.
CEO: William Pate
Revenue: $7.3 billion
Revenue % change YoY: 55.4%
Profit: $364.2 million
Profit % change YoY: Loss to profit
Albermarle Corporation, No. 493
The manufacturer of lithium compounds and flame retardant chemicals had the biggest revenue increase of any chemical company in 2022, jumping from $3.3 billion to $7.3 billion.
CEO: Kent Masters
Revenue: $7.3 billion
Revenue % change YoY: 120%
Profit: $2.7 billion
Profit % change YoY: 2,075%
Watsco, No. 495
Wholesale heating and cooling equipment distributor Watsco continued its growth trajectory, with revenue up just shy of $1 billion in 2022.
CEO: Albert Nahmad
Revenue: $7.3 billion
Revenue % change YoY: 15.8%
Profit: $601.2 million
Profit % change YoY: 43.5%
ServiceNow, No. 499
Workflow software company ServiceNow inched onto the list for the first time as remote work drove demand for its products.
CEO: Bill McDermott
Revenue: $7.2 billion
Revenue % change YoY: 22.9%
Profit: $325 million
Profit % change YoY: 41.3%
