Richmond lands 7 on Fortune 500 list

Altria is headquartered at 6601 W. Broad St. (BizSense file photo)

The region’s usual suspects all reprised their roles on the Fortune 500 list.

Seven locally based businesses made the list as Fortune Magazine on Thursday posted its annual list of the 500 largest companies in the nation based on annual revenue. They were the same seven as last year.

Altria Group was the top-ranked local company, ranked at No. 162, with $19.6 billion in revenue last year. That was $200 million more than the previous year, but the tobacco giant fell eight spots in the rankings from No. 154.

In descending order, the remaining locals on the list were CarMax, Performance Food Group, Dominion Energy, Owens & Minor, Genworth Financial and Markel.

Only two of them improved their ranking from last: Markel rose 23 spots to No. 441 and Owens & Minor moved up one spot to No. 317. The biggest decline was Genworth, which fell 12 spots to No. 360, despite posting $140 million more in revenue than the previous year.

CarMax, with $17.9 billion in revenue, stayed put at No. 174, which was enough to leapfrog its Goochland neighbor Performance Food Group, with $17.6 billion in revenue. The food distribution giant fell five spots to No. 176.

Cumulatively, Richmond’s Fortune 500 companies earned a combined $93.6 billion in revenue last year, up from $89 billion the previous year.

Richmond lost a member of the list last year as WestRock, formerly known as MeadWestvaco, finalized the relocation of its corporate headquarters to Atlanta in 2018.

The company closest to bringing the Richmond area’s total back to eight was armored car giant Brink’s, which ranked No. 687 with $3.4 billion in revenue.

Virginia’s representation on the list remained mostly the same, again with 21 companies in the top 500. Northern Virginia’s Freddie Mac again was the highest-ranked in the commonwealth at No. 40, with $73.6 billion in revenue.

The top five companies on the list nationally are Walmart, Exxon Mobil, Apple, Berkshire Hathaway and Amazon.com. Walmart topped the list for the seventh consecutive year.

The full list is available here.

Company

Rank (2018 rank)

Revenue

Altria

162 (154)

$19.62 billion

CarMax

174 (174)

$17.97 billion

Performance Food Group

176 (171)

$17.61 billion

Dominion Energy

238 (233)

$13.36 billion

Owens & Minor

317 (318)

$9.83 billion

Genworth Financial

360 (348)

$8.43 billion

Markel

441 (464)

$6.84 billion

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Boz Boschen
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McKesson Medical-Surgical division is headquartered in Richmond, and while not a standalone corporation it is large enough to report its financials independently within McKesson’s filings. Last year’s revenue was $7.6 billion, which seems noteworthy in comparison to this local ranking.

It’s a good time to look at professional opportunities with McKesson as well. Growth has been strong and the company is investing for long term success. The longtime corporate office in San Francisco is moving to Texas, and lots of possibilities are opening up across offices. Check it out if you’re looking for a new challenge.

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