Performance Food Group unseats Altria as top local firm on Fortune 500

Company Rank Revenue Previous rank Employees
Performance Food Group 114 $25.08B 168 20,000
CarMax 136 $21.42B 173 27,050
Altria Group 138 $20.84B 167 7,100
Dominion Energy 193 $16.12B 197 17,300
Markel 311 $9.73B 335 18,900
Owens & Minor 345 $8.7B 332 18,800
Genworth Financial 348 $8.65B 364 3,000

Richmond’s resident tobacco king has been dethroned in the rankings of local Fortune 500 companies.

Cigarette giant Altria Group is no longer the top ranked locally-based firm on Fortune Magazine’s coveted annual list, a seat it has held each year for at least the last decade.

That spot, according the latest rankings released Wednesday, goes to Performance Food Group, the food distribution behemoth headquartered in Goochland County’s West Creek.

Performance Food Group earned a ranking of 114 with $25.08 billion in revenue in 2020. (BizSense file photos)

The rankings are based on annual revenue.

Altria also was leapfrogged in the rankings by PFG’s West Creek neighbor, used vehicle retailer CarMax.

PFG earned a ranking of 114, thanks to $25.08 billion in revenue in 2020. The company’s ranking jumped 54 spots from last year and revenue was up 27 percent, although it posted a loss for the year.

CarMax moved up to 136 on the list with $21.42 billion in 2020 revenue.

CarMax landed at 136 on the list, with $21.42 billion. It was ranked 173 last year.

Altria, despite falling among its local peers, jumped up in the overall rankings to 138 from 167 last year. The company, based in Reynolds Crossing in Henrico, posted $20.84 billion in revenue in 2020 and remains by far the most profitable of the local companies on the list with $4.4 billion in profit last year.

Beyond those top three, the Richmond region landed an additional four companies in the top 500. The others were Dominion Energy, Markel, Owens & Minor and Genworth Financial.

Those along with Altria, PFG and CarMax comprise the region’s usual seven, which have all been in the top 500 for several years.

Altria, which lost the top ranking among Richmond area companies based on 2020 revenue, was by far the most profitable.

Fortune also released its Fortune 1000, which included an additional five Richmond-area companies. They included staffing firm ASGN, armored car giant Brink’s, convenience store owner ARKO, chemicals maker NewMarket and tobacco company Universal.

Click here for the full rankings, which can be sorted by state and city.

Fortune said the 500 companies on its list generated $13.8 trillion in revenue, close to two-thirds of the U.S. economy.

The top five was comprised of Walmart, Amazon, Apple, CVS Health and UnitedHealth.

Virginia landed 39 in the top 1,000, including 22 in the top 500.

Top among those was mortgage giant Freddie Mac, based in Northern Virginia. It earned the 47th spot on the list with revenue last year of $66.2 billion.

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