The Highest-Revenue Company in Every State

When looking at the business with the highest annual revenue headquartered in each state, what stands out most is how many companies are not on the list. Plenty of household names made the cut, but many of the biggest businesses in the U.S. didn’t. 

That’s because, for whatever reason, many of the country’s most valuable companies are clustered in states like Washington, California, New York and Texas. So don’t expect to find Google, Microsoft, JPMorgan Chase or Dell. They were eclipsed by Apple (pictured), Amazon, Verizon and ExxonMobil, respectively. 

What you will find are plenty of energy companies and utilities, a few banks and tech powerhouses, and plenty of food distributors and grocery chains. We ranked these companies based on 2019 annual revenue, with sourcing from the Fortune 500 and 24/7 Wall St.

Alabama: Alabama Power

Headquarters: Birmingham

Industry: Utilities

Type: Subsidiary 

Revenue: $6 billion

CEO: Mark Crosswhite (pictured)

Bottom Line: Alabama Power Company

The company serves 1.4 million customers in the southern two-thirds of Alabama.

It also operates appliance stores and is a subsidiary of the publicly traded Southern Company. 

Pictured is a shot of the Gorgas Steam Plant in Walker County. 

Alaska: Arctic Slope Regional Corporation

Headquarters: Barrow

Industry: Energy

Type: Private

Revenue: $3.4 billion

CEO: Rex A. Rock Sr.

Bottom Line: Arctic Slope Regional Corporation

The oil, gas and mining company is owned by roughly 11,000 shareholders of Inupiat Eskimo descent.

That company structure was made possible thanks to the Alaska Native Claims Settlement Act of 1971, which was created to resolve aboriginal land claims in Alaska.

Arizona: Avnet

Headquarters: Phoenix

Industry: Electronics

Type: Public

Revenue: $19.52 billion

CEO (interim): Phillip R. Gallagher

Bottom Line: Avnet

Avnet was founded in New York City in 1921 to sell radio equipment. It moved to Arizona in 1998, immediately becoming the state’s largest publicly traded company.

It sells electronics and components. On Aug. 3, 2020, Avnet announced that CEO Bill Amelio was leaving, and Phil Gallagher would take over on an interim basis. 

Arkansas: Walmart

Headquarters: Bentonville

Industry: Retail

Type: Public

Revenue: $524 billion

CEO: Doug McMillon (pictured)

Bottom Line: Walmart

Walmart’s annual revenue makes it the largest company in the world. It operates more than 11,000 stores in 27 countries.

Although it’s a public company, the Walton family controls the largest stake, making it a family-owned business. 

California: Apple

Headquarters: Cupertino

Industry: Consumer electronics

Type: Public

Revenue: $260.2 billion

CEO: Tim Cook (pictured)

Bottom Line: Apple

Apple is one of the five largest companies in the U.S. and one of the most influential makers of consumer electronics like computers, watches and smartphones.

The company famously started in the garage of co-founder Steve Jobs’ childhood home in Silicon Valley.

Like many companies in 2020, Apple had a bad Q3, losing $450 billion because of the pandemic and because iPhone sales were less than expected. 

Colorado: Arrow Electronics

Headquarters: Centennial

Industry: Electronics 

Type: Public

Revenue: $28.92 billion

CEO: Michael J. Long

Bottom Line: Arrow Electronics

What started as a retail store selling radios in New York City in the 1930s grew into a massive distributor of electronics components and computer products.

As of 2019, Arrow ranked No. 109 on the Fortune 500 list.

It relocated to Colorado in 2011. 

Connecticut: Aetna

Headquarters: Hartford

Industry: Health insurance

Type: Subsidiary

Revenue: $66.8 billion

CEO: Mark Bertolini 

Bottom Line: Aetna

Providing medical and dental insurance to nearly 40 million people, Aetna is one of the largest insurers in the U.S.

It became a subsidiary of the publicly traded CVS Health in 2018. Aetna is also one of 27 Fortune 1000 companies located in Connecticut.

As of 2017, CEO Mark Bertolini (pictured) is the highest-paid CEO in the state, taking home $18.7 million that year, according to the Associated Press. 

Delaware: DuPont

Headquarters: Wilmington

Industry: Chemicals

Type: Public

Revenue: $21.5 billion

CEO: Edward Breen

Bottom Line: DuPont

DuPont was the world’s largest chemical company when it merged with Dow Chemical in 2017.

In 2019, DowDuPont then spun off into three new, publicly traded companies focused on agriculture, materials science and specialty products, respectively.

The new DuPont is focused on special industry materials like personal protective equipment made from their patented Tyvek material, which the company is doubling production of because of the pandemic. 

Florida: Publix Super Markets

Headquarters: Lakeland

Industry: Food

Type: Private

Revenue: $38.46 billion

CEO: Todd Jones

Bottom Line: Publix Super Markets

Publix is an employee-owned supermarket chain founded in 1930 with over 1,000 locations throughout the South.

The corporation was ranked 39 in Fortune's 100 Best Companies to Work for 2018 list, citing the chain's tuition reimbursement program. 

Georgia: The Home Depot

Headquarters: Atlanta

Industry: Retail

Type: Public

Revenue: $110.23 billion

CEO: Craig Menear

Bottom Line: The Home Depot

The largest home improvement retailer in the U.S. opened its first store in Atlanta in 1979 and has since grown to nearly 2,300 locations across North America.

Hawaii: Hawaiian Electric Industries

Headquarters: Honolulu

Industry: Utilities

Type: Public

Revenue: $2.87 billion

CEO: Constance H. Lau (pictured)

Bottom Line: Hawaiian Electric Industries

The utility supplies every Hawaiian island except Kauai with electricity, and some 20,000 state residents are shareholders.

Hawaiian Electric is also pushing an effort to have the majority of Hawaii automobiles be electric by 2045. 

Idaho: Albertsons Companies

Headquarters: Boise

Industry: Grocery

Type: Private 

Revenue: $60.53 billion

CEO: Vivek Sankaran 

Bottom Line: Albertsons Companies

The grocery chain operates more than 2,200 stores nationwide and employs 267,000 people. It became the second-largest grocery chain in the U.S. in 2014 (after Kroger) when it purchased Safeway. 

In 2019, the company appointed Vivek Sankaran as its new president and CEO. 

Illinois: Walgreens Boots Alliance

Headquarters: Deerfield

Industry: Retail pharmacy

Type: Public

Revenue: $136.86 billion

CEO: Stefano Pessina

Bottom Line: Walgreens Boots Alliance

The holding company owns chains such as Walgreens, Duane Reade and Boots, along with other pharmaceutical manufacturers, wholesalers and distributors.

With its 2014 buyout of Europe-based Boots, its footprint spans 11 countries and over 18,000 stores.

Indiana: Anthem

Headquarters: Indianapolis

Industry: Health insurance

Type: Public

Revenue: $104.2 billion

CEO: Gail K. Boudreaux

Bottom Line: Anthem

With about 40 million members, Anthem is the nation’s largest for-profit health insurance provider.

It was formed through the 2004 merger of WellPoint and Anthem. 

Iowa: Berkshire Hathaway Energy

Headquarters: Des Moines

Industry: Energy

Type: Public

Revenue: $19.8 billion

CEO: William Fehrman (pictured)

Bottom Line: Berkshire Hathaway Energy

A subsidiary of Warren Buffett’s Berkshire Hathaway, the utility provides energy to nearly 12 million customers across 18 states.

Kansas: Koch Industries

Headquarters: Wichita

Industry: Conglomerate

Type: Private

Revenue: $110.0 billion

CEO: Charles Koch

Bottom Line: Koch Industries

One of the world’s largest privately held companies, Koch Industries has subsidiaries that span many industries, including petroleum, chemicals, energy, commodities, investing, manufacturing and refining.

It employs 120,000 people across 60 countries, with half its business located in the U.S.

Kentucky: Humana

Headquarters: Louisville

Industry: Health insurance

Type: Public

Revenue: $64.88 billion

CEO: Bruce D. Broussard

Bottom Line: Humana

With 13 million customers, Humana is one of the largest health insurance providers in the U.S.

Aetna nearly acquired it in 2015 for $37 billion, but a court ruled the deal to be anti-competitive. 

Humana gained $8 billion in revenue from 2018 to 2019. 

Louisiana: Lumen Technologies

Headquarters: Monroe

Industry: Telecom

Type: Public

Revenue: $22.4 billion

CEO: Jeffrey K. Storey (pictured)

Bottom Line: Lumen Technologies

Formerly known as CenturyLink, Lumen is an S&P 500 company that provides communications, cloud and network services, voice and broadband internet, among other services.

Maine: Hannaford Bros.

Headquarters: Scarborough

Industry: Grocery

Type: Subsidiary

Revenue: $3.9 billion

CEO: Mike Vail

Bottom Line: Hannaford Bros

Hannaford is a subsidiary of Ahold Delhaize of the Netherlands, following the 2016 merger of Hannaford, Delhaize of Florida and Holland’s Ahold.

It operates nearly 200 grocery stores throughout New England and upstate New York. 

Maryland: Lockheed Martin

Headquarters: Bethesda

Industry: Defense

Type: Public

Revenue: $59.8 billion

CEO: James D. Taiclet (pictured)

Bottom Line: Lockheed Martin

Employing over 100,000 people, Lockheed Martin is one of the world’s largest aerospace, defense, security and technologies companies.

It’s perhaps best known for building fighter jets for the U.S. military.

Massachusetts: General Electric

Headquarters: Boston

Industry: Conglomerate

Type: Public 

Revenue: $95.2 billion

CEO: H. Lawrence Culp, Jr.

Bottom Line: General Electric

GE is most associated with lighting, but the conglomerate also has financial stakes in aviation, healthcare, power, renewable energy, venture capital, and oil and gas. 

GE took a large hit in its revenue due to the pandemic, losing about 21 percent of its revenue in 2020 compared to 2019.  

Michigan: Ford Motor Company

Headquarters: Dearborn

Industry: Auto manufacturing

Type: Public

Revenue: $155.9 billion

CEO: Jim Farley

Bottom Line: Ford Motor Company

Automobiles still dominate the Detroit area’s corporate landscape, and Ford is the largest in terms of revenue.

It’s also the fifth-largest automaker in the world. And through its Class B shares, the Ford family still has 40 percent voting rights in the company. 

Jim Farley replaced Jim Hackett as CEO in October 2020. 

Minnesota: UnitedHealth Group Inc

Headquarters: Minnetonka

Industry: Healthcare

Type: Public 

Revenue: $242.15 billion

CEO: David S. Wichmann

Bottom Line: UnitedHealth Group

The world’s largest healthcare company by revenue, UnitedHealth serves 115 million customers with healthcare products and insurance.

UnitedHealth Group ranks seventh on the Fortune 500.

Mississippi: Sanderson Farms

Headquarters: Laurel

Industry: Poultry

Type: Public

Revenue: $3.4 billion

CEO: Joe F. Sanderson Jr.

Bottom Line: Sanderson Farms

Processing 9.375 million chickens per week, Sanderson is the nation’s third-largest poultry producer.

It’s also the only company in Mississippi on the Fortune 1000 list.

Missouri: Express Scripts Holding Company

Headquarters: St. Louis

Industry: Pharmaceuticals 

Type: Subsidiary

Revenue: $100.1 billion

President: Tim Wentworth 

Bottom Line: Express Scripts Holding Company

Parent company Cigna bought Express Scripts, the largest pharmacy benefit management company in the U.S., in 2018 for $67 billion.

One of its biggest clients is the Department of Defense's Tricare program serving active and retired military personnel. 

Montana: Glacier Bancorp

Headquarters: Kalispell

Industry: Banking

Type: Public

Revenue: $587.8 million

CEO: Randall M. Chesler (pictured)

Bottom Line: Glacier Bancorp

Providing banking services to individuals, small- to medium-size businesses, community organizations and public entities, Glacier has locations throughout the Mountain West, Washington and Arizona.

Nebraska: Berkshire Hathaway

Headquarters: Omaha

Industry: Conglomerate

Type: Public 

Revenue: $254.6 billion

CEO: Warren Buffett (pictured)

Bottom Line: Berkshire Hathaway

Warren Buffett’s multinational conglomerate has a stake in or wholly owns numerous familiar companies, including GEICO, Duracell, Fruit of the Loom, Kraft Heinz, American Express, Wells Fargo, Coca-Cola, Bank of America and Apple.

It’s the third-largest public company in the world, and it has realized an average 19 percent annual return to shareholders since 1965.

Berkshire is currently sixth on the Fortune 500. 

Nevada: Las Vegas Sands Corporation

Headquarters: Las Vegas

Industry: Casinos and resorts

Type: Public

Revenue: $13.7 billion 

CEO: Sheldon Adelson (pictured)

Bottom Line: Las Vegas Sands Corporation

The world’s largest casino company owns The Venetian and The Palazzo in Las Vegas, along with several Asian properties — Marina Bay Sands in Singapore, and Macao’s Sands Macao, Sands Cotai Central and The Venetian Macao, among others. 

But the pandemic hit Las Vegas Sands hard. The company lost 82 percent of its net revenue in Q3 in 2020 compared to the same time last year.

The $13.7 billion in revenue is for 2019. It will likely be much less for 2020. 

New Hampshire: C&S Wholesale Grocers

Headquarters: Keene

Industry: Grocery

Type: Private

Revenue: $27 billion

CEO: Mike Duffy (pictured)

Bottom Line: C&S Wholesale Grocers

America’s largest wholesale grocery distributor has 17,000 associates in 16 states, with storage of 15 million-plus square feet.

Major clients include Stop & Shop, Safeway, Winn-Dixie, and Target.

It also owns the Piggly Wiggly brand. 

New Jersey: Johnson & Johnson

Headquarters: New Brunswick

Industry: Consumer products

Type: Public

Revenue: $82.06 billion

CEO: Alex Gorsky

Bottom Line: Johnson & Johnson

One of the most valuable companies in the world, Johnson & Johnson controls roughly 250 subsidiaries that operate in 60 countries and sell products in more than 175 countries.

Brands include household names such as Band-Aid, Tylenol, Neutrogena and Acuvue.

New Mexico: PNM Resources

Headquarters: Albuquerque

Industry: Utilities

Type: Public

Revenue: $1.5 billion

CEO: Pat Vincent-Collawn (pictured)

Bottom Line: PNM Resources

The energy holding company serves nearly 500,000 homes and businesses in northern New Mexico and West Texas.

Its primary holdings are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Co. (TNMP).

New York: Verizon Communications

Headquarters: New York City

Industry: Telecom

Type: Public

Revenue: $131.86 billion

CEO: Hans Vestberg

Bottom Line: Verizon Communications

Verizon Communications is a conglomerate that operates Verizon Media, the result of the 2015 and 2017 purchases, respectively, of AOL and Yahoo, and Verizon Wireless, which is the second-largest cellphone service provider in the U.S. with 153 million customers.

North Carolina: Bank of America

Headquarters: Charlotte

Industry: Banking

Type: Public

Revenue: $99.58 billion

CEO: Brian Thomas Moynihan

Bottom Line: Bank of America

As one of the Big Four U.S. banks (along with Citigroup, Wells Fargo and JPMorgan Chase), Bank of America services 10.73 percent of all American bank deposits.

It was originally founded in San Francisco in 1904 as the Bank of Italy.

The bank declined year-over-year by 13 percent for Q3 2020. 

North Dakota: MDU Resources Group

Headquarters: Bismarck

Industry: Electric, Natural Gas, Construction

Type: Public 

Revenue: $5.34 billion

CEO: David L. Goodin

Bottom Line: MDU Resources Group

MDU operates in three industries, providing electricity and natural gas to utilities that serve 1.1 million customers.

It operates natural gas pipelines in the Rocky Mountains and northern Great Plains, mining for sand and gravel materials like cement and asphalt.

Ohio: Cardinal Health

Headquarters: Dublin

Industry: Healthcare

Type: Public

Revenue: $145.5 billion

CEO: Mike Kaufmann

Bottom Line: Cardinal Health

Cardinal Health serves more than 100,000 locations with pharmaceuticals and medical products like surgical gloves and apparel, which covers some 85 percent of all U.S. hospitals.

Oklahoma: NGL Energy Partners

Headquarters: Tulsa

Industry: Energy

Type: Public

Revenue: $24 billion

CEO: H. Michael Krimbill (pictured)

Bottom Line: NGL Energy Partners

The company operates a vertically integrated energy business that transports crude oil, wastewater, natural gas liquids and refined petroleum products.

Oregon: Nike

Headquarters: Beaverton

Industry: Apparel

Type: Public 

Revenue: $39.12 billion

CEO: Mark Parker

Bottom Line: Nike

Nike is arguably the most iconic sportswear brand in the world, with its telltale swoosh logo and "Just do it" tagline.

Its shoes and apparel are used in many different professional sports, and it also manufactures sporting equipment.

Pennsylvania: AmerisourceBergen

Headquarters: Chesterbrook

Industry: Pharmaceuticals

Type: Public

Revenue: $179.59 billion

CEO: Steven H. Collis

AmerisourceBergen

AmerisourceBergen handles roughly 20 percent of all pharmaceutical distribution and sales in the U.S., making it the 10th-highest revenue-generating company on the Fortune 500 list.

Rhode Island: CVS Health Corporation

Headquarters: Woonsocket

Industry: Retail pharmacy

Type: Public 

Revenue: $256.77 billion

CEO: Larry Merlo

Bottom Line: CVS Health Corporation

CVS ranks No. 5 and No. 13, respectively, on the Fortune 500 and Fortune Global 500 lists.

There are CVS Pharmacy locations in 49 states, D.C. and Puerto Rico, and the company processes one out of every five prescriptions in the U.S.

South Carolina: Michelin North America

Headquarters: Greenville

Industry: Manufacturing

Type: Public

Revenue: $10.8 billion

CEO: Scott Clark (pictured)

Bottom Line: Michelin North America

The U.S. outpost is part of the global Michelin Group, based in France, that’s the world’s second-largest producer of tires.

In the U.S., Michelin employs more than 22,000 workers across 19 plants.

South Dakota: Tyson Fresh Meats

Headquarters: Dakota Dunes

Industry: Food processing

Type: Public

Revenue: $20 billion

CEO: Noel White 

Bottom Line: Tyson Fresh Meats

Tyson Fresh Meats operates the beef and pork arm of Tyson Foods, the Arkansas-based company that’s the world’s second-largest producer of chicken, beef and pork, and the largest exporter of beef in the U.S.

Tennessee: FedEx

Headquarters: Memphis

Industry: Shipping

Type: Public

Revenue: $69.69 billion

CEO: Frederick W. Smith

Bottom Line: FedEx

FedEx is a major U.S.-based global courier service that pioneered real-time tracking of packages and overnight delivery.

On average, it moves 16 million shipments worldwide daily.

Texas: ExxonMobil

Headquarters: Irving

Industry: Energy

Type: Public 

Revenue: $264.94 billion

CEO: Darren Woods

Bottom Line: ExxonMobil

One of the world’s Big Oil companies, ExxonMobil is the largest oil refiner in the world with a production capacity of 6.3 million barrels a day.

It ranks third on the Fortune 500 list. 

Utah: Sinclair Oil

Headquarters: Salt Lake City

Industry: Energy 

Type: Private 

Revenue: $5 billion

CEO: Ross Matthews

Bottom Line: Sinclair Oil

Sinclair is one of the largest privately-owned businesses in the U.S.

Its holdings include refineries, gas stations, hotels, and a ski resort and cattle ranch.

It operates more than 1,400 gas stations in 29 states.

Vermont: NLV Financial

Headquarters: Montpelier 

Industry: Life insurance

Type: Private

Revenue: $1.9 billion

CEO: Mehran Assadi

Bottom Line: NLV Financial

NLV Financial is an insurance provider that offers annuities, retirement, mutual funds and life insurance services. 

Virginia: General Dynamics

Headquarters: Falls Church

Industry: Defense, aerospace

Type: Public

Revenue: $39.35 billion

CEO: Phebe Novakovic (pictured)

Bottom Line: General Dynamics

The nation’s fifth-largest defense contractor focuses its business in four main areas: marine systems, combat systems, information systems technology and aerospace.

Washington: Amazon

Headquarters: Seattle

Industry: E-commerce

Type: Public

Revenue: $280.52 billion

CEO: Jeff Bezos

Bottom Line: Amazon

The company does business in a variety of technology sectors, but by far its largest footprint is in online retail, operating the world’s largest e-commerce marketplace.

Amazon is also the second-largest employer in the U.S. and one of the world’s most valuable companies, ranking second on the Fortune 500 and ninth on the Fortune 500 global. 

West Virginia: Monongahela Power

Headquarters: Fairmont

Industry: Utilities

Type: Subsidiary

Revenue: $1.7 billion

CEO: Chuck Jones

Bottom Line: Monongahela Power

Known simply as Mon Power, the company is a subsidiary of FirstEnergy and serves 385,000 customers in West Virginia.

The company fired its former CEO, Chuck Jones, in 2020 due to a $61 million racketeering scheme involving former Ohio House Speaker Larry Householder. 

Wisconsin: Johnson Controls International

Headquarters: Milwaukee

Industry: Manufacturing

Type: Public

Revenue: $24 billion

CEO: George R. Oliver (pictured)

Bottom Line: Johnson Controls International

The company formed when Tyco International and Johnson Controls merged in 2016.

Because Tyco was based in Ireland, the new company was able to avoid a huge tax bill and become the third-largest U.S. tax inversion in history.

Wyoming: Cloud Peak Energy

Headquarters: Gillette 

Industry: Energy

Type: Public 

Revenue: $710 million

CEO: Colin Marshall (pictured)

Bottom Line: Cloud Peak Energy

While it's technically still the biggest business in Wyoming, things aren't looking too great for Cloud Peak Energy.

The coal company filed for bankruptcy in May 2019 and owed about $400 million in debt.

To become solvent, the company sold off its three coal plants to the Nevada-based Navajo Transitional Energy company in December 2019.