Texas now has the most Fortune 500 headquarters, totaling 57 in 2026, with a combined revenue of about $2.8 trillion.

Two of the top 10 Fortune 500 firms are based in Texas—McKesson in Irving and Exxon Mobil in Spring—with two others headquartered in California.

Texas has two cities in the top five headquarters hubs (Houston and Dallas), while New York City leads the nation with 43 headquarters.

Fortune 500 companies collectively account for roughly two-thirds of U.S. GDP, generating about $21 trillion in revenue, $2.1 trillion in profit, and $55 trillion in market value, with around 30.5 million employees worldwide.

The print edition of Fortune 500 is set to hit newsstands June 16, reflecting 2025 fiscal-year results.

California remains dominant in profitability, market value, and employment among Fortune 500 firms, with the highest combined profits ($647 billion), total market value ($20 trillion), and about 2.8 million workers.

The 2026 Fortune 500 list ranks the largest U.S. companies by 2025 fiscal-year revenue, with a threshold of $7.5 billion to make the list; the top 10 includes Amazon, Walmart, UnitedHealth Group, Apple, Alphabet, CVS Health, Berkshire Hathaway, McKesson, Exxon Mobil, and Cencora.

California remains a hub for venture activity and unicorns, supported by nearly 400 billion-dollar startups and continued leadership in AI, space, and defense tech, aided by big-name ventures like OpenAI.

Texas officials, led by Gov. Greg Abbott, tout a favorable business climate, predictable regulation, and a growing workforce as key reasons for relocating headquarters, with Abbott declaring Texas the 'undisputed headquarters of headquarters.'

The shift toward Texas is linked to corporate relocations from California amid high costs and regulatory burden, aided by California’s exits since 2005, including dozens of moves to Texas.

California’s higher cost of living, regulatory environment, and notable relocations (e.g., Tesla, Oracle, Charles Schwab, Chevron reducing presence) are cited as contributing factors to the shift in headquarters activity.