The annual Fortune 500 list of the largest U.S. companies by revenue was released on Monday, and 18 Michigan-based firms made the cut. The list ranks companies based on their 2022 fiscal year performance, which reflects how they navigated the challenges and opportunities of the COVID-19 pandemic.
The highest-ranked Michigan company was General Motors, which came in at number four with $122.5 billion in revenue, up 0.2% from the previous year. The automaker also posted a profit of $6.4 billion, despite facing a global semiconductor shortage that disrupted its production.
Other Michigan companies in the top 100 were Ford Motor (number 12), Dow (number 38), Whirlpool (number 68), and Lear (number 95). The rest of the Michigan firms on the list were Penske Automotive Group (number 109), Kellogg (number 212), DTE Energy (number 221), Stryker (number 224), Ally Financial (number 236), Masco (number 287), CMS Energy (number 322), BorgWarner (number 329), Autoliv (number 385), SpartanNash (number 386), Universal Forest Products (number 427), Kelly Services (number 462), and Cooper Standard (number 497).
The Fortune 500 list is widely regarded as a measure of corporate success and influence in the U.S. economy. According to Fortune, the 500 companies on the list accounted for $13.8 trillion in revenue, $1.6 trillion in profits, and 29.1 million employees in 2022.