CLEVELAND — Fortune Magazine has revealed its annual list of the largest corporations in the United States, ranked by revenue for the 2022 fiscal year.
This year, nine Northeast Ohio companies made the prestigious Fortune 500 list. The revenue threshold for making the list was $7.2 billion this year, up 13% from 2022.
Here are Northeast Ohio's Fortune 500 companies for 2023:
No. 88 - Progressive Corporation: $49.6 billion. Fortune noted that while the insurance company had a 4% increase in revenue last year, the company saw a 79% decrease in profit compared to the prior year, dropping it nine places on the Fortune 500. Progressive is headquartered in Mayfield Village.
No. 170 - Cleveland-Cliffs: $23 billion. The Cleveland-based metals company moved up one spot from 2022's list. "As we grow and climb higher on Fortune’s rank, we continue to demonstrate our ability to outperform ourselves year after year.” CEO Lourenco Goncalves said in a statement.“ Cleveland-Cliffs returned to the Fortune 500 list last year on the strength of a 282% increase in revenue.
No. 178 - Sherwin-Williams: $22.1 billion. The paint and coating manufacturing company, headquartered in Cleveland, moved down three spots in this year's Fortune 500 list despite increasing its revenue from last year's figure of $19.9 billion.
No. 191 - Goodyear Tire & Rubber Company: $20.8 billion. The Akron-based tire manufacturer saw a 19% boost in revenue propel it up 18 spots in the 2023 Fortune 500 rankings.
No. 261 - Parker-Hannifin: $15.9 billion. The Mayfield Heights corporation, specializing in motion and control technologies, moved down eight spots in 2023.
No. 343 - FirstEnergy: $12.1 billion. The Akron-based utility company stayed at the same ranking as in 2022, when it posted revenues of $10.8 billion.
No. 372 - TravelCenters of America: $10.8 billion. The Westlake-based company was acquired by BP for $1.3 billion last month. TravelCenters of America moved up 89 spots in the Fortune 500 rankings for this year.
No. 459 - KeyCorp: $8.1 billion. The commercial banking company, headquartered in Cleveland, moved down ten spots from last year's list.
No. 465 - The J.M Smucker Company: $8 billion. The maker of Smucker's jelly, Jif peanut butter, Milk-Bone, Folgers coffee, and more, based in Orrville, moved down 39 spots from 2022.
Some Northeast Ohio companies that just missed the cut include:
- No. 526 - RPM International (Medina): $6.7 billion
- No. 613 - TransDigm Group (Cleveland): $5.4 billion
- No. 669 - Avient Corporation (Avon Lake): $4.7 billion
- No. 696 - The Timken Company (North Canton): $4.49 billion
According to Fortune 500, Ohio's top business is Dublin-based wholesale health-supply distributor Cardinal Health, which ranked 14th overall with $181 billion in revenue.
Walmart finished in the top spot of the Fortune 500 for the eleventh year in a row, with $611 billion in revenue. Amazon saw a 9% jump in revenue, eclipsing the $510 billion mark to finish in second place. ExxonMobile, Apple, and UnitedHealth Group rounded out the top five.
