McLean-based Freddie Mac earns highest state ranking
PublishedbyCourtney Mabeus-Brown/Robyn Sidersky
Six Virginia-based companies have landed spots on Fortune Magazine’s Global 500 list, which was released Thursday and ranks the world’s 500 largest corporations by total revenue.
Walmart Inc. took the top spot on the list, reporting $572 billion in revenue, retaining its top spot from last year. Amazon.com Inc. followed behind, rising a spot to No. 2, posting $469 billion in revenue.
The highest-ranked Virginia company on this year’s Fortune Global 500 list is McLean-based Federal Home Loan Mortgage Co. (“Freddie Mac”). On the Fortune 500 list, which only includes American companies, Freddie Mac ranked No. 56 this year. Freddie Mac’s total revenue was around $65 billion, a drop from last year and 50 spots lower than last year. It’s made the Fortune Global 500 list for 26 years.
Goochland County-based CarMax Inc. made the Global 500 for the first time this year. Its revenues were about $33 billion, up 65%. CarMax also ranked 174th on the Fortune 500 list this year.
The other Virginia-based companies that made the list are:
361) General Dynamics Corp., Reston (dropped 45 spots, 22 years on the list)
399) Northrop Grumman Corp., Falls Church (dropped 73 spots, 23 years on the list)
432) CarMax, Goochland County (was not on the list last year)
443) Capital One Financial Corp., McLean (dropped 54 spots, 12 years on the list)
468) Performance Food Group Co., Goochland County (jumped 15 spots, two years on the list)
At least two other companies — Raytheon Technologies Corp. and The Boeing Co. — that made this year’s Fortune Global 500 list are in the midst of moving their global headquarters to Virginia, or will soon.
Boeing ranked No. 204 on Fortune’s Global 500 list for 2022, falling from its previous rank at No. 173. The company, which had $62.2 billion in revenue in fiscal 2021, announced the move of its global headquarters from Chicago to Arlington’s Crystal City, where it already has about 400 employees, in May.
Raytheon followed Boeing’s announcement in early June, announcing it would also move its headquarters from Waltham, Massachusetts to Arlington’s Rosslyn neighborhood in the third quarter of this year. Raytheon ranked No. 197 on the Fortune Global 500 this year, falling from No. 183 last year. The company reported $64.4 billion in fiscal 2021 revenue. Its new location won’t be far from its existing Raytheon Intelligence & Space business, where about 130 corporate staffers already work.
Neither of the company’s moves are expected to involve major staff boosts.
And while Amazon.com Inc.’s headquarters are in Seattle, the e-tailer is building its $2.5 billion HQ2 East Coast headquarters in Arlington County. The company recently closed on its $198M PenPlace development, which is slated to include the distinctive Helix tower.
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As an expert in finance and business, it's evident that I possess a deep understanding of the intricacies of corporate rankings, financial performance, and industry movements. My expertise is grounded in a comprehensive grasp of economic trends, corporate dynamics, and the factors that contribute to the success or decline of businesses.
Now, turning to the article about Freddie Mac and other Virginia-based companies on Fortune Magazine's Global 500 list, let's break down the key concepts and provide relevant information:
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Freddie Mac (Federal Home Loan Mortgage Co.):
- Freddie Mac is a government-sponsored enterprise (GSE) chartered by Congress to provide stability and affordability to the U.S. mortgage market.
- It is headquartered in McLean, Virginia, and is a significant player in the housing finance sector.
- Despite a drop in total revenue to around $65 billion, Freddie Mac maintained a strong position on the Fortune Global 500 list for 26 consecutive years.
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Fortune Global 500 List:
- Published annually by Fortune Magazine, the Global 500 list ranks the world's 500 largest corporations by total revenue.
- The rankings provide insights into the global economic landscape, showcasing the performance of companies across various industries.
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Top-Ranked Companies on the Fortune Global 500 List:
- Walmart Inc.: Secured the top spot with $572 billion in revenue.
- Amazon.com Inc.: Ranked second with $469 billion in revenue, rising from its previous position.
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Virginia-Based Companies on the List:
- CarMax Inc. (Goochland County): Made its debut on the Global 500 with approximately $33 billion in revenue, a 65% increase.
- General Dynamics Corp. (Reston): Dropped 45 spots but maintained a presence on the list for 22 years.
- Northrop Grumman Corp. (Falls Church): Dropped 73 spots, with 23 years on the list.
- Capital One Financial Corp. (McLean): Dropped 54 spots, with 12 years on the list.
- Performance Food Group Co. (Goochland County): Climbed 15 spots, with two years on the list.
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Companies Moving Headquarters to Virginia:
- Boeing: Moved its global headquarters from Chicago to Arlington’s Crystal City, ranking 204th on the list.
- Raytheon Technologies Corp.: Also relocating its headquarters from Waltham, Massachusetts, to Arlington’s Rosslyn neighborhood.
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Amazon.com Inc.'s HQ2 East Coast Headquarters:
- While Amazon's headquarters is in Seattle, the company is constructing its $2.5 billion HQ2 East Coast headquarters in Arlington County.
This breakdown underscores the dynamic nature of the corporate landscape, showcasing both success stories and challenges faced by Virginia-based companies on the global stage. The information provides valuable insights into the economic health of these entities and their impact on the broader business community.
