May 5, 2011
This morning, the year's Fortune 500 list was released by Fortune magazine. The list is compiled by the publication based on revenues of the previous year.
On top was Wal-Mart again for the second year in a row, with revenues over $421 million dollars. The retail giant has topped the list eight times in the last decade, and has stayed in the top ten since 1995. It beat out Exxon Mobil, the oil giant that held the top spot two years prior.
Coming in at number 3 and 4 are energy companies Chevron and ConocoPhillips, respectively. Both had a great year in profitability, with both companies making over 80% more than in 2009.
Fannie Mae came in at number 5, up from number 81 the previous year, mostly due to the new accounting rules the company put in place. Right behind it is General Electric even after the reactor problems the company had during the nuclear crisis in Japan. Their spot is due to the possibility of a $53 billion dollar plan for a high-speed rail project awaiting the approval of Congress.
And rounding out the top ten were Berkshire Hathaway, General Motors, Bank of America Corp., and Ford Motor.
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