Several Charlotte companies climbed up the new Fortune 500 list. One fell off it
Seven Charlotte-area companies landed on the 2025 Fortune 500 list. That’s one less than last, as the world’s largest lithium miner Albemarle Corp. has fallen off the list.
All told, North Carolina has 11 corporations on the Fortune 500 list released Monday by the business magazine. South Carolina has none. Bank of America ranked highest overall for companies in North Carolina.
The list, updated annually, ranks the largest public and private companies in the country by annual revenue. Companies on this year’s ranking had $7.4 billion in revenue, up 4% from last year.
Albemarle fell from No. 412 to No. 624 this year with $5.4 billion in revenue, a drop of 44.1% from last year.
The Charlotte-based chemical manufacturing company, which is in the process of reopening a lithium in Kings Mountain, has implemented cost-saving measures as lithium prices continue to fall due to oversupply and weak demand.
Last year, the company announced a more than $750 million cost-cutting plan that included at least two rounds job cuts with the latest in November affecting nearly 500 employees. Albemarle has about 1,100 employees in Charlotte and Kings Mountain, and 7,000 workers globally.
Here’s how other company’s in Charlotte rose and fell in the Fortune 500 rankings.
Who’s on the Fortune 500 list from Charlotte?
The Fortune 500 companies in the Charlotte area are:
▪ No. 17: Bank of America, $192 billion in revenue, up 11.9% from last year. Gained one spot from last year.
▪ No. 52: Lowe’s, $84 billion, down 3.1%. Dropped three spots.
▪ No. 119: Honeywell, $38 billion, up 5%. Dropped five spots.
▪ No. 140: Nucor steel, $31 billion, down 11.5%. Dropped 16 spots.
▪ No. 144: Duke Energy, $30 billion, up 3.5%. Gained four spots from last year.
▪ No. 168: Truist Financial, $26 billion, down 23%. Down 36 spots.
▪ No. 304: Sonic Automotive, $14 billion in revenue, down 1%. Down eight spots.
Some other companies of note:
Wells Fargo, based in San Francisco but with a large presence in Charlotte, ranked at No.33 with $125 billion in revenue, up 8.7% from last year.
Also, LPL Financial with corporate headquarters in San Diego, California, and Fort Mill, S.C., is No. 340 with $12 billion in revenue, up 23.2% from last year.
Just missing the list at No. 511 is Domtar paper and related products, based in Fort Mill, S.C., with $7 billion in revenue, up 1.3% from last year.
About the 2025 Fortune 500 list
The companies on this year’s list are based in 225 cities across 37 states.
The top five Fortune 500 companies are Walmart, Amazon, UnitedHealth Group, Apple, CVS Health, Berkshire Hathaway, Alphabet, Exxon Mobil, McKesson and Cencora.
The representation of female CEOs hit a milestone this year, with 55 women leading Fortune 500 companies — the highest share in the list’s history at 11%.
“The Fortune 500 is a literal roadmap to the rise and fall of markets, a reliable playbook of the world’s most important regions, services, and products, and an indispensable roster of those companies’ dynamic leaders,” Fortune CEO Anastasia Nyrkovskaya said in a statement.