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DC region gains another Fortune 500 company

By Jeff Clabaugh

The D.C. region counts 20 companies on this year’s Fortune 500 list, up from 19 last year, thanks to the relocation of water technology company Xylem Inc.

Xylem, whose water system products are used by utilities and industries in 150 companies, moved its headquarters to Cheverly, Maryland, in 2022. It ranks No. 486 on this year’s Fortune 500 list with 2023 revenue of $7.36 billion.

Technically, Amazon is the largest company with D.C. area headquarters. HQ2 in Arlington, Virginia, is its official second corporate headquarters. It ranks No. 2 on the national Fortune 500 list and tops the local list with $574.8 billion in revenue last year.

Fannie Mae and Freddie Mac both lead the list of D.C. area companies on the Fortune 500 List. Fannie Mae moved up one spot this year to No. 27, with $141.24 billion in revenue last year. Freddie Mac rose nine spots to No. 36, with revenue of $108 billion.

Boeing ranked No. 52 on this year’s list with $77.8 billion in revenue, up six spots from the 2023 list. Boeing added to the D.C. area’s Fortune 500 clout when it moved its corporate headquarters from Chicago to Arlington in 2022.

Another recent relocation to the D.C. area follows Boeing. RTX Corp, which changed its name from Raytheon Technologies in 2023, ranks No. 55 on this year’s Fortune 500 list, with $68.9 billion in revenue last year. Raytheon Technologies moved its headquarters from Waltham, Massachusetts, to Rosslyn in 2022.

Lockheed Martin rounds out the top 6 locally on this year’s Fortune 500 list, at No. 57, with $7.6 billion in revenue.

Here are the 20 companies with D.C. area corporate headquarters on this year’s Fortune 500 list, based on 2023 revenue.

  • No. 2 Amazon Inc.
  • No. 27 Fannie Mae
  • No. 36 Freddie Mac
  • No. 52 The Boeing Co.
  • No. 55 RTX Corp.
  • No 57 Lockheed Martin
  • No. 91 Capital One Financial
  • No. 104 General Dynamics
  • No. 109 Northrop Grumman
  • No. 153 Danaher Corp.
  • No. 173 Marriott International
  • No. 266 Leidos
  • No. 294 DXC Technology
  • No. 319 AES Corp.
  • No. 289 Hilton Worldwide
  • No. 406 NVR
  • No. 422 Booz Allen Hamilton
  • No. 429 Beacon Roofing Supply
  • No. 479 SAIC
  • No. 486 Xylem

Nationally, the top five companies on the 2024 Fortune 500 list are Walmart, Amazon, Apple, United Health and Berkshire Hathaway. The full 2024 Fortune 500 list is online.

Massachusetts court hears arguments in lawsuit alleging Meta designed apps to be addictive to kids

By The Associated Press
BOSTON (AP) — Massachusetts' highest court heard oral arguments Friday in the state's lawsuit arguing that Meta designed features on Facebook and Instagram to make them addictive to young users. The lawsuit, filed in 2023 by Attorney General Andrea Campbell, alleges that Meta did this to make a profit and that its actions affected hundreds of thousands of teenagers in Massachusetts who use the social media platforms. “We are making claims based only on the tools that Meta has developed because its own research shows they encourage addiction to the platform in a variety of ways,” said State Solicitor David Kravitz, adding that the state's claim has nothing to do the company's algorithms or failure to moderate content. Meta said Friday that it strongly disagrees with the allegations and is “confident the evidence will show our longstanding commitment to supporting young people.” Its attorney, Mark Mosier, argued in court that the lawsuit “would impose liabilities for performing traditional publishing functions” and that its actions are protected by the First Amendment.
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