4 R.I. companies reach 2023 Fortune 500 list

PROVIDENCE – Four Rhode Island companies have made the 2023 Fortune 500 list.

CVS Health Corp. was ranked sixth after taking the fourth spot in 2022. The company, which was listed with $322.5 billion in annual revenue, was the highest-ranked enterprise in Rhode Island.

In addition, CVS CEO Karen Lynch was featured in a cover photo and story in the June-July edition of Fortune that contains the 500 list.

The revenue threshold for making the 2023 Fortune 500 list was $7.2 billion this year, up 13% from a year ago.

- Advertisement -

United Natural Foods Inc. was the second-highest-ranked company based in Rhode Island at 139. It ranked 132nd on the 2022 list. The Providence company posted revenue of $28.9 billion in 2022.

Textron Inc. was the third-highest-ranked Rhode Island company at 318, down from 302 on the 2022 Fortune 500 list. The company, based in Providence, posted revenue of $12.9 billion.

Citizen’s Financial Group Inc. ranked 419th on the 2023 Fortune 500 list, up from 473rd a year ago. The company posted revenue of $9.1 billion.

Walmart secured the top spot in 2023 for the 11th consecutive year with annual revenue of $611.2 billion in 2022. Amazon.com, Exxon Mobil, Apple, UnitedHealth Group, CVS Health, Berkshire Hathaway, Alphabet, McKeeson and Chevron rounded out the top 10.

The 2023 Fortune 500 was led by the largest number of women CEOs, including Lynch, an increase from 44 last year.

In total, the 2023 Fortune 500 companies represent two-thirds of the U.S. gross domestic product with $18 trillion in revenues (up 13%), while profits, down 15%, fell for the second time in the past three years.

The full list can be found here.