Texas back on top for Fortune 500 companies; here's where Valero Energy and USAA rank
Texas has reclaimed its crown as the state with the most Fortune 500 companies, dethroning California in the closely watched ranking of the largest companies in the U.S.
Gov. Greg Abbott celebrated the state's return to its spot as the capital of the Fortune 500, touting its business-friendly policies for getting it there.
"Texas is the undisputed headquarters of headquarters," he said. "People and businesses are choosing Texas because Texas works."
California reigned as No. 1 the past two years after dethroning Texas in 2024. But Texas increased its tally of Fortune 500 companies by three in 2026, giving it 57, while California didn't gain any, leaving it with 56 firms for a second year.
Still, Fortune said, Texas remains second to California when it comes to profits and market value.
San Antonio loses one Fortune 500 company
The San Antonio metro area lost one Fortune 500 company, with New Braunfels-based Rush Enterprises Inc. slipping from No. 479 to No. 505.
Valero Energy Corp. remained the highest-ranked company in the Alamo City even though it slipped six spots to No. 40. San Antonio-based USAA held onto its No. 93 ranking.
The Fortune 500 ranks companies based on their annual revenue for fiscal year 2025.
San Antonio refiner Valero's revenue fell 6.5% to $115.9 billion in 2025, according to the magazine.
Insurance and financial services giant USAA recorded a 6.1% revenue increase, pushing it to $51.5 billion. Annual revenue at Rush, a commercial truck and equipment firm, fell 4.8% to $7.4 billion.
Texas edges California in Fortune 500 count
Overall, Texas' Fortune 500 companies produced roughly $2.8 trillion in revenue last year while California firms had about $2.7 trillion, Fortune said. New York was the only other state with at least 50 companies. It listed 53 firms, the same as last year, reporting $2.2 trillion in revenue.
Fortune pointed out that Texas' anti-regulation and low tax policies have lured companies to the state, including Tesla Inc. and Oracle Corp., both of which moved their home bases to Austin earlier this decade. This year's total of 57 companies is the most the state has had since 2010.
"The world's leading businesses invest with confidence in Texas because of our welcoming business climate, predictable regulatory environment, and skilled and growing workforce," Abbott said in a statement.
Three San Antonio companies fall outside top 500
The full Fortune list ranks 1,000 companies. In addition to Rush, two other San Antonio companies missed the cut for the largest 500.
Broadcast company iHeartMedia Inc. was ranked No. 799, slipping three spots, with revenue of $3.9 billion. Frost Bank's parent company, Cullen/Frost Bankers Inc., came in at No. 947, moving up two spots with revenue of $2.9 billion. San Antonio-based Rackspace Technology Inc. fell off the list. The cloud computing company was No. 978 last year.
In addition to California being dethroned, the No. 1 company for 13 years - Walmart Inc. - was topped by Amazon.com Inc. for the first time in the new list. The e-commerce retailer, which debuted on the Fortune 500 in 2002, posted $716.9 billion in revenue, overtaking the longtime leader's $713.2 billion. Joining them at the top are UnitedHealth Group, Apple Inc. and Alphabet Inc.
Houston and Dallas-Fort Worth lead Texas metros
The Houston metro area remained the state's Fortune 500 leader with a total of 27 companies. But the Dallas-Fort Worth metro area, which has 24 companies making the cut, has the highest-ranked Texas company - Irving-based McKesson Corp. The healthcare provider moved up one spot to No. 8, trading places with Spring-based Exxon Mobil Corp., which came in at No. 9. The two are the only Texas companies in the top 10.
The Austin metro area had three Fortune 500 companies, with Round Rock-based Dell Technologies Inc. climbing three spots to No. 41, jumping past Tesla, which stayed at No. 43. Oracle also made the cut, rising five spots to come in at No. 82.
Midland was the only other metro area with a Fortune 500 company, No. 301 Diamondback Energy Inc.
Here are the Texas companies that made the cut for the top 500, their headquarters city, their ranking this year and how that compares with last year:
No. 8: McKesson, Irving (up 1)
No. 9: Exxon Mobil, Spring (down 1)
No. 21: Chevron Corp., Houston (down 5)
No. 29: Phillips 66, Houston (down 1)
No. 35: AT&T Inc., Dallas (up 2)
No. 40: Valero, San Antonio (down 6)
No. 41: Dell, Round Rock (up 3)
No. 43: Tesla, Austin (unchanged)
No. 53: Energy Transfer LP, Dallas (unchanged)
No. 55: Sysco Corp., Houston (up 1)
No. 65: Caterpillar Inc., Irving (down 1)
No. 75: ConocoPhillips, Houston (unchanged)
No. 82: Oracle, Austin (up 5)
No. 86: American Airlines Group Inc., Fort Worth (down 5)
No. 89: Enterprise Products Partners LP, Houston (down 11)
No. 93: USAA, San Antonio (unchanged)
No. 103: Plains GP Holdings LP, Houston (down 11)
No. 118: CBRE Group Inc., Dallas (up 10)
No. 133: Hewlett Packard Enterprise, Spring (up 10)
No. 134: D.R. Horton Inc., Arlington (down 11)
No. 149: NRG Energy Inc., Houston (up 4)
No. 157: Quanta Services Inc., Houston (up 27)
No. 163: Southwest Airlines Co., Dallas (down 7)
No. 164: Baker Hughes Co., Houston (down 9)
No. 165: Charles Schwab Corp., Westlake (down 1)
No. 171: HF Sinclair Corp., Dallas (down 21)
No. 173: Occidental Petroleum Corp., Houston (down 14)
No. 179: Waste Management Inc., Houston (up 18)
No. 201: EOG Resources Inc., Houston (down 18)
No. 204: Group 1 Automotive Inc., Houston (up 10)
No. 207: Halliburton Co., Houston (down 13)
No. 214: Tenet Healthcare Corp., Dallas (down 8)
No. 223: Cheniere Energy Inc., Houston (up 52)
No. 225: Kimberly-Clark Corp., Irving (down 12)
No. 236: Corebridge Financial Inc., Houston (down 12)
No. 251: Vistra Corp., Irving (down 10)
No. 252: Texas Instruments Inc., Dallas (up 25)
No. 262: Targa Resources Corp., Houston (down 6)
No. 266: Kinder Morgan Inc., Houston (up 23)
No. 268: Keurig Dr Pepper Inc., Frisco (up 16)
No. 276: AECOM, Dallas (down 17)
No. 292: Fluor Corp., Irving (down 35)
No. 296: Builders FirstSource Inc., Irving (down 42)
No. 301: Diamondback Energy Inc., Midland (up 82)
No. 369: Jacobs Solutions Inc., Dallas (down 124)
No. 375: Yum China Holdings Inc., Plano (down 2)
No. 388: Westlake Corp., Houston (down 43)
No. 431: Celanese Corp., Irving (down 19)
No. 435: CenterPoint Energy Inc., Houston (up 15)
No. 438: APA Corp., Houston (down 16)
No. 440: Comfort Systems USA Inc., Houston (debuted this year)
No. 455: NOV Inc., Houston (down 12)
No. 488: KBR Inc., Houston (down 8)
No. 491: Commercial Metals Co., Irving (down 15)
No. 496: Coterra Energy Inc., Houston (debuted this year)
No. 497: Primoris Services Corp., Dallas (debuted this year)
No. 499: Somnigroup International Inc., Dallas (debuted this year).
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This story was originally published June 4, 2026 at 11:05 AM.