Texas Overtakes California as Top State for Fortune 500 Headquarters

Texas surpassed California as the state with the most Fortune 500 corporate headquarters, with 57 companies now based there compared with California's 56, Fortune said June 6, 2026. The shift dethrones California from the top spot it reclaimed in 2024 after a decade. Texas Gov. Greg Abbott attributed the gain to the state’s business climate, while California companies remained the most profitable ($647 billion) and valuable ($20 trillion), employing 2.8 million workers. Major relocations from California included Tesla, Oracle, and Charles Schwab. Separately, Amazon ended Walmart’s 13-year reign as the largest U.S. company by revenue, with $716.9 billion in 2025 sales versus Walmart's $713.2 billion. Overall, the Fortune 500 generated $21 trillion in revenue and $2.1 trillion in profits.