Texas has reclaimed the top spot for Fortune 500 headquarters, surpassing California in the latest annual ranking of the nation’s largest companies by revenue.
The 2026 Fortune 500 list shows Texas with 57 corporate headquarters, ahead of California’s 56 and New York’s 53. The ranking marks another milestone in Texas’ yearslong effort to position itself as the country’s leading state for business growth, corporate relocations and major industry expansion.
Texas-based Fortune 500 companies generated about $2.8 trillion in revenue, slightly ahead of California’s roughly $2.7 trillion, according to the ranking. Fortune said the companies on the 2026 list collectively produced about $21 trillion in revenue, $2.1 trillion in profits and employed more than 30 million people worldwide.
Houston remains one of the biggest drivers of Texas’ corporate presence. The Houston area has 27 Fortune 500 headquarters, tying Chicago as the second-largest metro area in the country for Fortune 500 companies, behind only New York City. Twenty-five of those headquarters are located within Houston, while two are based in nearby Spring.
Some of the largest Texas-based companies on the list include McKesson, headquartered in Irving, and Exxon Mobil, headquartered in Spring. Other major companies with headquarters in Texas include Dell Technologies, Tesla, Oracle, Chevron, AT&T, Valero Energy, USAA, American Airlines, Southwest Airlines and NRG Energy.
State leaders have framed the ranking as evidence that Texas’ tax structure, regulatory environment and workforce continue to attract major companies. In recent years, several high-profile corporations have moved their headquarters or expanded major operations in Texas, including Tesla, Oracle and McKesson.
The ranking also underscores Houston’s continued role as a national corporate hub, particularly in energy, health care, logistics, aviation and industrial services. Local economic development officials have frequently pointed to Houston’s corporate base as a selling point for attracting new investment and high-paying jobs.
But the growth comes with challenges. As Texas cities continue to expand, local governments are facing increased pressure on infrastructure, housing, transportation and public services. Critics have argued that corporate growth should be matched with investments that help communities manage population growth and rising demand.
While Texas led the country in the number of Fortune 500 headquarters, California remained ahead in overall profits and market value, according to reporting on the rankings.
Still, the shift gives Texas another talking point in its competition with California and New York for corporate investment, talent and national economic influence.