15 state companies make Fortune 500 list

Fifteen Connecticut companies made the 2025 Fortune 500 list of the largest U.S. corporations, which was announced Monday -- a sign of stability in the state's corporate sector.

The Connecticut-based companies in this year's rankings, which are based on companies' revenues in their previous fiscal years, comprise the same group of businesses from the state that made the list last year. Bloomfield-headquartered health insurer and pharmacy benefit manager The Cigna Group again led the Connecticut contingent, ranking No. 13.

The Connecticut-based companies comprise 3% of this year's Fortune 500. In comparison, about 1% of the U.S. population lives in Connecticut, according to the most recent Census Bureau data.

Bentonville, Arkanas-headquartered Walmart ranks No. 1 overall, taking the top spot for the 13th consecutive year. Amazon is No. 2, while UnitedHealth Group, Apple, CVS Health, Berkshire Hathaway, Alphabet, Exxon Mobil, McKesson and Cencora round out the top 10.

This year's Fortune 500 companies represent two-thirds of U.S. gross domestic product, with a total of $19.9 trillion in revenues and $1.9 trillion in profits. They cumulatively employ about 31 million people worldwide.

The following is a rundown of recent developments at the Connecticut-headquartered companies in the 2025 Fortune 500, stating their ranking, company name, headquarters location and 2024 revenues to the nearest hundred million:

No. 13: The Cigna Group, Bloomfield, $247.1 billion

Cigna is perennially the highest-ranked Connecticut-headquartered company in the Fortune 500. Its businesses include health insurance and pharmacy benefit management. Its revenues in 2024 totaled about $247 billion, up 27% from 2023, while it recorded an approximately $3.4 billion profit.

At the end of 2024, the company operated with about 73,500 employees worldwide, including several thousand people based in Connecticut. At that point, the company had about 182 million customer relationships.

In the past year, Cigna and other health care giants have faced growing scrutiny of their role in patients' out-of-pocket prescription drug costs. Last September, the Federal Trade Commission sued Cigna's Express Scripts and the country's two other largest pharmacy benefit managers -- CVS Health's Caremark and UnitedHealthcare's Optum Rx -- over allegations that they artificially inflated insulin drugs' prices. Cigna officials have disputed the FTC's assertions.

The fatal shooting last December of Brian Thompson, the CEO of UnitedHealthCare, which is part of UnitedHealth Group, amplified the pressure. Thompson's death unleashed vociferous criticism and even threats against health insurers. President Donald Trump has also weighed in. Last December, he lambasted pharmacy benefit managers for being "horrible middlemen."

This year, Cigna has announced several initiatives to reduce patients' costs for prescription drugs. Those programs include one announced last month that focuses on lowering patients' expenditures for the Wegovy and Zepbound weight-loss medications.

"The past several weeks have further challenged us to even more intensely listen to the public narrative about our industry," Cigna CEO David Cordani said during an earnings call in late January. "At The Cigna Group, we are further accelerating improvements and innovations to increase transparency, expand support and drive even greater accountability."

No. 79: Charter Communications, Stamford, $55.1 billion

Through its Spectrum brand of cable, internet and phone services, Charter ranks as one of the country's largest telecommunications companies, with a customer base of about 31.4 million at the end of the first quarter of this year.

It will add several million customers after it completes its merger with Atlanta-based Cox Communications, a deal that was announced last month.

The combined company will be called Cox Communications. The Spectrum brand will continue, and it will be rolled out across Cox's territories.

The combined company will remain headquartered in Stamford. In 2021, Charter opened a two-building headquarters covering more than 900,000 square feet, next to the Metro-North Railroad station in downtown Stamford. About 1,800 employees are based there.

No. 121: Philip Morris International, Stamford, $37.9 billion

As one of the world's largest tobacco companies, Philip Morris International ships hundreds of billions of cigarettes outside the U.S. each year. It does not sell any cigarettes in the U.S.

But it is another type of product that is powering PMI's growth: Zyn nicotine pouches. PMI officials view Zyn as a vital part of a portfolio of "smoke-free" products that are less harmful than cigarettes. But many elected officials and public health experts are concerned about the health risks of nicotine pouches, especially for young people.

PMI has been headquartered in downtown Stamford for about two and a half years, following the relocation of its main offices from Manhattan.

No. 162: The Hartford Insurance Group, Hartford, $26.5 billion

The property and casualty insurer and provider of group benefits improved its results in a number of areas in 2024, including an 11% year-over-year uptick in "core earnings."

The Hartford is also a frequent producer of research on worker well-being. A study conducted in March found that 40% of Gen Z workers feel depressed or anxious at least a few times per week, while 46% said stigma prevents them from seeking mental health care. Those numbers were slightly lower than last year's rates, but still higher than those for older workers.

No. 178: Synchrony, Stamford, $24.2 billion

While inflation persists as a concern for many consumers, the country's largest provider of store credit cards continues to see strong activity. It recorded $40.7 billion of purchase volume in the first quarter of this year, compared with $42.4 billion in the same period last year. It had about 69.3 million active accounts in the first quarter of 2025, compared with 71.7 million a year ago.

During the pandemic, Synchrony emerged as one of the leading proponents of flexible work options. While many of its employees are now coming into its offices frequently, Synchrony still lets its staff work from home.

No. 182: Booking Holdings, Norwalk, $23.7 billion

Booking, whose brand portfolio includes Booking.com, Priceline, Agoda, Rentalcars.com, KAYAK and OpenTable, announced late last year a cost-reduction initiative that was expected to include job cuts.

It is unclear how many of the several hundred employees based in Norwalk will be affected by the cost cutting. A message left last week that inquired about the impact on the Norwalk offices was not returned.

Booking is also familiar to many people through Booking.com's Super Bowl ads, which have included a commercial in this year's game featuring the Muppets and one last year that starred Tina Fey.

No. 283: Stanley Black & Decker, New Britain, $15.4 billion

The toolmaker has been grappling with the tariffs imposed in the past few months by President Donald Trump. It increased prices in April, and it plans to raise them again in the summer. The new tariffs have also accelerated Stanley's reduction of its operations in China.

Meanwhile, Stanley is continuing its cost-cutting initiative, which was implemented in 2022 and aims to save $2 billion by the end of this year. Changes in the past couple of years have included the closing of several facilities in South Carolina and Texas that have resulted in several hundred layoffs.

Stanley officials have repeatedly declined to comment on whether the company has made any layoffs in Connecticut in the past couple of years.

No. 285: United Rentals, Stamford, $15.3 billion

The equipment-rental company was poised to extend its long run of acquisitions when it announced in January an agreement to acquire Baton Rouge, Louisiana-based H&E Equipment Services for $4.8 billion. But the deal fell through the next month. H&E said it received a better another offer from another bidder, and United declined to submit a revised proposal.

No. 287: Amphenol, Wallingford, $15.2 billion

In approximately the past year, the manufacturer of electronic components has made two acquisitions for about $2 billion each: the wire-and-cable business of Carlisle Cos., and the mobile-networks businesses of CommScope.

No. 300: Emcor Group, Norwalk, $14.6 billion

The provider of construction, infrastructure and building services announced in January that it would acquire Jacksonville, Florida-based electrical contractor Miller Electric for $865 million.

No. 303: Otis Worldwide, Farmington, $14.3 billion

The manufacturer and servicer of elevators, escalators and moving walkways has machinery in buildings around the world, including landmarks such as the Burj Khalifa in Dubai, the Space Needle in Seattle, the Willis Tower in Chicago and the Eiffel Tower in Paris.

CEO Judy Marks is one of 55 women to serve as chief executive of a 2025 Fortune 500 company and the only woman to lead a Connecticut-headquartered Fortune 500 firm this year.

No. 316: W.R. Berkley, Greenwich, $13.6 billion

The property-and-casualty insurer is seeking to expand its main offices at 475 Steamboat Road, which overlook Greenwich Harbor. Greenwich's planning and zoning commission has expressed concerns about the headquarters' "nonconformity" with the town's zoning code. The company's latest plan indicates that the expansion would meet height and setback requirements, while providing additional green space.

No. 363: GXO Logistics, Greenwich, $11.7 billion

The warehouse operator, which was spun off from fellow Fortune 500 firm XPO in 2021, make its fourth appearance in the rankings.

Last December, the company announced that CEO Malcolm Wilson would retire this year. But since then, it has not provided an update about when exactly Wilson would step down or announce a successor.

GXO is headquartered at 2 American Lane, on the same street as XPO's headquarters, in Greenwich's northwest corner. It has two warehouses in Connecticut, in Windsor and North Haven.

No. 432: Interactive Brokers Group, Greenwich, $9.4 billion

The electronic brokerage makes its second appearance in the Fortune 500, after breaking into the rankings in 2024.

Interactive Brokers made the largest jump among Connecticut-based companies in this year's standings, as it moved up 41 spots from last year.

For many years, Interactive Brokers' users have been able to invest in stocks, bonds, options, futures, currencies and funds. Last year, the company expanded its offerings by allowing clients to predict the outcome of political contests, including the presidential race, through "election forecast" contracts.

No. 468: XPO, Greenwich, $8.1 billion

The freight transporter has undergone far-reaching changes in the past few years, including the spin-off of GXO in 2021. The following year, XPO spun off its truck-brokerage business, which is now known as RXO and headquartered in Charlotte, North Carolina. Also in 2022, XPO sold its intermodal shipping business for $710 million.

XPO officials have said that they believe the company will be more effective as a specialist in less-than-truckload shipping, which allows multiple customers to ship goods in the same truck.