Minnesota has one fewer company on the Fortune 500 list this year.
This week, Fortune magazine released its annual ranking of American firms by revenue. Fifteen Minnesota-based companies landed on the list, down one from last year.
St. Paul-based financial services company Securian Financial Group Inc., which reported a net loss and a 15.6% drop in revenue in 2022, fell off the list this year. Still, it didn’t go far: The firm landed in 567th place this year.
Minnetonka-based health insurance giant UnitedHealth Group, meanwhile, retained its spot in fifth place – a position it’s held for the last two years. In 2022, the insurer reported more than $324 billion in revenue, up 12.7 percent over the prior year.
Minnesota’s showing on the list otherwise remained unchanged, though a few regulars did shift position. Target Corp. (ranked 33rd), Best Buy (94th), 3M (116th), and U.S. Bancorp (149th) remained on the list. Thrivent Financial was still on the list, but it fell 61 spots to 412th place.
Two companies that joined the list in 2021 have since fallen off: Fastenal (now in 514th place) and Patterson (536th). Troubled health insurance startup Bright Health Group nearly made the list at 547th place.
Despite losing one company on the list this year, Minnesota still has a disproportionately large number of Fortune 500s. Consider neighboring Michigan: Despite having about double the population of Minnesota, it has just 18 Fortune 500s. For years, Minnesota has been recognized for having a “headquarters economy” due to its relatively high concentration of big companies.
| Company | 2023 Fortune 500 Ranking | Revenue |
| UnitedHealth Group | 5 | $324.1 billion |
| Target Corp. | 33 | $109.1 billion |
| CHS | 90 | $47.79 billion |
| Best Buy | 94 | $46.3 billion |
| 3M | 116 | $34.2 billion |
| U.S. Bancorp | 149 | $27.4 billion |
| C.H. Robinson Worldwide | 160 | $26.7 billion |
| Land O’Lakes | 213 | $19.2 billion |
| General Mills | 219 | $18.99 billion |
| Xcel Energy | 271 | $15.3 billion |
| Ameriprise Financial | 289 | $14.3 billion |
| Ecolab | 293 | $14.188 billion |
| Hormel Foods Corp. | 330 | $12.46 billion |
| Thrivent | 412 | $9.347 billion |
| Polaris | 424 | $8.987 billion |
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