Genworth falls out of Fortune 500, PFG tops local list once again

Genworth’s former campus at 6620 W. Broad St. It has downsized in recent years to a single building it rents a few miles west.

Richmond now has one less Fortune 500 company.

The region’s latest showing on the coveted annual rankings of corporate revenue dropped a notch after Henrico-based insurance giant Genworth Financial fell out of the top 500 for the first time in recent memory.

That leaves seven locally based, publicly traded firms on this year’s list, which was announced by Fortune Magazine on Monday.

Topping the local rankings for the fifth year in a row was Goochland-based Performance Food Group, landing at number 80.

That’s the food distributor’s highest-ever position on the list and made it the fourth-highest ranked company in Virginia.

It earned that spot thanks to $54.68 billion in revenue in 2024, up 2.5% from $53.4 billion the previous year. Its latest revenue total was nearly double its nearest local peer.

The region’s other six Fortune 500s this year were: used vehicle retailer CarMax (151); tobacco giant Altria Group (209); insurer Markel Group (251); utility giant Dominion Energy (264); healthcare logistics firm Owens & Minor (395); and convenience store and gas station owner ARKO (488).

Of the region’s seven Fortune 500s, only PFG and Markel saw their ranking rise from last year. Only three of the seven – PFG, Markel and Owens & Minor – reported revenue growth year-to-year.

Combined, the seven firms brought in $153.59 billion in revenue.

Genworth’s fall

Genworth, which had been listed on the Fortune 500 every year going back at least a decade, landed just outside the top 500 at 507, still keeping it within the Fortune 1000.

Its drop was driven by a 2.6% decline in revenue from $7.5 billion in last year’s rankings to $7.29 billion on this year’s list.

Four other local companies made it into the top 1000: armored transport giant Brink’s (662), IT consulting firm ASGN (766), petroleum additives company NewMarket (963) and tobacco company Universal (972).

Statewide, Virginia landed 41 companies in the Fortune 1000, including 25 in the top 500.

The highest-ranked entity in the commonwealth was mortgage giant Freddie Mac, which landed at number 38 with $122.05 billion in revenue in 2024.

Nationally, the top five on Fortune’s list consisted of Walmart, Amazon, UnitedHealth, Apple and CVS Health.

Walmart earned its top spots thanks to $680.98 billion in revenue for the year. Click here for more about this year’s Fortune 500.

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