Avnet reclaims spot as Arizona's top Fortune 500 company

🔌 Avnet: The electronics company reclaimed its top spot among Arizona businesses, jumping from 180 to 163 overall after pulling in about $24.3 billion in revenue, up from $19.5 billion last year.

• Prior to 2022, the last time Avnet wasn't the top Arizona company on the Fortune 500 was 2008.
• 2008 and 2022 are the only times since Avnet relocated its headquarters to Arizona from New York in 1998 that it hasn't been the state's top company on the list.

🪨 Freeport-McMoRan: The mining giant slipped back to its long-held spot among Arizona companies, falling from 157 to 171 with nearly $22.8 billion in revenues last year.

⌶ Reliance Steel & Aluminum: With $17 billion in revenues, Reliance is 247 on the list, jumping 14 spots from last year.

🚗 Carvana: Unsurprisingly, the company dropped in the rankings, but not as much as you might expect after a rough year. The company, famous for its car vending machines, only dropped 18 spots to 308.

🗑 Republic Services: The waste management company jumped 20 spots to 309.

Of note: Rounding out the Arizona companies on the Fortune 500 are Insight Enterprises (379); ON Semiconductor (454); Taylor Morrison Home (457); and Knight-Swift Transportation Holdings (490).

• Residential real estate company Opendoor Technologies, ranked 266, is headquartered in San Francisco but currently listed on the Fortune 500 as based in Tempe because they're temporarily using the Arizona address for public filings while they're between locations, according to Opendoor spokesperson Stephanie Sedlak. Tempe is a regional hub.

Editor's note: This story has been corrected to reflect that the revenues for the companies mentioned are in billions (not millions) of dollars. It also was corrected to show Avnet moved its HQ to Arizona in 1998 (not 1997).