Jun 4, 2024 - News

These Arizona companies made the 2024 Fortune 500 list

In this photo illustration, the Avnet Inc. logo is displayed on a smartphone screen.

Avnet remains Arizona's highest ranked Fortune 500 company. Photo illustration: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Arizona is home to 10 of America's most profitable companies, according to the 2024 Fortune 500 list released Tuesday.

The big picture: Avnet remains the state's highest ranked Fortune 500 company, climbing six spots to No. 157, with about $26.5 billion in revenue.

  • The other ranked companies from Arizona are: Freeport-McMoRan (178), Republic Services (276), Reliance (280), Carvana (377), Insight Enterprises (427), Microchip Technology (447), ON Semiconductor (452), Taylor Morrison Home (483) and Knight-Swift Transportation Holdings (495).

The intrigue: Opendoor Technologies, an online real estate platform that makes instant cash offers on homes, fell out of the top 500 this year, dropping 242 spots to No. 508.

  • This comes after the company agreed to pay $62 million in April to settle a lawsuit claiming it misled homesellers into accepting lower prices than they may have been able to get on the open market.

Meanwhile, Microchip Technology popped onto the coveted list, climbing 74 spots after boosting revenues about 24% year-over-year.

What we're watching: Arizona has five companies (in addition to Opendoor) right on the bubble of the top 500.

  • They are: Sprouts Farmers Market (520), Amkor Technology (540), Resideo Technologies (553), Meritage Homes (560) and Carlisle (588).

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