Jun 4, 2024 - Business

These San Diego companies made the 2024 Fortune 500 list

A Qualcomm building with a palm tree

Qualcomm in Sorrento Valley is San Diego's top Fortune 500 firm. Photo: Ariana Drehsler/Bloomberg via Getty Images

California is home to 57 of America's most profitable companies, according to the 2024 Fortune 500 list released Tuesday.

Why it matters: California boasts the most Fortune 500 companies of any state for the first time in a decade, beating out Texas and New York.

The big picture: Apple (No. 3) and Google's parent company, Alphabet (No. 8), are the state's top firms, with $383 billion and $307 billion in annual revenue, respectively.

Zoom in: Three San Diego companies made this year's list, led by tech giant Qualcomm at No. 117.

Reality check: Qualcomm, San Diego's largest technology firm with about 12,000 local employees, laid off more than 1,700 of them last year to reduce operating expenses, according to state filings.

The intrigue: Petco Health and Wellness regained some traction this year, climbing 20 spots to No. 551 with nearly $6.3 billion in revenues despite a loss of more than $1 billion compared to 2023.

Zoom out: Five California-based companies dropped off the coveted list, but nine new ones joined.

  • The newcomers are: Doordash (443), Prologis (463), Electronic Arts (482), Clorox (485), Workday (490), Monster Beverage (496), Intuitive Surgical (497), Super Micro Computer (498) and Cocentrix (499).

What we're watching: Whether San Diego-based biotechnology company Illumina (686) could ascend into the top 500 as it recorded $4.5 billion in revenue — down 1.7% from 2023.

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