The famous list shows the Lone Star State surpassing California with the most Fortune 500 companies
Texas leads as the state with the most Fortune 500 companies, dethroning California.
The 2026 Fortune 500 list shows Texas leading with 57 headquarters and California with 56, which is a reversal from two years ago when California was in the lead. Texas companies also generated $2.8 trillion in revenue while California companies had $2.7 trillion.
“Texas is the undisputed headquarters of headquarters,” Texas Gov. Greg Abbott said in a press release responding to the list. “The world’s leading businesses invest with confidence in Texas because of our welcoming business climate, predictable regulatory environment, and skilled and growing workforce. People and businesses are choosing Texas because Texas works.”
But California still “dominates on nearly every other measure,” according to a Fortune press release. “Its Fortune 500 companies are the most profitable ($647 billion), most valuable ($20 trillion), and employ more people than any other state (2.8 million workers).” The Golden State is also the headquarters of the most “unicorns,” or billion-dollar startups, of any other state at nearly 400, according to CB Insights.
Some of the major Fortune 500 companies that have left California include Chevron, Oracle and Charles Schwab.
Many billionaires and public figures have also moved their homes and businesses to Texas, including Uber co-founder Travis Kalanick, as well as Elon Musk and Mark Cuban.
The economic shift comes as California faces high costs and concerns over proposed tax policies, including the one-time 5% wealth tax on the state’s billionaires. The proposal, known as the California Billionaire Tax Act, would impose the tax on nearly 200 residents with assets exceeding $1 billion. The tax would be due in 2027, and taxpayers could spread the payments over five years with interest, according to the Legislative Analyst’s Office.
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The Service Employees International Union–United Healthcare Workers West (SEIU-UHW) said it received more than 1.55 million signatures, which is nearly double the 875,000-signature requirement to place the act on the California ballot.
Walmart fell to the number two position on the list for the first time in 13 years as Amazon took the top spot. Together, Fortune 500 companies represent two-thirds of the U.S. GDP, combining for $21 trillion in revenue and $2.1 trillion in profits last year.