Ford Motor

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again.

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Companies are ranked by total revenues for their respective fiscal years. Included in the survey are companies that are incorporated in the U.S. and operate in the U.S. and file financial statements with a government agency. This includes private companies and cooperatives that file a 10-K or a comparable financial statement with a government agency, and mutual insurance companies that file with state regulators. It also includes companies that file with a government agency but are owned by private companies, domestic or foreign, that do not file such financial statements. Excluded are private companies not filing with a government agency; companies incorporated outside the U.S.; and U.S. companies consolidated by other companies, domestic or foreign, that file with a government agency. Also excluded are companies that failed to report full financial statements for at least three quarters of the current fiscal year. Percent change calculations for revenue, net income, and earnings per share are based on data as originally reported. They are not restated for mergers, acquisitions, or accounting changes. The only changes to the prior years' data are for significant restatement due to reporting errors that require a company to file an amended 10-K.


Revenues are as reported, including revenues from discontinued operations when published. If a spinoff is on the list, it has not been included in discontinued operations. Revenues for commercial banks and savings institutions are interest and noninterest revenues. Revenues for insurance companies include premium and annuity income, investment income, and capital gains or losses, but exclude deposits. Revenues figures for all companies include consolidated subsidiaries and exclude excise taxes. Data shown are for the fiscal year ended on or before Jan. 31, 2015. Unless otherwise noted, all figures are for the year ended Dec. 31, 2014.


Profits are shown after taxes, extraordinary credits or charges, cumulative effects of accounting changes, and noncontrolling interests (including subsidiary preferred dividends), but before preferred dividends of the company. Figures in parentheses indicate a loss. Profit declines of more than 100% reflect swings from 2013 profits to 2014 losses. Profits for real estate investment trusts, partnerships, and cooperatives are reported but are not comparable with those of the other companies on the list because they are not taxed on a comparable basis. Profits for mutual insurance companies are based on statutory accounting.

Balance Sheet

Assets are the company’s year-end total. Total stockholders’ equity is the sum of all capital stock, paid-in capital, and retained earnings at the company’s year-end. Excluded is equity attributable to noncontrolling interests. Also excluded is redeemable preferred stock whose redemption is either mandatory or outside the company’s control. Dividends paid on such stock have been subtracted from the profit figures used in calculating return on equity.


The figure shown is a fiscal year-end number as published by the company in its annual report. Where the breakdown between full- and part-time employees is supplied, a part-time employee is counted as one-half of a full-time employee.

Earnings Per Share

The figure shown for each company is the diluted earnings-per-share figure that appears on the income statement. Per-share earnings are adjusted for stock splits and stock dividends. Though earnings-per-share numbers are not marked by footnotes, if a company’s profits are footnoted it can be assumed that earnings per share is affected as well. The five-year and 10-year earnings-growth rates are the annual rates, compounded.

Total Return to Investors

Total return to investors includes both price appreciation and dividend yield to an investor in the company’s stock. The figures shown assume sales at the end of 2014 of stock owned at the end of 2004, 2009, and 2013. It has been assumed that any proceeds from cash dividends and stock received in spinoffs were reinvested when they were paid. Returns are adjusted for stock splits, stock dividends, recapitalizations, and corporate reorganizations as they occurred; however, no effort has been made to reflect the cost of brokerage commissions or of taxes.

Total-return percentages shown are the returns received by the hypothetical investor described above. The five-year and 10-year returns are the annual rates, compounded.


No attempt has been made to calculate median figures in the tables for groups of fewer than four companies. The medians for profit changes from 2013 to 2014 do not include companies that lost money in 2013 or lost money in both 2013 and 2014, because no meaningful percentage changes can be calculated in such cases.


This Fortune 500 Directory was prepared under the direction of list editor Scott DeCarlo. Income statement and balance sheet data provided by the companies were reviewed and verified against published earnings releases, 10-K filings, and annual reports by reporter Douglas G. Elam and accounting specialists Richard K. Tucksmith and Rhona Altschuler. Markets editor Kathleen Smyth used those same sources to check the data for earnings per share. In addition, she used data provided by Thomson Reuters and S&P Capital IQ to calculate total return and market capitalization. Database administrator Larry Shine provided technical support. Edith Fried reviewed and edited nonstatistical information. Researchers Viki Goldman and Kathleen Lyons assisted with the data gathering and verification. The data verification process was aided substantially by information provided by S&P Capital IQ. Other sources used were: FactSet Research Systems, Hoover’s and Morningstar Document Research.


This year's Fortune 500 marks the 61st running of the list. In total, the Fortune 500 companies account for $12.5 trillion in revenues, $945 billion in profits, $17 trillion in market value and employ 26.8 million people worldwide.

See our methodology and credits


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CVS Health

Last year's Rank: 12
The inside of a CVS store in Charlotte, North Carolina.
Courtesy of CVS Health
CVS Health is betting big on the future of health care in the U.S. The company is already the biggest retailer of prescription drugs and the second-largest pharmacy benefits manager in the U.S.—and is expanding its reach to become a fully integrated provider of health services. That became especially apparent in May with its $12.7 billion purchase of Omnicare, a drug delivery company that also helps senior-living centers manage residents' medications. The purchase, its largest since 2007 when it paid $21.7 billion for pharmacy benefits manager Caremark Rx, gives the retailer greater strategic reach as it looks to serve an aging population with greater care needs. The Omnicare deal builds on a grander shift managed by CEO Larry Merlo, transforming the drug store chain into a full-service health management company. Within the last year, the company swept cigarettes off its shelves, changed its name to CVS Health from CVS Caremark and made plans to expand its in-store health clinics by about 600 locations by 2017. The moves position CVS Health, which operates about 7,700 retail pharmacies and 900 walk-in clinics, as an equipped provider for patients.
  • Trusted brand and name recognition
  • Operating profit for its pharmacy benefits manager has surpassed expectations over last year, growing 15% year-over-year.
  • Eliminating tobacco from store shelves may help its health mission, but it's hurting sales in the near term. CVS Health said it is foregoing about $2 billion in annual sales due to the move.
  • Health care reform could work in CVS Health's favor as more insured patients regularly fill prescriptions.
  • Continued growth across health care needs, including its new entrance into senior-living facilities
  • Weak same-store sales growth, especially without tobacco purchases.
  • Retail pharmacy reimbursement pressure from third-party or public payers.
CVS Health also appeared on these lists:

Key Financials (last fiscal year)

$ millions % change
Revenues ($M) 139367 9%
Profits ($M) 4644 1%
Total Stockholder Equity 37958
Employees 177800
Market Value (as of March 31, 2015) 117171

Profit Ratios

Profit as % of Revenues 3%
Profits as % of Assets 6%
Profits as % of Stockholder Equity 12%

Earnings Per Share

Earnings Per Share ($) 3
EPS % Change (from 2013) 5%
EPS % Change (5 year annual rate) 9%
EPS % Change (10 year annual rate) 13%

Total Return

Total Return to Investors (2014) 36%
Total Return to Investors (5 year, annualized) 26%
Total Return to Investors (10 year, annualized) 16%

Company Info

CEO Larry J. Merlo
Industry Food and Drug Stores
Sector Food & Drug Stores
HQ Location Woonsocket, RI
Years on List 21
Fortune's Take On CVS Health
  • Here's How Much Money Pharma and Health-Care CEOs Made Last Year
    Someone's total compensation was $47 million.
  • Say Goodbye to Those Insanely Long Receipts at CVS
    You can now go paperless.
  • Another Major Insurer Is Tying Drug Prices to Health Outcomes
    For a pair of pricey new cholesterol treatments.
  • Big Pharma Under Pressure to Pay For Drug Take-Back Programs
    More laws requiring Big Pharma to take financial responsibility.
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