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Greater Richmond’s Fortune 1000 Momentum: A Decade of Growth
June 13, 2025
Greater Richmond, Virginia, has steadily built a reputation as a hub for corporate success stories. Over the past 10 years, an increasing number of Fortune 1000 companies have not only planted roots in the Richmond Region with headquarters- they’ve also been on the rise in the coveted Fortune magazine rankings.
From thriving financial services firms to cutting-edge manufacturers, each company’s upward climb is a testament to the advantages of doing business in Greater Richmond: a business-friendly environment, a diversly skilled talent pipeline, and strategically located infrastructure all support corporate tradition while propelling innovation.
GRP unpacked the latest Fortune data and charted local companies’ historic journeys, showcasing how Greater Richmond’s ecosystem continues to foster nationally ranked corporations across various sectors. Over the past decade, a growing number of Fortune 1000 companies have called Greater Richmond home as companies continue to leverage the region’s business advantages.
Greater Richmond’s flagship companies have consistently appeared on Fortune’s ranks over the past 10 years. In 2015, Greater Richmond was home to 10 Fortune 1000 companies. The following year, that number climbed to 11. By 2021, the count had reached 12, marking a 20% increase of Fortune 1000 headquarters in a 6-year span. In 2025, Richmond continues to host 12 Fortune 1000 headquarters.
But it’s not just about quantity, it’s about trajectory. Many of Greater Richmond’s industry leaders have seen their Fortune rankings climb significantly over the past decade while operating HQs from the region:
- Performance Food Group, a food service and distribution powerhouse, rose uniformly through the ranks beginning in 2016 — when the company went public (again) — and has been the highest ranked Fortune in the Richmond Region since 2021.
- CarMax, a Richmond-born success story, has grown from a regional retailer to one of the nation’s largest used-car sellers, reflecting consistency in its Fortune ranking this past decade. CarMax has been one of Greater Richmond’s top 3 ranked Fortune 1000s for over a decade.
- Altria Group, the nation’s leading manufacturer of tobacco products, has hovered in Greater Richmond’s top 3 Fortune ranks for over a decade.
- Markel Group, a diverse family of companies from insurance to bakery equipment, has climbed 253 Fortune 1000 ranks since 2015 to make it the 4th largest Fortune 1000 currently in the Richmond Region.
- Dominion Energy, the Richmond Region’s major utility provider, has expanded its profile nationwide while deepening its roots in Richmond, constantly remaining in the Fortune 1000 this past decade and has remained in the top 5 largest Richmond Fortunes for over 10 years.
- ARKO, one of the largest operators of convenience stores and wholesalers of fuel, entered the Fortune 1000 list in 2021 at #681 and rapidly jumped the following year into the Fortune 500 at #498. ARKO now sits at #488, 193 spots higher than when it first entered the Fortune 1000 in 2021.
Upward mobility for Greater Richmond-based companies on the Fortune list signal more than just corporate growth. It underscores Greater Richmond’s ability to support business evolution amid an increasingly competitive national landscape. Sustained rankings on the Fortune list are a testament to the region’s growing reputation as a hub for long-term business growth.
The interactive chart below depicts historical rankings from 2015-2025 for all Greater Richmond-headquartered Fortune 1000 companies.
