Fortune’s Top 10 List Is Hardly Golden

Wal-Mart Stores Inc. topped Fortune magazine’s list of the largest U.S. companies as measured by revenue, a ranking in which a lone California company made the top 10.

Wal-Mart, based in Bentonville, Ark., reported $258.7 billion in revenue for 2003, an increase of 4.9% from a year earlier, Fortune reported Monday. It was the third straight year the world’s biggest retailer has claimed the top spot.

The Golden State’s one top 10 finisher, ChevronTexaco Corp. of San Ramon, placed sixth.

Among the top five companies, Exxon Mobil Corp. moved to second place over General Motors Corp., which fell to third.

Exxon Mobil’s revenue was $213.2 billion, a 17% increase from 2002. General Motors, the world’s largest automaker, reported $195.6 billion in revenue, a 4.8% gain, Fortune said.

Ford Motor Co., the second-largest U.S. automaker, ranked fourth, with $164.5 billion in revenue, a 0.4% gain from 2002, Fortune said. General Electric Co., the world’s largest company by market value, ranked fifth with $134.2 billion in revenue, a 1.9% increase, Fortune said.

The sixth- through 10th-ranked companies on the Fortune 500 list were ChevronTexaco, with $112.9 billion in revenue; ConocoPhillips, $99.5 billion; Citigroup Inc., $94.7 billion; IBM Corp., $89.1 billion; and American International Group Inc., $81.3 billion.