TEMPE, Ariz. — Despite recently announcing the downsizing of its workforce, Arizona's Carvana has moved up in rankings for Fortune's list of the 500 biggest corporations.
Carvana ranked No. 290 on the magazine's annual list and was one of seven corporations based in Arizona to make the top 500.
Other local companies on the list include Freeport-McMoRan (No. 157), Avnet (No. 180), Republic Services (No. 329), Insight Enterprises (No. 373), Taylor Morrison Home (No. 453), and ON Semiconductor (No. 483).
The Fortune 500 list compiles its list by examining a corporation's revenue, profits, assets, and size of its workforce.
Earlier this year, Carvana announced the size of its workforce would be shrinking by about 2,500 employees.
Carvana was ranked No. 483 on Fortune's list in 2021, meaning the company jumped nearly 200 slots in the magazine's most recent list.
Sprouts Farmers Market and Magellan Health, both based in Arizona, were on the 2021 list but fell below the 500th mark this year.
Texas was home to the most corporations on the 500 list, having been the headquarters of 53 companies ranked by the magazine.
The top-ranking corporations on the list included Walmart, Amazon, Apple, CVS Health, and United HealthGroup.
In total, all the companies on the Fortune list represent two-thirds of the U.S. gross domestic product with $16.1 trillion in revenues and $1.84 trillion in profits.
VERSIÓN EN ESPAÑOL: Carvana y otras 6 empresas de Arizona figuran en la lista anual de Fortune 500
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