Each year, Fortune magazine ranks the top U.S. companies by annual revenue. Minnetonka-based health insurance giant UnitedHealth Group held on to its spot in the top 10, landing in fifth place. In 2020, the company’s revenue hit $257.1 billion.
“While widespread layoffs led to a decline in the number of individuals covered by its commercial insurance, [UnitedHealth’s] 6.2 percent revenue growth was powered by greater enrollment in its Medicare Advantage and Medicaid plans, and by the strong performance of Optum, its sprawling $136 billion health services business,” Fortune staff noted.
The list included many of the usual suspects in Minnesota’s business community. Target Corp. (ranked 30th), Best Buy (66th), and 3M (9th) all cracked the top 100. But there were two newcomers in Minnesota this year: Winona-based industrial supplies distributor Fastenal (ranked 479th) and St. Paul-based medical supplier Patterson Cos. Inc. (491st).
Companies with headquarters outside of the U.S. aren’t included on the list, which disqualifies some companies with significant Minnesota operations. Medtronic, for instance, pulled in $28.9 billion in revenue in its 2020 fiscal year, and would undoubtedly have made the list if it were headquartered here. The medical device maker was removed from the list after it moved its headquarters to Ireland for tax purposes.
Here are the 18 Minnesota companies that made the list this year:
|Company||2021 Fortune 500 Ranking||Revenue|
|UnitedHealth Group||5||$257.1 billion|
|Target Corp.||30||$93.56 billion|
|Best Buy Co. Inc.||66||$47.26 billion|
|U.S. Bancorp||113||$25.2 billion|
|General Mills||169||$17.6 billion|
|C.H. Robinson Worldwide||191||$16.2 billion|
|Land O’Lakes||219||$13.9 billion|
|Ameriprise Financial||253||$11.9 billion|
|Xcel Energy||272||$11.5 billion|
|Hormel Foods||317||$9.6 billion|
|Thrivent Financial||369||$8.15 billion|
|Securian Financial Group||421||$6.87 billion|
|Patterson Cos. Inc.||491||$5.49 billion|