Companies that did not exist a decade ago include successful spinoffs
Michael B. Sauter
Rome was not built in a day – and neither are multi-billion dollar corporations. The Fortune 500 list of the largest U.S. public companies by revenue is dominated by decades-old and even century-old companies.
Still, there are a handful of exceptions. Every year, new startups are formed and conglomerates are restructured – and in some cases, these companies soon report revenues high enough to rank among the largest U.S. companies. 24/7 Wall St. reviewed a range of sources, including the Fortune 500, to identify America’s biggest companies that did not exist 10 years ago. Companies are listed by revenue in ascending order.
While there have been dozens of notable startups in the last decade, many that might yet make the Fortune 500, every company large enough to rank on this list was formed after a larger company divested some of its business. In these cases, the billions of dollars in annual revenue are largely attributable to the customer base and infrastructure established when the company was part of a larger conglomerate.
It is important to note that while this list includes companies that spun off from larger ones, we did not consider companies formed after a merger.
Each of the companies on this list is headquartered in the United States, and many have operations across the country and around the world. Here is a list of the largest company by revenue in each state.
9. Brighthouse Financial
• Founding date: Aug. 2017
• Latest annual revenue: $6.6 billion
• Industry: Insurance
Insurance provider Brighthouse Financial began operating on Aug. 7, 2017, as a spinoff from MetLife. The company operates what was formerly MetLife’s U.S. retail insurance segment, which largely consists of life insurance and annuities. MetLife retained a 19.2% stake in Brighthouse. In fiscal 2019, Brighthouse reported $4.6 billion in revenue from annuities, $1.3 billion from life insurance, $2.0 billion from run-off insurance, and $176 million in other revenues. However, after adjustments related to different matters, including investments, the company reported $6.6 billion in revenue in fiscal 2019, ranking 457th on the Fortune 500.
8. Fortive
• Founding date: July 2016
• Latest annual revenue: $7.3 billion
• Industry: Industrial technology
Fortive, an Everett, Washington-based industrial technology company, was formed in July 2016 as a spinoff from Danaher Corporation, a Washington, D.C.-based science and technology conglomerate. Today, the multi-billion dollar company has facilities in more than 50 countries on four continents. It operates in multiple business segments, including transportation technologies, automation, professional instrumentation, and sensing technologies.
7. Huntington Ingalls Industries
• Founding date: March 2011
• Latest annual revenue: $8.9 billion
• Industry: Defense
Virginia-based aerospace and defense contractor Huntington Ingalls Industries was formed on March 31, 2011, as a spinoff from Northrup Grumman, another defense contractor. The move was made to better meet the demands of the U.S. Navy – and today, HII ranks as the largest military shipbuilding company in the United States. As of 2019, 87% of the company’s revenue came from contracts with the U.S. Navy, 4% from the Coast Guard, and another 6% from other government agencies.
6. News Corp
• Founding date: June 2013
• Latest annual revenue: $9.0 billion
• Industry: Media
News Corp, or News Corporation, is a diversified media and information services company that became a fully independent company on June 28, 2013, after News Corporation split from 21st Century Fox. A number of some of the most recognizable global media brands fall under the News Corp umbrella, including Dow Jones, The Wall Street Journal, and HarperCollins Publishers.
The original News Corp was founded in 1979 by billionaire media mogul Rupert Murdoch, who decided to split the company from 21st Century Fox in 2013. While Murdoch is still the company’s executive chairman, News Corp’s CEO is Australian journalist Robert Thompson.
5. Vistra Corp.
• Founding date: Oct. 2016
• Latest annual revenue: $11.8 billion
• Industry: Power
Vistra Corp. is a power generation company based in Irving, Texas. The company was formed in October 2016, when TCEH Corp. came out of Chapter 11 bankruptcy as an independent company and rebranded as Vistra Energy the following month. Through brands like TXU Energy, Dynegy, and Luminant, Vistra operates across 20 states. The company is expanding rapidly, reporting consistent revenue growth – from $5.4 billion in 2017 to $9.1 billion in 2018 to $11.8 billion in 2019.
4. Synchrony Financial
• Founding date: Nov. 2015
• Latest annual revenue: $19.4 billion
• Industry: Financial services
Synchrony Financial is a Connecticut-based financial services company. The company provides consumer and commercial clients, including companies such as e-commerce giant Amazon and hardware and home-improvement retailer Lowe’s, with credit products. As of the end of 2019, the company had $87.2 billion in loan receivables.
Synchrony was a part of international conglomerate General Electric for over 80 years. However, in an effort to reduce its financial services operations, GE separated its consumer finance business over the course of about two years, creating the standalone company Synchrony Financial in November 2015.
3. Mondelez International
• Founding date: Oct. 2012
• Latest annual revenue: $25.9 billion
• Industry: Processed foods
Mondelez International was formed on Oct. 1, 2012, as a spinoff from Kraft Foods. Mondelez was structured to focus on the high growth international snacks and confections segment of Kraft Foods, while the remainder company – Kraft Foods Group, which later merged with Heinz in 2015 – was to focus on grocery products for the North American market. Today, the Mondelez product line includes brands like Cadbury, Chips Ahoy!, Honey Maid, Oreo, Ritz, Trident, and Wheat Thins. Mondelez reported $25.9 billion in revenue in 2019, the 117th highest of any U.S. public company.
2. HPE
• Founding date: Nov. 2015
• Latest annual revenue: $27.0 billion
• Industry: IT
Hewlett Packard Enterprises, or HPE, was formed on Nov. 1, 2015, when it separated from Hewlett Packard. The split was executed so HPE could focus on IT, cloud, and software products and services, while HP stayed with the company’s personal computer and printer business.
HPE beat earnings estimates in each of the last four quarters and reported $27.0 billion in revenue in fiscal 2020, down from $29.1 billion in 2019.
1. AbbVie
• Founding date: Jan. 2013
• Latest annual revenue: $33.3 billion
• Industry: Pharmaceuticals
Biopharmaceuticals company AbbVie was founded on Jan. 1, 2013, as a spinoff from Abbott Laboratories. While the new Abbott Laboratories would focus on diagnostic and medical devices, AbbVie was founded to focus on research-based pharmaceuticals. Today, AbbVie’s product line includes the rheumatoid arthritis drug Humira – which accounts for 61% of the company’s revenue – as well as the cancer treatment drug Imbruvica and the hepatitis C treatment Mavyret. Abbvie reported $33.3 billion in net revenue in fiscal 2019, the 99th largest revenue of any public U.S. company.
24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Its content is produced independently of USA TODAY.
