5 Biggest Companies Headquartered in North Carolina (by 2021 Revenue)

Written by Ricky Nave in Money Maps & Rankings

These are the 5 largest companies headquartered in North Carolina by 2021 revenue.

#1 Lowe’s ($96 Billion)

Summary: Lowe’s is a Fortune 50 company and the world’s second largest home improvement retailer behind Home Depot.

Lowe’s (NYSE: LOW) operates 1971 home improvement and hardware stores spread across all 50 U.S. states (1737 stores) and Canada (234 stores). However it’s notable that while only 88% of Lowe’s stores are in the U.S., 94% of consolidated sales come from the U.S.

The company generated $96.25 billion of net sales and comprehensive income of $8.54 billion in 2021.

Official Company NameLOWE’S COMPANIES, INC.
State of IncorporationNorth Carolina
Address of Principal Executive Offices1000 Lowes Blvd.
Mooresville, NC 28117
2021 Annual Report10-K
Investor Relations Websitecorporate.lowes.com/investors

#2 Bank of America ($94 Billion)

Summary: This bank holding company owns subsidiaries that offer banking, asset management, and other financial & risk management services.

Bank of America (NYSE: BAC) operates through various bank and non-bank subsidiaries throughout the U.S. and abroad. The company organizes its business into four segments:

  • Consumer Banking
  • Global Wealth & Investment Management (GWIM)
  • Global Banking
  • Global Markets

The company competes with many types of businesses including banks, credit unions, investment banking firms, investment advisory firms, brokerage firms, investment companies, insurance companies, mortgage banking companies, credit card issuers, mutual fund companies, hedge funds, private equity firms, and e-commerce companies (e.g. Amazon’s merchant financing is competitive with certain BOA products).

The company generated $93.85 billion of revenue and $30.56 billion of net income attributable to common shareholders in 2021.

Official Company NameBank of America Corporation
State of IncorporationDelaware
Address of Principal Executive OfficesBank of America Corporate Center
100 North Tryon Street
Charlotte, NC 28255
2021 Annual Report10-K
Investor Relations Websiteinvestor.bankofamerica.com

#3 Nucor ($36 Billion)

Summary: This company manufactures steel and steel products.

Nucor (NYSE: NUE) is a steel manufacturing & metal industry business that self-organizes into three business segments:

  • Steel Mills — Producing sheet steel, plate steel, structural steel (I-beams, etc), and bar steel. This is Nucor’s largest segment and generated 66% of the company’s sales (excluding intra-organization sales). Customers include steel service centers, fabricators, and manufacturers throughout the U.S., Canada, and Mexico. The steel mill segment sold 20.3 million tons of steel to outside customers in 2021.
  • Steel Products — Producing various types of steel tubing, steel racking, steel joists, steel deck, concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, insulated metal panels, steel grating, and steel wire and wire mesh. This segment also includes a piling distributor division.
  • Raw Materials — Producing direct reduced iron (DRI) for use in steel mills, brokering metals, selling alloys, and processing scrap metal. The raw materials segment also includes natural gas drilling operations.

Nucor generated $36.48 billion in net revenue and $6.83 billion of net earnings attributable to stockholders in 2021.

Official Company NameNUCOR CORPORATION
State of IncorporationDelaware
Address of Principal Executive Offices1915 Rexford Road
Charlotte, NC 28211
2021 Annual Report10-K
Investor Relations WebsiteInvestor Relations

#4 Honeywell ($34 Billion)

Summary: Honeywell is an aerospace, materials, and building technology company headquartered in Charlotte, North Carolina.

Honeywell (NASDAQ: HON) organizes its business into four segments:

  • Aerospace — Selling software and services to aircraft OEMs (original equipment manufacturers) and other customers
  • Honeywell Building Technologies — Selling building control & optimization software, sensors, switches, surveillance cameras, control systems, fire products, and installation and maintenance services
  • Performance Materials and Technologies — Developing & manufacturing high-performance chemicals and materials (for applications such as armor and drug packaging), providing instruments and software for various materials industries (e.g. oil and gas, refining, pulp and paper, industrial power generation, chemicals, biofuels, life sciences, mining, etc), and providing chemical process aids (e.g. catalysts, adsorbents, and equipment) to to different chemical and material industry customers.
  • Safety and Productivity Solutions — Providing PPE (personal protective equipment), workplace safety equipment, gas detection technology, emergency messaging services, supply chain and warehouse automation equipment and software, custom sensors and switches, and similar products and services.

Operations that don’t fall into any of those four segments are classified as “Corporate and All Other”, but that category is not reported as a business segment in Honeywell’s SEC filings.

The company generated $34.39 billion in revenue ($25.64B from product sales and $8.75B from service sales) and $5.54 billion in net income attributable to stockholders in 2021.

Official Company NameHoneywell International Inc.
State of IncorporationDelaware
Address of Principal Executive Offices855 South Mint Street
Charlotte, NC 28202
2021 Annual Report10-K
Investor Relations Websitehoneywell.gcs-web.com

#5 Duke Energy ($25 Billion)

Summary: Duke Energy is an energy utility company that operates through various subsidiaries along the east coast and in the midwest.

Duke Energy (NYSE: DUK) is an FERC-regulated energy company operating in the U.S. primarily through its tree of subsidiaries which include Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana, and Piedmont Natural Gas Company.

The company generated $25.1 billion in operating revenue ($22.3 billion of that from regulated electric utility operations) and $3.7 billion in comprehensive income available to common stockholders in 2021.

Official Company NameDUKE ENERGY CORPORATION
State of IncorporationDelaware
Address of Principal Executive Offices526 South Church Street
Charlotte, NC 28202
2021 Annual Report10-K
Investor Relations Websiteinvestors.duke-energy.com

Ricky Nave

In college, Ricky studied physics & math, won a prestigious research competition hosted by Oak Ridge National Laboratory, started several small businesses including an energy chewing gum business and a computer repair business, and graduated with a thesis in algebraic topology. After graduating, Ricky attended grad school at Duke University in the mathematics PhD program where he worked on quantum algorithms & non-Euclidean geometry models for flexible proteins. He also worked in cybersecurity at Los Alamos during this time before eventually dropping out of grad school to join a startup working on formal semantic modeling for legal documents. Finally, he left that startup to start his own in the finance & crypto space. Now, he helps entrepreneurs pay less capital gains tax.

Recent Posts