These are the six largest companies headquartered in Rhode Island, as ranked by 2021 annual revenue.

#1 CVS Health ($292 Billion)

CVS Health (NYSE: CVS) is a Woonsocket-based health conglomerate that sells medical insurance, provides behind-the-counter services to pharmacies, and operates almost 10,000 retail stores. Total revenue was $292 billion.

#2 United Natural Foods ($29 Billion)

United Natural Foods (NYSE: UNFI) is a wholesale food distributor. That means they buy food from farmers and other suppliers, transport that food to warehouses, and then sell and transport the food to retail grocery stores like Whole Foods, Kroger, and Publix.

The company has a strong focus on organic food, but it also sells non-organic food and even some non-food products. In addition, the company operates a few retail stores, although retail revenue is significantly smaller than wholesale revenue for the company. Total 2021 revenue was $28.9 billion, but net income attributable to shareholders was only $248 million.

#3 Textron ($12 Billion)

Textron (NYSE: TXT) is an defense contractor and aerospace company whose products include Cessna and Beechcraft airplanes, the V-22, and H-1 helicopters. Total revenue was $12.4 billion.

The company conducts business through five operating segments:

• Textron Aviation — Manufactures, sells, and services Beechcraft and Cessna aircraft. Services the Hawker brand of business jets. The two principal product lines are aircraft and aftermarket parts and services. Aircraft sales include business jets, turboprop aircraft, military trainer and defense aircraft, and piston engine aircraft. Aftermarket parts and services include commercial parts sales as well as maintenance, inspection, and repair services.
• Bell — Supplies military helicopters and provides support services to the U.S. government and other military customers outside the U.S. Bell’s primary lines of U.S. government business are the production and support of the V-22 tiltrotor aircraft and the H-1 helicopters.
• Textron Systems — Develops, produces, and sells aircraft, unmanned aircraft, aircraft piston engines, training systems, aircraft control computer systems, and miscellaneous other products and services related to aviation and defense.
• Industrial — Primarily consists of the Kautex subsidiary headquartered in Germany. Kautex designs and manufactures plastic fuel systems (fuel tanks, nozzles, resevoirs, battery housings, etc) for automobiles and light trucks.
• Finance — Concists of Textron Financial Corporation (TFC) and its consolidated subsidiaries. This segment provides financing to purchasers of new or used aircraft and helicopters produced by Textron.

#4 FM Global ($8.2 Billion)

FM Global is a mutual property insurance company for large corporations. The company is unusual in that it uses first-principles engineering analysis rather than backward-looking actuarial analysis to estimate risk. Total revenue including ceded premiums earned (i.e. premiums earned that were reinsured by a third party) was $8.2 billion in 2021.

#5 Citizens Financial Group ($7.4 Billion)

Citizens Financial Group (NYSE: CFG) is Providence-based bank that generated $7.4 billion in total revenue and $2.2 billion in net income available to common shareholders.

#6 Hasbro ($6.4 Billion)

Hasbro (NASDAQ: HAS) is a toy and game company that owns Monopoly, Play-Doh, Nerf, My Little Pony, Dungeons and Dragons, Power Rangers, and pretty much everything else you held dear as a child.

The company generated $6.4 billion in revenue and $429 million in net earnings attributable to Hasbro.

These are the five largest companies headquartered in Massachusetts by 2021 revenue.

#1 General Electric ($74 Billion)

Summary: GE is an aviation, healthcare, and energy company that generated $74 billion in revenue in 2021 but actually plans to split into three separate companies during 2023 and 2024.

General Electric (NYSE: GE) is a tech & industrial company that operates across four business segments:

• Aviation — Including the manufacturing of commercial and military aircraft engines
• Healthcare — Including the manufacutring and distribution of radioactive medical imaging agents
• Renewable Energy — Including the manufacturing of windmills and other renewable energy generation equipment
• Power — Including equipment for energy production from gas, steam, and nuclear plants

Note: In November 2021, the company announced plans to spin off and split into three separate public companies focused on aviation, healthcare, and energy. In July 2022, the company announced these three companies would be named GE HealthCare, GE Aerospace, and GE Vernova (energy).

GE plans to execute the tax-free spin-off of GE HealthCare in early 2023 and the tax-free spin-off of GE Vernova in early 2024, at which point the remaining company will be renamed GE Aerospace. GE Aerospace would own the GE trademark but would provide long-term licenses to the other companies. What happens to names of GE HealthCare and GE Vernova if/when those licenses expire? Who knows. Maybe they will merge with or be acquired by other companies before then.

#2 Raytheon ($64 Billion)

Summary: Raytheon Technologies Corporation is an aerospace and defense contractor that is the result of a merger between United Technologies Corporation (UTC) and the original Raytheon Company after UTC spun off Carrier Global and Otis Worldwide in 2020. Raytheon Technologies generated $64 billion in revenue in 2021.

Raytheon Technologies Corporation (NYSE: RTX) is an aerospace and defense company which is actually the renamed United Technologies Corporation (UTC) after UTC spun off Carrier Global and Otis Worldwide as separate publicly traded companies and then merged with “Raytheon Company” which now exists as a subsidiary of “Raytheon Technologies Corporation”. The new Raytheon Technologies Corporation operates with four principal business segments:

• Collins Aerospace Systems
• Pratt & Whitney
• Raytheon Intelligence & Space
• Raytheon Missiles & Defense

#3 The TJX Companies ($49 Billion)

The TJX Companies (NYSE: TJX) is a global apparel retail company that owns T.J. Maxx, T.K. Maxx, Marshalls, Sierra, HomeGoods, and HomeSense. The company operates almost 4,700 stores across all its brands and generated $48.55 billion in revenue in 2021.

#4 Liberty Mutual Holding Company ($48 Billion)

Summary: This holding company owns a complex tree of personal and business insurance companies and is structured as a mutual insurer which means it doesn’t have stockholders in the conventional sense but rather is owned by its policyholders who are entitled to dividends or reduced premiums on excess corporate profits.

Liberty Mutual Holding Company Inc. (abbreviated LMHC) is the top of a huge corporate tree structure of subsidiaries, many of which have names that include “liberty” and even “liberty mutual”.

Liberty Mutual is sixth largest property and casualty insurance company both in the U.S. and in the world., and it is the first largest surety company in the U.S. The company employs over 45,000 people across the world and generated $48.2 billion in revenue during 2021.

#5 Thermo Fisher Scientific ($39 Billion)

Summary: Anyone who has taken a college chemistry class has probably used Thermo Fisher products. The company is a one-stop-shop for laboratory equipment, software, and chemicals.

Thermo Fisher Scientific (NYSE: TMO) reports its business in four segments:

• Life Sciences Solutions — Selling a portfolio of reagents, scientific instruments, and consumables used in biological and medical research & drug production
• Analytical Instruments — Selling instruments, consumables, software, and services for use in a range of different scientific & industrial uses. Three primary businesses are (1) chromatography and mass spectrometry, (2) chemical analysis, and (3) materials and structural analysis.
• Specialty Diagnostics — Sells a range of diagnostic test kits, reagents, culture media, instruments, and associated products to serve customers in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories.
• Laboratory Products and Biopharma Services — Sells all basic instruments and supplies needed by a biological or medical lab, from water baths to pH meters to incubators to hotplates to pipette tips to common lab chemicals.

Honorable Mentions

A few interesting companies that didn’t quite make the list include:

• Fidelity Investments (private company)
• Massachusetts Mutual Life Insurance Company (MassMutual — a mutual insurer)
• BJ’s Wholesale Club
• Wayfair
• State Street
• Biogen

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

#1 Cigna ($174 Billion)

Cigna (NYSE: CI) is a multinational pharmacy, healthcare, and insurance company based in Bloomfield that generated $174.1 billion in revenue and $5.4 billion in shareholder net income.

#2 Charter Communications ($52 Billion)

Charter Communications (NASDAQ: CHTR) is an internet, cable, and phone service provider that owns the Spectrum brand. Total revenue was $51.7 billion and free cash flow was an impressive $8.7 billion in 2021.

Below is a map of Spectrum’s service areas within the U.S.

Charter Communications has an elaborate corporate structure represented in the diagram below (blame Charter for the poor image quality — this is the resolution they provided in their own investor documents):

#3 The Hartford Financial Services Group ($22 Billion)

The Hartford (NYSE: HIG) is a holding group for subsidiaries that provide business property insurance, business car insurance, general liability insurance, marine insurance, workers compensation insurance, professional liability insurance, surety bonds, assumed reinsurance, as well as investment products like mutual funds, ETFs, and annuities.

Total revenue was $22.4 billion in 2021.

#4 Synchrony Financial ($15.8 Billion)

Synchrony (NYSE: SYF) is a company whose investor reports consist almost entirely of phrases like “digitally-enabled product suites”, “omnichannel experiences”, “dynamic financial ecosystem”, and other corporate jargon, but in reality the company just owns a bank that helps retailers, hospitals, and fintech companies to offer their own credit cards and payment plans.

The company generated $15.75 billion in revenue and $4.2 billion in net earnings available to common stockholders in 2021.

#5 Stanley Black & Decker ($15.6 Billion)

Stanley Black & Decker (NYSE: SWK) is the largest tool manufacturer in the world and owns a portfolio of brands including Craftsman, DeWalt, Stanley, and obviously Black + Decker (as well as many others). Total 2021 revenue was $15.6 billion.

These are the seven largest companies headquartered in Pennsylvania by 2021 revenue.

#1 AmerisourceBergen ($221 Billion)

Summary: AmerisourceBergen is not only a mouthful but also a drug wholesale, distribution, and consulting company headquartered in Conshohocken that generated $221 billion in revenue.

AmerisourceBergen (NYSE: ABC) is first and foremost a pharmaceutical wholesale distributor (buying from manufacturers and reselling to pharmacies, medical clinics, and other customers). However, the company engages in numerous other businesses. Somewhat confusingly, some of those other businesses such as selling data analytics and consulting services to biotech and pharma companies are still reported under the “pharmaceutical distribution” reporting segment in the company’s financial filings.

Largest Customers:

• WBA (31% of revenue)
• Express Scripts, Inc. (12% of revenue)

Largest Competitors:

• McKesson Corporation
• Cardinal Health, Inc.
• UPS Logistics

#2 Comcast ($116 Billion)

Summary: This internet service & entertainment company owns Xfinity internet, the NBC networks, the Universal Studios production company and theme parks, and the streaming service Peacock.

The company reports its business in five segments:

• Comcast Communications — Consists of Comcast Cable (a provider of internet service to residential customers and additional services to business customers)
• Media — Consists primarily of NBCUniversal’s television and streaming platforms (including its cable networks), the NBC and Telemundo broadcast networks, NBC and Telemundo owned local broadcast TV stations, and Peacock
• Studios — Consists primarily of NBCUniversal’s film and TV studio production & distribution operations
• Theme Parks — Consists primarily of the Universal theme parks in (1) Orlando, FL, (2) Hollywood, CA, (3) Osaka, Japan, and (4) Beijing, China
• Sky — Consists of the operations of Sky (a European entertainment, content production, TV network, and internet and phone service company)

The company generated $116 billion in revenue and $13.76 billion in comprehensive income attributable to Comcast common stockholders.

#3 Kraft Heinz ($26 Billion)

Summary: This multinational food & beverage company owns a huge portfolio of brands from Jell-O to Lunchables to Caprisun to Heinz ketchup. The company has a secondary headquarters in Chicago but its official SEC-registered headquarters is in Pittsburgh.

Kraft Heinz (NASDAQ: KHC) is multinational holding company for various food and beverage brands. In 2021, the company reported its business financials via three geographic business segments:

• United States
• Canada
• International

However, during Q4 2021, the company reorganized and going forward will only use two reporting segments:

• North America (encompassing both the old United States and Canada segments)
• International

Key 2021 financial numbers are summarized in the table below:

Corporate Information:

#4 Rite Aid ($24 Billion)

Summary: In addition to its Rite Aid branded retail pharmacy stores, the company also owns the Bartell Drug stores and Elixir — a pharmacy benefits manager (which is a company that negotiates pricing with drug manufacturers on behalf of health insurance companies or other payers).

Rite Aid (NYSE: RAD) organizes its business into two segments:

• Retail Pharmacy — Consists of Rite Aid stores, Bartell Drug stores, and Health Dialog
• Pharmacy Services — Consists of Elixir (a PBM = Pharmacy Benefits Manager)

During the 12-month period ending November 30, 2021, the company generated $24.42 billion in revenue.

#5 U.S. Steel ($20 Billion)

Summary: Founded in 1901 through a J. P. Morgan-orchestrated merger of the Carnegie Steel and Federal Steel companies, the company today is still one of the largest steel manufacturers in the world. In 2021, the company produced over 26 million tons of steel and generated $20 billion in revenue.

U.S. Steel (NYSE: X) organizes its business into four reportable segments:

• North American Flat-Rolled (Flat-Rolled) — Primarily consists of operating U.S. Steel’s integrated steel plants and North American equity investees involved in the production of slabs, strip mill plates, sheets, and tin mill products. The segment also includes iron ore and coke (the coal-like lumps of carbon, not the beverage) production facilities in the U.S. The main customers of this segment are North American companies in the automotive, appliance, construction, container, transportation, and service center markets.
• Mini Mill — Includes the operation of the Big River Steel facility and a new mill under construction in Osceola, Arkansas. This segment produces hot-rolled, cold-rolled, and coated sheets and electrical products.
• U.S. Steel Europe (USSE) — Includes the operation of U.S. Steel Košice (USSK) in Slovakia and its subsidiaries
• Tubular Products (Tubular) — Consists of U.S. Steel’s tubular production facilities and equity investee in the U.S. The segment produces steel casing and tubing products.

Total revenue in 2021 was $20.275 billion.

#6 Lincoln Financial ($19.23 Billion)

Lincoln National Corporation (NYSE: LNC) is a holding company that operates various insurance and investment management subsidiaries. The company generated $19.230 billion in revenue and $1.085 billion in comprehensive loss in 2021.

#7 PNC Financial Services Group ($19.21 Billion)

PNC is a diversified financial company with businesses in retail banking, residential mortgage, corporate and institutional banking, and asset management.

In 2021, the company generated $19.21 billion in total revenue and $3.31 billion of comprehensive income attributable to PNC.