Minnesota added an 18th company to the Fortune 500 this year, up from 17 last year. APi Group, a fire and life safety services company from New Brighton, joined the list for the first time on its 100th anniversary. UnitedHealth Group held its No. 3 national ranking for a second straight year, still trailing only Amazon and Walmart. That is Minnesota's best Fortune 500 showing since 2021.
We track this list every year for the same reason we help startups and small companies grow: a big company headquarters does not just employ people directly. It creates supplier contracts, subcontractor relationships, and a deep local talent pool that Minnesota's smaller businesses draw on, whether they realize it or not. Financing businesses and supporting individuals that support these companies whether through supplier, employee, or client relationships is one way we have been amongst the Best Banks in Minnesota.
Minnesota Holds at 18, Up From 17 Last Year
Minnesota had 17 companies on the 2025 Fortune 500. This year it has 18, and the difference is almost entirely APi Group's debut. Clearing the list took roughly $7.5 billion in 2025 revenue, and Minnesota's companies ranged from UnitedHealth Group's nearly $450 billion down to Fastenal near the bottom of the list.
UnitedHealth Group Holds No. 3 Nationally for a Second Year
Minnetonka based UnitedHealth Group is not just Minnesota's largest company. It is the third largest company in the country, a spot it first reached on the 2025 list and held onto this year. Only Amazon and Walmart rank higher, and this is the first year in more than a decade that Walmart has not held the top spot.
APi Group Joins the List on Its 100th Anniversary
APi Group, a fire and life safety services company based in New Brighton, cracked the Fortune 500 for the first time this year at No. 486, with $7.9 billion in 2025 revenue. The timing lines up with the company's 100th anniversary. "Joining the Fortune 500 is a meaningful milestone for APi on our 100-year anniversary and is a direct reflection of the dedication of our 29,000 teammates around the world," said CEO Russ Becker.
If You Supply These Companies or Work for Them, This List Is About You
A Fortune 500 headquarters in your backyard means something different depending on where you sit.
If your business supplies parts, services, or logistics to a company like Target, 3M, or APi Group, you already know what net-60 or net-90 payment terms do to your cash flow while you are still paying your own suppliers and payroll on time. Treasury management built around your receivables, and financing sized to a real contract instead of just your balance sheet, are usually the two tools that close that gap.
If you or someone in your family works at one of these companies instead, in Minnetonka, Eden Prairie, Golden Valley, Richfield, or any of the other Twin Cities campuses on this list, the calculus is different. A personal checking account and a local mortgage lender who can move at the pace of a relocation or a new offer usually matter more than a rewards program.
Leadership Changes to Watch
Best Buy CEO Corie Barry, in the role since 2019, is stepping down October 31, 2026. Jason Bonfig, currently the company's Chief Customer, Product and Fulfillment Officer, will succeed her. Target is also under new leadership, with Michael Fiddelke now steering the company's next chapter. Not every transition means turnover, though: Land O'Lakes CEO Beth Ford, who took over in 2018, is still leading the Arden Hills based cooperative and was recently named to Fortune's list of the most powerful women in business.
All 18 Minnesota Companies on the 2026 Fortune 500
- UnitedHealth Group (No. 3, Minnetonka): health insurance and services
- Target Corp. (No. 41, Minneapolis): general merchandise retail
- U.S. Bancorp (No. 105, Minneapolis): banking and financial services
- Best Buy Co. (No. 108, Richfield): consumer electronics retail
- CHS Inc. (No. 115, Inver Grove Heights): agricultural cooperative and energy
- 3M Co. (No. 174, Maplewood): diversified industrial and consumer products
- General Mills (No. 216, Golden Valley): packaged foods
- Ameriprise Financial (No. 230, Minneapolis): wealth and asset management
- C.H. Robinson Worldwide (No. 233, Eden Prairie): logistics and freight brokerage
- Land O'Lakes (No. 262, Arden Hills): dairy and agricultural inputs
- Ecolab (No. 274, St. Paul): water, hygiene, and infection prevention
- Xcel Energy (No. 319, Minneapolis): regulated electric and gas utility
- Hormel Foods (No. 352, Austin): branded protein and packaged foods
- Thrivent Financial (No. 388, Minneapolis): fraternal financial services
- Solventum (No. 462, Maplewood): medical technology, on the list for a second year
- Securian Financial (No. 464, St. Paul): insurance and retirement products
- APi Group (No. 486, New Brighton): fire, life safety, and specialty services
- Fastenal Co. (No. 492, Winona): industrial distribution
Agricultural cooperatives CHS and Land O'Lakes anchor the ag lending relationships that run through most of rural Minnesota, well beyond their own headquarters. Plenty of the businesses that grow up around these eighteen companies, as suppliers, spinoffs, or just alumni starting something new, will never make a Fortune 500 list of their own. That does not make them any less worth banking well.
Frequently Asked Questions
How many Minnesota companies are on the Fortune 500 in 2026?
Eighteen, up from 17 last year. New Brighton based APi Group is the only company new to the list this year.
What is the highest ranked Minnesota company on the Fortune 500?
UnitedHealth Group, headquartered in Minnetonka. It has ranked No. 3 nationally since 2025, behind only Amazon and Walmart.
Why don't Cargill or Mayo Clinic appear on the Fortune 500 list?
Cargill, Minnesota's largest company by revenue, stays privately held and does not publish the audited results Fortune requires. Mayo Clinic operates as a nonprofit, which puts it outside the list's for-profit methodology. Both are excluded by rule, not by size.
How large does a company have to be to make the Fortune 500?
It took roughly $7.5 billion in 2025 revenue to clear the 500th spot this year. Rank is based strictly on revenue, not profit, headcount, or market value.
My business supplies a company on this list. What banking services actually help?
Two, most often: treasury management that is built around collecting on 60- or 90-day terms without straining your own cash flow, and financing sized to a real purchase order or contract rather than just trailing revenue.
If you supply one of these companies, work for one, or are building something that might show up on a very different kind of list someday, connect with one of our lenders and let's talk about what it takes to get there.
