The Fortune 500 list, often cited by Minnesota leaders to tout the state’s economic vitality, includes some worrisome financial data about several of the state’s biggest companies.

For people looking to attract workers to Minnesota, they can still boast that the state is home to 17 Fortune 500 companies. Fortune announced its 2025 list Monday of the 500 largest companies in the United States ranked by revenue for fiscal 2024.

Medina-based Polaris dropped off the list, but the other 16 Minnesota-based companies that reached the revenue threshold last year were included on the 2025 list. The one newcomer, Solventum, is the company that was created when 3M spun off its health care business. On a national basis, Solventum was among 14 companies that made their debut on the 2025 list.

For the 16 Minnesota companies that maintained their list status, half of them increased their revenue in fiscal 2024 and half of them experienced revenue declines.

Thrivent, a financial services nonprofit, saw the biggest percentage revenue increase among those in the Minnesota Fortune 500 group. Based in downtown Minneapolis, Thrivent boosted revenue by 12.3% to $10.9 billion. Terry Rasmussen, Thrivent’s CEO, was the focus of TCB’s April/May cover story, in which she talked about the organization’s business model transformation. Thrivent now serves 2.4 million clients.

Four of the eight Minnesota companies that saw revenue increases are in the financial services sector. In addition to Thrivent, Ameriprise Financial saw a double-digit increase, with its revenue rising by 11.4% to $17.9 billion.

U.S. Bancorp grew its revenue by 5.1% to $42.7 billion, while Securian Financial recorded a 2% revenue increase to $8.2 billion.

UnitedHealth Group, which is No. 3 on the Fortune 500 list, increased its revenue 7.7% to $400.3 billion.

Ecolab ($15.7 billion in revenue) is twice the size as Fastenal ($7.5 billion in revenue), but they both produced 2.7% revenue increases in fiscal 2024. C.H. Robinson Worldwide saw a slight increase, with revenue growing by 0.7% to $17.7 billion.

Food, agribusiness revenue declines

Two large agribusiness cooperatives had revenue drop-offs in fiscal 2024. Revenue declined by 13.9% to $39.3 billion at CHS, while it fell by 3.5% to $16.2 billion at Land O’Lakes.

Meanwhile, two of Minnesota’s best-known food companies recorded revenue declines of less than 2%. Revenue fell 1.2% at General Mills to $19.9 billion, while it dropped 1.6% at Hormel Foods to $11.9 billion.

3M Co. was an outlier on the list. Its revenue plummeted by 24.8% to $24.6 billion, but that’s largely due to cutting loose its health business to form Solventum. Utility Xcel Energy turned in a 5.4% revenue decline to $13.4 billion.

Retailers Target and Best Buy both saw erosion in their revenue. Target’s revenue fell 0.8% to $106.6 billion, while Best Buy saw a steeper decline—falling 4.4% to $41.5 billion.

While the Fortune 500 list used revenue figures from fiscal 2024, retailers Target and Best Buy are facing tougher economic headwinds in the current fiscal year because of the tariffs imposed by the Trump administration. In late May, Best Buy lowered its revenue projections because of the global trade war.

Because agricultural commodities and food products are sold within a worldwide marketplace, American companies in those sectors also are vulnerable to financial harm caused by tariffs.

In 2025, UnitedHealth Group is facing a host of challenges, which include high medical costs, regulatory issues, and a loss of confidence by some investors. The problems at UnitedHealth Group are so severe that Stephen Hemsley returned to the CEO’s job in May. He had retired as CEO in 2017 but is now charged with righting the huge ship.

Hemsley became board chair in 2017. He now serves in the dual role of board chair and CEO.

At Monday’s annual shareholder meeting, Hemsley acknowledged mistakes made by UnitedHealth Group, and he pledged to earn back the trust of investors.

When Fortune announced the Fortune 500 in a Monday news release, it referred to other articles that will be included in its June/July magazine. One of them, it said, is “How sick is UnitedHealth? How a wave of bad news wiped $280 billion off the insurer’s stock value.”

Minnesota companies on the 2025 Fortune 500 list

Eleven of the Minnesota companies slipped in their Fortune 500 rankings, while four of them rose to higher rankings. C.H. Robinson’s ranking remained the same. Solventum is a new company, so it doesn’t have a comparative ranking from the prior year.