Every year, the Fortune 500 offers a snapshot of what the biggest and mightiest in American capitalism are up to. The list captures how the nation’s largest cities battle to draw in big business, reveals the ever-changing industries that are driving GDP growth, and unearths trends that are reinventing the economy, from corporate consolidation to tech’s increasing dominance.
But the 69th annual list also uncovered a funny thing on corporate balance sheets. Revenues hit a record high, but profits fell—by a lot. Amid an economic climate full of doom-mongering about a coming recession, a commercial real estate “apocalypse,” and a debate about “greedflation” being the reason for soaring prices, the Fortune 500 snapshot from 2022 is trying to tell us something. But is it a sign of an imminent recession or is this just a return to normal?
