Lowe’s jumps Bank of America as top Fortune 500 company in Charlotte area

CHARLOTTE — Bank of America Corp. has long claimed the title of the Charlotte region’s highest-ranked company on the Fortune 500 list. But this year, it was passed in the ranking by Mooresville-based home-improvement retail giant Lowe’s Cos. Inc.

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In total, there are nine companies in the greater Charlotte area, 13 in North Carolina and none in South Carolina that made the cut this year. Those numbers are all unchanged from the 2021 list. Fortune ranks companies each year by total revenue for their respective fiscal years. Included on the list are public and private firms incorporated and operating in the U.S., and that file financial statements with a government agency. The business publication’s 68th edition of the ranking was released this morning.

Lowe’s — despite dropping four spots to No. 35 this year — edged out Charlotte-based Bank of America, which placed at No. 36 — down seven spots from last year’s list. Lowe’s recorded $96.2 billion in revenue during the most recent fiscal year, up 7.4% year over year. Bank of America had annual revenue of $93.8 billion, up just 0.1% over the year.

Read the full story here to see how the rest fared.

(Watch the video below: Lowe’s ‘Bucket Brigade’ stocks essential items for expected busy hurricane season)

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