Williams

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Fortune 500

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

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The oil and gas company was founded in 1908 and grew quickly to manage nationwide pipelines, which it still maintains today.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-387-Williams

The Tulsa-based energy company focuses on natural gas and petroleum exploration and production, with assets concentrated along the Gulf of Mexico and the Eastern Seaboard.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

World's Most Admired Companies

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

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Williams (WMB): Company Profile, Stock Price, News, Rankings

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Fortune Editors

Fortune 500 Power Moves: Which executives gained and lost power this week, May 3-9, 2025

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Fortune 500 Power Moves: Which executives gained and lost power this week, April 19-25, 2025

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Fortune 500 Power Moves: Which executives gained and lost power this week, March 8-14, 2025

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Sports is no longer just about competition—it’s one of the fastest-growing frontiers for investment, influence, and cultural change. From the meteoric rise of women’s leagues to surging global fandom in football, tennis, and golf, investors and owners are betting big on the next era of the game. How can capital accelerate the growth of women’s sports, expand access for the next generation of fans, and redefine what it means to own a team or a league in today’s market?

The New Power Players: Innovation and the Business of Sport

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Wayfair thrived during the pandemic, scaling to over 30 million products and rising to #217 on the Fortune 500. But after a post-COVID slump, it’s rethinking its strategy. In 2024, the company opened its first large-format retail store and rolled out new AI tools to reimagine how people shop for their homes. Here’s how Wayfair is betting on technology and in-person retail to power its next chapter in a crowded home-goods market.


How Wayfair’s Betting on AI to Future Proof its $12B Empire 

Wayfair is betting big on AI and physical retail to reconnect with shopper

Tech

Wayfair thrived during the pandemic, scaling to over 30 million products and rising to #217 on the Fortune 500. But after a post-COVID slump, it’s rethinking its strategy

How Wayfair Built a $12 Billion Home Retail Empire 

Wayfair built its multi-billion dollar business by selling home goods online, eventually scaling to more than 30 million products. Today, it's the largest online home goods retailer in the United States, but after a pandemic boom in sales, growth slumped, and so did the company's stock price. Now Wayfair is pivoting. In 2024, it stepped into physical retail with its first large format store. At the same time, it's betting on AI to streamline operations and reimagine how shoppers discover furniture. So we've been using the sort of text to image generation capability to generate an AI to be able to showcase a whole bunch of different images that our customers can then react to and say, oh, I like this. Here's how Wayfair built a $12 billion home goods empire. And how it's using AI and big box retail to fuel its next chapter. Founded in 2002 as a network of niche furniture sites, Wayfair evolved into a sprawling online marketplace. It now offers over 30 million products from around 20,000 suppliers. It also runs a lineup of lifestyle and luxury brands. The main basic difference between Wayfair and some of its other home furnishing competitors is that it is a marketplace platform, so they don't own any of their inventory. Everything is just forward position. on their site so that consumers can use it from the many vendors that they work with. Unlike many of its competitors, Wayfair doesn't manufacture or own its inventory. Instead, it connects shoppers with third party suppliers. This dropship business model allowed Wayfair to scale quickly, offering an enormous product catalog while keeping fixed costs low. Having these relationships with some of these smaller vendors is really unique in that it's a More visible way for the vendors to reach a much broader total addressable market. It helps elevate the business of small vendors while it also helps provide more choices to consumers for Wayfair. During the pandemic, that model helped the company thrive. Sales surged by 45% in 2020 as consumers redecorated during lockdowns. The next year, Wayfair shot up the Fortune 500 rankings, climbing more than 100. 30 spots to land at number 217. When we look back at COVID, that clearly accelerated e-commerce adoption across a number of categories, things like grocery and furniture. We saw the share price really rise to around $350 a share, but post-pandemic demand cooled as interest rates climbed and inflation pinched household budgets. Spending on big ticket furniture slowed. Wayfair's stock lost over 80% of its. between 2021 and early 2023, investors realized things are going to reopen. People are traveling. They're eating at restaurants again, and it wasn't idiosyncratic to Wayfair. It was across the industry, right? All of the peers really saw that phenomenon. Major home retailers like Bed Bath and Beyond filed for bankruptcy in 2023, shuttering hundreds of stores around the country. Despite declining sales post pandemic, Wayfair was. A to weather the market volatility. You know, if you look at somebody like Bed Bath and Beyond, there were liquidity issues. Interestingly, despite the fact that really Wayfair isn't generating a whole lot of profitability, the way that the capital structure works is that they don't really need that same sort of liquidity. But as the online home retail market has become more crowded, Wayfair is looking for ways to improve its e-commerce model and its customer experience. So we've been applying AI for quite some time, probably over a decade. The more recent advancements are allowing us to take that to yet another level. Fiona Tan is Wayfair's chief technology officer. Over the last few years, she has helped lead the company's investments in AI. It's a category where it's hard for our customers sometimes to describe what they're looking for. And then sometimes they don't really even know what they're looking for, so we've been using the sort of text to image generation capability to generate a AI to be able to showcase, you know, a whole bunch of different images that our customers can then react to and say, oh, I like this. I didn't know, I don't know what it's called, but it speaks to me. In 2025, Wayfair debuted a generative AI platform called Muse. The tool allows shoppers to curate AI generated home designs in certain styles. From there, the platform will recommend Wayfair products that fit the look. And then you can even tailor it a little bit more and just say, OK, well I like this, but I prefer green chairs instead of beige, and as you interact with muse, it'll generate you another image based on what you're saying. As the customers are inspired and engaged more with us, we're able to discern better what the intent and what their style preferences are, maybe what the budget preferences are, and then it allows us. And then recommend products for them. Waver says that level of personalization may help reduce return rates by giving customers more confidence in their purchases because the customers are more confident of the products that they buy or they've been able to get more information about it, ideally what you also see is there are fewer returns, right, because you're able to help them make um more. Informed decisions. Behind the scenes, Wayfair's legal, HR, and finance teams are also using AI to process data faster and streamline operations. For example, our legal teams using it to be able to look at, you know, user reviews to look for items that may have caused any kind of injury, and then you'll have examples in the technology department. Our accounting and finance team is also leveraging it. So it's really across the enterprise. While AI is helping to streamline Wayfair's digital operations, the company is also testing a more traditional strategy opening physical stores. In May 2024, Wayfair opened its first large format retail store in Wilma, Illinois, just outside of Chicago. The 150,000. A square foot store features showrooms, interior design services, and a cafe. Instead of spending marketing dollars on digital spend, you're spending your marketing dollars on physical spend. While competitors like William Sonoma benefit from built-in visibility through their retail locations, Wayfair has had to rely more heavily on advertising. every, every home. In 2024, they spent about 12% of their net revenue on advertising, while competitors like William Sonoma spent about 7% and Restoration Hardware only spent 4%. Wayfair leans into advertising a little bit more because it's hard to remain visible when you're an e-commerce only retailer, right? And so, You know, reminding consumers that you exist isn't free. Wayfair's new store location sits strategically along a major commuter highway. Since the opening of the store, Wayfair says sales in Illinois have jumped around 15%. Based on early results, Wayfair plans to open two more large format stores, one in Atlanta, Georgia and another in Yonkers, New York. Still, when it comes to home goods, Wayfair operates in a competitive and fragmented landscape. While the company holds the top spot for largest online home goods retailer in the US, it's only by a small margin, very fragmented, very hard to have a competitive advantage. We think Wayfair is one of a number of competitors that are really struggling. To avoid discounting and reinvent themselves in different ways to remain relevant to consumers. Big box retailers like Walmart, Target, and IKEA all sell home goods with the added advantage of physical stores, tight logistics, and brand familiarity. Other high-end home goods companies like RH and Pottery Barn offer in-person shopping that build a more luxury customer experience. It's a lot easier to be top of mind when you are a pottery barn in a mall or a RH that has a freestanding store and a restaurant, and it's an experience, but we. moves into brick and mortar stores and AI are helping to close that gap. So one of the capabilities again of AI and also generative AI is our ability to understand, have a deeper understanding of the products that we sell, discerning the color, the size, dimensions. Some of it's in the product details, sometimes there may be errors and it can also augment and enrich the information. That we get from our suppliers, so we're doing a lot in the customer experience. I do think AI will help young people sort of get their head around how they want to plan their smaller spaces, but also, you know, the accessible price points that is that Wayfair offers also helps bring those consumers in, and I think that a lot of that is their their main consumer.

Brian Cornell, Chairman and CEO, Target Corp.
Steven Williams, Chief Executive Officer, PepsiCo Foods North America
In conversation with: Diane Brady, Fortune

Fortune Global Forum 2024: Connecting Culture and Performance

Dr. Matthias Röder, Chief Executive Officer, Karajan Institute; Co-founder and Managing Partner, The Mindshift; Director, Beethoven X – The AI Project

Brainstorm AI London 2024: How Deutsche Telekom Used AI to Finish Beethoven’s Unfinished Symphony

Photography by Joe Maher/Fortune Brainstorm AI

Thank you, Jeremy. Hey, everyone. 200 years ago, a mildly grumpy, middle aged man with wild hair, stepped out of his apartment in Vienna briskly walked down the street, mumbling, humming and singing from time to time standing writing something in his notebook and continuing on his way. Yes, you guessed right. I'm talking about Ludwig Van Beethoven at the time, the most well known composer of music in Europe and almost completely deaf. At this point. Later at home, he would take out the melodies he found during his walk and copy them into a big sketchbook that was lying on his desk. This is where the real work started, where he started to work on the musical problems that the material posed to him. How should I develop this melody? How should I combine it? Which key should it be modulating to? What is the setting and the structure that is good for this type of material. This was the actual work and Beethoven had amassed many of such books and he would go back and forth. This was his creative Bible, the 10th symphony that he was working on at the time that didn't materialize Beethoven died two years later, having left the work unfinished. 195 years later, I got a phone call not by Beethoven, but Mi Michael Schulz from Deutsche Telekom asked me, Matthias, can we finish this 10th symphony of Beethoven with a I, I don't know, Michael. Uh we got to put a team together, we got to start working on it and we got to see how far we can get well do it. Two months later, I was pretty certain that it was possible to do something whether it was the big thing, I don't know. So Beethoven left 45 sketches for 1/10 symphony. Some of which were a little longer, others were shorter. A musicologist named Barry Cooper a couple of years ago used the longer ones to finish one potential version of the 10th symphony and that worked pretty well. But with the short material, you know, no human could ever possibly take that and turn it into something bigger. Why? Because you would naturally put your own ideas, your own style, your own way of composing into the material. I called Ahmed El Gamal from Rutgers University who is a computer scientist specialized on creating artworks with the help of A I and asked him if he wanted to be part of the project. He said yes, but I've never done anything in music. So I sat down with him, taught him everything I knew about the creative process of Beethoven and how composition works. And he said, let me think about it, called me back next week and said, Matthias, I thought about it. It's quite straightforward. Composing music is just like email, autocomplete. Who I, you can imagine that moment. I thought like, ok, well, maybe the wrong person and this is never going to work. But then he told me no, but look, every note is a function of all of the notes that came before. And it, it makes sense when I have a piece of music, the next note is related to what came before. We can actually try it out. Now together, I'll sing you a melody. I'll stop at some point and you the note that I left out. OK. Are you ready? OK. Ta ta, ta, ta, ta, ta ta. Yeah. You see every node is a function of all of the notes that came before. So we set out, we said, well, let's use this technology, the transformer architecture that Google invented in 2017 and uh create a G BT for music that's trained on late 18th century, early 19th century music and then fine tuned with the works of Beethoven. And then we use the sketches that Beethoven wrote down as prompts. And we let the machine continue these ideas. And then a group of musicologists combine the material, go through it, improve on it, give it back to the machine and this way iteratively create one possible version of 1/10 symphony at the time. Most people thought, oh, they are crazy. This was never going to work. Even some Google folks said that to the CEO of Deutsche Telekom. But we were pretty certain that at least, you know, we would create something that would pass as a potential musical work of that time. So I want to play you an example of that tense symphony which starts with one of these sketches that Beethoven had written down. It's basically 1 to 1 what he wrote down in his book. And at some point, the A I will take over and I invite you to play this game for with me where you raise your hand when you think this is the moment where the A I comes in, of course, I'm going to give you um you know, the solution afterwards. But this is one minute of music, close your eyes, don't get distracted by the people around you and just be bold, raise your hand whenever you think this is where Beethoven stops and A I begins was generated by this algorithm. Uh Granted it was then, you know, going through other algorithms as well. We not only produced an A I that could continue the sketches, we produced one that would find the suitable accompaniment, one that would stitch together pieces of A I generated music and then one final A I that would take the output of all of the other AIS and say this note will be played by that instrument. This note by this instrument, an orchestration engine. This is where we really reached the end of the line because that A I wasn't that successful. So we actually hired a human in our team to orchestrate the final version that you just heard being performed by a real orchestra with real humans. This collaboration started in 2019. As I mentioned in 2020 we were supposed to premiere it. Uh but COVID came along and so we had to postpone, we had one additional year to work on it. And in that time frame, I got a second phone call from Deutsche Telekom. Hey Matthias. Uh Robbie Williams has heard about your Beethoven A I and he thinks he would like to compose with Beethoven. Is that possible? I said, well, you know, what can I say? I don't say no if Robbie Williams wants to use an A I that we produce, so we'll find a way to make it happen. Of course, the question was, how could we do that? I flew to London. I explained it to Guy Chambers, the composer that worked very closely with him and Robbie's manager exactly what we were doing. And they said, well, we'll think about it and they called me back the next day. We want to do angels. Can you recompose angels in the style of Beethoven? And I said, I don't know, I really don't know if that's possible. Um The, the problem was, you see, we had this A I that was trained on 18th and 19th century music and that could very well deal with Beethoven's style. But how do we get Robbie Williams in there? This is when the composer on our team WV, I had this amazingly genius idea. He said, well, we'll take a famous melody of Beethoven and we combine it with bits and pieces from Robbie's Angels. And this combination is what we then use as a prompt. And so by prompting the A I with something that had already the main motific uh content of angels in it. It was capable of producing music that combined Robbie williams' Angels with the style of composing of Beethoven. There was one problem we thought, OK, well, our A I is pretty good at creating long stretches of music, but Guy Chambers told us no. Um you have uh four seconds for the intro and you have another 30 seconds for where the solo is and everything has to happen in there. So we would try out different types of uh combinations of music. And finally, we found one that worked very well. We combined uh the Moonlight Sonata with uh with some people are laughing. Yeah, uh with, with angels and I have another excerpt for you that uh is, is a little mash up of what we did with Robbie. You can listen to the whole thing on his newest album. Um And please let's listen to Angels with Beethoven A I. The point of this was really to collaborate and we started out to create this one A I that could, you know, do something very, very specific. And we ended up providing a tool set to one of the great artist of our time to collaborate with. And I think this is the, the move that we see in a lot of what's happening in generative A I and music right now, we see tools that become collaboration partners and that are really um instances of inspiration of transformation of working bodies for composers. And if you ask me what the future of all of this is, then I'd say all of the tools that right now are sort of text to finished song where you basically say, I want to have a track which is 15th century style with green sleeves and heavy metal combines and then you get finished track. This is, this is all nice and very good, but it will be superseded by tools that will be directly integrated into the software where we compose music where we have our inspirational A I tools. Now, I want to leave you with another excerpt this time from the Beethoven 10th symphony. It's actually a work of 25 minutes and I condensed it for you here to, to a couple of minutes for you to get some sense of how the piece sounds when you hear it performed by an orchestra, we can roll the tape. Um This was done a couple of years ago in Hamburg and the Philammon, this is the Beethoven orchestra conducted by Dirk Kaftan. And there's a little surprise there, an instrument that you wouldn't expect in a Beethoven symphony. So enjoy.

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