California: Wayfair, a company co-founded by Indian American Niraj Shah, has joined the Fortune 500 list. The company deals in online home furnishings and decor business that also has Joss & Main and Birch Lane in its portfolio. The company, based in Boston, Massachusetts, earned $6.8 billion in revenues and has over 12,000 employees.
Companies are ranked by total revenues for their respective fiscal years. Included in the survey are companies that are incorporated and operated in the US and file financial statements with a government agency. This includes private companies and cooperatives that file a 10-K or a comparable financial statement with a government agency, and mutual insurance companies that file with state regulators.
It also includes companies that file with a government agency but are owned by private companies, domestic or foreign, that do not file such financial statements. Excluded are private companies not filing with a government agency; companies incorporated outside the US and US companies consolidated by other companies, domestic or foreign, that file with a government agency. Also excluded are companies that failed to report full financial statements for at least three-quarters of the current fiscal year. They are not restated for mergers, acquisitions, or accounting changes. The only changes to the prior years’ data are for significant restatement due to reporting errors that require a company to file an amended 10-K, Fortune said.
In total, Fortune 500 companies represent two-thirds of the US. GDP with $13.7 trillion in revenues, $1.1 trillion in profits, $22.6 trillion in market value, and employ 28.7 million people worldwide, the magazine said.
