ILLINOIS — Illinois has secured its spot as one of the Top 5 states in the nation for Fortune 500 headquarters in 2025, with 32 companies on the list — 24 of them located in Chicago, according to this year’s Fortune rankings.
Despite political tension over taxes and business climate, the state continues to compete with California, Texas, and New York when it comes to housing corporate giants.
Big Names That Keep Illinois on the Map
Illinois’ top-ranked firm remains Walgreens Boots Alliance, posting nearly $150 billion in annual revenue, followed by major players like AbbVie, Allstate, Mondelez, and McDonald’s — all headquartered in the Chicagoland area.
Joining the list for the first time in 2025 is Ace Hardware, headquartered in Oakbrook, a notable addition as Illinois simultaneously lost LKQ Corporation, which moved operations to Tennessee.
Why Illinois Still Retains Big Business
Despite the narrative that companies are fleeing Illinois, several structural and policy factors continue to work in the state’s favor:
Chicago’s Business Gravity
As the Midwest’s largest metro, Chicago offers a central location, an international airport hub, and a massive workforce pool — all major assets for any Fortune-ranked corporation.
Balanced 2025 Budget
The recently passed $55 billion Illinois state budget notably avoided corporate tax hikes, helping ease tensions between policymakers and industry groups.
This fiscal restraint was one reason why business advocates like the Illinois Chamber of Commerce did not oppose the final legislation, despite vocal opposition to earlier versions.
Setbacks and Stability
Illinois did experience the departure of LKQ Corp., which shifted headquarters to Tennessee citing tax policy concerns. But the entry of Ace Hardware and continued commitment from long-standing firms helped balance the impact.
With 32 firms still headquartered in-state, Illinois remains one of the few states to maintain such a high Fortune 500 count even amid corporate restructuring and national relocation trends.
National Overview
Nationally, Walmart retained the #1 spot on the Fortune 500 for the 13th consecutive year. But Illinois companies continued to hold strong, reflecting a stable — if not perfect — business environment.
Other major Illinois-based companies on the list include:
-
Caterpillar
-
United Airlines
-
Archer Daniels Midland
-
Boeing
Do you believe Illinois is doing enough to support big business — or should it reform tax and economic policies further to stay competitive?
Weigh in on the debate and follow real business trends shaping our state at ChicagoSuburbanFamily.com.
