Fortune released the ’26 edition of the Fortune 500, ranking the 500 largest publicly traded U.S. companies by revenue. This year’s list includes 27 companies headquartered in the Houston metro area, up one from last year. That increase and a corresponding drop of three from Chicago pushed Houston into a tie with the Windy City for second place behind New York (62) and ahead of Dallas (24). But the tie understates Houston’s standing. Houston’s Fortune 500 companies generated nearly twice the revenue of Chicago’s, underscoring the scale and influence of the companies headquartered here.

Houston posted a net gain of one company by adding two and losing one: Devon Energy, which was formerly headquartered in Oklahoma City, joined the Houston roster after completing its merger with Houston’s Coterra Energy in May, with the combined company keeping the Devon name and the Houston headquarters. Comfort Systems also crossed the Fortune 500 threshold this year after narrowly missing the list in ’25. Houston’s only drop-off was Par Pacific, which ranked No. 474 last year and landed just outside the cutoff this year at No. 520.

The Houston area is poised to add another Fortune 500 headquarters later in ’26, when Expand Energy (No. 362) completes its relocation from Oklahoma City to Spring, Texas. The move will give the region 28 Fortune 500 companies and sole claim to the nation’s No. 2 metro ranking, ahead of Chicago.

Expand’s move continues a recent trend. Since the start of the decade, six different Fortune 500 companies have announced relocations of their headquarters to the Houston region. Earlier moves came from coastal states, where Houston’s lower-cost, business-friendly environment proved to be strong pull factors. However, the recent arrivals from Oklahoma City show that business climate and costs are only part of the story. Established energy companies are increasingly looking to Houston for access to the key talent, infrastructure, and sources of innovation that will drive the industry as it continues to evolve in the years and decades to come.