The top 150 publicly traded companies in Dallas-Fort Worth generated over $1.1 trillion in revenue during the 2024 fiscal year, marking a 3.8% increase from the previous year. While established leaders in healthcare and energy maintained their positions, the regional economy experienced significant shifts driven by artificial intelligence adoption, a high volume of corporate mergers, and a cooling housing market.
This annual analysis, based on 2024 fiscal year revenue, provides a detailed look at the economic health of North Texas. The combined market capitalization of these 150 companies now exceeds $1.6 trillion, reflecting the region's continued economic importance.
Key Takeaways
- Total revenue for the top 150 D-FW public companies reached over $1.1 trillion in 2024, a 3.8% year-over-year increase.
- Healthcare, energy, and real estate remained dominant sectors, with McKesson Corp. leading in revenue at $359 billion.
- Generative AI adoption accelerated across industries, focusing on personalization and operational efficiency.
- Merger and acquisition activity in North Texas outpaced national trends, with experts predicting a busier 2025.
- The home-building industry, strong in 2024, began showing signs of a slowdown in demand projected for late 2025.
Top Companies and Market Performance
The leadership among North Texas's largest corporations remained largely consistent in 2024. Irving-based healthcare supplier McKesson Corp. secured the top position with $359 billion in revenue for the fiscal year ending in May. It was followed by telecommunications firm AT&T with $122 billion and Energy Transfer with $82 billion.
However, there were notable movements within the rankings. Six Flags Entertainment, a theme park operator, climbed 15 spots to number 45 following its $8 billion merger with competitor Cedar Fair. This move highlights the impact of strategic consolidation on market position.
Conversely, some technology firms faced headwinds. Dallas-based manufacturer Texas Instruments fell four places to number 18 after its revenue declined by $1.9 billion. Similarly, video game retailer GameStop dropped eight spots to 34th place as its revenue decreased by $1.4 billion to $3.8 billion, reflecting ongoing shifts in the digital distribution of games.
2024 D-FW Business Snapshot
- Total Revenue: Over $1.1 Trillion
- Year-Over-Year Growth: 3.8%
- Combined Market Cap: Over $1.6 Trillion
- Top Revenue Company: McKesson Corp. ($359 Billion)
The Integration of Artificial Intelligence
The adoption of artificial intelligence, particularly generative AI, became a defining trend for D-FW companies in 2024. Businesses moved beyond predictive AI for internal processes and began implementing advanced models to enhance customer-facing services and product development.
Generative AI in Practice
Garry Wiseman, Chief Product and Technology Officer at Southlake-based Sabre, explained how generative AI enables deeper personalization.
“With gen AI … compared to traditional AI, there’s more of an opportunity to have context about the person who’s trying to complete the task … so that we can personalize the results,” he said.Wiseman noted that this technology helps Sabre build products faster and improve customer response times, leading to higher satisfaction scores.
Tyler Technologies, which provides software to the public sector, is also leveraging generative AI. Franklin Williams, president of the company's data and insights division, stated that the technology has “democratized access” to AI, allowing them to create transformative solutions for their clients.
A Cautious Approach
Not all companies are embracing AI for every application. American Airlines CEO Robert Isom clarified that while AI will be used to improve the customer experience, it will not be used to set ticket prices.
“Consumers need to know that they can trust American,” Isom stated. “This is not about bait and switch. This is not about tricking.”
According to Southern Methodist University professor Amit Basu, key challenges for companies include integrating AI into products and ensuring employees are properly trained to use the new tools effectively.
A Surge in Mergers and Acquisitions
The North Texas region saw a robust environment for mergers and acquisitions (M&A) during the 2024 fiscal year, with at least six major companies announcing acquisitions. This activity highlights the area's dynamic and diverse business ecosystem.
Notable 2024 Acquisitions
- Verizon announced its acquisition of Dallas-based Frontier Communications to expand its national fiber network.
- Italian firm Prysmian Group completed its acquisition of McKinney's Encore Wire Corp. in July 2024.
- Canadian logistics group TFI International acquired Addison-based transport firm Daseke in April 2024.
Brent Beckert, an M&A attorney at Haynes Boone, observed that the Dallas market is outperforming national trends. “Dallas, historically and definitely today, outpaces the national market … in terms of growth in [mergers and acquisitions],” he said. Beckert attributed this strength to the diversity of local industries and the high concentration of active private equity firms.
He also suggested that 2025 could be even more active, as many companies delayed market entry pending the outcome of the presidential election and clarity on tariff policies.
Real Estate Market Shows Signs of Cooling
The real estate and home-building sectors in D-FW had a strong year in 2024. Arlington-based D.R. Horton, the largest homebuilder in the U.S., reported $36.8 billion in revenue, a 3% increase from 2023. Office real estate firm CBRE Group Inc. also ranked in the top 10 with over $35 billion in revenue.
However, industry experts anticipate a slowdown in the latter half of 2025. Ted Wilson, principal at Residential Strategies Inc., noted a shift in market dynamics. “We’re seeing a slowdown in demand this year. A lot of our guidance that [we’re] hearing from builders is that they’re guiding towards probably a slowdown as far as the number of sales,” Wilson said.
While builders have managed higher mortgage rates by offering rate buydowns, slowing job growth and reduced migration to the D-FW area are beginning to impact demand. Wilson mentioned that some builders have reported sales slowdowns of 20% to 30% in certain months. This trend suggests that while 2024 was a peak year, the market is entering a period of adjustment.