June 15, 2015 / Fortune Asia /
Volume 171 / Number 8 / SPECIAL DOUBLE ISSUE / FORTUNE 500

THE ANNUAL

Fortune 500

26
THE CHOSEN ONE
CEO Doug McMillon may be the best-prepared executive to lead Walmart since Sam Walton himself. Good thing傭ecause the lumbering giant now faces stiffer competition than ever. Here’s how he’s reinventing the biggest company in history to win in the Digital Age.
By Brian O’Keefe

36
FACEBOOK’S VIDEO INVASION
Almost overnight, Facebook’s video traffic has sky-rocketed, making the company an even tougher contender in the battle for online ad dollars. Here’s why a tech tweak at the social network is making big waves at other Fortune 500 companies.
By Erin Griffith

44
THE REDEMPTION OF MARK HURD
Less than five years after his humiliating fall, Oracle’s joint CEO is on top again. The tale of the comeback of a man ... who denies he ever fell in the first place.
By Adam Lashinsky

52
LOSING LAS VEGAS
Private equity giants Apollo and TPG spent billions on an ill-fated buyout of Caesars Entertainment. Now with the casino company in bankruptcy, they’re in a nasty showdown with their hedge fund creditors. The tale of an epic gamble gone wrong.
By William D. Cohan

64
PROFIT ENGINE ON THE RAILS
The very old-economy Union Pacific is just as efficient (or more) at making money as new-economy icons Apple and Google. Here’s how the railroad giant squeezes the most out of every mile.
By Shawn Tully

73
AMERICA BETS BIG ON BULLET TRAINS
Compared with China, Europe, and Japan, the U.S. lags badly when it comes to high-speed rail. Can new projects proposed in California, Florida, and Texas get the nation back on track?
By Brian Dumaine

82
AN ENGINE MAKER’S HIGH-TECH MAKEOVER
Indiana’s Cummins has thrived as other U.S. industrial giants stumbled, thanks to farsighted bets on clean-air technology and overseas partnerships.
By Clay Risen

88
INDRA NOOYI WAS RIGHT. NOW WHAT?
Years ago the PepsiCo CEO made an audacious strategy shift beyond unhealthy snacks and drinks. She was prescient預s well as disciplined and tough傭ut the challenges are still daunting.
By Jennifer Reingold

96
TEAMS OF THE 500
Many companies talk a big game about collaboration. We’ve found five employee groups within America’s largest corporations that have mastered the art.

107
THE LISTS

F-1 The 500 Largest U.S. Corporations

F-23 Explanations and Notes

F-24 Index

Macro

8
The Chartist
The revenues of Fortune 500 companies have jumped 10-fold since our inaugural roster of 1955.
By Scott DeCarlo, Orlaith Farrell, and Nicolas Rapp

10
They’re Available!
The GOP’s most eligible megadonors.
By Tory Newmyer

11
Recession Nostalgia
Volunteerism is falling as paying jobs become more plentiful. Plus: the sad history of our happiness obsession.

12
Briefing
A look at AOL dial-up and other low-tech products that are enduring; how corporate America got ahead of the curve on gay marriage.

Luxe

13
Black Book
Insider tips for visiting Dubai in a day.
By Adam Erace

Tech

16
Connected
AT&T CEO Randall Stephenson on how the industry can keep up with the explosion in video streaming.
By Jonathan Vanian

Invest

18
Index Funds and Activists
Huge institutions like BlackRock are taking on Nelson Peltz and other activists.
By Ram Charan and Geoff Colvin

136 BING!

CORRECTIONS

”Sipping Pretty” (June 1, 2015) incorrectly stated that the Sauza brand was sold by the father of Guillermo Erickson Sauza. In fact, it was sold by his grandfather. In addition, a photo caption wrongly identified a bottle of Casa Dragones Joven (which retails for $275) as Casa Dragones Blanco.

ON THE COVER: ILLUSTRATION BY SINELAB

[IMAGES]

36 VIDEO STREAMING ON FACEBOOK IS SUDDENLY SURGING
FACEBOOK ILLUSTRATION BY EDDIE GUY

TRAIN: ANDREW HETHERINGTON

A DIESEL ENGINE MADE BY CUMMINS (NO. 154 ON THE FORTUNE 500)
ENGINE: RYAN DONNELL

ｩ Time Inc.