Texas has overtaken California as the state with the most Fortune 500 headquarters, marking a significant shift in the national corporate landscape. The 2026 Fortune 500 list shows Texas leading with 57 headquarters compared with California’s 56, a reversal from two years ago when California held the edge.
Corporations headquartered in Texas generated $2.8 trillion in revenue, edging out California’s $2.7 trillion, according to the new data. The milestone reflects a years-long migration of major companies to the Lone Star State, driven by what business leaders describe as a more favorable regulatory and tax environment.
“Texas is the undisputed headquarters of headquarters,” Governor Greg Abbott said in a press release. “The world’s leading businesses invest with confidence in Texas because of our welcoming business climate, predictable regulatory environment, and skilled and growing workforce.”
In the past year alone, companies including ExxonMobil, Chevron, Samsung Electronics America, SpaceX and X have either moved their headquarters or legal incorporation to Texas — mostly from California, with two relocating from New Jersey. Houston, as the state’s largest business hub, stands to benefit significantly from the trend.
Company relocations have been accompanied by high-profile individuals moving their homes and personal portfolios to Texas. Uber co-founder Travis Kalanick recently revealed his move to Austin, joining Elon Musk, Mark Cuban, and Palantir co-founder Joe Lonsdale among the business figures who have relocated in recent years.
“Americans are voting with their feet. They want places that are livable, workable, sustainable and affordable,” Texas REALTORS Chair Jennifer Wauhob told Fox Business. “This migration is really turning into a long-term shift.”
The shift comes amid mounting concern over California’s proposed tax policies, including a controversial one-time 5% wealth tax on the state’s wealthiest residents that has collected enough signatures for the November ballot. Industry analysts say the combination of Texas’s business-friendly policies and California’s regulatory headwinds is likely to sustain the migration trend for the foreseeable future.
