Arizona's largest publicly traded companies raked in noticeably more cash in 2025, with combined revenue climbing roughly 12 percent over the prior year. The twist is that a small cluster of huge Phoenix area headquarters still dominates the corporate landscape and heavily skews the statewide totals.
According to Phoenix Business Journal, the annual ranking, drawn from SEC filings, shows that aggregate revenue for 55 Arizona based, publicly held firms rose about 12 percent in 2025. The list also underscores how a handful of very large players account for most of the dollars.
Which Firms Moved the Needle
Mining powerhouse Freeport‑McMoRan helped do the heavy lifting, reporting roughly $25.9 billion in revenue for fiscal 2025, per its annual 10 K filing, which leaves it among the biggest corporate contributors in the state. Freeport's 2025 10 K also shows the company poured significant money into major projects during the year.
Republic Services, the Phoenix based waste hauler, added another sizable chunk. The company posted about $16.59 billion in revenue for 2025, according to its full year earnings release, underscoring how a few big service outfits help lift the overall total. Republic Services' release also lays out its financial guidance for 2026.
Tech and Distribution Were Mixed
Not every sector was in full sprint. Semiconductor maker onsemi reported roughly $6.0 billion in revenue for fiscal 2025 in its proxy materials, a comedown from peak years that illustrates how choppy chip demand can be. onsemi's proxy statement details the 2025 results.
Distributor Avnet booked about $22.2 billion in revenue for its fiscal year but saw year over year declines, according to industry reporting, a reminder that distribution and inventory cycles can cut the other way. CRN's coverage of Avnet's results and related developments highlights how those cycles have pressured revenues at some large Phoenix area firms.
What Is Behind the Jump
According to Phoenix Business Journal, stronger commodity pricing for mining companies and pricing power at major service firms were key drivers of the statewide revenue increase. At the same time, supply chain shifts, inventory moves and uneven demand left technology and distribution revenues on a bumpier ride.
Local Stakes and What to Watch Next
The stakes in Arizona are not just on paper. Freeport disclosed multibillion dollar capital spending in its 2025 filings, and Republic Services' outlook points to more revenue growth next year, both are signals of continued investment decisions that ripple through hiring and supply chains across the state. Freeport's filing and Republic's release spell out the capital spending and guidance figures that investors and local leaders are scrutinizing.
For now, PBJ's ranking is a reminder that Arizona's corporate profile is shaped by a relatively small group of very large public companies, and that the statewide picture can swing with their fortunes. Whether 2025's revenue gains turn into a lasting trend will start to come into focus as 2026 quarterly and full year filings roll out. Local officials, job seekers and investors alike will be watching those reports for clues about whether the recent uptick is built to last.
