The more things change, the more they stay the same. Despite the dynamic and evolving landscape of Dallas-Fort Worth’s business scene, the region’s top companies remained largely consistent from 2023 to 2024. Healthcare retained its lead as the highest-revenue sector, while real estate and energy also demonstrated strong results. However, more subtle shifts emerged heading into 2025. Companies increasingly embraced AI technologies both internally and externally. Several firms underwent acquisitions across industries such as telecommunications and trucking. Meanwhile, the home building sector’s strong momentum cooled, a trend continuing into mid-2025. The Dallas Morning News’ annual ranking of the 150 largest publicly traded companies in D-FW, based on 2024 fiscal year revenue, provides detailed insights into these trends. This comprehensive list, surpassing $1. 1 trillion in combined revenue (up 3. 8% from 2023) and over $1. 6 trillion in market cap, serves as a vital benchmark for competitors and job seekers, reflecting the region’s economic health. Leading the pack, healthcare supplier McKesson Corp. of Irving reported $359 billion in revenue, followed by AT&T at $122 billion and Energy Transfer at $82 billion. Significant changes included Six Flags Entertainment climbing 15 spots to No. 45 after its $8 billion merger with Cedar Fair. Conversely, Texas Instruments dropped four spots to 18 due to a $1. 9 billion revenue decline, while GameStop fell eight places to No. 34 amid a $1. 4 billion revenue decrease amid shifts in video game distribution. The rise of generative AI In 2024, the adoption of AI accelerated as companies integrated increasingly sophisticated tools. Mature predictive AI had already supported internal decision-making—enhancing product recommendations, investments, and process optimization—according to Southern Methodist University professor Amit Basu. More recently, the emergence of generative AI, such as ChatGPT, offered firms the ability to deliver personalized customer experiences. Sabre’s chief product and technology officer Garry Wiseman noted generative AI enables contextual understanding of user tasks, expediting product development and boosting customer response times. This technology also improves customer satisfaction by enabling self-service and reducing call center demand. Tyler Technologies applies generative AI to assist public sector clients by enhancing efficiency, information access, and resident engagement. Franklin Williams, president of Tyler’s data and insights division, highlighted the transformative impact of AI, which has democratized access to powerful foundational models, removing barriers related to capital and expertise. AI is expected to affect every role and client interaction at Tyler. Nevertheless, some companies remain cautious. American Airlines CEO Robert Isom emphasized AI’s role in enhancing customer experience but rejected its use for dynamic pricing, underscoring trust and transparency. Basu points to ongoing challenges with integrating AI into products and training employees to optimize the technology’s benefits. Acquisitions remain active In 2024, at least six major acquisitions were announced or completed.

Verizon’s pending acquisition of Frontier Communications aims to expand fiber infrastructure nationwide. Prysmian Group bought McKinney’s Encore Wire Corp. to strengthen its North American position, and Canadian logistics firm TFI International finalized its acquisition of Addison-based Daseke. While the volume of deals seems notable, it aligns with North Texas’s historically robust merger and acquisition activity, according to attorney Brent Beckert. The region’s diverse industries and numerous private equity funds, family offices, and financial investors have kept markets vibrant despite national downturns or geopolitical challenges. This investor presence drives competitive pricing and encourages companies to consider sales. Beckert expects 2025 to be even busier as some firms delayed market moves pending the presidential election and tariff developments. The aerospace defense sector, for example, saw increased M&A after the election. Several companies completed acquisitions in early 2025, such as New Home Company’s purchase of Landsea Homes and Exela Technologies’ absorption by XBP Europe Holdings. Home building cools Real estate and homebuilding remained healthy in 2024. D. R. Horton reported $36. 8 billion in revenue (a 3% increase), maintaining its top-10 status, while CBRE Group Inc. also ranked among the highest with over $35 billion. However, data and industry insight indicate a slowdown in 2025. Residential Strategies Inc. principal Ted Wilson noted a decline in demand and sales, partly driven by slower job growth and reduced migration. While builders have mitigated rising mortgage rates through rate buydowns (often around 5%) to compete with existing homes, a reported 20-30% dip in monthly sales is emerging. This slowdown is expected to impact earnings as incentives and buy-downs continue to sustain sales. Tariff concerns alarmed the industry in April 2025 but have since eased, as companies secured alternative material sources. While tariff levels remain uncertain, anticipated cost increases are not projected to be severe. Wilson praised the resourcefulness of purchasing departments in managing supply chain challenges. Overall, despite some sector-specific slowdowns and evolving technology integration, Dallas-Fort Worth’s business landscape remains robust, driven by steady revenue growth, strategic acquisitions, and advancing AI adoption.