Rhode Island might be the smallest state, but don't let that fool you into thinking small about its business scene. Home to four Fortune 500 companies that collectively generate more revenue than some small countries' entire GDPs, the Ocean State punches way above its weight class in the corporate world.
The Fortune 500 club: Rhode Island's heavy hitters
Let's start with the big kahuna… the company that makes Rhode Island home to the sixth-largest corporation in America.
CVS Health: The $372 billion neighbor
CVS Health dominates the Rhode Island corporate landscape from its Woonsocket headquarters, pulling in a mind-boggling $372.8 billion in revenue. That's billion with a B, folks. To put that in perspective, that's more than the GDP of countries like Egypt or Vietnam.
The pharmacy giant employs over 300,000 people globally, though recent news hasn't been all sunshine and MinuteClinics. In October 2024, CEO Karen Lynch got the boot (sorry, "transitioned to new opportunities") and was replaced by David Joyner. The company also announced it's cutting 2,900 jobs, including 632 right here in Woonsocket.
But before you panic about Rhode Island's economy, remember that CVS still contributes massively to the state. A 2012 study showed they pumped $1.2 billion into Rhode Island's GDP, with projections suggesting $35 billion over the following decade. Not too shabby for a company that started as Consumer Value Stores back in 1963.
United Natural Foods: Keeping Whole Foods whole
Coming in at number 139 on the Fortune 500, UNFI generates $31.3 billion in annual revenue from its Providence headquarters. If you've ever shopped at Whole Foods and wondered how all that organic, non-GMO, gluten-free quinoa gets there… well, you can thank UNFI's 28,000 employees worldwide.
The good news? They just extended their partnership with Whole Foods through 2032, securing their position as the primary distributor of overpriced avocados (kidding, kind of). The not-so-good news? They're closing their Lincoln office and cutting 120+ jobs.
Textron: More than just golf carts
Textron sits at number 218 on the Fortune 500, bringing in $13.7 billion in revenue. From their Providence headquarters, they oversee an empire that includes:
- Cessna and Beechcraft planes
- Bell helicopters (yes, the military ones)
- E-Z-GO golf carts
- Defense systems
- Whatever an "eAviation division" does
With 34,000 employees worldwide and a combined backlog exceeding $16 billion, they're doing pretty well despite profits dropping 10.6% in 2024. They also dealt with a four-week strike at their Wichita facility, because apparently even aerospace workers need to vent sometimes.
Citizens Financial Group: Your friendly neighborhood $217 billion bank
Rounding out our Fortune 500 lineup is Citizens Financial Group, ranked 432nd with $9.1 billion in revenue. Founded in 1828 (yes, Andrew Jackson was president), Citizens manages $217.5 billion in assets and employs 18,100 people across approximately 1,000 branches.
They're not just about the money though. Citizens distributed $2.4 million in grants to 137 nonprofits, proving that banks can have hearts too… or at least good PR departments.
Healthcare: The state's employment powerhouse
Beyond CVS, Rhode Island's healthcare sector employs over 40,000 people, making it one of the state's biggest job creators. And honestly, with all those coffee milks and stuffies we're consuming, we probably need all the healthcare we can get.
The hospital giants
Brown University Health (formerly Lifespan) takes the crown as Rhode Island's largest private employer with 15,000 workers. They operate six hospitals including Rhode Island Hospital with its 719 beds and handle 154,000 emergency visits annually. That's a lot of "I thought I could fix it myself" incidents.
Care New England comes in second with 8,000 employees, though they're dealing with some financial headaches… a $14 million operating loss in 2023. Still, that's better than their previous year's $58 million loss, so progress?
Insurance that actually covers Rhode Islanders
Blue Cross Blue Shield of Rhode Island insures over 550,000 members, which is more than half the state's population. With $2.1 billion in annual revenue and 1,100 employees working from their fancy LEED-certified headquarters, they're keeping Rhode Islanders healthy… or at least insured.
Industry analysts project the healthcare sector could reach $11.5 billion by 2035. That's a lot of growth potential for job seekers willing to navigate the complex world of healthcare.
Manufacturing: From toys to submarines
Rhode Island's manufacturing scene is like a box of chocolates… if that box included submarine parts and Monopoly pieces.
Hasbro's headquarters headache
Here's where things get dicey. Hasbro, the Pawtucket-based toymaker that's been around for 100 years, is considering moving to Boston. After cutting their workforce from 1,400 to 1,000 Rhode Island employees, they're eyeing Boston's Seaport district like a kid looking at the cool toys in the next aisle.
The silver lining? Their Wizards of the Coast division (think Dungeons & Dragons and Magic: The Gathering) maintains a 42% operating margin. Turns out nerds are profitable. Who knew?
State officials are desperately pitching I-195 land for a new headquarters, because losing Mr. Potato Head to Massachusetts would be… well, not ideal.
General Dynamics Electric Boat: Building America's submarine fleet
On the flip side, General Dynamics Electric Boat at Quonset Point employs 4,500 workers, making it the state's largest industrial employer. Their 1.4 million square foot facility produces Virginia-class and Columbia-class submarine modules, backed by a recent $5.1 billion contract.
Amgen's biotech brilliance
Amgen's West Greenwich facility employs 900 people on a 75-acre campus, manufacturing biologics like Enbrel. Their $200 million next-generation plant uses 50% less energy and water while providing 150% more capacity. That's the kind of math we like to see.
Other notable manufacturers keeping Rhode Island's industrial heart beating:
- Schneider Electric/APC: 15,000 employees
- Toray Plastics: 600 employees
- International Game Technology
- 1,600 total manufacturing companies
Banking on Rhode Island's financial sector
The financial services industry provides more than just places to cash your paycheck. These companies employ thousands and keep the state's economic engine humming.
Historic banks with modern challenges
Washington Trust Company, founded in 1800 (making it older than your great-great-great-grandmother's cookie recipe), operates from Westerly and has earned Forbes "Best-In-State Bank" honors four years running. Not bad for a bank that predates the light bulb.
Centreville Bank, founded in 1828, employs 257 people and plans to open four new Rhode Island branches in 2025. They even acquired Connecticut's Putnam Bank in 2020, because apparently Rhode Island companies can play offense too.
Insurance and beyond
Amica Mutual Insurance brings 3,781 jobs to Lincoln, serving 1.2 million policyholders nationwide. As America's oldest mutual automobile insurer (founded 1907), they've been covering fender benders since before cars had fenders worth bending.
FM Global's Johnston headquarters houses 1,500 employees who specialize in engineering-based commercial property insurance. Because when you're insuring million-dollar properties, "seems fine to me" doesn't cut it.
The tech scene: Yes, Rhode Island has one
Before you roll your eyes, Rhode Island's technology sector is more robust than you might think.
American Power Conversion (now part of Schneider Electric) employs a whopping 15,000 people from its Kingston facility. They make uninterruptible power supplies and cooling systems for data centers, which is basically keeping the internet from melting down. You're welcome.
KVH Industries in Middletown employs 600 people developing communications systems for maritime and military applications. Because someone has to make sure ships can still send "wish you were here" messages from the middle of the ocean.
Education: The brain trust
Higher education isn't just about producing graduates… it's also about producing jobs.
Brown University employs 4,654 people with a $477 million annual payroll to Rhode Island residents. The University of Rhode Island adds another 5,472 employees. Together, they're creating the next generation of workers while employing the current one.
The challenges ahead
Now for the reality check. Rhode Island's business landscape faces some serious headwinds:
- Healthcare providers experiencing unsustainable cost increases
- Competition from neighboring states (looking at you, Massachusetts)
- Potential loss of historic companies like Hasbro
- Lower reimbursement rates than neighboring states
- Remote work making location less sticky
CVS's recent turmoil, including pressure from activist investors considering breaking up the company, shows that even giants can stumble. Add in Amazon Pharmacy nipping at their heels, and suddenly that Woonsocket headquarters doesn't feel quite as secure.
What it all means for you
Whether you're job hunting, starting a business, or just curious about who's signing the paychecks in Rhode Island, here's what matters:
For job seekers: Healthcare, defense manufacturing, and financial services offer the most stable opportunities. Tech is growing, and education always needs talent.
For entrepreneurs: The state is actively courting businesses with $15.5 million in tax credits for companies like Anduril and REGENT Craft.
For current employees: Keep an eye on your company's headquarters discussions. Hasbro isn't the only one eyeing the exits.
The bottom line
Rhode Island's largest businesses generate over $370 billion in combined revenue and employ hundreds of thousands globally. That's not small potatoes… or small quahogs, to keep it local.
The state's economic future depends on keeping these corporate giants happy while attracting new blood. With manufacturing exports exceeding the national average and emerging sectors like the blue economy showing promise, there's reason for optimism.
Just maybe keep that resume updated. You know, just in case your company's CEO starts taking suspicious trips to Boston.
