The more things change, the more they remain the same.
Dallas – Despite the diverse and ever-changing nature of Fort Worth's business world, most of North Texas Upper Echelon companies were consistent from 2023 to 2024.
But beneath the surface, more subtle changes were underway, which became increasingly apparent in 2025. Several companies have been acquired in several industries, including telecommunications and trucking. The hot start of the home building has been delayed. This pattern continued into the summer of 2025.
Dallas Morning News” The annual ranking of the 150 largest public companies in D-FW is here to analyze trends and their meanings. The revenue-based ranking from fiscal year 2024 is one of the broadest available. While it serves as a barometer for local business health, it is also an important guide for rivals and job seekers.
150 public companies generated more than $1.1 trillion in revenue in 2024, 3.8% more than the companies that brought in the previous year.
Their combined market capitalization is over $1.6 trillion.
Irving-based healthcare supplier McKesson has once again become the region's top gross company with AT&T ($122 billion) and energy transfer ($82 billion) with revenues of $359 billion for the fiscal year ended May.
Among the biggest movers was Six Flags Entertainment, a theme park company that merged with competitor Cedar Fair in 2024 in a $8 billion deal. 15 spots have been moved to No. 45.
Tech maker Texas Instruments dropped four spots, with Dallas ranked 18th as revenues fell by $1.9 billion between 2023 and 2024.
Grapevine video games retail chain GameStop has now turned eight spots as revenue fell to $1.4 billion to $3.8 billion in 2024 as small retail investors refocused. The company deals with drastic changes in how video games are distributed and sold.
Continuous rise in the generation AI
Companies were increasingly using artificial intelligence in 2024 as they adapted to more and more impressive technologies.
For several years, these organizations have used more mature predictive AI software as part of their internal processes.
“This is where we develop AI models and essentially provide expert-level support for decision-making in a rather specific, narrow field. This is what it is in terms of customer product recommendations, investment options, process design, outcomes and more.”
However, many companies since D-FW have turned their attention to generator AI in the past two to three years with the advent of CHATGPT.
As explained by Southlake-based travel technology company Saber's Garry Wiseman, Generative AI allows for a more personalized experience than more common AI solutions.
“General AI is more likely to have a context about the person trying to complete a task compared to traditional AI… so that we can personalize the results,” he said.
Wiseman, Saber's Chief Product and Technology Officer, also added that the generator AI will provide the company with the ability to build products, bring them to the market and respond quickly to customers.
“I've seen an increase [in customer satisfaction scores] I've deployed some of these new solutions so… [that] Wiseman said:
Software Solutions Company Tyler Technologies uses generated AI to help public sector clients. The company focuses on three main pillars when helping customers do their jobs. It helps to do less and helps decision makers find information and connect residents with the public sector.
“It's a really neat space for our clients, and a really neat space for us too,” said Franklin Williams, president of Tyler's data and insights. “In all of them, we see active projects, active solutions with our clients… we see what we believe is truly, truly transformative change.
Williams added that generate AI in particular has “democratized access” to AI for software companies and people around the world.
“It created the basic model of these very, very capable general purpose models types that everyone had access to. [you] We no longer needed the same level of capital or anything that required access to the basic model,” he said.
Williams sees AI touching on every role in Tyler, and will affect all the touchpoints his clients have in the company in the future.
However, some companies are more resistant to the rise of AI. American Airlines CEO Robert Isom said in the company's second quarter revenue call that it would use AI to improve the customer experience while not using it to set pricing.
“Consumers need to know that they can trust Americans,” says Isom. “This isn't about bait and switching. It's not about tricks. And I know that others you know are talking about using AI that way. I don't think it's appropriate.
As AI continues to grow, BASU believes there are several major challenges, including integrating AI into enterprise products and services, and having well-trained employees to use the technology.
A wealth of mergers?
During fiscal year 2024, at least six companies announced that they are in the process of acquisition or have completed the acquisition. One of the most notable is Verizon, which acquires Dallas-based Frontier Communications. Frontier moved from Connecticut to Texas in 2023. Although the deal has not yet ended, the telecommunications giant hopes to use frontier resources to expand its textile footprint across the country, according to a company's press release.
Italian cable solutions company Prysmian Group has completed its acquisition of McKinney's Encore Wire Corp. in July 2024, strengthening its “leadership position in North America,” the company announced. Canada's Transport and Logistics Group TFI International officially acquired Addison-based transport company Daseke in April last year after the deal was made public at the end of 2023.
The amount of acquisitions seems unusual, but in reality it's cool in northern Texas.
“Dallas, historically and undoubtedly outweighs the national market today… from a growth perspective. [mergers and acquisitions and] Haynes Boone merger and acquisition attorney Brent Beckert said:
Beckert also pointed to the diversity of businesses in the region, and pointed out that funds are raised or put into the market to be sold as D-FW strength. If there is one industry in a slump, there is another industry that is performing.
In addition to the various business units, North Texas is home to many middle market private equity companies and businesses that are very active in the area.
“We have a large number of private equity funds and family offices and independent sponsors, all kinds of financial investors with money to deploy.
He added that these groups are primarily isolated from geopolitical factors such as rising rates and tariffs affecting other parts of the state and the nation as a whole. North Texas is also growing, with many companies moving their operations into the region.
Some companies announced their acquisition process in 2024, but Beckert believes 2025 will be even busier. A considerable number of companies were waiting to see the results of the presidential election before heading to the market. For example, as Beckert explained, there was an increase in aerospace defense trade after the 2024 election. Other organizations have either been waiting to go to the market or have been shelved the process for months to navigate the uncertainty of tariffs.
Many companies announced their final acquisitions early in the year. New Home Company completed the acquisition of Dallas-based home builder Landsea Homes in June, and Exela Technologies was absorbed by XBP Europe Holdings Inc. in July.
The house building is slower
In 2024, the real estate and home construction industry was relatively healthy. Horton, led by Arlington, the nation's largest home builder, has once again made money into the top 10 companies with revenues at $36.8 billion, up 3% from 2023.
In contrast, the second half of 2025 can be a hassle.
“builder [had] Reasonable revenue for the last year and the first two quarters,” said Ted Wilson, principal of Residential Strategies Inc. Many of our guidance [we’re] The contact from the builders is that they are probably leading them towards a slowdown when it comes to sales numbers. ”
In most cases, the homebuilding industry has managed to survive higher mortgage rates through mortgage buying. Wilson explained that these groups competed with existing homes by purchasing up to about 5% of their mortgages over the past few years.
However, as employment growth in D-FWs is declining and combined with reduced domestic and international migration, the decline in demand is beginning to cause discomfort. Some Wilson say there's a 20% to 30% slower in sales over the next few months.
“We're looking at it with all the incentives and rate shopping and giveaways, with the giveaways they had to do to stay… near the plan. [are] It will probably hurt their income as they move forward,” he said.
Regarding tariff concerns, Wilson noted that the alarm bell departing in April has quietened. Most companies were able to source and obtain material from elsewhere if they were overly dependent on countries with high tariffs. There is still uncertainty as to what these tariffs will look like in the end, but the potential rise in costs is not predicted to be serious.
“I think there was a lot of work. People who buy departments for these companies are pretty resourceful,” he said.
