2 of 20
2. AT&T
2. AT&T
Fortune 500 rank: 12
2010 profit: $19.9 billion

Even before its proposed mega-deal with T-Mobile this year, AT&T was on a roll. In 2010 the iPhone sold like gangbusters; its network quality saw some improvements; and wireless data revenues jumped by almost 30%--the highest among the industry's giants.

Profits rocketed nearly 60% during the year, helped by a few notable divestitures, to make AT&T the second most profitable in the Fortune 500. How long it holds that ranking depends on how attractive AT&T remains to consumers after losing exclusive rights to the iPhone to Verizon, and whether it can bring even more meaningful boosts to its network .

NEXT: 3. Chevron
Last updated May 10 2011: 8:38 AM ET
Top 50 Wal-Mart holds Exxon Mobil at bay and rules the Fortune 500 for the second year in a row. Which other companies made the top 50? More
They're hiring! These Fortune 100 employers have at least 350 openings each, totaling more than 96,000 jobs. What are they looking for in a new hire? More
Best big companies to work for See the 27 companies that made both the Fortune 500 and Best Companies to Work For lists this year. More
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.