Apple came in at #17 (up from #35) on the new Fortune 500 list that was released today.

The Fortune 500 list ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies incur.

In an introduction to the list, Fortune‘s Shawn Tully writes, “Apple boosted earnings by 85%, to $25.9 billion, helped by two of the best selling consumer products in history, the iPhone and the iPad, which together generated $67 billion in sales, more than double the figure in 2010. #37 Microsoft also enjoyed a banner year, lifting earnings by 23%, to $23.2 billion. Swelling its results were a 48% gain in sales on its Xbox 360, the best selling video game console, and a 23% jump in its profits from business software and services.”

The Top 20:
(Rank, Company, Revenue (in millions, Profit (in millions)

01. Exxon Mobil, $452,926, $41,060
02. Wal-Mart Stores, $446,950, $15,699
03. Chevron, $245,621, $26,895
04. ConocoPhillips, $237,272, $12,436
05. General Motors, $150,276, $9,190
06. General Electric, $147,616, $14,151
07. Berkshire Hathaway, $143,688, $10,254
08. Fannie Mae, $137,451, -$16,855
09. Ford Motor, $136,264, $20,213
10. Hewlett-Packard, $127,245, $7,074
11. AT&T, $126,723, $3,944
12. Valero Energy, $125,095, $2,090
13. Bank of America Corp., $115,074, $1,446
14. McKesson, $112,084, $1,202
15. Verizon Communications, $110,875, $2,404
16. J.P. Morgan Chase & Co., $110,838, $18,976

17. Apple, $108,249, $25,922The company emerged from the tragic passing of co-founder Steve Jobs saddened but in no perceptible way weakened. Under CEO Tim Cook, the company continued pumping out new products — like a significantly upgraded version of the iPad tablet. Apple nearly doubled its earnings per share in 2011, compared to 2010. That helped nudge management to announce plans for the firm’s first dividend since 1995, returning some of the $97.6 billion in cash it had accumulated. Apple fans and analysts alike also continue to await a long-rumored television set from the gadget maker.

18. CVS Caremark, $107,750, $3,461
19. International Business Machines, $106,916, $15,855
20. Citigroup, $102,939, $11,067

The full 2012 Fortune 500 list is here.

Related articles:
Apple vaults into top 50 of Fortune 500 – May 5, 2011
Apple shoots up 15 spots to 56th place on 2010 Fortune 500 list of largest U.S. corporations – April 15, 2010