Largest Private Companies in the US (2026)

Cargill is the largest private company in the United States, ranked first by Forbes for the fifth consecutive year and for 38 of the past 39 years. Forbes records revenue of US$154.0bn for the fiscal year ended May 2025, down 3.7% on the previous list. Founded in 1865, the Minnesota company grew from a grain storage business into a producer and distributor of agricultural products and also provides commodity trading, risk management and transport services.

Koch, Inc., based in Wichita, Kansas, ranks second with revenue of US$125.0bn, a figure that has not changed from the preceding editions recorded in its Forbes profile. Its companies operate in refining, chemicals and polymers, pulp and paper, packaging, building materials, glass, electronics, software, commodity trading and other fields. Forbes reports that Koch companies are present in more than 50 countries and employ about 120,000 people.

Publix is the largest employee-owned company in the United States and the third-largest on the Forbes list, with US$59.7bn of revenue for fiscal 2024, up 4.6% on the previous list. Its own annual report states sales of US$59.7 billion for the 52 weeks ended 28 December 2024 and more than 255,000 employees. Founded in 1930 in Florida, Publix operates supermarkets across seven southeastern states.

Mars, Incorporated, headquartered in McLean, Virginia, ranks fourth with revenue of US$55.0bn for fiscal 2024, up 10.0% on the previous list. Founded in 1911 by Frank C. Mars in his Tacoma, Washington kitchen, it remains owned by the Mars family. Its brands include M&M's, Snickers, Skittles and Extra, together with pet-food brands such as Royal Canin, Pedigree and Whiskas and veterinary hospital networks including Banfield and VCA.

H-E-B Grocery Company, based in San Antonio, ranks fifth with revenue of US$49.57bn for the fiscal year ended October 2025, up 6.6% on the previous list. Founded in 1905 and still owned by the Butt family, it is a regional supermarket chain with stores in Texas and Mexico, including the Central Market and Mi Tienda formats. Its fiscal year ends later than that of most companies on the list, which mainly report calendar 2024.

Reyes Holdings, headquartered in Rosemont, Illinois, reported revenue of US$44.0bn for fiscal 2024, up 10.0% on the previous list. The family-owned group was founded in 1976 by brothers Chris and Jude Reyes with a beer distributorship in South Carolina. Its businesses include the Reyes Beer Division, Martin-Brower, which manages supply chains for quick-service restaurants, and two Coca-Cola bottling operations in the Midwest and California.

Enterprise Mobility, based in St. Louis and privately held by the Taylor family, ranks seventh with revenue of US$38.0bn for the fiscal year ended July 2025. It manages the Enterprise Rent-A-Car, National Car Rental and Alamo brands. Including subsidiaries, franchisees and its affiliate Enterprise Fleet Management, it operates a fleet of 2.3 million vehicles from nearly 9,500 locations in more than 90 countries and territories.

Fidelity Investments, headquartered in Boston, reported revenue of US$32.7bn for fiscal 2024, up 16.0% on the previous list, the highest growth rate in the top ten. Founded by Edward Johnson II in 1946, it is one of the largest US mutual fund companies and serves more than 40 million individuals. According to Forbes, the Johnson family owns 49% of the company and employees own the remaining 51%.

Southern Glazer's Wine & Spirits, based in Miami, is the largest wine and spirits distributor in the United States, with revenue of US$25.0bn for fiscal 2024, down 3.8% on the previous list. The company began in Florida in 1968 and expanded by acquiring established distributors. It now operates in 44 states, Canada and the Caribbean and distributes more than 7,000 brands, according to Forbes.

Cox Enterprises, based in Atlanta, reported revenue of US$23.5bn for fiscal 2024, up 1.7% on the previous list. The family-owned company was founded by James M. Cox in 1898, when he bought the Dayton Evening News. It comprises Cox Communications, a cable and broadband provider, and Cox Automotive, whose brands include Autotrader, Kelley Blue Book and the Manheim vehicle auctions.

Bechtel, headquartered in Reston, Virginia, reported revenue of US$23.0bn for fiscal 2024, up 11.7% on the previous list. Founded in 1898, it is run by the fifth generation of the Bechtel family. The company works on civil infrastructure, power, telecommunications and government projects, and its notable past work includes the Hoover Dam and the Channel Tunnel. Forbes lists it level on revenue with Gordon Food Service.

Gordon Food Service, based in Wyoming, Michigan, reported revenue of US$23.0bn for the fiscal year ended October 2025, up 9.5% on the previous list. Founded in 1897 as a butter-and-egg delivery business, it describes itself as North America's largest privately held, family-managed broadline foodservice distributor. It supplies restaurants and institutions in the United States and Canada and runs more than 175 stores open to the public.

JM Family Enterprises, based in Deerfield Beach, Florida, reported revenue of US$22.8bn for fiscal 2024, up 9.2% on the previous list, with about 5,500 employees, the smallest workforce in the top 15. Founded by Jim Moran in 1968, the company's subsidiaries include Southeast Toyota Distributors, the JM&A Group, World Omni Financial Corp. and JM Lexus, with further businesses in franchising and specialty distribution.

Meijer, the family-owned retailer based in Grand Rapids, Michigan, has revenue that Forbes estimates at US$22.0bn for the fiscal year ended January 2025, up 2.3% on the previous list. It operates more than 240 supercenters in Michigan, Ohio, Indiana, Illinois, Kentucky and Wisconsin, selling groceries alongside general merchandise and pharmacy services. Meijer opened its first combined food and general-merchandise store, Thrifty Acres, in 1962.

Love's Travel Stops & Country Stores, based in Oklahoma City, has revenue that Forbes estimates at US$21.6bn for fiscal 2024, down 10.0% on the previous list. Founded by Tom and Judy Love in 1964, it remains family-owned and operates more than 640 locations in 42 states, combining fuel stations, convenience stores, fast-food restaurants and services for truck drivers. Forbes lists about 40,000 employees.

ABC Supply, headquartered in Beloit, Wisconsin, reported revenue of US$20.7bn for fiscal 2024, up 1.5% on the previous list. Founded by Ken and Diane Hendricks in 1982, it is the largest wholesale distributor of roofing in the United States and also distributes other exterior and interior building products to professional contractors. It has more than 840 locations nationwide, according to its Forbes profile.

C&S Wholesale Grocers, based in Keene, New Hampshire, has revenue that Forbes estimates at US$20.0bn for fiscal 2024, down 41.2% on the previous list; both the revenue and the employee count are Forbes estimates. Founded in 1918 as a supplier to independent grocery stores, it describes itself as the largest wholesale grocery supply company in the United States, serving more than 7,700 supermarkets, chain stores, military bases and institutions.

World Wide Technology, based in Maryland Heights near St. Louis, reported revenue of US$20.0bn for fiscal 2024, level with C&S Wholesale Grocers. The company was co-founded in 1990 by David Steward and Jim Kavanaugh. It provides technology strategy, integration and supply-chain services to large public and private organisations and operates an Advanced Technology Center for testing products from multiple vendors.

QuikTrip, headquartered in Tulsa, Oklahoma, reported revenue of US$19.33bn for fiscal 2024, down 1.2% on the previous list. Founded in 1958, it operates more than 1,100 convenience stores and fuel stations in 21 states across the South, Midwest and Southwest. Forbes reports that the Cadieux family holds a majority of the company, with about 20% owned through an employee stock ownership plan, and that it employs about 31,000 people.

Carahsoft Technology, based in Reston, Virginia, has revenue that Forbes estimates at US$18.9bn for fiscal 2024, up 22.2% on the previous list, the fastest growth in the top 25. Founded in 2004, it resells and distributes software and cloud products from vendors including Adobe, AWS, Google Cloud, Microsoft, Oracle and Salesforce to government agencies. With about 2,100 employees, it has the smallest workforce in the top 25.

Wawa, based in Wawa, Pennsylvania, reported revenue of US$18.64bn for fiscal 2024, down 1.1% on the previous list. It is one of 43 companies that have appeared on every edition of the Forbes list over four decades. The chain operates convenience stores, most with fuel, in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Washington, D.C., and Florida, selling made-to-order sandwiches, coffee and other fresh food.

RaceTrac, the family-owned convenience store and fuel retailer headquartered in Atlanta, reported revenue of US$18.1bn for fiscal 2024, up 6.6% on the previous list. Founded in 1934, it has nearly 800 locations under the RaceTrac and RaceWay brands in 13 states. Its affiliated companies include Metroplex Energy, Energy Dispatch and Gulf Oil. It is the fourth fuel and convenience retailer in the top 25.

Kiewit, headquartered in Omaha, Nebraska, reported revenue of US$16.8bn for fiscal 2024, down 1.9% on the previous list. The employee-owned company traces its roots to 1884 and operates through subsidiaries in the United States, Canada and Mexico. It provides construction and engineering in transportation, oil, gas and chemicals, power, buildings, water, industrial, mining and marine markets. It is the second engineering and construction contractor in the top 25 after Bechtel.

Edward Jones, based in St. Louis, reported revenue of US$16.00bn for fiscal 2024, up 16.0% on the previous list, the same growth rate as Fidelity Investments. Founded in 1922 by Edward Jones Sr., it advises individual investors in the United States and Canada and is the principal operating company of the Jones Financial Companies. Forbes lists about 55,000 employees.

McKinsey & Company, based in New York, has revenue that Forbes estimates at US$16.0bn for fiscal 2024; its employee count of 38,000 is also a Forbes estimate. The firm was founded in 1926 by James O. McKinsey, a University of Chicago professor, and opened its first international office in London in 1959. Forbes describes it as the largest pure consulting firm in the world, with over 100 offices in more than 50 countries.