Publicly traded giants dominate the economic landscape, but a powerful, less visible tier of privately held corporations operates largely in the shadows. These companies wield immense financial power, often rivaling the revenue of well-known public entities. Determining the largest among them is complex because they lack mandatory financial disclosure requirements. The scale of these titans is judged by annual revenue, which provides a direct measure of operational size. The identity of the largest private company often shifts and relies on estimates from financial journalists.
Defining a Private Company
A private company is defined by its ownership structure and exemption from public trading regulations. Unlike public companies, whose shares are traded on exchanges like the NASDAQ or NYSE, a private company’s stock is not offered to the general public. Ownership is typically restricted to a small number of founders, management, or private investors, such as family members or private equity firms.
This structure results in less regulatory oversight, particularly from bodies like the Securities and Exchange Commission (SEC). Private entities are not required to file the extensive financial reports, such as 10-Ks and 10-Qs, that public companies must disclose. This lack of mandatory public financial reporting allows these companies to operate with greater confidentiality. When measuring the scale of these businesses, the metric used is estimated annual revenue, as market capitalization is not applicable to non-publicly traded businesses.
The Current Largest Private Company by Revenue
The largest private company in the United States by revenue is Cargill, Incorporated, a massive agribusiness and global food corporation founded in 1865. Cargill operates across the entire global food supply chain, from producing animal feed to trading commodities and manufacturing food ingredients. Its operations span more than 70 countries, positioning it as a significant player in the global food system.
Cargill achieved a peak estimated annual revenue of $177 billion for its fiscal year ending in May 2023, the largest reported revenue for any U.S. private company. Its core business involves trading and distributing grain, oilseeds, and other agricultural commodities, along with a financial services arm that manages risk in global commodity markets. As a private entity, Cargill releases few financial details, but estimates compiled by financial news organizations showcase its vast influence. Its estimated revenue for fiscal year 2024 remained immense at approximately $160 billion.
Challenges in Ranking Private Companies
Private ownership creates significant hurdles for accurately ranking these colossal enterprises. Unlike public companies, whose audited financial statements are standardized and accessible, private firms have no obligation to reveal their financial performance. This lack of transparency means that widely reported revenue figures are not official totals but are carefully constructed estimates.
Financial news outlets and analysts must rely on various data points to generate these figures. These sources include public records from certain subsidiaries, estimates based on industry benchmarks, and information gathered from suppliers and customers. This estimation methodology introduces uncertainty, meaning the reported ranking is always subject to dispute. The opacity surrounding their financial health is a deliberate strategic choice, but it ensures the answer to which company is truly the largest remains fluid and debated.
Other Major Private Companies
The private sector is home to many multi-billion-dollar entities that demonstrate immense economic power. These companies represent varied industries and often compete for the top spots in revenue rankings, reinforcing that the largest corporations are not solely found on public stock exchanges.
Top Private Companies in the United States
The second largest private company in the U.S. is typically Koch Industries, a diversified conglomerate involved in refining, chemicals, consumer products, and commodity trading. Koch Industries maintains an estimated annual revenue of around $125 billion.
The food and beverage industry features prominently among the largest private firms. Publix Super Markets, one of the largest regional grocery store chains, reported revenues of approximately $54.5 billion. Mars, Incorporated, the maker of confectionery and pet care products, generates around $45 billion. Additionally, Reyes Holdings operates as a global food and beverage distributor with revenues exceeding $30 billion.
Significant Global Private Entities
Beyond the United States, even larger private entities operate on a global scale. The commodity trading sector, similar to agribusiness, produces massive revenue generators due to the high volume and value of goods handled.
Vitol, a Dutch energy and commodity trading company headquartered in Switzerland, often claims the top spot globally with reported revenues reaching $400 billion. A close rival is the Swiss-based commodity trader, the Trafigura Group, reporting estimated revenues of $244.3 billion. In the retail sector, Germany’s Schwarz Group, the parent company of Lidl and Kaufland, is a major global force with revenues of approximately $180.6 billion. These examples highlight that while U.S. companies like Cargill are dominant domestically, the world’s largest revenue-generating private entities are often colossal, internationally focused trading houses.
The Strategic Advantage of Remaining Private
The decision for colossal companies to remain private is a deliberate strategic choice that offers distinct operational advantages. A primary benefit is insulation from the short-term pressures inherent in public markets. Private companies are not compelled to meet quarterly earnings expectations, allowing management to focus on long-term strategic goals.
This long-term perspective enables greater flexibility in decision-making and capital allocation. It permits the company to invest heavily in projects that may not yield returns for many years. Furthermore, private ownership grants founders or controlling families complete autonomy over the company’s direction. They can execute swift strategic pivots and maintain proprietary control over sensitive business information, preventing competitors from gaining insight. The ability to avoid the costs and regulatory scrutiny associated with public compliance, such as the Sarbanes-Oxley Act, further solidifies the rationale for retaining private status.