Special Report

America's 25 Largest Private Companies

Steven Peters

Published: March 31, 2017 6:00 am

Last Updated: January 12, 2020 1:26 pm

Whether to go public or not is a complex decision for business owners. Initial public offerings can quickly generate massive amounts of capital that could be used for company expansion or for paying existing debt. IPOs are also frequently used as an exit strategy for early investors looking to realize a return on their initial investment.

Going public, however, also has some drawbacks. Public companies have to adhere to Securities and Exchange Commission regulations as well as answer to shareholder demands. In addition, while keeping a company private may restrict its growth potential, profits will remain in the hands of the few investors.

With data provided by PrivCo, a private company intelligence platform, 24/7 Wall St. listed the top 25 U.S. private companies by annual revenue. Cargill, Incorporated is the largest private company in the country with annual revenue exceeding $120 billion.

Click here to see the America’s largest private companies.

The companies on this list operate in 13 industries. Insurance companies are by far the most common, representing seven of the 25 largest private companies. Notably, most of these insurance companies are mutual insurance companies, in which ownership lies with policyholders as opposed to a small group of investors.

The largest publicly-held U.S. companies in the country dwarf the largest private companies. Of the largest 25 companies nationwide, including both private and public companies, only two are private: Cargill, Inc. and Koch Industries Inc. The largest public company, Wal-Mart, has four times the annual revenue of the largest private company.

To determine America’s largest private companies, 24/7 Wall St. reviewed annual revenue figures provided by PrivCo. Industry and headquarter locations were also aggregated by PrivCo.

These are America’s largest private companies.

Source: Taylor2646 / Wikimedia Commons

25. Cox Enterprises, Inc.
> Revenue: $18.1B
> Industry: Media
> Headquarters: Atlanta, GA

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Source: accessindustries.com

24. Access Industries
> Revenue: $19.1B
> Industry: Media
> Headquarters: New York, NY

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Source: Wikimedia Commons

23. Enterprise Holdings, Inc.
> Revenue: $19.4B
> Industry: Car Rental Service
> Headquarters: St. Louis, MO

Source: Wikimedia Commons

22. National Amusements Inc
> Revenue: $21.6B
> Industry: Media
> Headquarters: Dedham, MA

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Source: John Phelan / Wikimedia Commons

21. Love’s Travel Stops & Country Stores, Inc.
> Revenue: $22.5B
> Industry: Gas Stations
> Headquarters: Oklahoma city, OK

Source: Coolcaesar / Wikimedia Commons

20. Pilot Travel Centers LLC
> Revenue: $22.9B
> Industry: Gas Stations
> Headquarters: Knoxville, TN

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Source: Wikimedia Commons

19. HEB Grocery Company, LP
> Revenue: $23.0B
> Industry: Supermarket
> Headquarters: San Antonio, TX

Source: www.reyesholdings.com

18. Reyes Holdings LLC
> Revenue: $24.0B
> Industry: Food Wholesaler and Distributor
> Headquarters: Rosemont, IL

Source: David Shankbone / Wikimedia Commons

17. United Services Automobile Association (USAA)
> Revenue: $24.4B
> Industry: Insurance
> Headquarters: San Antonio, TX

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Source: AlexiusHoratius / Wikimedia Commons

16. Northwestern Mutual Life Insurance Company
> Revenue: $27.9B
> Industry: Insurance
> Headquarters: Milwaukee, WI

Source: penskevehicleservices.com

15. Penske Corporation
> Revenue: $29.2B
> Industry: Transportation
> Headquarters: Bloomfield Hills, MI

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Source: Wikimedia Commons

14. Massachusetts Mutual Life Insurance Company
> Revenue: $29.5B
> Industry: Insurance
> Headquarters: Springfield, MA

Source: Janice Waltzer / Wikimedia Commons

13. C&S Wholesale Grocers, Inc.
> Revenue: $30.0B
> Industry: Food Wholesaler and Distributor
> Headquarters: Keene, NH

Source: Wikimedia Commons

12. Bechtel Corporation
> Revenue: $32.3B
> Industry: Construction
> Headquarters: San Francisco, CA

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Source: Alexf / Wikimedia Commons

11. Publix Super Markets Inc.
> Revenue: $32.4B
> Industry: Supermarket
> Headquarters: Lakeland, FL

Source: Wikimedia Commons

10. Mars Inc.
> Revenue: $33.0B
> Industry: Snack Food
> Headquarters: McLean, VA

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Source: Wikimedia Commons

9. Deloitte LLP
> Revenue: $35.2B
> Industry: Accounting & Consulting
> Headquarters: New York, NY

Source: Wikimedia Commons

8. Liberty Mutual Holding Co., Inc.
> Revenue: $37.6B
> Industry: Insurance
> Headquarters: Boston, MA

Source: Wikimedia Commons

7. Nationwide Mutual Insurance Co.
> Revenue: $43.0B
> Industry: Insurance
> Headquarters: Columbus, OH

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Source: Noah Sheridan / Wikimedia Commons

6. New York Life Insurance Company
> Revenue: $45.9B
> Industry: Insurance
> Headquarters: New York, NY

Source: Eustress / Wikimedia Commons

5. Dell Inc.
> Revenue: $58.1B
> Industry: Computer
> Headquarters: Round Rock, TX

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Source: Caldorwards4 / Wikimedia Commons

4. Albertsons Companies, Inc.
> Revenue: $58.7B
> Industry: Supermarket
> Headquarters: Boise, ID

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Source: Wikimedia Commons

3. State Farm Mutual Automobile Insurance Co.
> Revenue: $75.7B
> Industry: Insurance
> Headquarters: Bloomington, IL

Source: Walter Siegmund / Wikimedia Commons

2. Koch Industries Inc.
> Revenue: $100.0B
> Industry: Commodities
> Headquarters: Wichita, KS

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Source: Wikimedia Commons

1. Cargill, Incorporated
> Revenue: $120.4B
> Industry: Agribusiness
> Headquarters: Wayzata, MN