CORRECTED
Crain’s exclusive list of Chicago’s Largest Privately Held Companies is back, with data reflecting broader financial trends across each industry as Chicagoans felt both the pangs of inflation and relief from a receding pandemic.
In our newest list, 359 organizations made the cut with 2022 revenue of at least $85 million. On average, these companies saw revenue grow 17.6% and local employment increase 13.7% year over year.
Notably, 91 companies on this year’s list reported at least $1 billion in revenue, compared with 81 companies in last year’s ranking.
Chicago’s food industry, comprised of food manufacturers and restaurants, saw the greatest swell in average revenue: an impressive 31.5% increase. That’s compared to a 5% increase in 2021. Revenues were boosted by inflation price hikes and relaxed COVID restrictions.
Loosened COVID rules also helped Chicago’s main sports teams in 2022, which saw an average increase in revenue of about 30%. Forbes estimates the Chicago Bulls made $352 million last year, up 65% from 2021. Meanwhile, the Bears saw about a 41% boost in revenue, bringing in an estimated $520 million — despite finishing the 2022 season with the worst record in the NFL.
One company that attributes its massive revenue growth to the waning pandemic is Maverick Hotels & Restaurants, which saw a whopping 491% increase from 2021. The hospitality group ranks No. 301 on the list, reporting $130 million in 2022 revenue.
Law firm ArentFox Schiff, which formed when Schiff Hardin merged with ArentFox last year, saw the second-greatest surge in revenue on our list: a 202% increase from 2021. The firm now ranks No. 136 on the list with nearly $534 million.
Not all of Chicago’s top privately held companies saw growth last year — especially mortgage lenders. The Federal Savings Bank saw nearly a 50% plunge in revenue from 2021, and Crain’s estimates Guaranteed Rate, which declined to provide its 2022 revenue, saw about a 25% decrease in revenue.
Bloomington-based State Farm Mutual Automobile Insurance maintains its No. 1 spot on the list with $89.3 billion in revenue, and Health Care Service Corp. reigns as Cook County’s largest privately held company with $54.1 billion in revenue.
The extended Excel version of our list features 432 companies with at least $15 million in revenue. It’s available for download in Crain’s Data Center, exclusively for Crain’s Data Members.
Revenue figures for State Farm Mutual Automobile Insurance and Health Care Service Corp. have been corrected in this updated story.
The list features 20 firms ranked by number of local licensed architects in 2024.
On average, the 128 companies on our list saw a 5.2% increase in revenue in 2023.
Our exclusive list is back.
