For 35 years, Forbes has tracked the ups and downs of America’s largest private companies. Nearly all of these companies have deliberately avoided public markets, preferring to operate as they see fit, not subject to the scrutiny and pressures of public markets. In fact, eight of the top 10 were on our very first list in 1985, and the average age of the companies is 75.
But while these businesses may prefer to operate away from the limelight, they control many of the nation’s best known brands from M&Ms and Windex to Publix and Wegmans to Perdue Chicken. Also in the ranks are Bloomberg LP, the financial services and media giant founded by presidential candidate Mike Bloomberg, and newcomer Airbnb, the sole unicorn on the list, though it may not be long for the ranks as it plans to go public soon.
These companies also have massive economic heft, employing 4.7 million people worldwide and bringing in combined revenues of $1.7 trillion. That’s up from $1.65 trillion a year ago, despite the fact that only 228 companies, one less than in 2018, made the list, which requires minimum revenues of $2 billion.
For the 12th consecutive year, Cargill is America’s largest private company, despite a slight drop of $1.2 billion in revenues to $113.5 billion in fiscal year 2019. The Minneapolis-based agribusiness has only missed the number one ranking twice in the 35 years Forbes has published this list.
While there was very little change, especially at the top, 14 companies not on last year’s list climbed into the ranks. That includes 8 that returned after a year or more absence. Leading that group is Smart & Final, a California-based chain of warehouse-style stores, at No. 24. Smart & Final first joined the ranks in 2007 when it was acquired by Apollo Global Management. Apollo sold the company to Ares Management in 2012. Smart & Final then went public in September 2014, and was once again taken private by Apollo in June.
There are also six newcomers making their debut including Hearthside Food Solutions (No. 160), a contract baker and food manufacturer that makes everything from cookies and crackers to protein bars and granola for other food brands. The company earned its spot through a series of acquisitions, including frozen and refrigerated food maker Greencore USA, picked up in October 2018.
Fifteen companies exited from the ranks, by way of public offerings, acquisitions or falling revenue. Among this years departures was iconic jeans company Levi Strauss, which went public in March. It had been on Forbes’ Private Companies list for all 34 previous years; it debuted at No. 14 on the inaugural 1985 list. Another company to fall off due to a public offering was ride-hailing company Uber, the only unicorn on last year’s list at No. 50. Meanwhile, Lansing Trade Group, a commodity firm based in Kansas, was acquired by publicly-traded The Andersons in January 2019.
Click here for the full list of America’s Largest Private Companies.
METHODOLOGY
In addition to needing a minimum of $2 billion in revenue, the companies on our list have either too few shareholders to be required to file financial statements with the Securities and Exchange Commission or have shares whose ownership is restricted to some group, such as employees or family members. We exclude foreign companies, companies that don’t pay income tax (like Mohegan Tribal Gaming Authority), mutually owned companies (like State Farm Insurance), cooperatives (like Central Grocers), companies with fewer than 100 employees, and companies that are more than 50% owned by another public, private or foreign company. We also leave out companies whose primary business is auto dealerships or real estate investment and/or management. Whenever possible, our revenue figures for each company exclude sales of publicly traded subsidiaries. Our data sources include voluntary disclosures by companies, Securities and Exchange Commission filing (private companies with publicly traded debt must file financial statements with the SEC), and estimates from Forbes researchers and outside sources.
