Discover Forbes’ latest private company rankings with Cargill at the top, followed by Koch Industries, Publix, H-E-B, and Mars. Explore their success stories!
Cargill Secures Forbes’ Top Spot for Third Consecutive Year, Setting New Revenue Records
Cargill has secured the coveted first position on Forbes’ list of private companies for the third year in a row, showcasing its enduring dominance in the agribusiness sector. In fact, Cargill has maintained this top rank for an impressive 36 out of the 39 years that Forbes has been keeping tabs on private enterprises. As they wrapped up their most recent fiscal year ending in May 2023, Cargill achieved a remarkable milestone by reporting record-breaking revenues of $177 billion. This marked a notable 7% increase compared to the previous year. The company’s growth trajectory was significantly bolstered by two major acquisitions it executed in the year 2023.
One of these acquisitions involved the purchase of Owensboro Grain Company, a soybean refinery and processing facility hailing from Kentucky. In a transaction shrouded in secrecy regarding the financial details, Cargill took over this family-owned business in January. Subsequently, in July, Cargill made another strategic move by acquiring the bio-based industrial segment of Croda, a prominent British chemical manufacturer. This acquisition came with a hefty price tag, reportedly costing Cargill around $1 billion. These bold strategic moves contributed to Cargill’s soaring success and reinforced its status as a top industry player.
Koch Industries Holds Strong at Second Place Despite Flat Revenues
In the second spot on the list, we find Koch Industries, boasting revenues of $125 billion. Although this family-owned enterprise maintained its second-place ranking, it experienced a period of revenue stagnation, with sales remaining relatively flat year-over-year. Grocery store giants Publix Supermarkets and H-E-B secured the third and fifth positions, respectively, on Forbes’ list. Notably, H-E-B managed to bounce back into the top five after slipping to the sixth spot in 2022.
Publix Supermarkets Surges to Third Place with 13.6% Revenue Growth
Publix, on the other hand, exhibited substantial growth, with revenues surging by an impressive 13.6% to reach $54.5 billion. This remarkable expansion can be primarily attributed to the successful establishment of new retail locations. In 2022, Publix made a significant move by opening 40 stores across seven states, propelling its financial performance to new heights.
Mars Holds Steady at Fourth Place in Forbes’ Private Company Rankings
Finally, Mars, the renowned conglomerate encompassing candy, food, and petcare ventures, maintained its fourth-place position, consistent with the prior year’s ranking. These developments collectively shed light on the dynamic landscape of private companies, where established players like Cargill and Koch Industries continue to demonstrate resilience and leadership, while others like Publix and H-E-B seize opportunities for growth and resurgence.