This Private Minnesota Company Just Posted The Largest Revenue In The US
While some companies are still struggling to recoup losses sustained during the pandemic, this Minnesota company just posted its highest revenue ever.
Suffice it to say that things are going pretty well these days for this company that's based here in the North Star State. Not only are they the largest privately-held company in the country, but they also just posted record revenue for the 2023 fiscal year.
The Land of 10,000 Lakes is, of course, home to many large, national companies. From Best Buy to Target or 3M to Hormel Foods, there are a lot of big, well-known corporations that call Minnesota home.
But only one just posted incredible record-high revenue. Do you know which company it is? If you said Cargill, congratulations, you're right. Cargill is based in Wayzata and also has other facilities in Hopkins and Plymouth. They're a complex company that sells and markets food, trades commodities, and provides financial risk management.
And they just set a massive record. This makes sense, seeing as earlier this spring, Forbes noted that Cargill was the largest privately-held company in the entire U.S. In case you need a quick refresher on the difference between a public company (like, say, Target) and a private company (like Cargill) here's how they're defined, according to Investopedia:
A private company is usually owned by the company's founders, management, or a group of private investors. A public company is a company that has sold all or a portion of itself to the public via an initial public offering.
Cargill is no stranger to posting incredible revenue, mind you. In the Forbes survey from earlier this spring, Cargill was the company that generated the most revenue in 2022. Forbes said that Cargill took in a whopping $165 BILLION in revenue last year, generated by its 155,000 employees.
But during the fiscal year 2023, which just ended, Cargill blew that number away, having reported a whopping $177 BILLION, which is the highest ever for the 158-year-old company, according to this Reuters story. That number represents a 7 percent increase from 2022 and is also the largest revenue of ANY private company in the U.S. And to think, they're headquartered right here in the Bold North.
And, of course, Cargill's record revenue also means the Cargill-MacMillian family (who are the majority owners, and whose relative, W.W. Cargill, founded the company back in 1865) are making some pretty decent money too. But they're not the only ones. Keep scrolling to see the 25 richest families in America-- and how they made their money!