The largest cooperative in the United States by revenue is CHS Inc., a farmer-owned co-op based in Minnesota, with $39,261 million (about $39.3 billion) in 2024 revenue. Dairy Farmers of America is second at $23,016 million and Land O'Lakes is third at $16,207 million. Navy Federal Credit Union is fourth with $14,470 million, the largest financial co-op on the list.
Those figures come from the NCB Co-op 100, the annual ranking of America's top 100 cooperatives published by the National Cooperative Bank (NCB). We used the 2025 report, which covers 2024 data. The ranking is by revenue, so it compares businesses of very different kinds: farmer-owned processors, credit unions, grocery wholesalers, hardware buying groups and electric co-ops. If you want the biggest credit unions by assets or members, see largest credit unions in the US.
What the NCB Co-op 100 is
NCB says that "since 1991, the National Cooperative Bank (NCB) has published the annual NCB Co-op 100, a ranking of America's top 100 cooperatives." In the 2025 report, NCB says these businesses "generated an impressive $322.6 billion in revenue" in 2024. When we added the 100 revenue figures ourselves, they came to $322,638 million, matching the report's own total. NCB also says that "today, 1 in 3 Americans are a member of a co-op," a claim in NCB's report that we did not check against a second source.
Two limits matter when you read the list:
- It ranks by revenue, not size of membership or assets. A credit union's revenue is not the same as its assets, and a farm co-op's revenue includes the commodities it sells. Rank by another measure and the order changes.
- It is limited to co-ops with data. NCB says: "Thousands more do not make this list because of their smaller size, and some are just emerging co-op organizations." It adds that a co-op may be missing "because we just didn't have the information needed to rank" it.
The 25 largest US cooperatives by revenue
| Rank | Cooperative | Industry (NCB) | State | 2024 revenue |
|---|---|---|---|---|
| 1 | CHS Inc. | Agriculture | MN | $39,261 million |
| 2 | Dairy Farmers of America | Agriculture | KS | $23,016 million |
| 3 | Land O'Lakes, Inc. | Agriculture | MN | $16,207 million |
| 4 | Navy Federal Credit Union | Finance | VA | $14,470 million |
| 5 | CoBank | Finance | CO | $13,220 million |
| 6 | Wakefern Food Corp./Shoprite | Grocery | NJ | $12,795 million |
| 7 | GROWMARK, Inc. | Agriculture | IL | $12,205 million |
| 8 | AgriBank, FCB | Finance | MN | $12,095 million |
| 9 | Associated Wholesale Grocers, Inc | Grocery | KS | $12,094 million |
| 10 | ACE Hardware Corp. | Hardware & Lumber | IL | $9,534 million |
| 11 | HealthPartners Inc. | Healthcare | MN | $9,032 million |
| 12 | Ag Processing Inc. | Agriculture | NE | $6,535 million |
| 13 | Prairie Farms Dairy Inc. | Agriculture | IL | $4,695 million |
| 14 | Do-it-Best Corp. | Hardware & Lumber | IN | $4,598 million |
| 15 | California Dairies, Inc. | Agriculture | CA | $4,300 million |
| 16 | LBM Advantage | Hardware & Lumber | NY | $3,538 million |
| 17 | Recreational Equipment Inc. (REI) | Recreational | WA | $3,536 million |
| 18 | Ag First Farm Credit Bank | Finance | SC | $3,163 million |
| 19 | Select Milk Producers, Inc. | Agriculture | NM | $2,983 million |
| 20 | State Employees Credit Union, Inc. | Finance | NC | $2,933 million |
| 21 | Basin Electric Power Cooperative | Energy & Communication | ND | $2,817 million |
| 22 | Darigold | Agriculture | WA | $2,800 million |
| 23 | Farm Credit Bank of Texas | Finance | TX | $2,770 million |
| 24 | Associated Food Stores | Grocery | UT | $2,706 million |
| 25 | New Cooperative, Inc. | Agriculture | IA | $2,693 million |
Source: NCB Co-op 100 Report (2025), "NCB Co-op 100 List," revenue in millions of dollars for 2024. Names, industries and states are as NCB prints them.
What the top 25 show
The top 3 are all farm co-ops. CHS, Dairy Farmers of America and Land O'Lakes together took in $78,484 million, which is 24.3% of the revenue of all 100.
The top 10 are about half the total. The 10 largest took in $164,897 million, or 51.1% of the 100's combined revenue. The top 25 took in $223,996 million, 69.4%.
Finance is second after agriculture. Six of the top 25 are labelled Finance: Navy Federal Credit Union, CoBank, AgriBank, Ag First Farm Credit Bank, State Employees Credit Union and Farm Credit Bank of Texas. Three of them have "Farm Credit Bank" or "FCB" in their names.
Retail buying groups are on the list too. Wakefern, Associated Wholesale Grocers and Ace Hardware are owned by the independent stores they supply, not by shoppers.
How the 100 split by industry
| Industry (NCB) | Co-ops in the 100 | Combined 2024 revenue | Share of the 100's revenue |
|---|---|---|---|
| Agriculture | 48 | $168,132 million | 52.1% |
| Finance | 21 | $67,547 million | 20.9% |
| Grocery | 7 | $32,526 million | 10.1% |
| Energy & Communication | 18 | $23,248 million | 7.2% |
| Hardware & Lumber | 3 | $17,670 million | 5.5% |
| Healthcare | 1 | $9,032 million | 2.8% |
| Recreational | 1 | $3,536 million | 1.1% |
| Pharmaceutical Distributor | 1 | $947 million | 0.3% |
Source: NCB Co-op 100 Report (2025). Counts and sums are our own, added up from the 100 rows. Industry labels are NCB's.
Two readings follow. First, agriculture is both the biggest group by number (48 of 100) and by revenue (52.1%). Second, electric and communications co-ops are 18 of the 100 but only 7.2% of the revenue, because many of them are distribution co-ops that sell to households. This list ranks by revenue, not by customers or members.
What kinds of co-ops these are
NCB's report profiles a few of the 100. Here is what it says, in its own words, about three of them.
Ace Hardware was "founded in 1924 by a small group of Chicago hardware store owners." NCB's profile says Ace's stores are independently owned and operated, and "because they are shareholders, Ace store owners own part of the company and don't pay franchise or royalty fees." It says Ace "is still owned solely and exclusively by the local Ace retail entrepreneurs."
Wakefern Food Corp. "began in 1946 as a small, local cooperative formed by eight visionary grocery store owners" and is "the largest retailer-owned cooperative in the United States." The profile says Wakefern's member companies operate stores under banners including ShopRite, Price Rite Marketplace and The Fresh Grocer across nine states.
Cobb EMC is a "not-for-profit, member-owned electric cooperative" delivering electricity to "nearly 200,000 residential and commercial consumers" in five counties, in NCB's words. It is number 39 on the list, with $1,700 million in revenue.
These show the three main ownership models in the top 100: farmers owning their processor (CHS), independent businesses owning their supplier (Ace, Wakefern) and customers owning their utility or bank (Cobb EMC, Navy Federal). See types of cooperatives for the full list, and brands that are cooperatives for the household names.
Credit unions on the list
Many of the credit unions in the ranking by assets also appear in the Co-op 100. They include Navy Federal (4th), State Employees Credit Union (20th), PenFed (31st), Boeing Federal Credit Union as NCB prints it (36th), Mountain America (45th), SchoolsFirst (46th), America First (49th), Alliant (62nd), Randolph-Brooks (66th) and Suncoast (69th). NCB ranks them by revenue, so the order differs from the assets ranking in largest credit unions in the US, which uses NCUA's June 30, 2026 call report.
Reading the list well
- Revenue is not profit. A large revenue number says how much the business sells or takes in. It says nothing about how much is returned to members.
- Year and source. The figures are 2024 revenue in the 2025 report. A newer report will change them.
- Labels are NCB's. NCB groups co-ops under its own industry labels, such as "Energy & Communication."
- Not every large co-op is here. NCB says some co-ops do not provide the data it needs to rank them.
Frequently Asked Questions
What is the largest cooperative in the US?
By 2024 revenue in the NCB Co-op 100, it is CHS Inc. of Minnesota, with $39,261 million. Dairy Farmers of America is second ($23,016 million) and Land O'Lakes is third ($16,207 million).
Is Navy Federal Credit Union the biggest co-op?
It is the largest financial co-op on the NCB list, ranked 4th by 2024 revenue at $14,470 million. By assets and members it is also the largest US credit union in NCUA's June 30, 2026 data. See largest credit unions in the US.
Is Ace Hardware a cooperative?
NCB's Co-op 100 report lists ACE Hardware Corp. at number 10 and describes it as owned by its local retail owners. The report says Ace store owners are shareholders and pay no franchise or royalty fees.
Is REI a cooperative?
NCB lists Recreational Equipment Inc. (REI) at number 17 with $3,536 million in 2024 revenue. See consumer cooperatives for how that model works.
How many cooperatives are there in the US?
NCB does not give a total. Its Co-op 100 ranks the top 100 by revenue, and NCB says thousands more are smaller.
Which industry has the most big co-ops?
Agriculture. Forty-eight of the 100 on the 2025 list are labelled Agriculture by NCB, and they took in 52.1% of the 100's combined revenue.
Where to go next
- Examples of Cooperatives: by sector, with links to each
- Largest Credit Unions in the US: by assets and members
- Brands That Are Cooperatives: the names you know
- Types of Cooperatives: the main models
- Agricultural Cooperative Examples: farm and dairy co-ops
References & further reading
- 1.NCB Co-op 100 Report 2025 (2024 data) — National Cooperative Bank
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