America’s top 100 cooperatives generate US$ 309bln in revenue, hold US$ 1.33 trillion in assets
The 2025 National Cooperative Bank [NCB] Co-op 100 Report shows that agricultural cooperatives accounted for the largest share of the revenue, generating US$ 156.2bln, followed by financial cooperatives with US$ 64bln and grocery cooperatives with US$ 32.3bln
NEW YORK, November 8, 2026 — America’s 100 leading cooperative businesses generated a combined US$ 309.02 billion in revenue in 2025, with their total assets reaching US$1.33 trillion, highlighting the growing economic influence of member-owned enterprises across agriculture, finance, energy and other sectors.
The 2025 National Cooperative Bank [NCB] Co-op 100 Report shows that agricultural cooperatives accounted for the largest share of the revenue, generating US$ 156.2bln, followed by financial cooperatives with US$ 64bln and grocery cooperatives with US$ 32.3bln.
Energy cooperatives contributed US$ 27.5bln, while organisations classified under other industries generated US$ 14.9bln. Hardware cooperatives recorded US$ 13.8bln.
The annual report, published by the National Cooperative Bank, ranks the 100 largest cooperatives in the United States based on their business performance and highlights the contribution of member-owned enterprises to the country’s economy.
Agriculture dominated the ranking, with 45 cooperatives represented among the top 100, followed by finance with 25 institutions and energy with 19. The grocery sector had six organisations, while hardware accounted for two and other industries for three.
CHS Inc. emerged as America’s largest cooperative, recording revenue of US$ 35.46bln and assets worth US$ 18.86bln.
It was followed by Dairy Farmers of America, which generated US$ 23.09bln in revenue and held assets worth US$ 7.78bln, while Land O’Lakes ranked third with revenue of US$ 16.41bln and assets of US$9.16 billion.
Navy Federal Credit Union occupied fourth position, recording US$ 15.08bln in revenue and US$ 197.16bln in assets, while Wakefern Food Corporation, which operates ShopRite, ranked fifth with US$ 13.11bln in revenue.
Other organisations among the top ten included Associated Wholesale Grocers, GROWMARK, CoBank, ACE Hardware Corporation and HealthPartners.
The report, which has been published annually since 1991, demonstrates the scale of cooperative businesses in the United States and their involvement in essential economic activities, including food production and distribution, financial services, electricity supply and retail trade.
Agriculture dominates cooperative earnings
Agriculture remained the strongest sector, with its 45 cooperatives generating more than half of the combined revenue recorded by the top 100 businesses.
Besides CHS Inc., other major agricultural cooperatives included GROWMARK, which recorded US$ 10.94bln in revenue, Ag Processing Inc. with US$ 5.24bln, Prairie Farms Dairy with US$ 4.74bln and California Dairies with US$ 4.1bln.
The ranking also featured Dairy Farmers of America, Select Milk Producers, American Crystal Sugar, Ocean Spray, Darigold, Blue Diamond Growers, Michigan Milk Producers Association and Riceland Foods.
The organisations operate across different agricultural value chains, including milk production, sugar processing, grain handling, food processing and agricultural marketing.
Their performance illustrates how producers can combine resources and operate large-scale commercial enterprises through collective ownership.
The financial sector was the second-largest contributor, with 25 cooperatives generating US$64 billion in revenue.
Navy Federal Credit Union led the financial institutions in the ranking, while CoBank recorded US$ 10.37bln in revenue and assets of US$ 223.48bln. AgriBank generated US$ 8.16bln in revenue and held assets worth US$ 205.7bln.
Other financial institutions featured included State Employees Credit Union, AgFirst Farm Credit Bank, SchoolsFirst Federal Credit Union, PenFed Federal Credit Union, Mountain America Federal Credit Union and Boeing Federal Credit Union.
The figures demonstrate the substantial commercial capacity of cooperative financial institutions, particularly credit unions and cooperative banks, in providing financial services through member-owned structures.
Cooperatives as drivers of economic resilience
National Cooperative Bank president and chief executive officer Casey Fannon said the cooperative model remained relevant as communities faced economic uncertainty, rising costs, housing affordability challenges and workforce shortages.
“Cooperatives were created to meet needs that traditional markets often overlook,” Fannon said.
He explained that because cooperatives are owned and governed by the people they serve, they prioritise long-term value, local impact and member success rather than short-term shareholder returns.
Fannon said cooperatives had historically provided practical solutions during periods of economic and social change.
He cited electricity cooperatives, which helped extend power to underserved rural communities, and credit unions and cooperative financial institutions, which expanded access to affordable financial services.
Housing, food, agricultural and worker cooperatives have also helped communities secure essential services, economic opportunities and financial stability.
According to the report, cooperatives operate by bringing people together to meet shared economic, social and business needs.
Unlike conventional businesses primarily organised around external shareholders, cooperatives are owned and controlled by the people who use their products and services.
They use collective purchasing power, economies of scale and shared resources to reduce costs, support businesses and generate benefits for their members.
The cooperative business model is guided by seven internationally recognised principles: voluntary and open membership; democratic member control; member economic participation; autonomy and independence; education, training and information; cooperation among cooperatives; and concern for community.
US$ 135,000 awarded to innovative cooperatives
Beyond the large businesses featured in the ranking, the report also highlights efforts to strengthen smaller cooperatives through innovation and investment.
Four organisations received a combined US$ 135,000 under the 2026 Co-op Innovation Awards, sponsored by National Cooperative Bank and Capital Impact Partners.
The awards support innovative approaches to cooperative ownership and initiatives aimed at breaking down barriers to economic participation.
Amerge Music Cooperative, based in Los Angeles, California, received US$ 25,000 to support an artist-owned music licensing model designed to enable music creators to retain ownership of and benefit financially from their work.
New Economy Works West Virginia received US$ 30,000 to establish the Firsthand Cooperative Lab, which will provide young people in low-income communities with training in cooperative entrepreneurship, financial literacy, leadership and democratic governance.
The programme will involve 32 hours of training followed by a 16-week apprenticeship. It will also develop a curriculum, apprenticeship model and implementation toolkit for use by schools and community organisations.
Frolic Institute, based in Seattle, Washington, also received US$ 30,000 to advance affordable cooperative homeownership for low-income households.
The organisation plans to develop a Co-op Stewardship App in collaboration with residents of Corvidae Co-op. The proposed platform will support cooperative governance, financial transparency, community calendars, maintenance coordination and vendor management.
The fourth recipient, East Bay Fishermen’s Cooperative in Rhode Island, received US$ 50,000 to support the development of a producer-owned fishing enterprise.
The funding will help the organisation purchase essential equipment and establish revenue-generating services aimed at strengthening small-boat fisheries, preserving fishing communities, improving access to affordable local fish and addressing market consolidation.
The initiative is also intended to provide a model for sustaining and developing local fishing industries across Rhode Island.
The awards received additional sponsorship from National Co-op Grocers, Ford & Paulekas LLC, Gallagher Evelius & Jones LLP, and Loeb & Loeb LLP.
Cooperative model remains central to community development
The report describes cooperatives as businesses organised, owned and controlled by the people who use their products and services.
They operate for the benefit of their member-owners, using collective resources and purchasing power to reduce costs, support enterprises, create employment and improve people’s quality of life.
National Cooperative Bank, which was established under an Act of Congress in 1978 and privatised in 1981, provides banking products and services to cooperatives and other member-owned organisations across the United States.
The bank is owned by more than 3,500 customer-owners and has US$ 10.1bln in assets under management. Under its enabling legislation, it is required to ensure that 35 percent of the capital it deploys benefits low-income communities.
Fannon said the cooperative model remained a proven approach to strengthening communities, expanding economic opportunities and creating lasting benefits for future generations.
The report’s findings underscore the economic significance of collective enterprise, demonstrating how member-owned businesses can operate at substantial commercial scale while maintaining a focus on the needs and interests of their members.
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