The US National Cooperative Bank (NCB) has released its annual ranking of the country’s top 100 revenue-earning co-ops.
In 2025, these co-ops reported a combined US$309bn in revenue, NCB figures show, “underscoring the significant role cooperative enterprises play in the US economy.”
“The NCB Co-op 100® showcases the remarkable scale and reach of the co-operative economy,” said Casey Fannon, the bank’s president and CEO. “These businesses represent a wide range of industries, but they share a common commitment to creating value for their members and strengthening the communities they serve.”
A release from the NCB added: “While the companies and rankings change each year, the co-operative sector continues to advance, playing an increasingly influential role in the national and global economy. Released annually in October during National Co-op Month, the NCB Co-op 100® is one of the many ways the Bank strives to educate the public and promote the importance of this sector.
“For decades, NCB has championed the co-operative model by providing financing that helps co-operatives grow and expand, while investing hundreds of millions of dollars in underserved communities and co-operative development initiatives.”
The top 10 – dominated by the agri sector, as in previous years, sees farmer-owned grain business CHS retaining the top spot
1 CHS, Minnesota ($35,463m)
2 Dairy Farmers of America, Kansas ($23,096m)
3 Land O’Lakes, Minnesota ($6,412m
4 Navy Federal Credit Union, VIrginia ($15,088m
5 Wakefern Food Corp. / ShopRite, New Jersey ($13,113m)
6 Associated Wholesale Grocers, Kansas ($12,204m
7 Growmark, Illinois ($10,942m)
8 CoBank, Colorado ($10,374m)
9 Ace Hardware Corp, Illinois ($10,043m)
10 HealthPartners, Minnesota ($9,304)
The highest-ranking energy and communications co-ops are Basic Electric Power Cooperative, North Dakota – 19th on the list, with $3.1bn in revenue; and Oglethorpe Power Corporation, Georgia, 23rd on the list with $2.5bn.
Do It Best, based in Indiana, was the second ranked hardware and lumber co-op, behind Ace. It was ranked 13 with revenue of $4.9bn).
Related: NCBA Clusa to rebrand as U.S. Co-ops
“This year’s Co-op Month theme, Built for This Moment, is especially relevant as communities face economic uncertainty, rising costs, housing affordability challenges, and workforce shortages,” said Fannon. “Cooperatives were created to
meet needs that traditional markets often overlook.
“Because they are owned and governed by the people they serve, co-ops focus on long-term value, local impact,
and member success rather than short-term shareholder returns.
“Throughout history, co-operatives have provided practical solutions during times of change. Electric cooperatives
brought power to underserved rural communities. Credit unions and co-operative financial institutions expanded
access to affordable financial services.
“Housing, food, agricultural, and worker co-operatives have helped people secure essential services, opportunities, and economic stability. Time and again, the co-operative model has adapted to meet evolving community needs.
“Today, co-operatives continue to strengthen local economies, build resilient communities, and create sustainable,
member-focused solutions. Their success demonstrates the power of people working together to solve challenges and
create shared opportunity.
“For National Cooperative Bank and the broader co-operative community, Built for This Moment is both a reflection of our history and a vision for the future. As communities navigate new challenges, the cooperative model remains a proven approach for building resilience, expanding opportunity, and creating lasting impact for generations to come.”
Outdoor retailer REI, based in Washington, was the highest ranked recreation co-op, ranked 16 with $3.5bn in revenue.
The complete 2026 NCB Co-op 100® report is available online: 2026 NCB Co-op 100®
