Whether to go public or not is a complex decision for business owners. Initial public offerings can quickly generate massive amounts of capital that could be used for company expansion or for paying existing debt. IPOs are also frequently used as an exit strategy for early investors looking to realize a return on their initial investment.

Going public, however, also has some drawbacks. Public companies have to adhere to Securities and Exchange Commission regulations as well as answer to shareholder demands. In addition, while keeping a company private may restrict its growth potential, profits will remain in the hands of the few investors.

With data provided by PrivCo, a private company intelligence platform, 24/7 Wall St. listed the top 25 U.S. private companies by annual revenue. Cargill, Incorporated is the largest private company in the country with annual revenue exceeding $120 billion.

Click here to see the America’s largest private companies.

The companies on this list operate in 13 industries. Insurance companies are by far the most common, representing seven of the 25 largest private companies. Notably, most of these insurance companies are mutual insurance companies, in which ownership lies with policyholders as opposed to a small group of investors.

The largest publicly-held U.S. companies in the country dwarf the largest private companies. Of the largest 25 companies nationwide, including both private and public companies, only two are private: Cargill, Inc. and Koch Industries Inc. The largest public company, Wal-Mart, has four times the annual revenue of the largest private company.

To determine America’s largest private companies, 24/7 Wall St. reviewed annual revenue figures provided by PrivCo. Industry and headquarter locations were also aggregated by PrivCo.

These are America’s largest private companies.

25. Cox Enterprises, Inc.
> Revenue: $18.1B
> Industry: Media
> Headquarters: Atlanta, GA

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24. Access Industries
> Revenue: $19.1B
> Industry: Media
> Headquarters: New York, NY

23. Enterprise Holdings, Inc.
> Revenue: $19.4B
> Industry: Car Rental Service
> Headquarters: St. Louis, MO

22. National Amusements Inc
> Revenue: $21.6B
> Industry: Media
> Headquarters: Dedham, MA

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21. Love’s Travel Stops & Country Stores, Inc.
> Revenue: $22.5B
> Industry: Gas Stations
> Headquarters: Oklahoma city, OK

20. Pilot Travel Centers LLC
> Revenue: $22.9B
> Industry: Gas Stations
> Headquarters: Knoxville, TN

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19. HEB Grocery Company, LP
> Revenue: $23.0B
> Industry: Supermarket
> Headquarters: San Antonio, TX

18. Reyes Holdings LLC
> Revenue: $24.0B
> Industry: Food Wholesaler and Distributor
> Headquarters: Rosemont, IL

17. United Services Automobile Association (USAA)
> Revenue: $24.4B
> Industry: Insurance
> Headquarters: San Antonio, TX

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16. Northwestern Mutual Life Insurance Company
> Revenue: $27.9B
> Industry: Insurance
> Headquarters: Milwaukee, WI

15. Penske Corporation
> Revenue: $29.2B
> Industry: Transportation
> Headquarters: Bloomfield Hills, MI

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14. Massachusetts Mutual Life Insurance Company
> Revenue: $29.5B
> Industry: Insurance
> Headquarters: Springfield, MA

13. C&S Wholesale Grocers, Inc.
> Revenue: $30.0B
> Industry: Food Wholesaler and Distributor
> Headquarters: Keene, NH

12. Bechtel Corporation
> Revenue: $32.3B
> Industry: Construction
> Headquarters: San Francisco, CA

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11. Publix Super Markets Inc.
> Revenue: $32.4B
> Industry: Supermarket
> Headquarters: Lakeland, FL

10. Mars Inc.
> Revenue: $33.0B
> Industry: Snack Food
> Headquarters: McLean, VA

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9. Deloitte LLP
> Revenue: $35.2B
> Industry: Accounting & Consulting
> Headquarters: New York, NY

8. Liberty Mutual Holding Co., Inc.
> Revenue: $37.6B
> Industry: Insurance
> Headquarters: Boston, MA

7. Nationwide Mutual Insurance Co.
> Revenue: $43.0B
> Industry: Insurance
> Headquarters: Columbus, OH

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6. New York Life Insurance Company
> Revenue: $45.9B
> Industry: Insurance
> Headquarters: New York, NY

5. Dell Inc.
> Revenue: $58.1B
> Industry: Computer
> Headquarters: Round Rock, TX

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4. Albertsons Companies, Inc.
> Revenue: $58.7B
> Industry: Supermarket
> Headquarters: Boise, ID

3. State Farm Mutual Automobile Insurance Co.
> Revenue: $75.7B
> Industry: Insurance
> Headquarters: Bloomington, IL

2. Koch Industries Inc.
> Revenue: $100.0B
> Industry: Commodities
> Headquarters: Wichita, KS

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1. Cargill, Incorporated
> Revenue: $120.4B
> Industry: Agribusiness
> Headquarters: Wayzata, MN

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