National Cooperative Bank said its 2026 NCB Co-op 100 ranked 100 U.S. cooperatives with a combined $309 billion in 2025 revenue, giving a cross-sector snapshot of the scale of member-owned businesses.
The 2025 total is rounded. NCB’s previous report listed $322.6 billion for 2024, so comparing the figures implies a drop of about $14 billion, or roughly 4%. The comparison uses figures with different levels of precision.
Agricultural cooperative CHS Inc. retained the top position with $35.5 billion in revenue. Dairy Farmers of America ranked second at $23.1 billion. CHS separately reported $35.5 billion in revenue for its fiscal year ended Aug. 31, 2025, down from $39.3 billion in fiscal 2024. The company attributed its decline largely to lower commodity prices.
Navy Federal Credit Union ranked fourth with $15.1 billion, followed by Wakefern Food Corporation / ShopRite at $13.1 billion. Associated Wholesale Grocers, Inc. placed sixth at $12.2 billion. CoBank ranked eighth with $10.4 billion, ACE Hardware Corp. ninth with $10 billion, and HealthPartners Inc. 10th with $9.3 billion, NCB said.
The ranking covers cooperatives in sectors including agriculture, credit unions and food retail, and orders them by revenue. NCB says it has published the annual list since 1991. Its 2025 report describes cooperatives as member-owned organizations governed by the people who use their products or services.
“The NCB Co-op 100® showcases the remarkable scale and reach of the cooperative economy,” said Casey Fannon, National Cooperative Bank president and CEO.
NCB says the organizations included can change from year to year, so the totals do not necessarily represent an unchanged group. CHS linked its own revenue decline to commodity prices, but that company-specific explanation does not establish what drove the combined movement in the ranking.
