Cargill Inc. recorded $177 billion in revenue last year, the most ever for America's largest privately held company.

The Minnetonka-based agribusiness saw revenue increase 7% for its latest fiscal year, which ended in May. As a private company, Cargill releases very few financial details throughout the year. Its annual report, with the latest released Wednesday, is a notable exception.

"From our unique vantage point at the center of the food system, Cargill is better positioned than ever to reimagine what's possible," Brian Sikes, Cargill's CEO, said in the company's annual report. "With the best teams in the world, a winning strategy, powerful global partnerships, and a relentless commitment to our purpose, that's exactly what we're doing."

Cargill's 2023 fiscal year — which ran from June 1, 2022, to May 31, 2023 — builds on a revenue surge in recent years. From 2016 to 2020, the company's revenue hovered between $107 billion and $115 billion. The global commodities giant's revenue then made large gains over the next three years amid significant global upheaval. Cargill's revenue rose 17% to $134.4 billion in 2021 and another 23% to $165 billion in 2022.

The nation's second-largest private company by revenue, Koch Industries, recorded about $125 billion in annual revenue, according to its latest available financials.

When including public companies, Cargill is the second-largest in Minnesota behind Minnetonka-based UnitedHealth Group.

Cargill operates in 70 countries and has more than 160,000 employees. The company's businesses span an array of industries, from beef to beauty product ingredients, ocean shipping to road salts.