Private companies play a pivotal role in Cincinnati’s economy and community—and each year we are proud to recognize them through the Deloitte Cincinnati 100 program. Few regions can match Greater Cincinnati’s business landscape: A thriving ecosystem where established anchor companies and fast-growing newcomers drive innovation, opportunity, and revenue.
According to the results of our 2025 Cincinnati 100 survey, respondents reported a combined revenue of $62.3B while 19 organizations achieved revenues exceeding $1 billion. The number of companies exceeding $2 billion in revenue grew from one to eight in five years, showing strong momentum.
From a workforce perspective, surveyed companies reported a decline in collective headcount. Companies that reported operating with fewer employees also indicated a shift toward efficiency through technology.
Moderate optimism despite economic uncertainty
Most respondents expect modest US economic growth (up to 2%), prompting pragmatic planning. Other themes that surfaced among surveyed organizations include challenges and concerns related to consumer demand, trade policies, and monetary policies.
Growth strategies
Despite indicating uncertainty about the economy, Cincinnati 100 companies reported strong revenue growth over the past year. However, the majority also experienced increases in key expense areas, with 66% citing higher labor and operating costs, 51% noting increased employee benefits, and 46% reporting greater technology investments. As costs climb, profit margins are reportedly tightening, prompting companies to either focus on accelerated growth or greater efficiency.
An increasing number of companies are turning to mergers and acquisitions (M&A) as a strategic avenue for growth, with 58% of respondents indicating a high likelihood of pursuing M&A, up significantly from 33% last year. Notably, organizations that engaged in M&A activities over the past two years achieved an average growth rate of 8%, while those that did not experienced a 4% decline. This trend underscores the importance of M&A as a driver of business expansion and resilience in the current market environment.
Risks to growth
Talent acquisition and retention remain top concerns for business leaders. 77% of survey respondents identified hiring and retention as a medium to high risk to their ability to achieve revenue goals in the year ahead, up nearly 10% from last year.
Cybersecurity follows closely, with 76% of respondents viewing it as a medium to high risk for business growth. The increasing sophistication of cyber threats—amplified by advances in artificial intelligence—has made it easier for hackers to launch frequent and widespread attacks, leaving companies facing daily challenges to their security. These risks emphasize the importance of organizations prioritizing robust cybersecurity measures to support sustainable growth.
Technology and AI
The 2025 Cincinnati 100 Survey reveals that leading companies are accelerating investments in digital transformation, with a strong emphasis on automation, analytics, generative AI, and cybersecurity. Nearly half of companies (47%) reported experiencing phishing attacks in the past year, alongside other incidents such as malware and third-party compromises, resulting in companies seeking to add cyber expertise to their boards.
Workforce dynamics
Many companies are prioritizing employee retention while managing costs by shifting focus from compensation to training, upskilling, and career development. This year, 19% of Cincinnati 100 organizations identified training and reskilling as their top priority, while 17% emphasized both career development and retention. In contrast, employee well-being and compensation have declined in importance by 7% and 5%, respectively.
Sustainability
While most surveyed companies lack formal sustainability strategies or mechanisms to measure impact—38% report having no structured approach—sustainability initiatives are still making a difference. Organizations report that these efforts have been most effective in enhancing customer relationships (52%), brand reputation (50%), and employee morale (42%). However, only 34% of companies have seen financial gains.
Looking ahead
The 2025 Cincinnati 100 survey paints a picture of private enterprises that are both resilient and future-focused. Executives are actively betting on growth—leveraging M&A, automation, and AI to scale efficiently and drive their businesses forward.
Aaron currently serves as the Cincinnati Deloitte Private Leader and the US Audit & Assurance Family Enterprise Leader. He provides audit and advisory services to clients across a diverse range of industries, including real estate, construction, manufacturing, distribution, and others. In addition to his work with family enterprises, Aaron also advises organizations owned by private equity and venture capital investors, as well as other privately held entities.
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This article originally appeared on Cincinnati Enquirer: ‘Resilient and future-focused.’ Perspectives from Cincinnati’s largest private businesses
Reporting by Aaron Zboril / Cincinnati Enquirer
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