The FP500: Your guide to corporate Canada in 2026

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeFP500The FP500: Your guide to corporate Canada in 2026Our authoritative listing ranks corporate Canada's biggest players by revenue. Read on for our round-up of what's new and notable this year, plus a searchable preview of the FP500 databaseThe FP500, Corporate Canada's premier ranking. Photo by Beckie Guthrie/National PostWelcome to the Financial Post’s latest ranking of Canada’s largest corporations by revenue. Our research includes public companies, private companies, subsidiaries and Crown corporations, making the FP500 the most authoritative survey of Canadian business available. 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If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againIt was a stellar year for Canadian corporations, particularly those in financials and precious metals. FP500 companies increased their average revenue by 13 per cent to about $6.6 billion last year, but their total profits more than doubled to an average of $809.6 million for the 424 companies that reported their income. Overall assets rose 12 per cent to $19.3 trillion, for an average of $43.6 billion for the 442 companies that reported such figures. Of course, this average was heavily skewed by the Big Five banks, which greatly benefited from interest rate cuts last year, particularly Royal Bank of Canada (No. 1) and Toronto-Dominion Bank (No. 2), whose assets topped $2 trillion each. There are 289 publicly traded companies on the FP500, and 270 of them trade on the Toronto Stock Exchange (TSX). Four companies trade solely on the New York Stock Exchange and six on the Nasdaq, but there are 90 cross-listed TSX companies, including 70 that trade on the NYSE, 13 on the Nasdaq and seven on the Amex. There are also three companies trading on the Canadian Securities Exchange and six on the TSX Venture. The rest of the FP500 is made up of 137 private companies, 48 Crown corporations and 22 cooperative companies. All that glittersCanadian silver mining company Endeavour Silver Corp. shot up 167 places to enter the FP500 at No. 446, marking the biggest rise in rankings. Founded in 2004 with headquarters in Vancouver, Endeavour Silver has operations in Mexico, Chile, Peru and the United States. It also posted a 126.3 per cent increase in revenue to $609 million, though this growth was eclipsed by fellow newcomer No. 444 Ivanhoe Mines Ltd.’s 1,003.2 per cent surge to $616.9 million. Ivanhoe has three big projects in Southern Africa exploring copper, zinc, nickel and other metals. Silver prices soared 148 per cent in 2025. Photo by Getty ImagesIn 2025, precious metals experienced record gains, with gold gaining about 65 per cent and silver soaring 148 per cent. Investors sought refuge in haven assets amid growing economic and geopolitical instability, while demand for metals such as silver and copper in electronics and AI infrastructure boomed. Other notable risers included newcomer Community Trust Co. Ltd., which jumped 159 places to No. 449, silver mining company First Majestic Silver Corp., up 145 places to No. 262, and gold producer Thor Explorations Ltd., which climbed 119 places to round off the list at No. 500. This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Welcome to the foldThere were 35 newcomers to the FP500, 11 of which, unsurprisingly, were either precious metals mining companies or, in the case of Stracon Group Holding Inc. (No. 355), a mining infrastructure and solutions platform. In November 2025, Stracon completed a cross-border merger with Peru’s Stracon Holdings SA and debuted on the TSX the following month. It was also a significant year for No. 385 Discovery Mining Ltd. (formerly Discovery Silver), which acquired the Porcupine Complex located in and around Timmins, Ont., transforming the company into a major gold producer. The newbies were led by Sysco Canada Inc., the Canadian branch of food distributor Sysco Corp., at No. 79, pharmaceutical giant Apotex Health Corp. at No. 161 and pork producer Canada Packers Inc. at No. 258. The latter, which has headquarters in Mississauga, Ont., was spun off from parent Maple Leaf Foods Inc. and began trading on the Toronto Stock Exchange in October. Another notable entrant is VIA Rail Canada Inc. (No. 486), which scooted up 35 places to return to the top 500. The Crown corporation boosted its revenue by 8.1 per cent to $489.4 million in 2025 despite no change in its ridership numbers. IMAX Corp., meanwhile, climbed 44 places to No. 460 after recording US$1.2 billion in revenue. Money pitThe top 10 real estate firms on the FP500 made about $231.5 million on total revenue of $33.4 billion last year, but three of the nine that reported profits lost money. Toronto-based H&R Real Estate Investment Trust (No. 397) lost the most, about $791.6 million, on revenue of $815.1 million, amid market uncertainty and massive writedowns of its real estate assets. Perhaps as a result of its lacklustre performance, H&R REIT recently agreed to sell all its assets to GO Residential Real Estate Investment Trust for around $6.7 billion in August. One real estate company that took an even worse drubbing was urban office space owner-operator Allied Properties Real Estate Investment Trust (No. 454), which lost $1.3 billion, more than double its revenue of $592.4 million. The workspace REIT was in a world of pain last year due to the slower-than-anticipated post-pandemic recovery in the office market. It wasn’t just real estate going through a rough patch. Canada Post Corp. (No. 75) continued its losing streak with a $1.1-billion loss last year on revenue of $9.2 billion. Plummeting demand for letter mail and stiff competition from private delivery giants have meant even financial bailouts from the feds aren’t enough to bail out the Crown corporation. Frontera Energy Corp. (No. 301) posted the largest loss of nearly $1.5 billion as the price of crude plunged amid a global surplus, coupled with a non-cash impairment related to the divestment of its Colombian exploration and production assets and a dispute with the Guyana government over rights to retain an offshore block. Foreign control fallingEighteen of Canada’s largest 100 companies are foreign controlled, a ratio that rises to one in five when looking at the top 250 companies. An even 30 of the top 50 foreign companies have parent companies in the U.S., five of which are owned by companies in the United Kingdom and three by Japanese companies, with one, Iron Ore Co. of Canada (No. 204), owned by the U.K.’s Rio Tinto PLC and Japan’s Mitsubishi Corp. The biggest foreign player on the FP500 is Costco Wholesale Canada Ltd. Photo by PostmediaHowever, the share of Canadian assets owned by foreign-controlled enterprises has declined by 7.3 per cent since 2010, according to Statistics Canada’s most recent report in June. More than 86 per cent, or about $16.2 trillion, of the country’s assets were owned by Canadians in 2024, and they posted a higher year-over-year increase in asset value growth at 5.6 per cent than the foreign-controlled enterprises’ 1.5 per cent. Foreign-controlled assets were valued at $2.6 trillion in 2024, with the U.S. boasting the biggest share at 55.9 per cent, followed by Japan at 8.6 per cent and the U.K. at 6.6 per cent. However, assets controlled by enterprises from the Americas excluding Canada grew 6.9 per cent in 2024, at a faster pace than in 2023. The biggest foreign player on the FP500 is Costco Wholesale Canada Ltd. (No. 13) with about $51.6 billion in revenue last year, after expanding its footprint with 27 new warehouses and 10.3 per cent year-over-year growth in membership registrations. Imperial Oil Ltd. (No. 18) was the second-biggest foreign-controlled company, posting $46.9 billion in revenue due to record crude production and the completion of its renewable diesel facility near Edmonton.How to order the complete FP500An electronic version of the complete FP500 database is available for $400 ($275 for National Post/Financial Post subscribers) plus applicable tax by placing an order at fpadvisor@financialpost.com or emailing fpadvisor@postmedia.com.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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