Wisconsin economy in 2025 reflected a period of adjustment rather than expansion. Higher interest rates cautious consumers and uneven industrial demand forced many of the state largest employers to rethink staffing footprints capital spending and leadership plans. While some companies grew, others retrenched setting the tone for a more disciplined business climate heading into 2026.
Rockwell Automation
Rockwell Automation closed 2025 with a market value of roughly 38 billion dollars and a share price near 285 dollars. The company employs about 29,000 people worldwide with modest headcount reductions during the year tied to softer global manufacturing demand. Multiple earnings reports moved the stock as management emphasized margin protection even while lowering revenue expectations.
Fiserv
Fiserv remained one of Wisconsin most valuable public companies with a market value near 85 billion dollars at year end though shares declined during 2025 to roughly 135 dollars. The company employs about 44,000 globally. A late year guidance cut and executive changes weighed on investor confidence and placed renewed focus on growth sustainability in payments and fintech.
WEC Energy Group
WEC Energy Group ended the year with a market value near 33 billion dollars and shares trading around 106 dollars. Employment remained stable at roughly 7,000 workers. The company drew attention for discussions around future rate filings and infrastructure investment which directly affect residential and business energy costs across Wisconsin.
Alliant Energy
Alliant Energy finished 2025 with a market value of about 17 billion dollars and a stock price near 66 dollars. The utility employs approximately 3,500 people. The company advanced a proposed framework for electric and gas rates covering the next several years highlighting the regulatory focus that defines utility performance more than short term market swings.
Kohl’s
Kohl’s continued to shrink its footprint in 2025 closing 27 underperforming stores and one fulfillment center. Shares ended the year near 21 dollars giving the retailer a market value of roughly 2.5 billion dollars. Employment declined as store closures and cost cutting continued amid pressure from online competitors and changing consumer behavior.
Harley Davidson
Harley Davidson closed the year with shares near 21 dollars and a market value of about 3 billion dollars. The company employs roughly 5,800 workers globally. Leadership succession planning dominated headlines after confirmation that chief executive Jochen Zeitz intends to retire. Investors focused on brand strategy and demand trends rather than near term volume growth.
Oshkosh Corporation
Oshkosh Corporation finished 2025 with a market value near 8 billion dollars and shares trading around 127 dollars. The company employs about 18,000 people. Late year announcements of planned layoffs at its defense unit effective early 2026 underscored how contract timing can affect employment even in defense related manufacturing.
Snap on
Snap on ended the year with shares near 354 dollars and a market value approaching 19 billion dollars. Employment remained steady at roughly 13000 workers. The company reported sales growth during the year and raised its dividend signaling confidence in cash flow and customer demand despite broader industrial uncertainty.
Generac
Generac shares finished 2025 near 138 dollars giving the company a market value of about 8.5 billion dollars. Employment held near 9,000 workers. Management cited fewer outage driven sales and more normalized demand conditions following several years of elevated growth tied to extreme weather events.
ManpowerGroup
ManpowerGroup closed the year with shares near 30 dollars and a market value under 2 billion dollars. The company employs roughly 28,000 globally. Reports of layoffs at its Milwaukee headquarters reflected broader caution among employers and reduced demand for staffing services.
Large privately held Wisconsin companies
SC Johnson
SC Johnson employs approximately 13,000 people worldwide. In 2025 the company announced plans to relocate some jobs from Chicago to Racine County as part of a shift toward in person collaboration. The move reinforced the company long standing presence in southeastern Wisconsin.
Uline
Uline employs more than 9,000 workers and continued expanding its distribution footprint during 2025 including new warehouse investments outside Wisconsin.
Menards
Menards employs an estimated 45,000 people across the Midwest. In 2025 the company put a multistate settlement tied to rebate advertising practices behind them and continued to grow.
Northwestern Mutual
Northwestern Mutual employs more than 8000 people and works with tens of thousands of financial representatives nationwide. During 2025 national reporting examined recruiting and training practices within parts of the organization adding reputational considerations alongside its strong balance sheet and long term client focus.
Kwik Trip
Kwik Trip employs more than 36,000 people and continued opening new stores throughout the Midwest in 2025. The company also expanded distribution capacity to support long term growth reinforcing its reputation as one of Wisconsin most successful privately held retailers.
Looking ahead to 2026 Wisconsin largest companies face a landscape defined by restraint rather than rapid expansion. Consumers remain selective. Capital spending decisions are closely scrutinized. Regulators investors and workers expect transparency and discipline. At the same time opportunities remain in infrastructure manufacturing energy reliability and health care innovation. Companies that align growth ambitions with realistic economic conditions are likely to enter the next year on firmer footing.
Sources: Market data and stock prices from Yahoo Finance, Google Finance, and United States Securities and Exchange Commission filings. Company statements and earnings from official investor relations disclosures. Reporting on layoffs, leadership changes, store closures, and regulatory actions from Reuters, The Wall Street Journal, Wisconsin Public Radio, Milwaukee Journal Sentinel, and American City Business Journals. Information on privately held companies from company websites, public statements, regional business reporting, and the Deloitte Wisconsin 75.
