Biggest Industries by Revenue in Canada in 2025

• 1. Commercial Banking in Canada

  Revenue for 2025: $490.3B

  The high interest rate environment experienced over the five years to 2025, along with overall economic growth, has benefitted the Commercial Banking industry in Canada. Banks have done an exceptional job diversifying revenue streams, due to higher interest rates and despite increasing regulations. The industry primarily generates revenue through interest income sources, such as business loans and mortgages, but it also generates income through noninterest sources, which include fees on a var...

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• 2. Gasoline & Petroleum Bulk Stations in Canada

  Revenue for 2025: $260.0B

  Companies in the Canadian Gasoline and Petroleum Bulk Stations industry manage bulk storage tanks and terminals for crude oil and petroleum products such as gasoline, diesel fuel, fuel oil and liquid petroleum gases. These bulk stations are often located near major refineries, ports and industrial centres to quickly and efficiently receive product and unload it to customers. These stations play an important role in the supply chain of crude oil and petroleum products. Given that the industry ...

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• 3. Gasoline & Petroleum Wholesaling in Canada

  Revenue for 2025: $257.2B

  Gasoline and petroleum wholesalers are tethered to global crude oil prices, which can cause significant volatility for these companies. Crude oil prices plunged to historic lows in 2020 as the COVID-19 pandemic and its associated economic uncertainty reduced downstream demand for oil and gas products. However, crude oil prices had more than doubled by 2022 amid a strong economic rebound, which contributed to solid revenue growth as the economy boomed. In response to high inflation and rising ...

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• 4. New Car Dealers in Canada

  Revenue for 2025: $175.5B

  New car dealers have been riding out a period of disruption and adaptation, facing headwinds and finding new growth paths. Dealer performance has shown signs of rebound lately, as stabilizing interest rates started to unlock pent-up demand among everyday buyers and commercial clients. While consumer confidence hasn’t fully recovered, the slight easing in financing costs and some improvement in disposable incomes have helped keep the wheels turning for the Canadian auto retail sector. Dealers,...

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• 5. Oil Drilling & Gas Extraction in Canada

  Revenue for 2025: $151.1B

  Oil drilling and gas extraction in Canada have grown tremendously, resulting from rising prices and additional investment in production. Oil and gas companies suffered significantly in 2020 amid the pandemic as prices drastically fell amid lockdowns. As the economy reopened, the need for oil and gas became apparent and prices skyrocketed, bolstering revenue. The Russia-Ukraine conflict further exacerbated this, causing exports to surge as foreign countries looked elsewhere to get oil and gas....

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• 6. Automobile Wholesaling in Canada

  Revenue for 2025: $134.9B

  High prices have become the signature challenge for the industry, as rising costs for materials like plastics spill over, pressuring companies to strategically price their offerings. Meanwhile, original equipment manufacturers (OEMs) that manufacture and sell cars directly to consumers remain a genuine challenge, prompting the industry to focus on competitive pricing to maintain its market appeal. Notably, the end of the iZEV program, which once provided economic incent...

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• 7. Supermarkets & Grocery Stores in Canada

  Revenue for 2025: $115.8B

  Supermarkets and grocery stores have endured a transformative journey since 2019, shaped by the pandemic, geopolitical tensions and an ever-changing market landscape. Grocers first encountered unprecedented demand as lockdowns redirected consumers' spending from entertainment to at-home essentials. Sales spiked, but the boom was fleeting; by 2021, factors like declining disposable income and soaring food prices reversed the trend. Even post-pandemic, the industry is evolving—more consumers th...

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• 8. Life Insurance & Annuities in Canada

  Revenue for 2025: $115.2B

  While revenue growth has been positive overall, economic volatility has led to significant fluctuations in revenue for Canadian life insurers and annuity providers in recent years. A sharp drop in GDP during the pandemic initially constrained demand, but generous government aid allowed consumers to keep buying financial products, lifting revenue slightly in 2020. A strong rebound followed in 2021 before high inflation and shrinking disposable incomes triggered a major pullback in 2022. Betwee...

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• 9. IT Consulting in Canada

  Revenue for 2025: $114.0B

  The rapid pace of technological change propelled the IT Consulting industry in Canada, with the prevalence of cloud-based services, mobile apps and other cutting-edge software fueling spending across the economy. The advent of artificial intelligence (AI) technology joins the long list of cutting-edge trends fueling need for IT consultants across various sectors. The Canadian government is simultaneously bolstering the industry with its large-scale investments, announcing a $2.0 billion inves...

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• 10. Petroleum Refining in Canada

  Revenue for 2025: $102.3B

  Revenue for the Canadian Petroleum Refining industry has been volatile. Crude oil is the primary input into industry products, and therefore, its price is the primary driver of industry revenue. However, the pandemic's collapse in oil prices in 2020 drove refinancing revenue down. Subsequently, high demand and ongoing supply chain disruptions led crude oil prices to spike sharply, translating into an industry revenue boom in 2021 and 2022. However, tempering oil prices in 2024 and potentially...

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