7-Zip

7-Zip is a open source, free archiver utility working to help extract compressed files, create compressed files in different formats and manage them. With its own 7z archive format, 7-Zip offers 40% higher compression ratio than its peers. Ideally, it removes the hassle of opening compressed files, so you can send large size or quantities of information quickly and efficiently. Download and launch 7-Zip on your computer is effortless and its interface is simple to use as well: the main toolbar contains its most used features and there are several menus that allow you to dig deeper within. 7-Zip also integrates with the Windows Explorer menus, displaying archive files as folders and providing a toolbar with drag-and-drop functions. You can also alternate between a single or dual-pane view.

Pros:
- Support multiple packing / unpacking formats: 7z, XZ, BZIP2, GZIP, TAR, ZIP and WIM
- For ZIP and GZIP formats, 7-Zip provides a compression ratio that is 2-10 % better than the ratio provided by other alternatives
- Strong AES-256 encryption in 7z and ZIP formats
- Self-extracting capability for 7z format
- Integration with Windows Shell
- Powerful file manager and command line versions
- Localizations for 87 languages
- Works in Windows 10 / 8 / 7 / Vista / XP

Cons:
- The interface and instructions is a little sparse, but the program works like a charm.
- The compression process takes more time to complete than some of its peers. it also require a lot of system resources while they're in progress.