Berkshire Hathaway
Diversified holding company led by Warren Buffett. Insurance, energy, manufacturing.
Market Cap
—
Revenue Growth
+0.0%
Operating Margin
0.1%
Revenue Structure
| Segment | Revenue | Percent | YoY Growth |
|---|---|---|---|
| Insurance | $137.5B | 32.5% | 0.045% |
| BNSF Railway | $23.4B | 5.5% | 0% |
| Berkshire Hathaway Energy | $39.8B | 9.4% | 0.067% |
| Manufacturing | $78.5B | 18.6% | 0.016% |
| Service & Retailing | $135.8B | 32.1% | -0.02% |
Customer Concentration
Estimated — Not explicitly stated in 10-K filing
| Customer | Revenue % | Estimated |
|---|---|---|
| Walmart | 17.2% | No |
| 7-Eleven | 13.3% | No |
| Yum! Brands | 13.3% | No |
| Toyota/Lexus | 18% | Yes |
| General Motors | 18% | Yes |
| Ford Motor Company | 18% | Yes |
| Nissan/Infiniti | 18% | Yes |
| Honda/Acura | 18% | Yes |
Value Chain Related Stocks
Oil and gas supplier; Berkshire acquired the OxyChem business in January 2026.
High impact on chemical manufacturing segment via acquisition.
Source: Item 1, Manufacturing
Partner with Pilot Travel Centers for EV charging network and part of fuel supply chain.
Strategic partnership for infrastructure development.
Source: Item 1, Service Businesses
Major distribution channel for Benjamin Moore products.
Critical sales channel for paint division.
Source: Item 1, Manufacturing
Joint venture partner with FlightSafety for aviation training and simulator manufacturing.
Enables high-tech training services globally.
Source: Item 1, Service Businesses
Major customer/partner providing reinsurance contracts to BHRG.
Significant premium volume from quota-share agreement.
Source: Item 1, Insurance Operations
Primary customer for wholesale grocery and non-food distribution via McLane Company.
Represents 17.2% of total consolidated revenue.
Source: Item 7, MD&A
Primary customer for convenience store wholesale distribution via McLane Company.
Represents 13.3% of total consolidated revenue.
Source: Item 7, MD&A
Primary customer for restaurant wholesale distribution via McLane Company.
Represents 13.3% of total consolidated revenue.
Source: Item 7, MD&A
Primary vehicle brand sold through Berkshire Hathaway Automotive dealerships.
Approximately 18% of automotive retail revenue.
Source: Item 1, Business Description
Primary vehicle brand sold through Berkshire Hathaway Automotive dealerships.
Approximately 18% of automotive retail revenue.
Source: Item 1, Business Description
Primary vehicle brand sold through Berkshire Hathaway Automotive dealerships.
Approximately 18% of automotive retail revenue.
Source: Item 1, Business Description
Primary vehicle brand sold through Berkshire Hathaway Automotive dealerships.
Approximately 18% of automotive retail revenue.
Source: Item 1, Business Description
Primary vehicle brand sold through Berkshire Hathaway Automotive dealerships.
Approximately 18% of automotive retail revenue.
Source: Item 1, Business Description
Strategic partner with Pilot Travel Centers to develop a nationwide EV fast charger network.
Expanding service offerings and future revenue streams.
Source: Item 1, Service Businesses
Global aviation training partner through joint venture FlightSafety Textron Aviation Training.
Enhances training capabilities and market reach.
Source: Item 1, Service Businesses
Preferred supplier of Benjamin Moore sharing an extensive retail network.
Critical distribution channel for paint products.
Source: Item 1, Manufacturing
Competitors
Risk Factors
Climate Change and Regulatory Risks
HighBNSF and BHE face significant costs and asset value risks due to greenhouse gas emission regulations.
Impact: Non-compliance or regulatory reinterpretation could have a material adverse effect on financial results, requiring increased capital expenditures for carbon capture technologies.
Reinsurance Losses and Uncertainty
HighUnpaid loss liabilities totaling $151.8 billion, driven by long-tail claims like asbestos and environmental issues, mean even small increases could materially reduce earnings.
Impact: Adjustments to loss estimates directly impact net income, exacerbated by inflation and social inflation trends increasing litigation costs.
Key Person Risk and Succession
MediumThe success of successor Gregory Abel and failure to recruit key talent could severely impair operations.
Impact: Delays in decision-making or strategic errors during the succession period could lead to a decline in corporate value.
Investment Portfolio Volatility
MediumHigh concentration in equity securities and market price volatility directly impact shareholder equity and statutory surplus ratings.
Impact: Stock price declines can significantly reduce net income and erode market confidence in the insurer's financial strength.
Regulation in Energy and Transportation
MediumBNSF and BHE are subject to various government regulations regarding rates, safety, and environment, with risks that costs may not be recoverable.
Impact: Disallowed costs will negatively impact operating results, while freight demand reduction or fuel price volatility could squeeze profitability.
Growth Drivers
Expansion of Renewable Energy and Clean Power Investments
BHE has cumulatively invested $38.0 billion in renewable generation/storage through Dec 2025, reducing GHG emissions by 30% vs. 2005 levels.
Outlook: Plans include continued investment in low-carbon generation and further coal unit retirements to strengthen long-term growth and compliance.
Increased Demand for Aviation Services and Data Center Infrastructure
NetJets and FlightSafety saw revenue growth from increased aircraft hours and rates, while IPS recorded 24.2% growth in life sciences and data center sectors.
Outlook: Global aviation travel recovery and accelerated digital transformation driving data center construction demand are expected to lead service sector growth.
EV Charging Infrastructure Build-out
Pilot is partnering with General Motors to develop a nationwide EV fast charger network with up to 2,000 stalls at 500 locations.
Outlook: Increasing EV adoption will make charging services a new growth driver, creating synergies with existing fuel sales.
Investment Insights
FY2025 · Based on 10-KBerkshire Hathaway reported net earnings of $67 billion in 2025, down from the previous year due to volatility in investment gains and adjustments to insurance loss reserves. While GEICO saw premium growth, margins were compressed by rising claim severities. BNSF and BHE maintained stable performance through operational efficiencies and effective regulatory navigation, with BHE expanding its renewable energy investments to secure long-term growth momentum. Berkshire's primary competitive advantage lies in its decentralized management structure and the ability to leverage its massive float ($176 billion) for low-cost capital deployment. This provides a robust defensive moat, allowing the company to acquire quality assets during market downturns. However, structural risks such as climate change regulations, social inflation, and succession planning remain critical factors to monitor. Future growth is likely to be driven by expansion into EV charging infrastructure and surging demand for data center services.
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