BRK-B
Updated: 24/09/2026, 12:59:09
Berkshire Hathaway Inc., established in 1998 and headquartered in Omaha, Nebraska, operates as a vast global conglomerate with diverse business interests. Its core operations primarily encompass insurance, freight rail transportation, and utility services. The company provides a comprehensive suite of insurance and reinsurance products, including coverage for property, casualty, life, accident, and health. Across North America, it manages extensive railway networks dedicated to freight transport. Its utility division is responsible for generating, transmitting, storing, and distributing electricity sourced from various origins such as natural gas, coal, wind, solar, hydroelectric, nuclear, and geothermal energy. This segment also oversees natural gas infrastructure, including distribution networks, storage facilities, interstate pipelines, and liquefied natural gas (LNG) operations, alongside its interests in coal mining. Beyond these foundational sectors, Berkshire Hathaway boasts a significant manufacturing footprint. It produces a wide array of goods ranging from confectionery and specialty chemicals to metal cutting tools and components for both aerospace and power generation applications. Its manufacturing portfolio also extends to flooring products, insulation, roofing materials, engineered building components, paints, coatings, and bricks. The company is also involved in residential construction, offering both manufactured and site-built homes, supplemented by related lending and financial services. Its product offerings further include recreational vehicles, apparel, footwear, jewelry, custom picture framing, and alkaline batteries. On the industrial side, it manufactures specialized components like castings, forgings, fasteners, aerostructures, and precision parts, often utilizing advanced alloys such as cobalt, nickel, and titanium. Additionally, Berkshire Hathaway provides a variety of services, which include distributing electronic components, franchising and servicing quick-service restaurants, offering logistics, grocery, and foodservice distribution, as well as professional aviation training and shared aircraft ownership programs. Finally, the company maintains a substantial retail presence, selling an extensive selection of products such as automobiles, furniture, home appliances, electronics, computers, jewelry, and kitchenware, in addition to motorcycle clothing and equipment.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
247.2B
FY 2025 · Reported
Net income
67.0B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$25.0B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
2.9B
FY 2024 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
BHE other energy businesses
Northern Powergrid (UK distribution), AltaLink (Alberta transmission), renewable power portfolio; net earnings $1,175M (2025), $1,334M (2024), $1,024M (2023)
“Other energy subsidiaries operate two regulated electricity distribution businesses in Great Britain (“Northern Powergrid”), a regulated electricity transmission-only business in Alberta, Canada, and a diversified portfolio of mostly renewable power projects and investments.”
Pilot travel centers
Pilot: 2025 revenues -$4.7B (-10.0%), pre-tax earnings -$424M (-69.1%); borrowings from Berkshire insurance subsidiaries of $3.7B at Dec 31, 2025
“Pilot’s borrowings, which are from certain Berkshire insurance subsidiaries, were $3.7 billion at December 31, 2025.”
McLane wholesale distribution
McLane: wholesale distribution of grocery and non-food products to retail and restaurants plus beverage distribution; high volume/low margin; 2025 revenues -$909M (-1.8%), pre-tax earnings +$42M (+6.6%)
“McLane Company, Inc. (“McLane”) operates a wholesale distribution business that provides grocery and non-food consumer products to retailers and convenience stores (“retail”) and to restaurants (“restaurant”).”
Retailing businesses
Retailing group 2025 revenues $19.7B (+2.5%), pre-tax earnings -$58M (-4.2%); includes BHA (80+ dealerships), four home furnishings, three jewelry businesses, See's, Pampered Chef, Oriental Trading, Louis (Germany)
“Retailing group revenues increased 2.5% to $19.7 billion, while pre-tax earnings declined $58 million (4.2%) in 2025 compared to 2024.”
BHE independent power projects
~6,400 net MW of independent power projects (wind, solar, geothermal, hydro) across 14 states plus Australia and Canada; ~$7.1B tax equity investments in third-party wind projects
“BHE and its subsidiaries, also own interests in independent power projects having approximately 6,400 net megawatts of generation capacity that are in service and under construction in California, Texas, Illinois, Nebraska, Montana, New York, Arizona, West Virginia, Minnesota, Kansas, Iowa, Hawaii, Australia and Canada.”
BHE natural gas pipelines
Five domestic regulated interstate natural gas pipelines plus 75% interest in LNG export/import/storage facility; net earnings $1,151M (2025), $1,232M (2024), $1,079M (2023)
“BHE’s natural gas pipelines consist of five domestic regulated interstate natural gas pipeline systems and a 75% interest in a liquefied natural gas export, import and storage facility.”
OxyChem customers and channels
OxyChem markets worldwide via direct sales, agents and distributors through five international sales offices; primary customers are leading chemical manufacturers connected via pipelines
“OxyChem’s primary customers consist of leading chemical manufacturers, several of which are connected to OxyChem manufacturing sites via pipelines.”
Kern River pipeline customers
Kern River: ~1,400-mile interstate pipeline from Rocky Mountains to Utah, Nevada and California; transports for utilities, oil/gas companies, generators, marketers and financial institutions
“Kern River, based in Utah, operates an interstate natural gas pipeline system that consists of approximately 1,400 miles and extends from supply areas in the Rocky Mountains to consuming markets in Utah, Nevada and California.”
OxyChem chemicals
OxyChem is a top three North American manufacturer of PVC, chlor-alkali products and chlorinated organic chemicals; primary feedstocks are ethylene, ethane, natural gas and salt
“OxyChem is a top three North American manufacturer of polyvinyl chloride (PVC), chlor-alkali products and chlorinated organic chemicals.”
Johns Manville products
JM: leading manufacturer of insulation, roofing, fiberglass and nonwovens; 40+ facilities in North America and Europe
“Johns Manville Corporation (“JM”), based in Denver, Colorado, is a leading manufacturer and marketer of premium-quality products for building insulation, mechanical and industrial insulation, commercial roofing and roof insulation, as well as reinforcement fiberglass and technical nonwovens.”
Shaw flooring
Shaw designs/manufactures over 3,800 flooring styles; sells wholesale to 42,000+ retailers/distributors; processes ~92% of carpet yarn in own facilities; carpet ~44% of U.S. flooring consumption
“Shaw products are sold wholesale to over 42,000 retailers, distributors and commercial users throughout the world.”
Clayton homes
Clayton shipped ~49,400 off-site built homes (over 83% built to DOE Zero Energy Ready Home requirements) and ~10,000 site-built homes in 2025; off-site backlog ~$285M; CPG backlog ~$1.2B with ~67,300 homesites
“In 2025, Clayton shipped approximately 49,400 off-site built homes, over 83% of which were built to the Department of Energy’s Zero Energy Ready Home program requirements, as well as approximately 10,000 site-built homes.”
GEICO insurance
GEICO: private passenger auto insurance in all 50 states and DC, direct response distribution; pre-tax underwriting earnings $6,824M (2025), $7,813M (2024), $3,635M (2023)
“GEICO writes property and casualty insurance policies, primarily private passenger automobile insurance, in all 50 states and the District of Columbia. GEICO offers its policies mainly by direct response methods”
Net earnings attributable to Berkshire shareholders by segment
Net earnings (after-tax, $M): Insurance-underwriting 7,258/9,020/5,428; Insurance-investment income 12,513/13,670/9,567; BNSF 5,476/5,031/5,087; BHE 3,979/3,730/2,331; MSR 13,647/13,072/13,362; Investment gains 30,737/41,558/58,873; Kraft Heinz & Occidental impairments (8,255)/0/0; Other 1,613/2,914/1,575; Total 66,968/88,995/96,223 (2025/2024/2023)
“Net earnings attributable to Berkshire shareholders for each of the past three years are disaggregated in the table that follows.”
Non-USD debt currency exposure
Berkshire and BHFC non-USD debt produced after-tax FX losses of $642M in 2025 vs gains of $1.15B in 2024
“After-tax other earnings in 2025 declined $1.3 billion compared to 2024, reflecting after-tax foreign currency exchange rate losses in 2025 of $642 million compared to after-tax gains in 2024 of $1.15 billion”
Northern Powergrid service territory
Electricity distribution network delivering to end-users in northeast England, ~10,000 square miles, ~4.0 million end-users
“own a substantial electricity distribution network that delivers electricity to end-users in northeast England in an area covering approximately 10,000 square miles... serve about 4.0 million electricity end-users.”
Clayton manufacturing footprint
Clayton Properties Group: nine builders across 17 states, ~300 subdivisions; off-site homes assembled in the U.S.
“Clayton’s site-built division, Clayton Properties Group (“CPG”), includes nine builders across 17 states with approximately 300 subdivisions”
OxyChem feedstock sourcing
OxyChem primary feedstocks (ethylene, ethane, natural gas, salt) obtainable from several sources; single-sourced materials under long-term supply contracts
“OxyChem’s primary feedstocks are ethylene, ethane, natural gas and salt, which are generally obtainable from several sources and suppliers.”
Clayton housing demand drivers
Clayton's home building business impacted by mortgage interest rates, supply of pre-existing homes and affordability; key inputs lumber, OSB, steel and resin
“Clayton’s home building business is impacted by changes in U.S. home mortgage interest rates and the supply of pre-existing homes for sale, which affect home affordability.”
AltaLink Alberta coverage
AltaLink serves approximately 85% of Alberta's population across an 87,000 square mile service territory
“AltaLink serves approximately 85% of Alberta’s population.”
BNSF coal volume decline
BNSF coal revenues fell 22.5% to $2.9B in 2024 on 17.9% lower volumes, primarily due to lower natural gas prices
“The volume decline was primarily due to lower natural gas prices.”
Shaw raw material costs
Shaw raw material costs impacted by petro-chemical and natural gas prices; significant portion of soft-flooring raw materials from recycled sources
“The availability of raw materials is adequate, but costs are impacted by petro-chemical and natural gas price changes.”
MD&A macro uncertainty
Berkshire unable to reliably predict impact of macroeconomic and geopolitical conflicts, tariffs, supply chain costs and customer demand; reasonably possible adverse consequences on businesses and equity securities
“We are currently unable to reliably predict the ultimate impact on our businesses, whether through changes in the availability of products, supply chain costs and efficiency, and customer demand for our products and services.”
Insurance underwriting outlook
Management expects possible earnings decline from competition within the industry and rising claim cost trends
“However, earnings may decline in the future from the ongoing impacts of competition within the industry and rising claim cost trends.”
2025 catastrophe losses and impairments
After-tax catastrophe losses ~$850M (2025), $1.2B (2024), $725M (2023); significant threshold pre-tax losses >$150M per event
“After-tax losses from significant catastrophe events were approximately $850 million in 2025, $1.2 billion in 2024 and $725 million in 2023.”
Other-than-temporary impairments Kraft Heinz and Occidental
2025 other-than-temporary impairment losses of $8,255M (after-tax) on equity method investments in Kraft Heinz and Occidental
“We recorded other-than-temporary impairment losses in 2025 on our investments in The Kraft Heinz Company (“Kraft Heinz”) and Occidental Petroleum Corporation (“Occidental”) common stock, which are accounted for under the equity method.”
Northern Powergrid UK price control
UK distribution fees controlled by formula prescribed by the Gas and Electricity Markets Authority; current price control runs April 1, 2023 through March 31, 2028
“The current electricity distribution price control runs from April 1, 2023 through March 31, 2028.”
OBBBA energy tax policy changes
One Big Beautiful Bill Act (July 4, 2025) accelerates phase-out of clean electricity tax credits and adds sourcing requirements; BHE does not believe these items will significantly impact its business in the near term
“the OBBBA accelerates the phase-out of clean electricity production and investment tax credits and establishes new sourcing requirements applicable to facilities commencing construction after December 31, 2025.”
Paris Agreement US withdrawal
Following President Trump’s January 2025 inauguration, the U.S. announced its second departure from the Paris Agreement, finalized in January 2026
“Following President Trump’s inauguration on January 20, 2025, the U.S. announced its second departure from the Paris Agreement, which was finalized in January 2026.”
AltaLink regulation by AUC
AltaLink regulated by the Alberta Utilities Commission under Alberta statutes; tariffs paid by the AESO
“AltaLink is regulated by the Alberta Utilities Commission (“AUC”), pursuant to the Electric Utilities Act (Alberta), the Public Utilities Act (Alberta), the Alberta Utilities Commission Act (Alberta) and the Hydro and Electric Energy Act (Alberta).”
Cybersecurity risk
Cyber-attacks could result in loss of assets, critical information, remediation costs, reputational damage and business interruption
“We expect continued exposure to such attacks in the future and attacks have become more sophisticated and frequent.”
Equity securities concentration
Equity investments of insurance subsidiaries concentrated in relatively few issuers; significant declines could materially reduce shareholders' equity and statutory surplus
“We concentrate a high percentage of the equity security investments of our insurance subsidiaries in relatively small number of issuers.”
Capital markets access for utilities and railroad
Restricted capital markets access or higher funding costs could adversely affect BHE and BNSF operations which rely on debt in capital structures
“our utilities and energy businesses and our railroad business regularly utilize debt as a component of their capital structures and depend on having access to borrowed funds through the capital markets at reasonable rates.”
Geopolitical and trade policy risk
Geopolitical events and international trade policies including tariffs could negatively impact operating results and securities values
“international trade policies in the U.S. and elsewhere, including tariffs and other barriers, could negatively impact our operating results.”
Key person dependency
Berkshire is dependent on a few key people for major investment and capital allocation decisions; Abel succeeds Buffett as CEO effective January 1, 2026
“In May 2025, Berkshire’s Board of Directors appointed Mr. Gregory E. Abel to succeed Mr. Warren E. Buffett as Chief Executive Officer effective January 1, 2026.”
Natural gas prices drive BNSF coal volumes, Shaw raw material costs, OxyChem feedstocks and competition with BNSF coal shipments.
“The decrease was attributable to a volume decrease of 17.9% and lower average revenue per car/unit. The volume decline was primarily due to lower natural gas prices.”
Mortgage interest rates affect Clayton home building demand/affordability; lower interest rates reduced insurance investment income; capital markets access matters for utilities/railroad debt funding.
“Clayton’s home building business is impacted by changes in U.S. home mortgage interest rates and the supply of pre-existing homes for sale, which affect home affordability.”
OBBBA accelerates phase-out of clean energy tax credits and adds sourcing requirements; may affect BHE's future results and renewable capex economics, though no significant near-term impact expected.
“BHE’s future financial results and capital expenditures related to renewable energy, storage and technology neutral projects... may be affected by the combined effects of the OBBBA”
Tariffs and international trade policies may reduce sales, raise costs and restrict supply chains across operating businesses and affect equity holdings.
“international trade policies in the U.S. and elsewhere, including tariffs and other barriers, could negatively impact our operating results.”
Kern River transports natural gas for electric and gas distribution utilities, oil and gas companies, generators, marketers and financial institutions.
“Kern River transports natural gas for electric and natural gas distribution utilities, major oil and natural gas companies or affiliates of such companies, electric generating companies, energy marketing and trading companies, and financial institutions.”
Sluggish customer demand attributed to economic uncertainty and changes in consumer confidence reduced retailer earnings in 2025; retailing is a major earnings group.
“Several of these businesses experienced sluggish customer demand in 2025, attributable to a combination of increased competition and the impacts of higher economic uncertainty and changes in consumer confidence.”
Ethylene is a primary OxyChem feedstock used with chlorine to produce PVC; generally obtainable from multiple sources, single-sourced materials under long-term contracts.
“OxyChem’s primary feedstocks are ethylene, ethane, natural gas and salt, which are generally obtainable from several sources and suppliers.”
Northern Powergrid distributes electricity to ~4.0 million end-users in northeast England under a GEMA-regulated price control through March 2028; lower tariffs from inflation adjustments reduced 2025 earnings.
“The decrease at Northern Powergrid was from lower distribution revenues due to lower tariffs from inflation adjustments beginning in the second quarter of 2025 and higher interest expense.”
Non-U.S. Dollar denominated debt of Berkshire and BHFC creates FX gains/losses in other earnings; equity securities of non-U.S. issuers also create currency effects.
“After-tax other earnings include... foreign currency exchange rate gains and losses related to Berkshire and BHFC non-U.S. Dollar denominated debt”
Fiberglass made from earthen raw materials and recycled glass is the basic material in many Johns Manville products; recycled glass availability can fluctuate.
“Fiberglass is the basic material in many of JM’s products... Fiberglass is made from earthen raw materials and recycled glass.”
AltaLink, a regulated electric transmission-only utility headquartered in Calgary, Alberta serving ~85% of Alberta's population, is regulated by the AUC.
“AltaLink L.P. (“AltaLink”) is a regulated electric transmission-only utility company headquartered in Calgary, Alberta.”
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