Operates as a diversified holding company with businesses spanning insurance, rail transportation, utilities and energy, manufacturing, services, retailing, and investments.
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Stable
What Berkshire does
Berkshire Hathaway owns and operates a diversified group of businesses spanning insurance, rail transportation, utilities and energy, manufacturing, services, retailing, and investments.
Founded
1839
Omaha, Nebraska
CEO
Gregory E. Abel
Since 2026
Market cap
$1.08T
14
Revenue (FY25)
$371.44B
0% YoY
30-Second Summary
A plain-English explanation of Berkshire Hathaway's business model
If you only remember one thing
Berkshire Hathaway is a diversified holding company. Instead of relying on one business, it owns many companies across insurance, railroads, energy, manufacturing, services, and retailing. Berkshire earns money from the operating businesses it owns, insurance activities, investment income, and the long-term performance of its investments.
Business Segments
Where Berkshire's $371.44B Fiscal year 2025 (ended December 31, 2025) comes from
$371.44B
Fiscal year 2025
29% of revenue ·0% YoY
21% of revenue ·0% YoY
14% of revenue ·0% YoY
12% of revenue ·0% YoY
Business Model
How Berkshire makes money — the ecosystem flywheel
Own Diverse Businesses
Generate Cash & Capital
Strengths & Risks
What makes Berkshire strong — and what could go wrong
Highly Diversified Business Base
Berkshire owns businesses across insurance, rail transportation, utilities and energy, manufacturing, services, and retailing.
Large Capital Base
Berkshire has a very large capital base and substantial liquidity, giving it significant financial flexibility.
Insurance Float
Its insurance businesses generate float that Berkshire can invest while the related insurance obligations remain outstanding.
Multiple Sources of Cash Flow
Cash is generated by insurance operations, railroads, energy businesses, manufacturing, services, retailing, and other operating companies.
Decentralized Operating Model
Berkshire allows many subsidiaries to operate with substantial autonomy under experienced local management.
Financial Overview
Fiscal year 2025 (ended December 31, 2025)
$371.44B
0% YoY
FY25
$66.97B
-24.8% YoY
FY25
$25.04B
+115.5% YoY
FY25
Berkshire Hathaway generated $371.4B of consolidated revenue and $67.0B of net income attributable to Berkshire shareholders in fiscal 2025. Free cash flow was approximately $25.0B, calculated as operating cash flow of $45.969B less capital expenditures of $20.927B.
Financial History
5-year trend, fiscal years 2021–2025
$371.44B
+34% since FY21
Business Ecosystem
Who Berkshire depends on — and who depends on Berkshire
Insurance Businesses
Insurance subsidiaries such as GEICO and Berkshire Hathaway Reinsurance Group collect premiums and provide insurance and reinsurance coverage.
Operating Companies
Berkshire owns companies across manufacturing, services, retailing, rail transportation, utilities, and energy.
Investments
Berkshire invests capital in publicly traded securities, fixed-income assets, and other businesses as part of its long-term capital-allocation strategy.
Berkshire Hathaway
Diversified holding company
Competitors
Companies used as broad comparison references for Berkshire's diversified financial and investment characteristics. Berkshire is unusually diversified, so no single company is a direct one-to-one competitor. Market caps use an October 2026 snapshot.
JPMorgan Chase
$883.52B
One of the world's largest financial institutions, providing a broad comparison for Berkshire's financial scale and diversified financial activities.
BlackRock
$173.27B
Global investment-management company that provides a comparison for Berkshire's large investment and capital-allocation activities.
Blackstone
$133.45B
JPMorgan Chase & Co.
Operates a global financial services firm serving consumers, businesses, governments, and institutional clients.
The Coca-Cola Company
Operates a global beverage company with a portfolio of sparkling soft drinks, water, sports, coffee, tea, juice, dairy, and emerging beverage brands.
