Berkshire Hathaway

What does Berkshire Hathaway own?
Berkshire Hathaway owns a diverse portfolio of over 100 wholly-owned subsidiaries and significant equity investments. Key holdings include GEICO (auto insurance), BNSF Railway (freight transportation), Berkshire Hathaway Energy (utilities), Precision Castparts (aerospace components), Duracell (batteries), See's Candies (confectionery), Dairy Queen (fast food), and NetJets (private aviation). The company also holds substantial investments in publicly traded companies including Apple, Bank of America, and American Express.

Is Berkshire Hathaway publicly traded?
Yes. Berkshire Hathaway is publicly traded on the New York Stock Exchange under two ticker symbols: BRK.A (Class A shares) and BRK.B (Class B shares). Class A shares have significantly higher voting rights and are priced much higher than Class B shares. Class B shares were created in 1996 to make Berkshire stock more accessible to retail investors. The company has been publicly traded since 1988 and has never paid a dividend.

Who founded Berkshire Hathaway?
The original Berkshire Hathaway textile company was founded in 1839 by Oliver Chace in Valley Falls, Rhode Island. The modern Berkshire Hathaway was shaped by Warren Buffett, who began acquiring shares in 1962 and gained control in 1965, transforming the struggling textile manufacturer into a diversified holding company. The original textile operations were closed in 1985.

Where is Berkshire Hathaway headquartered?
Berkshire Hathaway is headquartered in Omaha, Nebraska, USA. The company has maintained its headquarters in Omaha since Warren Buffett took control, reflecting its commitment to a conservative, Midwestern approach to business despite its global scale. The corporate headquarters employs only approximately 25 people, reflecting the extreme decentralization of the organization.

How many companies does Berkshire Hathaway own?
Berkshire Hathaway owns over 100 wholly-owned subsidiaries across insurance, railroads, utilities, manufacturing, consumer products, and services. The exact number fluctuates as Berkshire makes new acquisitions and occasionally sells businesses. The company also holds significant minority stakes in publicly traded companies.

Who owns Berkshire Hathaway?
Berkshire Hathaway is owned by its shareholders, with no single controlling shareholder. Major institutional investors including Vanguard Group, BlackRock, and State Street hold significant stakes. Warren Buffett remains the largest individual shareholder and serves as Executive Chairman, while Greg Abel serves as CEO. The company has a widely dispersed shareholder base typical of large public corporations.

What is Berkshire Hathaway's revenue?
For full-year 2025, Berkshire Hathaway reported operating earnings of $44.49 billion, down from $47.44 billion in 2024. The decline was primarily driven by weaker insurance underwriting results. The company maintains one of the strongest balance sheets in corporate America with cash and equivalents exceeding $150 billion and insurance float exceeding $170 billion.

Who is the CEO of Berkshire Hathaway?
Greg Abel serves as CEO of Berkshire Hathaway, having succeeded Warren Buffett on January 1, 2026. Abel had long been considered Buffett's successor and previously led Berkshire's non-insurance operations. Warren Buffett remains Executive Chairman and continues to be involved in major capital allocation decisions.

Berkshire Hathaway traces its origins to 1839 with the founding of a textile manufacturing company by Oliver Chace in Valley Falls, Rhode Island. The company went through various mergers and acquisitions throughout the 19th and early 20th centuries, eventually becoming Berkshire Fine Spinning Associates and later Berkshire Hathaway Inc.

The modern era began in 1962 when Warren Buffett began purchasing Berkshire Hathaway stock through his investment partnership. By 1965, Buffett had gained controlling interest and became chairman of the struggling textile company. Rather than continuing in textiles, Buffett transformed Berkshire into a holding company, using its cash flow to acquire other businesses. The original textile operations were eventually closed in 1985 as they could not compete with lower-cost manufacturers.

Throughout the 1970s and 1980s, Buffett acquired insurance companies, including GEICO in 1976, which became the foundation of Berkshire's insurance operations. The company expanded into various industries through strategic acquisitions, including See's Candies (1972), Buffalo News (1977), and many others. The 1990s and 2000s saw major acquisitions like BNSF Railway (2009, for $26.5 billion) and Precision Castparts (2016, for $37.2 billion), solidifying Berkshire's position as a diversified conglomerate.

Buffett's long-term investment philosophy and capital allocation skills transformed Berkshire from a failing textile manufacturer into one of the largest companies in the world by market capitalization. The company's annual shareholder meetings in Omaha have become major events, drawing tens of thousands of attendees and earning the nickname "Woodstock for Capitalists."

In January 2026, Greg Abel succeeded Warren Buffett as CEO, marking the first leadership transition in the company's modern history. Abel had long been considered Buffett's successor and previously led Berkshire's non-insurance operations. Buffett remains as Executive Chairman and continues to be involved in major capital allocation decisions.

Berkshire Hathaway's sustainability approach is decentralized, with individual operating companies implementing environmental and social initiatives tailored to their specific industries. The conglomerate does not issue a consolidated ESG report, but individual companies provide sustainability disclosures relevant to their operations.

Berkshire Hathaway Energy (BHE) leads the group's environmental initiatives. BHE has committed to substantial investments in wind and solar energy generation and has set a target of 100 percent carbon-free electricity by 2050. BHE operates under the Environmental RESPECT framework, emphasizing responsible natural resource use and environmental protection. BHE's renewable energy portfolio includes significant wind farms in Iowa and solar installations in several states.

BNSF Railway implements sustainability initiatives focused on fuel efficiency improvements, emissions reduction, and sustainable freight transportation. The railway has invested in modern locomotives, aerodynamic technologies, and operational optimization to reduce fuel consumption and greenhouse gas emissions. Rail transportation is inherently more fuel-efficient than trucking, giving BNSF a structural advantage in freight emissions per ton-mile.

The manufacturing and consumer products subsidiaries implement various sustainability programs, including waste reduction, energy efficiency, and responsible sourcing. Companies like Clayton Homes, Fruit of the Loom, and Johns Manville have developed environmental management systems addressing resource efficiency, emissions control, and sustainable material usage.

Berkshire Hathaway is not a Certified B Corporation. The company's ethical framework centers on Warren Buffett's principles of transparent governance, long-term thinking, and stakeholder responsibility. The company maintains decentralized management while promoting ethical business practices, financial integrity, and corporate responsibility across all subsidiaries. Buffett's annual shareholder letters, published since 1965, are widely read for their insights into business ethics and capital allocation.

Berkshire Hathaway faces scrutiny across its diverse portfolio of businesses, with the most significant areas of public attention related to environmental compliance, insurance regulation, utility operations, and governance.

Environmental compliance: Berkshire has faced scrutiny over environmental compliance at some of its manufacturing and utility operations. Precision Castparts has faced questions about emissions standards and environmental impact at its aerospace manufacturing facilities. Berkshire Hathaway Energy has faced scrutiny over its continued reliance on coal-fired power plants in certain markets, though BHE has been transitioning toward renewable energy sources. Environmental groups have called for faster decarbonization of BHE's power generation fleet.

Insurance regulation: GEICO and Berkshire's other insurance subsidiaries face regulatory scrutiny related to reserve adequacy, underwriting practices, and claims handling. State insurance commissioners oversee GEICO's operations, and the company has faced regulatory actions in various states over pricing practices and claims handling procedures. The insurance industry is heavily regulated, and Berkshire's insurance operations must comply with varying state and national regulations.

Utility regulation: Berkshire Hathaway Energy operates regulated utilities in multiple states, subjecting it to oversight by state public utility commissions. BHE has faced regulatory disputes over rate cases, service quality, and infrastructure investment in several jurisdictions. The company's PacifiCorp subsidiary has faced litigation and regulatory scrutiny related to wildfire liability in Oregon and California, a growing concern for utility companies in western states.

Governance and succession: The January 2026 CEO transition from Warren Buffett to Greg Abel was the most significant governance event in the company's modern history. While the transition was widely anticipated and well-planned, questions remain about whether Berkshire can maintain its unique culture and investment performance without Buffett at the helm. Corporate governance advocates have also raised questions about board independence and executive compensation at Berkshire, given Buffett's outsized influence over the organization.

PacifiCorp wildfire liability: Berkshire's PacifiCorp utility subsidiary has faced significant litigation related to wildfires in Oregon and California. In 2023, a jury found PacifiCorp liable for damages from the 2020 Labor Day wildfires, with potential liability exceeding $1 billion. The case has drawn significant attention to the wildfire risks faced by utility companies and has raised questions about Berkshire's exposure to climate-related litigation.

Investment portfolio concentration: Berkshire's equity investment portfolio has historically been concentrated in a small number of large positions, including Apple, Bank of America, and American Express. This concentration has drawn scrutiny from investment analysts who argue that it increases risk. The company has reduced some of its largest positions in recent years, including a significant reduction in its Apple holdings in 2024.