How Berkshire Hathaway Makes Money (2026)
Berkshire Hathaway makes money mainly from Insurance, corporate and other. Its FY2025 total revenue was $371,444 million ($371.4 billion), with Insurance, corporate and other the biggest disclosed revenue line at $108,390 million ($108.4 billion) and 29.2% of total revenue (computed from the 10-K FY2025). Berkshire invests funds supplied by policyholders alongside shareholder capital.
Last checked 2026-10-18 on the official pages.
Revenue breakdown
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| BNSF | $23,441 million ($23.4 billion) | 6.3% | 10-K FY2025 ↗ |
| Berkshire Hathaway Energy | $26,282 million ($26.3 billion) | 7.1% | 10-K FY2025 ↗ |
| Manufacturing | $78,390 million ($78.4 billion) | 21.1% | 10-K FY2025 ↗ |
| Service and retailing | $42,560 million ($42.6 billion) | 11.5% | 10-K FY2025 ↗ |
| Pilot Travel Centers | $42,166 million ($42.2 billion) | 11.4% | 10-K FY2025 ↗ |
| McLane | $50,215 million ($50.2 billion) | 13.5% | 10-K FY2025 ↗ |
| Insurance, corporate and other | $108,390 million ($108.4 billion) | 29.2% | 10-K FY2025 ↗ |
| Total revenue | $371,444 million ($371.4 billion) | — | 10-K FY2025 ↗ |
The hidden model
Berkshire invests funds supplied by policyholders alongside shareholder capital.
Berkshire invests funds supplied by policyholders alongside shareholder capital. verified
Invested assets derive from shareholder capital as well as funds provided from policyholders through insurance and reinsurance businesses (“float”).
Insurance float supplies policyholder funds for investment. verified
Float was approximately $176 billion at December 31, 2025, $171 billion at December 31, 2024 and $169 billion at December 31, 2023.
Business models
Insurance float · Retail margin
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Business model comparisons
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Frequently asked questions
How does Berkshire Hathaway make money?
Berkshire Hathaway makes money mainly from Insurance, corporate and other. Its FY2025 total revenue was $371,444 million ($371.4 billion), with Insurance, corporate and other the biggest disclosed revenue line at $108,390 million ($108.4 billion) and 29.2% of total revenue (computed from the 10-K FY2025). Berkshire invests funds supplied by policyholders alongside shareholder capital.
What is Berkshire Hathaway’s business model?
Berkshire Hathaway’s business model is Insurance Float and Retail Margin. Underwrite insurance risks and invest funds held while claims remain outstanding. Underwriting discipline and the cost and duration of policyholder funding determine its usefulness. Berkshire invests funds supplied by policyholders alongside shareholder capital.
What is Berkshire Hathaway’s hidden model?
Berkshire invests funds supplied by policyholders alongside shareholder capital.