 | |
 Blackstone Plaza, the location of Berkshire's corporate offices inOmaha, Nebraska | |
| Company type | Public |
|---|---|
| ISIN | US0846707026 |
| Industry | Conglomerate |
| Predecessor |
|
| Founded | 1839; 186 years ago (1839) |
| Founder | Oliver Chace |
| Headquarters | Blackstone Plaza,, U.S. |
Area served | Worldwide |
Key people |
|
| Products | List
|
| Revenue |  US$371.4 billion (2024) |
 US$110.4 billion (2024) | |
| US$88.99 billion (2024) | |
| Total assets | US$1.154 trillion (2024) |
| Total equity | US$651.7 billion (2024) |
| Owner | Warren Buffett (14.3%)[a] |
Number of employees | 392,400 (2024) |
| Subsidiaries | SeeList of subsidiaries |
| Website | berkshirehathaway |
| Footnotes / references [2][3][4] | |
Berkshire Hathaway Inc. (/ˈbɜːrkʃər/) is an Americanmultinationalconglomerateholding company headquartered inOmaha, Nebraska. Originally a textile manufacturer, the company transitioned into aconglomerate starting in 1965 under the management of chairman and CEOWarren Buffett and vice chairmanCharlie Munger (from 1978 to 2023).Greg Abel now oversees most of the company's investments and has been named as Buffett's successor. Buffett personally owns 38.4% of the Class A voting shares of Berkshire Hathaway, representing a 15.1% overall economic interest in the company.[4]
The company is often compared to aninvestment fund; between 1965, when Buffett gained control of the company, and 2023, the company's shareholder returns amounted to acompound annual growth rate (CAGR) of 19.8% compared to a 10.2% CAGR for theS&P 500.[5] However, in the 10 years ending in 2023, Berkshire Hathaway produced a CAGR of 11.8% for shareholders, compared to a 12.0% CAGR for theS&P 500.[6] From 1965 to 2023, the stock price had negative performance in only eleven years.[7] In August 2024, Berkshire Hathaway became the eighth U.S.public company and the first non-technology company to be valued at over $1 trillion on thelist of public corporations by market capitalization.[8]
Berkshire Hathaway is ranked 5th on theFortune 500 rankings of the largest United States corporations by total revenue and 9th on theFortune Global 500.[9] Berkshire is one of the ten largest components of theS&P 500[10] and is on thelist of largest employers in the United States. Itsclass A shares have the highest per-share price of any public company in the world, reaching $700,000 in August 2024, because theboard of directors has historically been opposed tostock splits.[11]
Berkshire Hathaway originated as a textile manufacturer formed in 1955 from the merger ofHathaway Manufacturing Company andBerkshire Fine Spinning Associates.[12][13][14][15][16] After the merger, Berkshire Hathaway had 15 plants employing over 12,000 workers with over $120 million in revenue, and was headquartered inNew Bedford.[16] However, seven of those locations were closed by the end of the 1950s, accompanied by large layoffs.
In 1962, Warren Buffett began buying Berkshire Hathaway stock for hisinvestment fund, Buffett Partnership Ltd., at $7.50 per share, anticipating that as the company liquidated textile mills there would come atender offer when he could sell the shares at a profit. A year later, Buffett's fund owned 7% of the company.[17] In 1964, Buffett offered to sell his shares back to the company for $11.50 each.[17]Seabury Stanton, the manager of Berkshire Hathaway, told Buffett orally that he had a deal.[17] A few weeks later, Warren Buffett received the tender offer in writing, but the tender offer was for only $11.375 per share. Buffett later admitted that this lower, undercutting offer made him angry.[18] Instead of selling at the slightly lower price, Buffett bought more of the stock at an even higher price to take control of the company and fire Stanton; Stanton and his son resigned in 1965.[19] However, this left Buffett's fund with a major interest in a declining textile business.
Buffett has described buying the Berkshire Hathaway textile company as the biggest investment mistake he had ever made, denying him compounded investment returns of about $200 billion over the subsequent 45 years.[18] He has estimated that had he invested the same money directly in insurance businesses instead of indirectly via Berkshire Hathaway (due to what he perceived as a slight by an individual), it would have paid off several hundredfold.[20] In 1985, the company's last textile operations were shut down.[21]
Also in 1962, Warren Buffett set up his office in Omaha, Nebraska, at the current Berkshire Hathaway headquarters located atBlackstone Plaza (formerly named Kiewit Plaza).[22][23] As of the end of 2024, the company had only 27 employees at that corporate headquarters.[24] In 1963,Franklin Otis Booth Jr. invested $1 million in the company (equivalent to $10,300,000 in 2024), and in 1968David Gottesman also invested in the company. The investments eventually made both men billionaires.[25]
In March 1967, Berkshire acquired National Indemnity Company, based inOmaha, Nebraska, for $8.6 million in the first acquisition by the company under Buffett's control and the company's entrance into the insurance business. National Indemnity was founded in 1940 by Jack Dabney Ringwalt.[26] In 2012, National Indemnity acquiredworkers' compensation insurer GUARD for $221 million.[27]
Berkshire acquiredSee's Candies in 1972 for $25 million.[28] It produces boxed chocolates and other confectionery products in two large kitchens in California. See's revenues are highly seasonal, with approximately 50% of total annual revenue earned in the months of November and December.[29] By 2019, the $25 million investment had returned over $2 billion, or an 8000% return, to Berkshire.[28]
In 1976, Berkshire first invested inGEICO, at a time when it was facing financial difficulty and had a very low stock price.[30]
In 1977, Berkshire bought theBuffalo Evening News and resumed publication of a Sunday edition of the paper that had ceased in 1914. After the morning newspaperBuffalo Courier-Express ceased operation in 1982, theBuffalo Evening News changed its name toThe Buffalo News and began to print morning and evening editions. It now prints only a morning edition.[31] Berkshire formed BH Media Group with a purchase of theOmaha World-Herald in December 2011,[32] which included six other daily newspapers and several weeklies across Nebraska and southwest Iowa.[33] In June 2012, Berkshire bought 63 newspapers fromMedia General, including theRichmond Times-Dispatch andWinston-Salem Journal, for $142 million in cash.[34] In 2012, Berkshire Hathaway bought Texas dailiesThe Bryan-College Station Eagle and theWaco Tribune-Herald.[35] In 2013, the company bought theTulsa World, theGreensboro, North Carolina-basedNews & Record, Virginia'sRoanoke Times, andPress of Atlantic City.[36] In 2014,Graham Holdings Company sold its Miami television station,ABC affiliateWPLG to BH Media in a cash and stock deal.[37][38] In June, 2018, Lee Enterprises and Berkshire Hathaway reached a five-year agreement to allow Lee Enterprises to manage Berkshire Hathaway's newspaper and digital operations.[39] In 2020,Lee Enterprises acquired BH Media Group's publications andThe Buffalo News for $140 million in cash, retainingWPLG.[40][41] In conjunction with the sale, Berkshire lent $576 million to Lee.[40]
In 1983, Berkshire acquiredNebraska Furniture Mart for $60 million.[42][43] In 2000, Nebraska Furniture Mart bought Homemakers Furniture.[44]
In 1986, Berkshire acquiredScott Fetzer Company, a diversified group of 32 brands that manufactures and distributes products for residential, industrial, and institutional use, includingGinsu knives andWorld Book Encyclopedia. It includedKirby Company, which was sold in 2021, Wayne Water Systems, andCampbell Hausfeld products.[45] Campbell Hausfeld was transferred to Marmon, also a Berkshire subsidiary, in 2015.
In January 1986, Berkshire acquired Fechheimer Brothers, owner of Flying Cross, which manufactures public safety uniforms, and Vertx, a civilian tactical clothing company.[46]
In 1991, Berkshire acquiredH.H. Brown Shoe Group.[47]
In May 1995, Berkshire acquiredRC Willey Home Furnishings.[48] In June 1997, Berkshire acquiredStar Furniture.[49]
In January 1996, Berkshire acquired full ownership ofGEICO, acquiring the 49% of the company that it did not then own for $2.3 billion.[50] GEICO, headquartered inChevy Chase, Maryland, primarily offers private passenger automobile insurance marketed directly to individual consumers in the United States.[51] The company is known for its advertising characters including a gecko and theGEICO Cavemen.
In February 1997, Berkshire acquired FlightSafety International (FSI), apilot training company founded in 1951 byAlbert Lee Ueltschi and headquartered atLaGuardia Airport inFlushing, New York. It usesflight simulators and is the largest provider of professional aviation training services.[52][53][54][55]
In October 1997, Berkshire acquiredDairy Queen, based in Edina, Minnesota, for $585 million. It franchises approximately 6,000 stores operating under the names Dairy Queen,Orange Julius, andKarmelkorn that sell dairy desserts, beverages, prepared foods, blended fruit drinks, popcorn, and other snack foods.[56][57]
In July 1998, Berkshire Hathaway acquiredNetJets, formerly Executive Jet Aviation, for $725 million in cash.[58][59] NetJets is the world's largest provider offractional ownership programs forgeneral aviation aircraft. In 1986, NetJets created the fractional ownership of aircraft concept and introduced its NetJets program in the United States with one aircraft type. In 2019, the NetJets program operated more than 10 aircraft types with a fleet size of greater than 750.[60]
In December 1998, Berkshire acquiredGen Re, headquartered inStamford, Connecticut, for $22 billion.[61][62] Berkshire paid for the acquisition with Class A shares valued at $58,400 each; Buffett later said he overpaid, despite strong performance by General Re.[63]
In 1999, Berkshire acquired MidAmerican Energy Holdings. At the time of purchase, Berkshire'svoting interest was limited to 10% of the company's shares, but this restriction ended when thePublic Utility Holding Company Act of 1935 was repealed in 2005. It ownsNorthern Powergrid, which operates in the UK.[64] In 2005, it acquiredPacifiCorp for $5.1 billion in cash, and assumed $4.3 billion in PacificCorp debt and preferred stock.[65] MidAmerican was rebranded asBerkshire Hathaway Energy (BHE) in April 2014.[66] The division owns a residential real estate brokerage business, which, in March 2013, was rebranded asHomeServices of America, a division ofBerkshire Hathaway Energy.[67] In addition to brokerage services, it providesmortgage loan originations,title insurance and closing services,home warranty,property insurance andcasualty insurance and other related services. The company has acquired several residential real estate brokerages includingLong & Foster, acquired in September 2017.[68]
In October 1999, Berkshire acquiredJordan's Furniture for an estimated $200 million to $300 million.[69]
CORT Business Services Corporation was acquired in February 2000 by Wesco Financial Corporation, an 80.1% owned subsidiary of Berkshire and is the largest U.S. provider of rental furniture, accessories and related services in the "rent-to-rent" segment of the furniture rental industry.[70]
In May 2000, Berkshire acquiredBen Bridge Jeweler, a chain of jewelry stores established in 1912 with locations primarily in the western United States.[71]Helzberg Diamonds, a chain of jewelry stores based in Kansas City that began in 1915, was acquired by Berkshire in 1995 after a chance run in between Buffett and Barnett Helzberg on a street in New York City.[72]
In June 2000, the company acquired Justin Brands, the parent company ofJustin Boots,Acme Boots, andAcme Brick for $600 million in cash.[73][74] Headquartered inFort Worth, Texas, Acme manufactures and distributes clay bricks (Acme Brick), concrete block (Featherlite), and cut limestone (Texas Quarries). Justin Brands also ownsChippewa Boots,Nocona Boots, andTony Lama Boots.[75]
In December 2000, Berkshire acquiredBenjamin Moore & Co., headquartered inMontvale, New Jersey. Moore formulates, manufactures, and sellsarchitectural coatings that are available primarily in the United States and Canada. Buffett agreed not to sell the products through major retail chains.[76]
In January 2001, Berkshire acquired 87% ofDalton, Georgia-basedShaw Industries. It acquired the remaining 12% in January 2002. Shaw is the world's largest carpet manufacturer based on both revenue and volume of production and designs and manufactures over 3,000 styles of tufted and woven carpet and laminate flooring for residential and commercial use under approximately 30 brand and trade names and under certain private labels.[77]
In February 2001, Berkshire acquiredJohns Manville, established in 1858 and a manufacturer of fiberglass wool insulation products for homes and commercial buildings, as well as pipe, duct, and equipment insulation products.[78]
In July 2001, Berkshire acquired a 90% equity interest in MiTek, headquartered inChesterfield, Missouri, which makes engineered connector products, engineering software and services, and manufacturing machinery for the truss fabrication segment of the building components industry.[79] In May 2008, Mitek acquired Hohmann & Barnard, a fabricator of anchors and reinforcement systems for masonry.[80] In October 2008, Mitek acquired Blok-Lok ofToronto, Canada. On April 23, 2010, Mitek acquired the assets of Dur-O-Wal fromDayton Superior.[81]
In February 2002, Berkshire acquired Albecca, headquartered in Norcross, Georgia, operating under the Larson-Juhl name. Albecca designs, manufactures, and distributes custom framing products, including wood and metal molding, matboard, foamboard, glass, equipment, and other framing supplies.[82]
In April 2002, Berkshire acquiredFruit of the Loom for $835 million in cash. It acquiredRussell Corporation in August 2006, for $600 million.[83] Fruit of the Loom also acquiredBrooks Sports in 2006.[84]
In September 2002, Berkshire acquiredGaranimals for $273 million.[85]
In October 2002, Berkshire acquiredThe Pampered Chef, the largest direct seller of kitchen tools in the United States. Products are researched, designed, and tested by The Pampered Chef, and manufactured by third-party suppliers. From its headquarters inAddison, Illinois, The Pampered Chef utilizes a network of more than 65,000 independent sales representatives to sell its products through home-based party demonstrations, principally in the United States.[86]
Also in October 2002, Berkshire also acquiredCTB International.[87][88] CTB, headquartered in Milford, Indiana, is a designer, manufacturer, and marketer of systems used in the grain industry and in the production of poultry, hogs, and eggs. Products are produced in the United States and Europe and are sold primarily through a global network of independent dealers and distributors, with peak sales occurring in the second and third quarters.
In May 2003, Berkshire acquiredMcLane Company fromWalmart.[89] The company later acquired Professional Datasolutions and Salado Sales. McLane provides wholesale distribution and logistics services in all 50 states and internationally in Brazil to customers that include discount retailers, convenience stores, quick-service restaurants, drug stores and movie theatre complexes.[90]
In August 2003, Berkshire Hathaway acquiredClayton Homes, a maker ofmanufactured housing, modular homes, storage trailers, chassis, intermodal piggyback trailers and domestic containers, headquartered nearKnoxville, Tennessee, for $1.7 billion.[91]
In July 2005, Berkshire Hathaway acquiredForest River, the world's largest seller ofrecreational vehicles, from Pete Liegl for $800 million.[92]
In 2005, Berkshire acquired Applied Underwriters. In 2019, Applied Underwriters was sold back to its founder for $920 million.[93]
In January 2006, Berkshire boughtBusiness Wire, a U.S. press release agency.[94]
In March 2007, Berkshire Hathaway acquiredTTI, Inc. Headquartered inFort Worth, Texas, TTI is the largest distributor specialist of passive, interconnect, and electromechanical components. TTI's extensive product line includes; resistors, capacitors, connectors, potentiometers, trimmers, magnetic and circuit protection components, wire and cable, identification products, application tools, and electromechanical devices.[95]
In April 2007, Berkshire acquired 10.9% ofBNSF Railway for $3.23 billion.[96] In February 2010, the remaining portion that it did not already own was acquired for $26 billion.[97] This was the largest acquisition to date in Berkshire's history.[98]
NRG (Nederlandse Reassurantie Groep) was acquired by Berkshire fromING Group in December 2007.[99][100]
Also in December 2007, when stresses that led to the2008 financial crisis were forming, Berkshire created a governmentbond insurance company to insuremunicipal bonds, starting withNew York State bonds.[101][102][100]
In 2008, Berkshire Hathaway acquired 60% ofMarmon Group, a conglomerate owned by thePritzker family for over fifty years that owned and operated companies that produce railroad tank cars, shopping carts, plumbing pipes, metal fasteners, wiring and water treatment products used in residential construction. Berkshire acquired the remainder of Marmon in 2013.[103]
In September 2011, Berkshire Hathaway acquiredLubrizol for $9 billion in cash.[104]
In March 2011, Berkshire Hathaway made its first foray into the Indian insurance sector with its non-direct subsidiary BerkshireInsurance.com.[105][106]
In 2012, Berkshire acquiredOriental Trading Company, adirect marketing company fornovelty items, small toys, and party items for around $500 million.[107][108][109]
On October 2, 2014, Berkshire Hathaway Automotive, an auto dealership subsidiary, was created through the acquisition of Van Tuyl Group, the largest auto dealer in the nation that was still independently owned up to that date. In 2016, it was the fifth-largest auto dealership group, with ownership of 81 dealerships and revenues of $8 billion.[110][111]
In January 2016, Berkshire Hathaway acquiredPrecision Castparts Corp. for $32.1 billion.[112] In 2020, Buffett said he overpaid for the company and wrote down its value by approximately $10 billion.[113]
In February 2016, Berkshire Hathaway acquiredDuracell fromProcter & Gamble for $4.7 billion in stock in P&G previously owned by Berkshire Hathaway.[114][115]
In 2017, Berkshire acquired 38.6% oftruck stop chainPilot Flying J for $2.8 billion, followed by the acquisition of an additional 41.4% of the company for $8.2 billion in 2023, and the remaining 20% in 2024 for $3 billion. It appointed two Berkshire Hathaway Energy executives as CEO and CFO of the company, retainingJimmy Haslam as chairman.[116]
In October 2022, Berkshire Hathaway acquired insurance companyAlleghany Corporation for $11.6 billion.[117] As part of the transaction, Berkshire reduced the purchase price of the company by any fees that it paid investment bankers. This move was touted as an example of Warren Buffett's "disdain" for investment bankers.[118]
In October 2025, Berkshire acquired OxyChem, a subsidiary ofOccidental Petroleum, in a $9.7 billion cash deal.[119]
Buffett began investing inWells Fargo in 1989; however, by the first quarter of 2022, Berkshire Hathaway had sold its entire interest in the company.[120][121]
Buffett turned down an opportunity to invest inAmazon.com in 1994, as he was unable to predict the company's future growth and it was losing money.[122] Berkshire Hathaway bought shares in Amazon in 2019, a position worth $2 billion at the time.[123]
Berkshire made its first investment inTesco in 2006, and in 2012 it raised this stake to over 5% of the company, investing a total of $2.3 billion.[124] Buffett sold around 30% of this stake in 2013 when he "soured somewhat on the company's then-management", realizing a profit of $43 million.[125] As Tesco's problems mounted through 2014, Berkshire sold all the remaining shares with Buffett saying to shareholders that the delay in selling shares was costly. Berkshire realized an after-tax loss of $444 million on the Tesco investment.[125]
In early 2008, Berkshire increased its stake inConocoPhillips to 85 million shares.[126] Buffett later described this as "a major mistake" as theprice of oil collapsed during theGreat Recession. Berkshire sold most of its shares but held 472,000 shares until 2012. That year, ConocoPhillips completed thecorporate spin-off ofPhillips 66, of which Berkshire owned 27 million shares. Berkshire later sold $1.4 billion worth of shares to Phillips 66 in exchange for Phillips Specialty Products.[127] Buffett frequently referred to Phillips 66 as one of the best businesses Berkshire invested in because of its consistent dividends andshare repurchase programs. However, Berkshire sold its entire holdings in 2020.[128][129]
In September 2008, at the peak of the2008 financial crisis, Berkshire invested $5 billion inpreferred stock inGoldman Sachs to provide it with a source of funding when capital markets had become constrained. The preferred stock yielded an annual interest rate of 10%, earning Berkshire $500 million in interest income per year. Berkshire also received warrants to buy 43.5 million shares with at $115 per share, which were exercisable at any time for a five-year term.[130][131] Goldman had the right to re-purchase the preferred stock at a 10% premium, and in March 2011 exercised this right paying $5.5 billion to Berkshire. Profit on the preferred stock was estimated at $1.8 billion[132] and exercising the warrants yielded a profit of more than $2 billion.[133] Buffett defendedLloyd Blankfein's decisions as CEO of Goldman Sachs and his efforts to improve the reputation of the company during the2008 financial crisis.[134][135][136]
In September 2008, BHE invested about US$230 million for approximately a 10% share ofBYD Auto.[137] Some shares were sold in 2023 and 2024, with Buffett motivated by theChina–United States trade war.[138][139][140]
In October 2008, Berkshire invested $6.5 billion inWrigley Company as part of a financing package to enableMars Inc. to acquire the company. Berkshire sold its remaining bonds and preferred stock to Mars in 2016.[141]
In early 2011, Berkshire first invested inIBM. The shares were entirely sold in 2018.[142][143]
On August 26, 2011, Berkshire Hathaway bought $5 billion of preferred shares inBank of America.[144] The shares yielded 6%, earning Berkshire $300 million in annual interest. Alongside the preferred stock investment, Berkshire obtained warrants allowing Berkshire to buy 700 million common shares at $7.14 per share, which were exercised. By 2017, this position had yielded a profit of about $12 billion excluding the annual interest earned from the preferred stock.[145]
In 2013, Berkshire and3G Capital acquiredH. J. Heinz Company for $28 billion including debt.[146] In 2015, Heinz merged withKraft Foods to formKraft Heinz.[147] In 2019, Buffett said that he overpaid in the deal.[148]
In 2013, Berkshire owned 1.74 million shares ofGannett; however, it sold its shares in the second quarter of 2013.[149][150]
In the first quarter of 2016, Berkshire began investing inApple Inc., with a purchase of 9.8 million shares (0.2% of Apple) worth $1 billion. By the end of June 2016, this stake had increased to 15.2 million shares (0.3% of Apple). By December 31, 2016, Berkshire had built up a stake of 57.4 million shares (1.1% of Apple) with an estimated average acquisition price of $110 per share (before the 2020 4:1 split). Aggressive stock purchases continued and by March 31, 2017, Berkshire had amassed a stake of 129 million shares (2.5% of Apple). By December 31, 2017, Berkshire owned 166 million shares (3.3% of Apple). Berkshire bought 75 million more shares in early 2018.[151][152] As of December 31, 2022,[update] Berkshire owned 5.8% of Apple.[153][154] Berkshire Hathaway reduced its Apple stake by nearly 50%, selling $75.5 billion worth of stock in the second quarter of 2024, increasing its cash reserves to a record $276.9 billion.[155] Buffett had said that Apple has developed an ecosystem and level of brand loyalty that provides it with aneconomic moat, and that consumers appear to have a degree of price insensitivity when it comes to theiPhone. While Buffett generally does not invest in tech stocks, he has said that Apple is a consumer products company and that he understands consumer products businesses.[156]
In the third quarter of 2016, Berkshire surprised investors by making large equity investments in the major USairlines. Buffett had previously described airlines as a "deathtrap for investors". Buffett had made an investment in US Airways in 1989 which, although he sold for a profit, almost lost Berkshire a substantial sum of money.[157] In 2017, Berkshire was the largest shareholder inUnited Airlines andDelta Air Lines and a top 3 shareholder inSouthwest Airlines andAmerican Airlines. Buffett himself has described this as a "call on the industry" rather than a choice in an individual company. American Airlines' CEODoug Parker is said to have won over Ted Weschler in arguing that the airline industry had consolidated sufficiently and rationalized supply such that longer-term profitability could be achieved in an industry that has historically been loss-making in aggregate.[158] In April 2020, Berkshire sold all shares in the airlines due to theimpact of the COVID-19 pandemic on commercial air transport.[159]
In June 2017, Berkshire invested $377 million in Store Capital, a Scottsdale-basedreal estate investment trust that owned more than 1,750 properties in 48 states; the company was sold toprivate equity firms in 2022.[160][161][162]
In June 2017, Berkshire acquired a 38.4% stake inHome Capital Group for $400 million, giving a lifeline to theToronto-based embattled mortgage lender.[163][164] The shares were sold in 2018.[165]
In 2019, by buying warrants and preferred stock, Berkshire provided $10 billion in financing toOccidental Petroleum as part of its acquisition ofAnadarko Petroleum. Berkshire began investing in common shares of Occidental beginning in 2022 and has increased its position since.[166][167]
Between September 2019 and August 2020, Berkshire bought more than 5% of the outstanding stock of each of the five largest Japanesesogo shosha (Itochu,Mitsubishi,Mitsui,Sumitomo, andMarubeni) through its National Indemnity subsidiary. These stakes were worth a total of over $6 billion as of August 2020. By April 2023, Berkshire increased its stake in each of those companies to 7.4%.[168] He continued to increase the stakes over time.[169]
In the second quarter of 2020, Berkshire added a position of more than 20 million shares inBarrick Gold; the shares were sold in 2021.[170] In the third quarter of 2020, the company agreed to buy Dominion Energy's natural gas transmission and storage operations.[171]
In the first quarter of 2022, Berkshire acquired a $2.6 billion stake inParamount Global.[172] However, at an annual meeting on May 4, 2024, Buffett stated that he had sold all of his shares in Paramount at a substantial loss, blaming himself for deciding to invest.[173]
In the first quarter of 2022, Berkshire acquired 121 million shares ofHP Inc. valued at more than $4.2 billion; the shares were sold in 2023 and 2024.[174]
In the third quarter of 2022, Berkshire bought 60 million shares inTSMC valued at $4.1 billion; the shares were sold in late 2022 and 2023 in part due to geopolitical tensions.[175][154][176]
Berkshire began investing inChubb Limited in 2023; by 2024, it owned a 6.4% stake worth $6.7 billion.[177]
Berkshire Hathaway bought 5.62 million shares ofConstellation Brands in the fourth quarter of 2024, worth $1.24 billion. The purchase made Berkshire Hathaway the sixth-largest shareholder of Constellation Brands.
Berkshire Hathaway sold its stake inUlta Beauty in the fourth quarter of 2024, just two quarters after acquiring the shares.[178]
In the fourth quarter of 2024, Berkshire Hathaway liquidated all of its ETF holdings in the S&P 500, worth a total of $44 million.[179]
| Business line | Companies |
|---|---|
| Insurance |
|
| Railroad | BNSF Railway |
| Utilities & energy | |
| Manufacturing | |
| Services & retailing |
Aside from its subsidiaries, Berkshire manages a portfolio of non-controlling stock investments into which its insurance companies invest policy premiums. These holdings are broadly disclosed in itsForm 13F filings, although the company sometimes obtains permission to keep active trades confidential.[180]
| Category | Company | Share (%) | Value[b] |
|---|---|---|---|
| Finance & insurance | American Express | 21.6 | $45.4 billion |
| Bank of America | 8.2 | $30.7 billion | |
| Moody's Ratings | 13.8 | $12.5 billion | |
| Chubb Limited | 6.8 | $7.4 billion | |
| Visa Inc. | 0.4 | $2.9 billion | |
| Mastercard | 0.4 | $2.3 billion | |
| Capital One | 1.1 | $1.6 billion | |
| UnitedHealth Group | 0.6 | $1.5 billion | |
| Aon | 1.9 | $1.5 billion | |
| Ally Financial | 9.4 | $1.1 billion | |
| Manufacturing | The Coca-Cola Company | 9.3 | $27.6 billion |
| Kraft Heinz | 27.5 | $9.1 billion | |
| BYD Auto | 4.4 | $2.2 billion | |
| Constellation Brands | 7.6 | $2.1 billion | |
| Louisiana-Pacific | 8.1 | $0.5 billion | |
| HEICO | 1.5 | $0.3 billion | |
| Telecommunications | Sirius XM | 37.1 | $3.0 billion |
| Verisign | 9.6 | $2.4 billion | |
| Charter Communications | 0.8 | $0.2 billion | |
| Computer technology | Apple Inc. | 1.9 | $65.0 billion |
| Amazon.com | 0.1 | $2.2 billion | |
| Petroleum | Chevron Corporation | 6.0 | $19.6 billion |
| Occidental Petroleum | 26.9 | $12.6 billion | |
| Diversified Japanese | Mitsubishi | 10.2 | $8.8 billion |
| Itochu | 8.5 | $7.7 billion | |
| Mitsui | 9.8 | $6.6 billion | |
| Marubeni | 9.3 | $3.5 billion | |
| Sumitomo Group | 9.3 | $3.1 billion | |
| Other | Davita | 45.0 | $4.4 billion |
| Kroger | 7.6 | $3.3 billion | |
| Domino's | 7.8 | $1.2 billion | |
| Pool Corporation | 9.3 | $1.0 billion | |
| Nucor | 2.9 | $1.0 billion | |
| D. R. Horton | 0.5 | $0.2 billion | |
| NVR, Inc. | 0.4 | $0.1 billion | |
| Allegion | 0.9 | $0.1 billion |
As of June 30, 2025, the company had $344 billion in Treasury bills, which together with its reported cash of $44 billion made up the largest cash position of any U.S.-basedpublic company.[181]
Insurance is a major area of operations and the retained premiums (float) serve as an important source of capital.[182] Buffett has said that he prefers to invest in evergreen businesses that generate predictable long-term returns,[183] that he doesn't invest in companies that he doesn't understand,[184] and that he does not like to invest in companies that may undergo significant change.[185] The company has generally avoided investing inhigh-tech firms, missing early opportunities to invest inMicrosoft andAmazon.com despite having relationships with the founders of those companies. With some exceptions, the company also usually does not invest inreal property due to precise pricing, lack of competitive advantage, complex management, and corporation tax disadvantages.[186]
Berkshire Hathaway has never undergone astock split of its Class A shares because of management's desire to attract long-term investors as opposed to short-termspeculation.[187] However, in 1996, Berkshire Hathaway createdClass B shares, with a per-share value of1⁄30 of that of the original shares (now Class A) and1⁄200 of the per-share voting rights, and after the January 2010 split, at1⁄1,500 the price and1⁄10,000 the voting rights of the Class-A shares. Holders of class A stock are allowed to convert their stock to Class B, though not vice versa. Buffett was reluctant to create the class B shares but did so to thwart the creation ofunit investment trusts that would have marketed themselves as Berkshire look-alikes.[188]
In January 2010, as part of the acquisition ofBNSF Railway, Berkshire completed a 50-to-1 stock split of itsclass B shares. The increasedmarket liquidity resulted in the company's inclusion in theS&P 500.[189][190]
Shares closed over $1,000 for the first time on August 26, 1983, and over $10,000 on October 16, 1992.[191] Shares closed over $100,000 for the first time on October 23, 2006.[192] They first closed over $200,000 on August 14, 2014.[191] Shares closed over $500,000 for the first time on March 16, 2022.[193]
The salary for Buffett is $100,000 per year with no stock options,[4] which is among the lowest salaries[194] for CEOs of large companies in the United States.[195] Buffett's salary has not changed in 35 years.[4] Buffett also receives approximately $300,000 worth of home security services from the company annually.[4]
Abel and Jain each receive a salary of $20 million per year, with a possible $3 million annual bonus at the discretion of Buffett.[4]
Buffett's letters to shareholders are published annually.
Berkshire's annual shareholders' meetings, nicknamed "Woodstock for Capitalists", take place at theCHI Health Center Omaha in Omaha, Nebraska. Attendance generally totals over 40,000 people and the meetings last for 6 to 8 hours, with Buffett himself, as well as Abel and Jain, answering questions from shareholders.[196][197]
Known for their humor and light-heartedness, the meetings typically start with a cartoon made for Berkshire shareholders.
Current members of the board of directors of Berkshire Hathaway areWarren Buffett (chairman),Greg Abel (vice chairman of non-insurance business operations),Ajit Jain (vice chairman of insurance operations), Chris Davis,Susan Alice Buffett (Buffett's daughter),Howard Graham Buffett (Buffett's son),Ronald Olson,Kenneth Chenault,Steve Burke,Susan Decker, Meryl Witmer, Charlotte Guyman, Esteban Rodriguez Jr.[3]
Charlie Munger served as vice chairman of the company from 1978 until his death on November 28, 2023.[207]
David L. Sokol, CEO ofBerkshire Hathaway Energy until early 2008,[208] was a top lieutenant for Buffett. Sokol, who was paid $24 million per year, resigned from Berkshire in 2011 after it was disclosed that he personally made a $3 million profit from Berkshire Hathaway's purchase ofLubrizol.[209]
In October 2010, Berkshire announced that 39-year oldTodd Combs, manager of thehedge fund Castle Point Capital, would join as aninvestment manager.[210][211][212][213]
In early 2012, 50-year-oldTed Weschler, founder of Peninsula Capital Advisors, joined Berkshire as a second investment manager.[214][215]
In January 2018, Berkshire Hathaway appointedAjit Jain andGreg Abel to vice-chairman roles. Abel was appointed vice chairman for non-insurance business operations, and Jain became vice chairman of insurance operations.[216][217]
In May 2021, Buffett namedGreg Abel to be his successor as CEO of Berkshire Hathaway.[218]
In May 2025, Buffett announced his intention to retire as CEO of Berkshire Hathaway at the annual shareholders' meeting, with Greg Abel succeeding him at the end of 2025.[219]
| Year[220] | Revenue in million US$ | Net income in million US$ | Total assets in million US$ | Employees |
|---|---|---|---|---|
| 2005 | 81,663 | 8,528 | 198,325 | 192,000 |
| 2006 | 98,539 | 11,015 | 248,437 | 217,000 |
| 2007 | 118,245 | 13,213 | 273,160 | 233,000 |
| 2008 | 107,786 | 4,994 | 267,399 | 246,000 |
| 2009 | 112,493 | 8,055 | 297,119 | 222,000 |
| 2010 | 136,185 | 12,967 | 372,229 | 260,000 |
| 2011 | 143,688 | 10,254 | 392,647 | 271,000 |
| 2012 | 162,463 | 14,824 | 427,452 | 288,500 |
| 2013 | 182,150 | 19,476 | 484,931 | 302,000 |
| 2014 | 194,699 | 19,872 | 525,867 | 316,000 |
| 2015 | 210,943 | 24,083 | 552,257 | 361,270 |
| 2016 | 223,604 | 24,074 | 620,854 | 367,671 |
| 2017 | 242,137 | 44,940 | 702,095 | 377,000 |
| 2018 | 247,837 | 4,021 | 707,794 | 389,000 |
| 2019 | 254,616 | 81,417 | 817,729 | 391,500 |
| 2020 | 245,510 | 42,521 | 873,729 | 360,000 |
| 2021 | 276,094 | 89,795 | 958,784 | 372,000 |
| 2022 | 302,089 | −22,819 | 948,452 | 383,000 |
| 2023 | 364,482 | 96,223 | 1,069,978 | 396,500 |
| 2024 | 371,433 | 88,995 | 1,153,881 | 392,400 |
In 2007, the company was named byBarron's as the most respected company in the world based on a survey of American money managers.[221] It was named second afterApple Inc. on the same survey in 2014[222] and 2015[223] and was second behindJohnson & Johnson in 2016.[224]
In July 2022, Trident Mortgage Company, a subsidiary of HomeServices of America (owned by Berkshire Hathaway), agreed to a $20 million settlement with the U.S. Department of Justice and the Consumer Financial Protection Bureau over allegations of redlining in the Philadelphia area. Federal investigators found that Trident failed to provide equal access to mortgage credit in neighborhoods with large Black and Latino populations.[225][better source needed]
In January 2025, the Consumer Financial Protection Bureau filed a lawsuit against Vanderbilt Mortgage and Finance, a Berkshire Hathaway subsidiary, alleging the company steered borrowers into unaffordable loans. The complaint described aggressive lending practices that resulted in financial hardship, late fees, and in some cases, home loss or bankruptcy.[226][better source needed]
A 2025 Reuters investigation reported that Berkshire Hathaway Energy continues to operate several of the most polluting coal-fired power plants in the United States. Despite investments in renewable energy, the company was criticized for its decision to operate these plants until at least 2049, raising public health and environmental concerns.[227]
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