Disciplined capital allocation built for enduring generations.
Berkshire Hathaway oversees a diversified portfolio of insurance, energy, rail freight, manufacturing, and retail businesses. Guided by long-term ownership, decentralized management, and audited capital strength, we provide shareholders with transparent, enduring enterprise value.
Unmatched balance sheet integrity
Total operating revenues
+20.7% year-over-year consolidated
Shareholders' equity
Fortress capital structure
Compound annual gain
1965 – present (nearly 60 years)
Net insurance float
Cost-free investment capital
Core operating pillars
Berkshire Hathaway operates through autonomous businesses coordinated by disciplined capital allocation. Each sector maintains distinct operational leadership and permanent financial strength.
Capital strength and disciplined risk underwriting generate substantial investable float across commercial, property, and reinsurance markets.
Operating Highlights
- Substantial investable float managed with long-term perspective
- Disciplined underwriting through severe multi-year loss cycles
- Global catastrophic and specialized commercial property coverage
Notable Holdings
GEICO, General Re, Berkshire Hathaway Reinsurance Group, National Indemnity
An essential transcontinental supply line moving critical industrial, agricultural, and consumer goods across 32,500 route miles.
Operating Highlights
- Over 32,500 route miles serving 28 US states and three Canadian provinces
- Essential conduit for national bulk commodities, intermodal, and industrial freight
- Continuous capital reinvestment in safety, infrastructure, and network fluidity
Notable Holdings
BNSF Railway (Burlington Northern Santa Fe)
Essential infrastructure delivering reliable electric, natural gas, and renewable power to millions of customers across North America and Great Britain.
Operating Highlights
- Diverse generation portfolio including solar, wind, geothermal, and natural gas
- Substantial regulated interstate pipeline networks and local distribution systems
- Decade-long capital commitments to transmission modernization and clean power
Notable Holdings
Berkshire Hathaway Energy, PacifiCorp, MidAmerican Energy, NV Energy
A broad roster of market-leading operating businesses providing specialized industrial components, building materials, commercial services, and consumer brands.
Operating Highlights
- Decentralized management teams operating with permanent capital autonomy
- Market leaders in aerospace metals, precision tools, housing components, and retail
- Steady free cash generation reinvested strategically into expansion and R&D
Notable Holdings
Precision Castparts, Marmon Group, Lubrizol, IMC International, See's Candies
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A chronicle of disciplined capital allocation
From New England textile roots to a diversified global conglomerate, the firm has followed a steady set of economic and fiduciary principles.
Transition to capital stewardship
Warren Buffett took controlling interest of the New Bedford textile manufacturer, shifting excess operational cash flows toward undervalued equity holdings and durable private businesses.
Entry into property and casualty insurance
The acquisition of Omaha-based National Indemnity Company established the underwriting float model, providing low-cost investable capital to compound across decades.
Complete integration of GEICO
Berkshire acquired the remaining shares of GEICO, turning a direct-to-consumer auto insurer into an enduring cornerstone of the group's underwriting strength.
Acquisition of Burlington Northern Santa Fe
A landmark $26 billion transaction brought America's critical freight rail network into the group, anchoring long-term tangible asset investments alongside regulated energy.
Decentralized autonomy and owner orientation
Operating subsidiaries manage their own operations without centralized micromanagement, while corporate headquarters allocates capital and guards fiduciary trust.
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