Berkshire Hathaway Revenue Breakdown: Insurance, BNSF, Retail, etc.

Data analysis. Pexels Image.

This article provides a comprehensive revenue breakdown of Berkshire Hathaway Inc. It highlights the company’s diverse portfolio, consisting of segments such as insurance, railroads, energy, travel centers, manufacturing, wholesale distribution, and service and retailing.

For a complete definition of these business categories, you may visit this section: Berkshire Hathaway business segments.

Please note that the revenue breakdown presented here does not account for the eliminations due to intersegment transactions. Consequently, the total sum of these revenues may slightly differ from the final amount presented in the company’s consolidated statements of earnings.

Let’s take a look!

Investors looking for other statistics of Berkshire Hathaway may find more resources on these pages:

Revenue

• Berkshire Hathaway insurance vs non-insurance revenue,
• Berkshire Hathaway insurance premiums written (grouped by region),
• Berkshire Hathaway insurance revenue by category,

Profit Margin

• Berkshire Hathaway insurance profit margin by category,
• Berkshire Hathaway insurance profit breakdown by category,

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Insurance: Berkshire Hathaway’s insurance business is a major component of its diversified portfolio and includes several key divisions:

1. GEICO: A well-known auto insurance company that provides coverage for millions of drivers.
2. Reinsurance: This division takes on large, complex risks that other companies may be unwilling or unable to write. Berkshire Hathaway has a strong reputation for handling long-tail reinsurance agreements, which involve taking on significant liabilities over an extended period.
3. General Insurance: This segment covers a wide range of insurance products, including property and casualty insurance.

The success of Berkshire Hathaway’s insurance business lies in its ability to accurately price policies and manage risks effectively. The company’s substantial capital reserves and conservative approach to underwriting allow it to take on risks that others avoid, contributing significantly to its overall profitability.

Railroad (“BNSF”): Berkshire Hathaway’s railroad business is primarily represented by Burlington Northern Santa Fe, LLC or BNSF Railway Company (BNSF), one of the largest freight railroad networks in North America.

BNSF provides a vital link for the transportation of goods and commodities across the United States, covering approximately 32,500 miles of track in 28 states and three Canadian provinces. Here are some key aspects of BNSF:

• Services: BNSF transports a wide variety of goods, including agricultural products, consumer goods, coal, industrial products, and petroleum.
• Network: The extensive network connects major markets and ports, facilitating the efficient movement of goods across long distances.
• Efficiency: Known for its operational efficiency and reliability, BNSF plays a crucial role in the supply chain for many industries.
• Ownership: Berkshire Hathaway acquired full ownership of BNSF in 2010, making it a wholly-owned subsidiary.

BNSF’s operations are a significant component of Berkshire Hathaway’s overall revenue and profitability, contributing to the conglomerate’s diversified business portfolio.

Berkshire Hathaway Energy (“BHE”): Berkshire Hathaway Energy (BHE) is a diversified energy company and wholly-owned subsidiary of Berkshire Hathaway Inc. BHE generates, transmits, stores, distributes, and supplies energy across the United States, Great Britain, and Alberta, Canada. Here are some key aspects of BHE:

• Business Portfolio: BHE owns and operates several utilities, including MidAmerican Energy Company, PacifiCorp, NV Energy, and Northern Powergrid.
• Renewable Energy: BHE has made significant investments in renewable energy projects, including wind, solar, and geothermal power.
• Natural Gas: The company owns several interstate natural gas pipeline companies and has a substantial natural gas transportation capacity.
• Sustainability: BHE is committed to environmental stewardship and aims to achieve net-zero greenhouse gas emissions.
• Customer Base: BHE serves over 13 million customers and end-users, providing reliable and low-cost energy solutions.

BHE’s vision is to be the best energy company in serving its customers while delivering sustainable energy solutions.

Pilot Travel Centers (“PTC”): Pilot Travel Centers, now fully owned by Berkshire Hathaway, is the largest operator of travel centers in North America. Founded in 1958 by James A. Haslam II as a single gas station, it has grown into a major network with over 750 locations across the U.S. and Canada.

Under the Pilot Flying J and Mr. Fuel brands, it provides services such as gas pumps, fast-food restaurants, parking, laundry, and showers to truck drivers and other motorists. Pilot Travel Centers sells about 14 billion gallons of fuel and $3 billion worth of food and merchandise annually.

According to the 2023 annual report, Berkshire acquired control of PTC on January 31, 2023 and PTC is considered a reportable segment beginning February 1, 2023. As a result, the revenue data of the PTC segment for fiscal year 2023 are for the eleven months ending December 31, 2023. Previously, the earnings from PTC were determined under the equity method and included in earnings from non-controlled businesses.

Manufacturing: Berkshire Hathaway’s manufacturing business encompasses a diverse range of industries and products, making it a significant part of the company’s overall operations. Here are some key components of this segment:

Precision Castparts Corp. (PCC)

• Products: Manufactures complex metal components and products primarily for aerospace, power, and industrial markets.
• Specialization: Known for its precision manufacturing capabilities and high-quality standards.

Marmon Holdings, Inc.

• Products: Operates a group of diverse businesses including engineered products, transportation equipment, and construction products.
• Specialization: Focuses on providing solutions across various industries through its wide range of subsidiary companies.

IMC International Metalworking Companies

• Products: Produces metal cutting tools and tooling systems for a variety of industrial applications.
• Specialization: Renowned for innovation and advanced manufacturing technologies.

Forest River, Inc.

• Products: Manufactures recreational vehicles (RVs), cargo trailers, buses, and commercial vehicles.
• Specialization: Offers a broad range of products designed for leisure, commercial, and personal use.

Johns Manville

• Products: Produces insulation, roofing materials, and engineered products for commercial and residential buildings.
• Specialization: Committed to sustainability and energy efficiency in its product offerings.

The Lubrizol Corporation

• Products: Provides specialty chemicals, including additives for transportation and industrial lubricants.
• Specialization: Focuses on enhancing the performance and efficiency of various fluids and materials.

These businesses contribute to Berkshire Hathaway’s robust manufacturing segment by delivering a wide array of products and solutions across multiple industries.

McLane Company (“McLane”): McLane Company is a wholly-owned subsidiary of Berkshire Hathaway Inc. Founded in 1894, McLane is one of the largest supply chain services leaders in the United States.

The company provides grocery and foodservice supply chain solutions to convenience stores, mass merchants, drug stores, and chain restaurants. McLane operates over 80 distribution centers across the U.S. and one in Brazil, delivering more than 50,000 different consumer products to nearly 90,000 locations.

Service And Retailing: Berkshire Hathaway’s service and retailing businesses encompass a wide array of companies, each catering to different markets and consumer needs. Here’s a snapshot of some of the key players in this segment:

Service Businesses

1. NetJets: A leader in fractional jet ownership, providing private aviation services for individuals and businesses.
2. Berkshire Hathaway Automotive: One of the largest dealership groups in the United States, offering a broad range of new and used vehicles along with related services.
3. FlightSafety International: Provides professional aviation training for pilots, maintenance technicians, and other aviation professionals.

Retailing Businesses

1. Borsheims Fine Jewelry: A high-end jewelry store known for its extensive selection of fine jewelry, watches, and gift items.
2. Nebraska Furniture Mart: One of the largest home furnishing stores in North America, offering furniture, appliances, electronics, and flooring.
3. See’s Candies: A manufacturer and retailer of premium chocolates and other confectionery products.
4. Brooks Sports: Specializes in high-performance running shoes, apparel, and accessories.
5. Dairy Queen: Operates and franchises a chain of quick-service restaurants known for their ice cream and fast food.

These businesses contribute significantly to Berkshire Hathaway’s diverse portfolio, providing a steady stream of revenue across various industries. Each company within this segment operates independently but benefits from the overall stability and resources of Berkshire Hathaway.

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FAQs

To help readers understand the content better, the following FAQs have been provided.

How Does Berkshire Hathaway Make Money?

Berkshire Hathaway generates revenue through a diversified portfolio of businesses and investments. Here are the main sources:

1. Insurance Operations

• Premiums: Collected from policies issued by subsidiaries like GEICO, Berkshire Hathaway Reinsurance Group, and General Re.
• Investment Income: Earnings from investing the premiums (also known as the “float”) in various securities, primarily stocks and bonds.

2. Non-Insurance Businesses

• Railroad Operations: Through BNSF Railway, Berkshire Hathaway earns revenue from freight transportation services.
• Utilities and Energy: Berkshire Hathaway Energy generates revenue from providing electricity, natural gas, and renewable energy solutions.
• Manufacturing, Service, and Retail: Includes companies such as Precision Castparts, Lubrizol, Forest River, and a range of retail businesses like See’s Candies and Dairy Queen.

3. Investment Income

• Dividends and Capital Gains: From significant equity holdings in companies like Apple, Coca-Cola, Bank of America, and more.
• Interest Income: From bonds and other fixed-income securities.

4. Other Activities

• Real Estate: Revenue from real estate operations, including ownership and management of commercial and residential properties.
• Media: Through assets like Berkshire Hathaway Media Group, generating income from newspapers and other media outlets.

Summary

Berkshire Hathaway’s revenue streams are highly diversified, encompassing both operational income from its myriad of subsidiaries and investment income from its extensive equity and bond portfolios.

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Insight & Summary of Berkshire Hathaway’s Revenue Breakdown By Source

The following analysis consolidates the trends observed across Berkshire Hathaway’s revenue breakdown by category for the 2016–2025 period.

• Insurance is the largest single revenue category and the only one consistently growing in recent years. Insurance revenue averaged $101.4B over FY2023–2025 — representing 27.6% of total revenue and outpacing every other individual segment. The 3-year average growth of 8.4% is the highest across all categories. As discussed in prior insurance-specific analyses, this growth is driven by GEICO’s post-2022 recovery, Primary Group expansion, and the surge in investment income from float deployment in a higher-rate environment. Insurance’s position as the clear revenue leader — compared to its 23.4% share in 2016 — reflects nine years of consistent outperformance relative to Berkshire’s industrial and commercial segments.

• Manufacturing is the second-largest segment and the backbone of Berkshire’s non-insurance industrial footprint. Manufacturing revenue averaged $77.0B (20.9% mix) over the latest three years, growing at a modest 1.2% average — decelerating from the strong 2021 (+16.3%) and 2022 (+10.3%) post-COVID recovery. Berkshire’s manufacturing segment encompasses over 30 diverse companies including Precision Castparts (aerospace), Marmon (diversified industrial), Forest River (recreational vehicles), and ISCAR (cutting tools). The segment’s near-flat recent growth reflects the maturity and cyclicality of its constituent businesses — most are capital-intensive, globally competitive manufacturers where pricing power is limited and volume follows industrial cycles. FY2025’s +1.6% growth confirms stability rather than momentum.

• Pilot Travel Centers (PTC) is the newest and fastest-declining revenue contributor following Berkshire’s consolidation of the acquisition. PTC first appeared in revenue in FY2023 at $51.7B — making it immediately the third-largest category — reflecting Berkshire’s consolidation of its majority stake in Pilot Flying J, the largest U.S. truck stop and travel center network. However, PTC revenue has declined sharply: -9.4% to $46.9B in FY2024 and -10.0% to $42.2B in FY2025, for a 2-year average growth of -9.7%. The 3-year average of $46.9B masks this deterioration. The declines reflect falling fuel prices (PTC’s revenue is heavily fuel-volume-weighted) and, to a lesser extent, the litigation settlement with the Haslam family during this period. PTC’s 12.8% revenue mix share makes it the third-largest segment despite the structural revenue headwinds.

• McLane is Berkshire’s largest revenue category in dollar terms before FY2023, but its structural economics are thin. McLane — a food and consumer goods distribution business serving convenience stores, grocery chains, and quick-service restaurants — generated $51.8B on a 3-year average basis (14.1% mix). However, McLane is a fundamentally low-margin, high-volume distribution business: its enormous revenue relative to earnings contribution makes it the starkest example in Berkshire’s portfolio of revenue that should not be conflated with economic value. McLane has declined -1.4% on average over the latest three years, reflecting competitive pressure in food distribution and some client losses. Despite its scale, McLane’s revenue contribution to Berkshire’s earnings is disproportionately small.

• BNSF is a structurally important long-term asset but a recent revenue headwind. BNSF revenue declined from $25.9B in 2022 to $23.5B in 2025, a 3-year average of $23.7B (6.4% mix) and average growth of -3.1%. The declines reflect volume softness across BNSF’s key commodity segments — particularly coal (structural secular decline), agricultural products (weather and export market variability), and consumer products (inventory normalisation post-COVID). BNSF is one of Berkshire’s most strategically valuable assets — a Class I railroad with pricing power, significant moats, and essential infrastructure status — but its revenue has been cyclically pressured since its 2022 peak. The revenue decline understates its underlying economic value, as BNSF remains highly profitable at current revenue levels.

• Berkshire Hathaway Energy (BHE) has been essentially flat in revenue for three years. BHE averaged $26.2B in revenue (7.1% mix) over FY2023–2025, with near-zero growth (-1.5% in 2023, +1.3% in 2024, -0.2% in 2025). BHE is a regulated utility and energy business, where revenue is largely rate-regulated and therefore predictable but not growth-oriented at the top line. The more important BHE story is not in revenue but in earnings, where BHE has faced material headwinds from wildfire liability in its PacifiCorp subsidiary — a near-existential risk for that specific business unit that is reflected in earnings rather than revenue metrics.

• Service and Retail is the smallest segment but the best recent growth performer outside of insurance. Service and Retail revenue averaged $40.8B (11.1% mix) with 3-year average growth of 3.7% — including a standout FY2025 of +7.0%. This segment includes NetJets (private aviation), Berkshire Hathaway Automotive (auto dealerships), See’s Candies, and other retail/service businesses. The segment’s FY2025 strength is notable given that most other categories were flat or declining. NetJets in particular has been a beneficiary of the sustained premium for private aviation post-COVID.

• Structural Takeaway: Berkshire’s revenue architecture in 2023–2025 is best understood as three clusters: (1) the high-growth, high-margin insurance engine ($101B, growing 8.4%); (2) the large, stable, low-margin distribution and transport businesses (PTC, McLane, BNSF — combined ~$122B, declining); and (3) the industrial and energy core (Manufacturing, BHE, Service & Retail — combined ~$144B, growing modestly at 1–4%). The PTC and McLane combination produces over $95B of revenue with thin economics — making Berkshire’s reported revenue significantly larger than a peer-adjusted earnings-equivalent revenue figure would suggest. Investors should focus on the insurance, BNSF, BHE, and Manufacturing segments as the primary drivers of long-term economic value, with PTC and McLane as revenue-large but value-modest contributors.

The table below combines all key Berkshire’s revenue by cateogry metrics into a single view for the latest three fiscal years.

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Revenue Numbers: Insurance, BNSF, BHE, PTC, Manufacturing, McLane, Service & Retail

You may find the definitions of Berkshire’s insurance, manufacturing, and McLane businesses here: insurance, manufacturing, and McLane.

The definitions of Berkshire’s BNSF, BHE, PTC, and service and retail businesses are available here: BNSF, BHE, PTC, and service and retail.

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Revenue Mix: Insurance, BNSF, BHE, PTC, Manufacturing, McLane, Service & Retail

You may find the definitions of Berkshire’s insurance, manufacturing, and McLane businesses here: insurance, manufacturing, and McLane.

The definitions of Berkshire’s BNSF, BHE, PTC, and service and retail businesses are available here: BNSF, BHE, PTC, and service and retail.

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Revenue Growth: Insurance, BNSF, BHE, PTC, Manufacturing, McLane, Service & Retail

You may find the definitions of Berkshire’s insurance, manufacturing, and McLane businesses here: insurance, manufacturing, and McLane.

The definitions of Berkshire’s BNSF, BHE, PTC, and service and retail businesses are available here: BNSF, BHE, PTC, and service and retail.

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Credits And References

1. All financial data presented in this article was obtained and referenced from Berkshire Hathaway’s annual reports published in the company’s investor relation page: Berkshire’s Reports.

2. Pexels Images.

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Disclosure

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