How Many Private Companies Does Berkshire Hathaway Own? A Deep Dive into Warren Buffett's Empire
Welcome, future investor! Have you ever looked at the vast conglomerate that is Berkshire Hathaway and wondered, "Just how big is this thing, and what exactly do they own?" You're not alone! It's a question that many investors, students, and curious minds ask. The answer is not a simple number, as Berkshire Hathaway's portfolio is a fascinating and complex mix of wholly-owned businesses, public stock holdings, and a massive pile of cash. Let's embark on a journey to understand the inner workings of this incredible company.
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| How Many Private Companies Does Berkshire Hathaway Own |
Step 1: Get Ready to Uncover the Empire!
Before we dive into the details, let's set the stage. Berkshire Hathaway is more than just a stock you buy on the New York Stock Exchange. It is a holding company, a parent company that owns hundreds of businesses. Think of it like a massive tree with countless branches, each branch representing a different company. Some of these branches are publicly traded companies, like Apple and Coca-Cola, where Berkshire owns a significant but not controlling stake. Others are entirely private companies, meaning Berkshire Hathaway owns 100% of the business. It's this second group that is truly the bedrock of the Berkshire Hathaway empire. So, are you ready to explore the sprawling network of businesses under the leadership of the legendary Warren Buffett? Let's go!
Step 2: Differentiating Between Public and Private Holdings
To understand the answer to our central question, it's crucial to understand the two main types of investments Berkshire Hathaway makes:
Sub-heading: The Public Stock Portfolio
This is the part of Berkshire's portfolio that gets the most attention in the media. These are the companies you can buy stock in on a public exchange. Berkshire Hathaway owns shares in these companies, often in significant amounts, but they do not own the entire company. For example, as of mid-2025, Berkshire Hathaway holds a massive stake in Apple, making it one of its largest holdings. However, Apple is a publicly traded company with millions of other shareholders. Other well-known public holdings include Coca-Cola, American Express, and Bank of America.
Sub-heading: The Wholly-Owned Private Businesses
Tip: Slow down when you hit important details.
This is where the magic happens and where the real answer to our question lies. These are the companies that Berkshire Hathaway has acquired outright, taking them off the public market and making them private subsidiaries. These companies are the true heart of Berkshire's operations. They generate a tremendous amount of cash flow that Buffett and his team can then use to acquire more companies or invest in public stocks.
Step 3: A Step-by-Step Guide to Counting the Private Companies
So, how many private companies does Berkshire Hathaway own? This is where it gets a little tricky, as the number changes over time with acquisitions and sales, and the list can be quite long. There is no single, simple number. Instead, it's a vast collection of businesses that operate across a diverse range of industries.
Step 3.1: Start with the Big, Well-Known Names
Let's start with some of the most famous wholly-owned subsidiaries that you've likely heard of. These are the household names that you might not even realize are part of the Berkshire family.
GEICO: The car insurance giant, known for its Gecko mascot, is a cornerstone of Berkshire's insurance operations.
BNSF Railway: One of the largest freight railroads in North America, this is a massive and essential part of the U.S. logistics network.
Dairy Queen: That's right, the ice cream and fast-food chain is a 100% Berkshire Hathaway company.
Duracell: The battery company with the iconic copper-top battery is another fully-owned subsidiary.
See's Candies: A classic example of a "moat" business, this candy company has been a favorite of Buffett's for decades.
Fruit of the Loom: This well-known apparel brand is also part of the Berkshire empire.
Precision Castparts Corp.: A major manufacturer of industrial components, particularly for the aerospace industry.
Step 3.2: Dig Deeper into the Diverse Industries
Beyond the big names, Berkshire Hathaway owns a stunningly diverse collection of businesses. It's like a who's who of American industry. Let's look at a few key sectors:
Manufacturing and Industrial: This includes everything from paint companies like Benjamin Moore & Co. to insulation manufacturers like Johns Manville and flooring giant Shaw Industries. You'll also find businesses like Louis - Motorcycle & Leisure and industrial products distributor TTI, Inc.
Retail and Consumer: Think furniture stores like Nebraska Furniture Mart, jewelry chains like Helzberg Diamonds and Ben Bridge Jeweler, and even a direct seller of kitchen products, Pampered Chef.
Utilities and Energy: Berkshire Hathaway Energy is a major player in the energy sector, owning utilities and power generation assets.
Services: This includes companies like the corporate news distribution service Business Wire, the fractional jet ownership company NetJets, and even the real estate brokerage network, HomeServices of America.
Step 3.3: Count the "Links to Berkshire Operating Companies"
Tip: Jot down one takeaway from this post.
The best way to get a comprehensive list is to go to the source itself! If you visit the official Berkshire Hathaway website, you'll find a page titled "Links to Berkshire Operating Companies." As of mid-2025, this page lists over 60 different wholly-owned subsidiaries. However, this number is a bit of a simplification, as some of these entries are umbrella companies that own many smaller businesses. For example, Marmon Holdings, Inc., listed on the site, is itself a massive group of over 100 businesses. So, the direct number of "companies" is one thing, but the total number of businesses under the Berkshire umbrella is well into the hundreds.
Step 4: Understanding the Philosophy Behind the Acquisitions
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Why does Buffett buy so many companies outright? It's all about his investment philosophy.
The "Moat": Buffett looks for companies with a strong "moat," a sustainable competitive advantage that protects them from rivals. A well-known brand, a low-cost production model, or a large customer base can all serve as moats.
Cash Flow: The private companies generate massive, consistent cash flow that can be reinvested.
Decentralization: Once acquired, Buffett allows these companies to run themselves with minimal interference. He trusts the managers he puts in place. This decentralized model is a key reason for their success.
In conclusion, while the public portfolio of stocks like Apple gets a lot of attention, the true foundation of Berkshire Hathaway is its vast and diverse collection of wholly-owned private companies. The number is not a simple, static figure, but it is certainly well over 60 directly listed subsidiaries, and if you count all the businesses within those subsidiaries, the number easily reaches into the hundreds. It's a testament to the power of long-term, value-based investing and the genius of Warren Buffett and his team.
10 Related FAQs
How to find the official list of Berkshire Hathaway's wholly-owned subsidiaries?
The most up-to-date list can be found on the official Berkshire Hathaway website under the "Links to Berkshire Operating Companies" section.
How to differentiate between a public holding and a private company in Berkshire's portfolio?
Tip: Keep the flow, don’t jump randomly.
A public holding is a company in which Berkshire Hathaway owns shares that are traded on a stock exchange (e.g., Apple, Coca-Cola). A private company is one that Berkshire has acquired entirely and is no longer traded publicly (e.g., GEICO, Dairy Queen).
How to understand Berkshire Hathaway's investment strategy?
Berkshire Hathaway's strategy is centered on value investing, focusing on acquiring businesses with strong fundamentals, durable competitive advantages ("moats"), and reliable cash flow. They often hold these investments for the long term.
How to explain the role of insurance companies in Berkshire Hathaway's business model?
Berkshire Hathaway's insurance companies, like GEICO and General Re, are crucial to the business model. They generate "float" – the premiums collected before claims are paid out – which Berkshire can then invest in other companies and assets.
How to explain why Warren Buffett prefers buying entire companies?
Buffett prefers buying entire companies to have full control and to benefit from 100% of their earnings and cash flow. He can then reinvest that cash without having to deal with the complexities of public markets.
How to list some of the major sectors Berkshire Hathaway's private companies operate in?
QuickTip: Skim for bold or italicized words.
Berkshire's private companies operate in a wide variety of sectors, including insurance, energy, manufacturing, retail, services, and construction.
How to find the value of Berkshire Hathaway's private businesses?
The value of Berkshire's private businesses is reflected in the company's overall market capitalization and is often estimated by financial analysts, but the exact value is not publicly disclosed in the same way as the public stock portfolio.
How to learn more about a specific Berkshire Hathaway subsidiary?
You can visit the specific subsidiary's website, as many are linked from the official Berkshire Hathaway website. You can also research news articles and financial reports related to that company.
How to invest in Berkshire Hathaway?
You can invest in Berkshire Hathaway by purchasing shares of its Class A (BRK.A) or Class B (BRK.B) stock on the stock market through a brokerage account.
How to find out about Berkshire Hathaway's most recent acquisitions?
Information on Berkshire Hathaway's recent acquisitions is typically announced through press releases on the company's website and is covered extensively by financial news outlets.
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