How Many Businesses Does Berkshire Hathaway Own? A Comprehensive Guide
Have you ever wondered what's inside the massive conglomerate known as Berkshire Hathaway? It's like a giant treasure chest of companies, carefully curated and managed by the legendary investor Warren Buffett. But just how many businesses does the "Oracle of Omaha" actually own? The answer is more complex than a simple number, and it's a fascinating journey into the world of investing. So, let's dive in and explore the sprawling empire of Berkshire Hathaway, a company that operates on two distinct but interconnected fronts.
Step 1: Grasping the Two-Tiered Structure
To understand the scope of Berkshire Hathaway's holdings, you need to first understand its unique structure. It's not just a single company that owns a few other companies. Instead, it operates with two primary types of ownership:
Wholly Owned Subsidiaries: These are the businesses that Berkshire Hathaway owns 100% of. They are direct subsidiaries and are fully integrated into the Berkshire family. Think of them as the core pillars of the empire.
Equity Investments: These are significant, but not controlling, stakes in publicly traded companies. Berkshire Hathaway holds a portion of the company's stock, often a very large and influential portion, but doesn't own the entire business.
This dual strategy allows Berkshire to have both complete control over a diverse range of companies and significant influence in some of the world's most prominent corporations.
Tip: Reread slowly for better memory.
 |
| How Many Businesses Does Berkshire Hathaway Own |
Step 2: Discovering the Wholly Owned Subsidiaries
This is where the direct ownership comes in. Berkshire Hathaway owns and operates a vast number of businesses outright, spanning a wide array of industries. The list is extensive and includes everything from railroads to candy shops. While the exact number can fluctuate slightly due to acquisitions and sales, the 2024 annual report from Berkshire Hathaway Inc. mentions 189 operating businesses. This is a massive number that highlights the true scale of the conglomerate's operations.
Let's look at some of the key sectors and some famous examples within them:
Insurance & Finance: This is the heart of Berkshire's business model. The premiums from these insurance companies provide a massive "float" of cash that can be used for investments.
GEICO: The well-known auto insurance company with its gecko mascot.
General Re: A global reinsurance company.
National Indemnity Company: A major insurance provider.
Railroad & Utilities: These are capital-intensive businesses that generate reliable cash flow.
BNSF Railway: One of the largest freight rail networks in North America.
Berkshire Hathaway Energy: A massive utility and energy company that owns power plants, natural gas pipelines, and electricity distribution.
Manufacturing, Service & Retail: This is a highly diverse group of businesses, showcasing the breadth of Berkshire's portfolio.
Precision Castparts Corp.: A leading manufacturer of complex metal components for the aerospace and industrial markets.
Duracell: The iconic battery brand.
International Dairy Queen: A beloved fast-food and ice cream chain.
See's Candies: A classic American chocolate and candy company.
Fruit of the Loom: A globally recognized apparel brand.
McLane Company: A wholesale distribution and logistics company.
Clayton Homes: A major producer of manufactured housing and site-built homes.
Benjamin Moore & Co.: A premium paint and coatings manufacturer.
Shaw Industries: One of the world's largest carpet manufacturers.
NetJets: The world's largest private aviation company.
Borsheims Fine Jewelry: A fine jewelry and gift store.
The sheer variety is mind-boggling, and this list is just a small glimpse into the many companies that are fully under the Berkshire umbrella.
Reminder: Take a short break if the post feels long.
Step 3: Examining the Equity Investment Portfolio
Now, let's look at the other side of the coin: the significant stakes Berkshire Hathaway holds in other publicly traded companies. While these are not wholly owned, they are incredibly valuable and represent a major portion of Berkshire's portfolio value. As of the first quarter of 2025, the portfolio held 36 publicly listed US equities. This number can change from quarter to quarter as Berkshire buys and sells shares, but the core holdings are remarkably consistent.
Here are some of the most prominent equity investments, often referred to as "The Big Five" or the "Crown Jewels" of the portfolio:
Apple (AAPL): A massive and crucial holding, often representing the single largest position in Berkshire's portfolio by value. Buffett considers Apple a consumer products company due to the incredible loyalty of its customers.
Bank of America (BAC): A significant investment in the financial sector.
American Express (AXP): A long-standing holding that demonstrates Buffett's faith in strong brands and financial services.
The Coca-Cola Company (KO): Another long-term investment that showcases Buffett's appreciation for durable consumer brands.
Chevron (CVX): A major energy company, a significant investment that reflects Berkshire's confidence in the energy sector.
Beyond these top holdings, Berkshire also has significant stakes in other well-known companies like Occidental Petroleum, Moody's, Kraft Heinz, and Chubb. In addition to US equities, Berkshire has also invested in five major Japanese trading houses: ITOCHU, Marubeni, Mitsubishi, Mitsui, and Sumitomo, demonstrating its global reach.
Step 4: Putting it all Together: The Total Count
Tip: Don’t just scroll to the end — the middle counts too.
So, how many businesses does Berkshire Hathaway own? If you want a straightforward answer, you can look at the two categories:
Wholly Owned Subsidiaries: Approximately 189 operating businesses as of early 2025.
Equity Investments: Around 36 publicly listed US equities with significant stakes.
This brings the total number of businesses that Berkshire Hathaway has a direct or significant ownership stake in to well over 200. This doesn't even account for the subsidiaries of the subsidiaries, which would make the number even larger! For example, Clayton Homes has several different homebuilding brands under its umbrella. This multi-layered structure is a key part of the value creation within the Berkshire empire.
The total count is not a static figure. It is constantly evolving as Warren Buffett and his team make strategic decisions, acquiring new companies, selling off others, and adjusting their investment portfolio based on market conditions and their long-term vision. The focus, however, remains on acquiring and holding businesses with strong management, sustainable competitive advantages, and consistent profitability.
10 Related FAQ Questions
How to find a complete list of Berkshire Hathaway's wholly owned subsidiaries? You can find a list of Berkshire Hathaway's subsidiaries on the company's official website, berkshirehathaway.com, under the "Links to Berkshire Hathaway Sub. Companies" section. This is the most reliable and up-to-date source.
Tip: The details are worth a second look.
How to invest in Berkshire Hathaway? You can invest in Berkshire Hathaway by purchasing its shares on the stock market. The company has two classes of shares: Class A (BRK.A) and Class B (BRK.B). The Class B shares are much more affordable and accessible for most individual investors.
How to know what stocks Berkshire Hathaway is buying and selling? Berkshire Hathaway discloses its equity holdings and any changes to them through regulatory filings with the U.S. Securities and Exchange Commission (SEC), specifically the Form 13F. These filings are made public every quarter.
How to identify the top 5 holdings in Berkshire Hathaway's portfolio? As of the first quarter of 2025, the top five holdings in Berkshire's equity portfolio are typically Apple, American Express, Coca-Cola, Bank of America, and Chevron. Their positions and relative values can be tracked in the quarterly 13F filings.
How to understand the difference between a subsidiary and a stock holding? A wholly owned subsidiary is a company that Berkshire Hathaway owns completely and has full operational control over. A stock holding, on the other hand, is a stake in a publicly traded company where Berkshire Hathaway owns a portion of the shares, but not enough to have complete control.
How to explain Berkshire Hathaway's business model in a simple way? Berkshire Hathaway's business model is to use the cash flow generated from its diverse operating businesses and the "float" from its insurance companies to acquire and invest in other companies. This creates a powerful flywheel effect of compounding returns.
How to find the value of Berkshire Hathaway's investment portfolio? The value of Berkshire Hathaway's equity investment portfolio is disclosed in its quarterly and annual financial reports, which are available on the SEC website and Berkshire's own website. The value fluctuates with market prices.
How to know if a brand is owned by Berkshire Hathaway? While many of their brands are household names, the best way to be sure is to check the official list of subsidiaries on the Berkshire Hathaway website or to search for news of the company's acquisition. Many subsidiaries, like GEICO or Dairy Queen, still operate under their own well-known brand names.
How to learn more about Warren Buffett's investment philosophy? You can learn about Warren Buffett's investment philosophy by reading his annual letters to shareholders, which are available on the Berkshire Hathaway website. These letters are a treasure trove of wisdom on value investing, business, and economics.
How to determine the total assets of Berkshire Hathaway? The total assets of Berkshire Hathaway are reported in its quarterly and annual financial statements, which include the value of its wholly owned subsidiaries, its equity portfolio, and its cash holdings. The company's total assets are in the hundreds of billions of dollars.
 |
