Hello! Are you ready to dive into the fascinating world of one of the most successful and unique companies on the planet? Let's peel back the layers of Warren Buffett's empire and discover just how many companies make up Berkshire Hathaway.
Step 1: Get Ready to Be Amazed!
Before we get into the numbers, let's play a quick game. Think about some of the most well-known brands you interact with in your daily life. What comes to mind? Maybe you drive a car and have insurance from a specific company, or you enjoy a particular soft drink or snack. You might even have a favorite furniture store or shoe brand.
Now, take a moment and consider this: there's a high probability that many of those companies are part of the vast and intricate web that is Berkshire Hathaway. It's not just a single company, but a colossal holding company that owns a diverse array of businesses and investments. So, are you ready to uncover the full picture? Let's go!
Step 2: Understanding the Structure of Berkshire Hathaway
To truly grasp the number of companies under the Berkshire Hathaway umbrella, you need to understand its unique structure. It’s not a traditional corporation that focuses on a single industry. Instead, it’s a holding company, which means it owns other companies. These can be broken down into two primary categories:
Wholly Owned Subsidiaries: These are companies that Berkshire Hathaway owns 100%. They are a direct part of the Berkshire family, and their results are fully integrated into Berkshire's financial statements.
Public Equity Holdings: These are investments where Berkshire Hathaway owns a significant portion of a publicly traded company's stock, but not the whole company. This gives them a stake in the company's success without having full operational control.
This dual-pronged approach allows Berkshire to generate revenue and profits from both its operational businesses and its savvy stock market investments.
Step 3: The Wholly Owned Businesses: A Diverse Empire
This is where the numbers really start to add up. Berkshire Hathaway has acquired more than 60 companies outright across a wide range of industries. These aren't just small startups; many are household names and industry leaders. It's an incredibly diverse group of businesses, spanning everything from insurance to candy.
Here’s a breakdown of some of the key sectors and famous companies that are wholly owned by Berkshire Hathaway:
Insurance: The Engine Room
GEICO: One of the most well-known auto insurers in the U.S.
General Re: A global reinsurance company.
National Indemnity Company: Another key player in the insurance and reinsurance world.
Medical Protective: Specializing in medical malpractice insurance.
The insurance operations are crucial because the premiums collected provide a massive "float"—money that Berkshire can invest before it needs to pay out claims. This float is a cornerstone of Buffett's investment strategy.
Railroad, Utilities & Energy: The Industrial Backbone
BNSF Railway: One of the largest freight rail networks in North America.
Berkshire Hathaway Energy: This includes a number of regulated utilities and energy companies, such as PacifiCorp and NV Energy.
Pilot Flying J: A leading operator of travel centers in North America.
These businesses are capital-intensive and provide steady, reliable cash flow.
Manufacturing, Services & Retailing: From Batteries to Bricks
This is a vast and varied category with some of the most recognizable names. It's a testament to Buffett's belief in the enduring value of good, old-fashioned businesses.
Duracell: The iconic battery brand.
Fruit of the Loom: A clothing and undergarment maker.
Precision Castparts Corp.: A major manufacturer of industrial and aerospace components.
Shaw Industries: The world's largest carpet manufacturer.
Benjamin Moore & Co.: A well-known paint company.
See's Candies: A beloved chocolate and confectionery brand.
Dairy Queen: The famous soft-serve ice cream and fast-food chain.
The Pampered Chef: A kitchenware company.
NetJets: A private jet fractional ownership company.
McLane Company: One of the largest wholesale distributors in the U.S.
Jordan's Furniture and Nebraska Furniture Mart: Leading home furnishings retailers.
The list goes on and on, including companies like Acme Brick, Johns Manville, and FlightSafety International. The sheer number of these privately held businesses is a key reason why it's so difficult to give a single, precise number for the total number of companies Berkshire owns. It's a constantly evolving list as new acquisitions are made.
Step 4: The Public Equity Portfolio: A Concentrated Powerhouse
In addition to the companies it owns outright, Berkshire Hathaway maintains a massive, multi-billion-dollar portfolio of stocks in other public companies. This is what you see reported in their quarterly 13F filings with the SEC. While the total number of stocks can fluctuate, it's a relatively concentrated portfolio.
As of recent filings (Q1 2025), Berkshire Hathaway holds a significant number of publicly listed US equities. A large portion of the portfolio value is concentrated in a handful of "top holdings." These are not subsidiaries, but major investments that provide dividend income and capital appreciation.
Here are some of the most prominent public equity holdings:
Apple (AAPL): A massive stake in the tech giant, which has been Berkshire's largest holding for some time.
American Express (AXP): A long-held position that showcases Buffett's confidence in the financial services sector.
The Coca-Cola Company (KO): A classic example of a long-term, buy-and-hold investment for Buffett.
Bank of America (BAC): A major position in one of the largest banks in the U.S.
Chevron (CVX) and Occidental Petroleum (OXY): Significant investments in the energy sector.
Kraft Heinz (KHC): A large stake in the food and beverage company.
Moody's Corporation (MCO): A credit rating and financial services company.
Chubb Ltd (CB): A new and significant investment in the insurance sector.
Step 5: Putting It All Together: The Grand Total
So, how many companies make up Berkshire Hathaway?
There is no single, simple answer to this question, which is what makes it so fascinating.
If you count only the wholly owned subsidiaries, the number is well over 60 and constantly growing.
If you add the publicly traded companies where Berkshire owns a significant stake, the number of businesses they have an interest in easily exceeds 100.
Some sources break it down further, showing an incredibly long list of sub-subsidiaries and smaller operations that fall under the umbrella of a larger Berkshire-owned company (like the many companies under Marmon Holdings or Berkshire Hathaway Energy). When you consider these smaller entities, the total number can reach into the hundreds.
Therefore, the most accurate answer is that Berkshire Hathaway is a conglomerate made up of a core group of over 60 wholly owned, diverse businesses, along with a portfolio of dozens of significant stock investments in other public companies, bringing the total number of businesses they own or have a major stake in to well over 100. It’s a truly staggering number that reflects Warren Buffett's philosophy of investing in a wide range of strong, well-managed companies.
10 Related FAQ Questions
How to find a complete list of all Berkshire Hathaway's companies? The official Berkshire Hathaway website provides a list of its wholly-owned subsidiaries. For the publicly traded stock holdings, you can look at Berkshire's quarterly 13F filings with the SEC, which detail their stock portfolio.
How to determine which companies are wholly owned vs. publicly held? Wholly owned companies are those directly purchased and operated by Berkshire, such as GEICO and BNSF. Publicly held companies are those whose stock Berkshire owns a portion of, like Apple or Coca-Cola, but they are not controlled by Berkshire's management.
How to invest in Berkshire Hathaway? You can invest by purchasing shares of Berkshire Hathaway stock, either Class A (BRK.A) or Class B (BRK.B). Class B shares are much more affordable and have been split to make them accessible to a wider range of investors.
How to attend the Berkshire Hathaway annual meeting? The annual shareholder meeting, often called the "Woodstock for Capitalists," is held in Omaha, Nebraska, and is open to shareholders. You can typically get a credential to attend by showing proof of ownership of at least one Class A or Class B share.
How to understand the concept of "float" in Berkshire Hathaway's business model? Float refers to the money Berkshire's insurance subsidiaries hold from the premiums they collect before they need to pay out claims. This money can be invested and used to fund acquisitions and other investments, effectively giving Berkshire an interest-free source of capital.
How to analyze Berkshire Hathaway's financial reports? The company's annual report and Warren Buffett's annual letter to shareholders are excellent resources. Buffett's letters are renowned for their clarity and provide a detailed overview of the company's performance, philosophy, and future outlook.
How to know if a company is a good fit for Berkshire Hathaway to acquire? Buffett and his team look for companies with a strong, predictable business model, a durable competitive advantage (a "moat"), a history of consistent earnings, and a competent management team that they can trust to continue running the business.
How to define "moat" in the context of Berkshire Hathaway's investments? A "moat" is a sustainable competitive advantage that protects a company's long-term profits and market share from competing firms. This could be a powerful brand, a network effect, a cost advantage, or patents.
How to measure Berkshire Hathaway's performance? A key metric is the change in Berkshire's book value per share. Warren Buffett has historically used this metric to measure the company's performance, as it reflects the value of both its owned businesses and its investment portfolio.
How to compare Berkshire Hathaway's investment strategy to a traditional mutual fund? While both hold a portfolio of investments, Berkshire Hathaway is not a mutual fund. It is a holding company that owns and operates businesses, using the cash flow from those businesses and its insurance float to make further investments. A mutual fund simply holds a basket of stocks for its investors.