Visualised: Berkshire Hathaway Revenue Breakdown

How does Berkshire Hathaway's revenue breakdown look?

Most of the world knows Berkshire Hathaway as one of the world's largest investing company but it isn't just Warren Buffett stock portfolio. In fact, it's a massive collection of real businesses that cumulatively bought in $371.4 billion in FY25.

Here's where the money comes from:

• Insurance (28.1%; $104.2 bn): Includes companies like GEICO, Berkshire Hathaway Homestate and other insurers. This is Berkshire Hathaway's biggest and most important business, given that it also generates "float" (money that Berkshire Hathaway invests before paying out claims).

• Manufacturing (21.1%; $78.5 bn): This segment is the second largest contributor and includes companies like Lubrizol, Precision Castparts, Clayton Homes, Acme Brick, Benjamin Moore and others.

• McLane (13.7%; $51.0 bn): McLane is a giant wholesale distributors supplying convenience stores and restaurants.

• Service & Retail (11.5%; $42.6 bn): NetJets, FlightSafety, Dairy Queen and others fall within this bucket.

• Pilot (11.4%; $42.2 bn): The travel center and truck stop chain is the 5th largest contributor.

• BHE (7.1%; $26.3 bn): Berkshire Hathaway Energy covers utilities and power, contributing to over $26 billion in revenue.

• BNSF (6.3%; $23.5 bn): BNSF (Burlington Northern Santa Fe) is one of the largest freight railroads in North America.

But wait, where's the investment income?

The $104.2 bn Insurance number includes investment income (from the float). But excludes something much bigger: $39 bn in gains from stocks like Apple, Amex, and Coca Cola.

Why leave it out? 

Buffett and Abel treat market driven swings in stock prices as noise, not operating performance. So Berkshire reports it separately, calling it "investment gains/losses," and steers investors toward operating earnings as the real scorecard.

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