Risk Sleuth

BRK/B · BRK/A · 10-K filed 2 Mar 2026 · year to 31 Dec 2025

Berkshire Hathaway

39 named things its latest annual report says its results depend on, each in the company's own words. 28 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Walmart

earns from · approximately 17.2% of revenues

McLane’s major customers during 2025 included Walmart (approximately 17.2% of revenues); 7-Eleven (approximately 13.3% of revenues); and Yum! Brands (approximately 13.3% of revenues).Business (Item 1)

Also named by AIOT, CART, COST, DG, DGX, EEFT, FDX, KDP and 6 more

7-Eleven

earns from · approximately 13.3% of revenues

McLane’s major customers during 2025 included Walmart (approximately 17.2% of revenues); 7-Eleven (approximately 13.3% of revenues); and Yum! Brands (approximately 13.3% of revenues).Business (Item 1)

Also named by NNN, O

Yum! Brands

earns from · approximately 13.3% of revenues

McLane’s major customers during 2025 included Walmart (approximately 17.2% of revenues); 7-Eleven (approximately 13.3% of revenues); and Yum! Brands (approximately 13.3% of revenues).Business (Item 1)

Also named by PAR

Insurance Australia Group Limited (IAG)

earns from · 20% quota-share agreement

A significant portion of the NICO Group’s annual reinsurance premium currently derives from a 20% quota-share agreement with Insurance Australia Group Limited (“IAG”) that expires on December 31, 2029.Business (Item 1)

Boeing

earns from

PCC has several significant customers, including aerospace original equipment manufacturers (“OEMs”) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney).Business (Item 1)

Also named by AIR, ALK, CW, GNTX, RBC, RTX, TDG, TDY

Airbus

earns from

PCC has several significant customers, including aerospace original equipment manufacturers (“OEMs”) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney).Business (Item 1)

Also named by BA, CW, GNTX, RBC, RTX, TDG, TDY

GE Aerospace

earns from

PCC has several significant customers, including aerospace original equipment manufacturers (“OEMs”) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney).Business (Item 1)

Also named by ATI, BKR, HWM, KTOS, WWD

Pratt & Whitney

earns from

PCC has several significant customers, including aerospace original equipment manufacturers (“OEMs”) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney).Business (Item 1)

Also named by ATI, HEI

Rolls-Royce

earns from

PCC has several significant customers, including aerospace original equipment manufacturers (“OEMs”) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney).Business (Item 1)

Also named by HEI

Suppliers

Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura

depends on · approximately 90% of the revenue

These manufacturers normally represent approximately 90% of the revenue generated by BHA’s dealerships.Business (Item 1)

Pilot top 10 fuel suppliers

depends on · approximately 45% of gallons purchased in 2025

Pilot’s top 10 customers for diesel sales accounted for approximately 10% of total diesel gallons sold in 2025, while Pilot’s top 10 fuel suppliers accounted for approximately 45% of gallons purchased in 2025.Business (Item 1)

Partners and platforms

General Motors

up to 2,000 charging stalls in up to 500 U.S. locations

Additionally, Pilot provides charging stations for electric vehicles at approximately 245 travel centers in connection with an agreement with General Motors to develop a nationwide electric vehicle fast charger network of up to 2,000 charging stalls in up to 500 U.S. locations.Business (Item 1)

Also named by ALLY, AN, BWA, GNTX, LEA, THO, UHAL/B

Ace Hardware

earns from · approximately 4,000 Ace Hardware (“Ace”) stores

Benjamin Moore is the preferred paint supplier for Ace stores through an agreement which permits Ace stores to carry specified Benjamin Moore products.Business (Item 1)

Also named by HLMN

Competitors

Union Pacific Railroad

competes with

BNSF Railway’s primary rail competitor in the Western region of the U.S. is Union Pacific Railroad Company.Business (Item 1)

Also named by CSX

Places

Texas

concentrated in · approximately 75% of dealership-related revenues

Dealership operations are highly concentrated in the Arizona and Texas markets, with approximately 75% of dealership-related revenues derived from sales in these markets.Business (Item 1)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

Arizona

concentrated in · approximately 75% of dealership-related revenues

Dealership operations are highly concentrated in the Arizona and Texas markets, with approximately 75% of dealership-related revenues derived from sales in these markets.Business (Item 1)

Also named by ABR, AMKR, AXON, BBSI, DJCO, ELS, ENSG, GDDY and 5 more

Alberta

operates in · approximately 85% of Alberta’s population

AltaLink serves approximately 85% of Alberta’s population.Business (Item 1)

Also named by NRG, WY

Iowa

operates in

MEC is a regulated electric and natural gas utility company headquartered in Iowa, serving electric and natural gas customers primarily in Iowa and also in portions of Illinois, South Dakota and Nebraska.Business (Item 1)

Also named by CASY, LNT

Honduras

operates in

For the North American market, which is FOL’s predominant sales region, cloth manufacturing is primarily performed in Honduras.Business (Item 1)

Hazards

Catastrophe events (natural disasters)

insures or lends to · in excess of $15 billionnamed as a risk

We employ various disciplined underwriting practices intended to mitigate potential losses, attempt to consider all possible correlations and avoid writing groups of policies from which pre-tax losses from a single catastrophe event might aggregate in excess of $15 billion.Risk factors (Item 1A)

Wildfires

named as a risk

Furthermore, our regulated energy subsidiaries are exposed to losses arising from wildfires and related litigation and judicial outcomes.Risk factors (Item 1A)

Also named by AAON, AMRC, AZO, CCI, CDNS, CINF, CNP, COST and 17 more

Hazardous materials transport (toxic inhalation hazard chemicals)

named as a risk

The release of hazardous materials could expose BNSF to significant claims, losses, penalties and environmental remediation obligations.Risk factors (Item 1A)

Also named by NSC

Commodities and inputs

Coal

earns fromnamed as a risk

Changes in government policies that limit, restrict or displace coal as a fuel source in generating electricity, or limit or restrict other commodities that BNSF transports, could adversely affect revenues and earnings.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AES, ARLP, BKH, CNP, CSX and 19 more

Nickel, titanium, cobalt and other specialty metals

exposed to its pricenamed as a risk

Future shortages or price fluctuations in raw materials could have a material adverse effect on results.Business (Item 1)

Tungsten

depends onnamed as a risk

While supplies, including alternative sources, are currently adequate, significant disruptions or constraints in production processing facilities, or other global supply chain restrictions, could cause reduced availability and increased prices.Business (Item 1)

Hot dipped galvanized sheet steel

exposed to its pricenamed as a risk

While supplies are adequate, variations in supply can produce significant variations in cost and availability.Business (Item 1)

Lumber and oriented strand board

exposed to its pricenamed as a risk

Historically, the availability and pricing of these and other inputs has been volatile.Business (Item 1)

Natural gas

exposed to its price

The availability of raw materials is adequate, but costs are impacted by petro-chemical and natural gas price changes.Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Ethylene

depends on

OxyChem’s primary feedstocks are ethylene, ethane, natural gas and salt, which are generally obtainable from several sources and suppliers.Business (Item 1)

Also named by EMN, OLN, SHW, SOLS

Regulators

Nuclear Regulatory Commission

subject to · 25% ownership of the Quad Cities Nuclear Station

MEC is also subject to regulation by the Nuclear Regulatory Commission pursuant to the Atomic Energy Act of 1954, as amended, with respect to its 25% ownership of the Quad Cities Nuclear Station.Business (Item 1)

Also named by AEE, AEP, BWXT, CAH, CDRE, CEG, CW, D and 20 more

Surface Transportation Board (STB)

subject tonamed as a risk

The outcome of STB proceedings can affect the profitability of BNSF Railway’s business.Business (Item 1)

Also named by CP, CSX, L, NSC, SUN, SUNC, UNP

Federal Energy Regulatory Commission (FERC)

subject to

The natural gas pipeline and storage operations of BHE GT&S, Northern Natural and Kern River are regulated by the FERC pursuant to the Natural Gas Act and the Natural Gas Policy Act of 1978.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Federal Aviation Administration (FAA)

subject to

NetJets is subject to the rules and regulations of the U.S. Federal Aviation Administration (“FAA”), the Portuguese Civil Aviation Authority and the European Union Aviation Safety Agency.Business (Item 1)

Also named by ACHR, AIR, ALK, AMT, AVAV, BA, CCI, CW and 27 more

Nebraska Department of Insurance

subject to

The Nebraska Department of Insurance (“Nebraska DOI”) acts as the lead supervisor for Berkshire’s insurance group and chairs the Berkshire supervisory college.Business (Item 1)

Also named by AFL

Alberta Utilities Commission

subject to

AltaLink is regulated by the Alberta Utilities Commission (“AUC”), pursuant to the Electric Utilities Act (Alberta), the Public Utilities Act (Alberta), the Alberta Utilities Commission Act (Alberta) and the Hydro and Electric Energy Act (Alberta).Business (Item 1)

Also named by NRG

Gas and Electricity Markets Authority (Ofgem)

subject to

Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc each charge fees for the use of their distribution systems that are controlled by a formula prescribed by the Gas and Electricity Markets Authority, the British electricity regulatory body.Business (Item 1)

Laws and programs

Terrorism Risk Insurance Act (TRIA)

subject to · approximately $2.5 billion in 2026

The aggregate deductible for Berkshire’s insurance group is expected to be approximately $2.5 billion in 2026.Business (Item 1)

Also named by CB, CINF

Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)

subject tonamed as a risk

Under federal statutes (in particular, the Comprehensive Environmental Response, Compensation and Liability Act) and state statutes, BNSF may be held jointly and severally liable for cleanup and enforcement costs associated with a particular site without regard to fault or the legality of the original conduct.Business (Item 1)

Also named by ALSN, AME, BWA, CLH, CMI, DD, GIS, GVA and 10 more

EPA power sector GHG rules

subject tonamed as a risk

In April 2024, the EPA finalized new rules addressing GHG emissions for the power sector.Business (Item 1)