3M vs Berkshire Hathaway: Revenue, Profit and Business Model
3M reported $24.9B of revenue in FY2025 and $3.3B of net income. Berkshire Hathaway reported $371.4B of revenue in FY2025 and $67B of net income.
Latest financial snapshot
3M
- Latest revenue
- $24.9B (FY2025)
- Net income
- $3.3B
- Net margin
- 13.0%
- Revenue growth
- -2.1% a year, FY2016–FY2025
Berkshire Hathaway
- Latest revenue
- $371.4B (FY2025)
- Net income
- $67B
- Net margin
- 18.0%
- Revenue growth
- +6.3% a year, FY2016–FY2025
Financial summary
3M
3M has long been a steady dividend payer. Its revenue is spread across many industries, which makes it resilient in downturns. Its balance sheet has been strained by multi-billion dollar legal settlements over PFAS chemicals and combat earplugs. The underlying business still generates strong cash flow because it has pricing power on its specialized industrial products.
Berkshire Hathaway
Berkshire reported 2025 revenue of $371.444 billion, operating earnings of $44.486 billion (down from $47.437 billion in 2024 and above the five-year average of about $37.5 billion), and net earnings attributable to shareholders of $66.968 billion. GAAP net earnings swing with the equity portfolio: 2025 included $30.737 billion of after-tax investment gains and $8.255 billion of after-tax impairments on Kraft Heinz and Occidental. The businesses produced $46 billion of net cash from operating activities. Insurance earned $9.460 billion of pre-tax underwriting profit, with GEICO contributing $6.824 billion, and insurance float grew to $176 billion from $171 billion a year earlier. Shareholders' equity ended 2025 at $717.4 billion, up $68.1 billion, and the insurance and other businesses held $369.0 billion of cash, cash equivalents and US Treasury Bills. Berkshire repurchased no stock in 2025 and has paid no dividend since 1967.
Revenue and profit by year
3M
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $24.9B | $3.3B | 13.0% | +1.5% | Source |
| FY2024 | $24.6B | $4.2B | 17.0% | -0.1% | Source |
| FY2023 | $24.6B | -$7B | -28.4% | -5.9% | Source |
| FY2022 | $26.2B | $5.8B | 22.1% | -26.0% | Source |
| FY2021 | $35.4B | $5.9B | 16.7% | +9.9% | Source |
| FY2020 | $32.2B | $5.4B | 16.9% | +0.1% | Source |
| FY2019 | $32.1B | $4.5B | 14.1% | -1.9% | Source |
| FY2018 | $32.8B | $5.3B | 16.3% | +3.5% | Source |
| FY2017 | $31.7B | $4.9B | 15.3% | +5.1% | Source |
| FY2016 | $30.1B | $5B | 16.8% | — | Source |
Berkshire Hathaway
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $371.4B | $67B | 18.0% | +0.0% | Source |
| FY2024 | $371.4B | $89B | 24.0% | +1.9% | Source |
| FY2023 | $364.5B | $96.2B | 26.4% | +20.7% | Source |
| FY2022 | $302B | -$22.8B | -7.5% | +9.4% | Source |
| FY2021 | $276.2B | $89.9B | 32.6% | +12.5% | Source |
| FY2020 | $245.6B | $42.5B | 17.3% | -3.5% | Source |
| FY2019 | $254.6B | $81.4B | 32.0% | +2.7% | Source |
| FY2018 | $247.8B | $4B | 1.6% | +3.3% | Source |
| FY2017 | $239.9B | $44.9B | 18.7% | +11.5% | Source |
| FY2016 | $215.1B | $24.1B | 11.2% | — | Source |
Where the revenue comes from
3M
- Safety and Industrial Segment~46%
The Safety and Industrial segment is 3M's largest revenue contributor, generating $11.4 billion of net sales in fiscal year 2025. This segment manufactures and sells personal protective equipment including N95 respirators, hearing protection, and eye protection; industrial abrasives including Cubitron II ceramic abrasives; adhesive tapes and specialty bonding products for industrial applications; electrical insulation and electrical products; and roofing granules. Customers include construction companies, automotive manufacturers, oil and gas producers, aerospace manufacturers, and general industrial enterprises globally. The segment's competitive strength rests on 3M's proprietary materials science capabilities that allow it to engineer products meeting demanding performance specifications in safety and industrial applications where failure consequences are significant.
- Transportation and Electronics Segment~33%
The Transportation and Electronics segment generated $8.3 billion of net sales in fiscal year 2025, serving automotive original equipment manufacturers, electronics assemblers, semiconductor fabricators, and aerospace manufacturers with advanced specialty materials. Key product categories include light management films for display applications, conductive adhesives and specialty tapes for electronics assembly, automotive structural adhesives that enable vehicle lightweighting, thermal management materials for electric vehicle battery systems, and specialty chemicals for semiconductor processing. This segment is positioned at the intersection of the electrification and digitalization trends that are driving the most significant changes in global manufacturing, making it a strategic growth focus for 3M's leadership.
- Consumer Segment~20%
The Consumer segment generated $4.9 billion of net sales in fiscal year 2025, selling branded products including Post-it Notes, Scotch tape, Command adhesive strips, Filtrete home air filters, and other home improvement and office products through mass retail, office supply, home improvement, and e-commerce channels. While the smallest of 3M's post-Solventum segments by revenue, the Consumer business plays a strategic role in maintaining brand awareness with individual consumers and institutional purchasers who interact with 3M products in personal contexts.
Berkshire Hathaway
- Insurance premiums earned23.9%
GEICO, Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group earned $88.902B of premiums in 2025 and produced $9.460B of pre-tax underwriting earnings.
- Sales and service revenues53.7%
Manufacturing, service and retailing businesses, plus McLane and Pilot distribution, generated $199.524B of sales and service revenue in 2025, the largest revenue line and a thin-margin one.
- Interest, dividend and other investment income6.3%
Investment income of $23.261B in 2025 came mostly from US Treasury Bills and dividends on the equity portfolio.
- Freight rail transportation6.3%
BNSF produced $23.330B of freight revenue in 2025 hauling consumer products, industrial products, agricultural and energy products and coal.
- Utility and energy operating revenues5.9%
Berkshire Hathaway Energy's regulated utilities and pipelines produced $21.856B in 2025, serving about 5.4 million retail customers.
- Leasing revenues2.7%
Leasing businesses including XTRA trailer leasing and other equipment lessors produced $10.034B in 2025.
- Railroad, utilities and energy service revenues and other income1.2%
Service revenues and other income inside the railroad, utilities and energy group added $4.537B in 2025.
Business model and strategy
3M
How it makes money
3M's business model is basically acting as a giant, outsourced R&D department for the rest of the world. They pour billions into scientific research to invent proprietary materials. Once they hold the patent, they figure out how to sell that material to as many different industries as possible.
Growth strategy
3M is currently trying to shed its slower-growing legacy businesses to focus entirely on the future. They recently spun off their large healthcare division to streamline their operations. Going forward, they are heavily targeting high-growth megatrends like electric vehicle manufacturing, climate tech, and home improvement.
Competitive advantage
The biggest competitive advantage 3M has is its patent portfolio and its culture of cross-pollination. If a 3M scientist invents a new type of ceramic for an airplane engine, another scientist might realize that same ceramic can be used for dental braces. This ability to reuse foundational R&D across dozens of markets gives them a large economy of scale that pure-play competitors just can't replicate.
Berkshire Hathaway
How it makes money
Berkshire's business model is capital allocation on top of a decentralized group of operating companies. Subsidiary managers run their own businesses, with no corporate budget submissions and no committee structure at headquarters, and send surplus cash to Omaha.
Growth strategy
Berkshire's size limits what can move its results, so growth comes from large purchases, reinvestment inside existing businesses and buying back its own stock. Buffett described the 2009 BNSF agreement, a $34 billion investment in the railroad, as an all-in wager on the economic future of the United States.
Competitive advantage
Berkshire's advantages are permanent capital, a balance sheet that stays liquid by design, and a reputation that brings sellers to it.
Questions about 3M vs Berkshire Hathaway
Which company has higher revenue — 3M Company or Berkshire Hathaway Inc.?
3M Company reported $24.9B (FY2025), while Berkshire Hathaway Inc. reported $371.4B (FY2025). By last reported revenue, Berkshire Hathaway Inc. is the larger business, with 3M Company reporting a smaller revenue base.
What is the market cap of 3M Company vs Berkshire Hathaway Inc.?
3M Company's market capitalisation stands at $86.4B, while Berkshire Hathaway Inc.'s is $1.07T. Berkshire Hathaway Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to 3M Company.
Which is more financially efficient — 3M Company or Berkshire Hathaway Inc.?
3M Company generates $412k / employee in revenue per employee, while Berkshire Hathaway Inc. generates $958k / employee. Berkshire Hathaway Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do 3M Company and Berkshire Hathaway Inc. make money?
3M Company and Berkshire Hathaway Inc. generate revenue in fundamentally different ways. 3M Company: 3M's business model is basically acting as a giant, outsourced R&D department for the rest of the world. Berkshire Hathaway Inc.: Berkshire's business model is capital allocation on top of a decentralized group of operating companies.
Which company is valued higher relative to revenue — 3M Company or Berkshire Hathaway Inc.?
On a price-to-sales (P/S) basis, 3M Company trades at 3.5x P/S and Berkshire Hathaway Inc. at 2.9x P/S. 3M Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Berkshire Hathaway Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is 3M Company bigger than Berkshire Hathaway Inc.?
By last reported revenue, Berkshire Hathaway Inc. ($371.4B (FY2025)) is the larger company compared to 3M Company ($24.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the 3M vs Berkshire Hathaway overview