Bayer vs Berkshire Hathaway: Revenue, Profit and Business Model
Bayer reported ~$51.5B of revenue in FY2025 and a net loss of ~$4.1B. Berkshire Hathaway reported $371.4B of revenue in FY2025 and $67B of net income.
Latest financial snapshot
Bayer
- Latest revenue
- ~$51.5B (FY2025)
- Net income
- ~-$4.1B
- Net margin
- -7.9%
- Revenue growth
- +3.3% a year, FY2017–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
Bayer
Bayer's accounts still carry the 2018 Monsanto acquisition. FY2025 sales were ~$51.5 billion (EUR 45,575 million), down 2.2 percent as reported and up 1.1 percent adjusted for currency and portfolio. EBITDA before special items was ~$11 billion (EUR 9.7 billion) and free cash flow ~$2.35 billion (EUR 2,084 million), yet the group reported an EBIT of minus ~$1.22 billion (EUR 1,077 million) and a net loss of ~$4.09 billion (EUR 3,620 million), because other operating expenses net of income reached minus ~$8.34 billion (EUR 7,377 million), mainly litigation provisions. Net financial debt fell 8.5 percent to ~$33.7 billion (EUR 29,843 million). The dividend has stayed at the legally required minimum of EUR 0.11 per share since 2023, so cash goes to debt and settlements rather than shareholders.
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
Bayer
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$51.5B | ~-$4.1B | -7.9% | -2.2% | Source |
| FY2024 | ~$52.7B | ~-$2.9B | -5.5% | -2.2% | Source |
| FY2023 | ~$53.8B | ~-$3.3B | -6.2% | -6.1% | Source |
| FY2022 | ~$57.3B | ~$4.7B | 8.2% | +15.1% | Source |
| FY2021 | ~$49.8B | ~$1.1B | 2.3% | +6.5% | Source |
| FY2020 | ~$46.8B | ~-$11.9B | -25.4% | -4.9% | Source |
| FY2019 | ~$49.2B | ~$4.6B | 9.4% | +10.0% | Source |
| FY2018 | ~$44.7B | ~$1.9B | 4.3% | +13.1% | Source |
| FY2017 | ~$39.6B | ~$8.3B | 21.0% | — | 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
Bayer
- Crop Science
about 47%
Seeds, biotech traits, crop protection chemicals and digital farming produced ~$24.4 billion (EUR 21,622 million) of 2025 sales, led by Corn Seed and Traits at ~$8.08 billion (EUR 7,149 million).
- Pharmaceuticals
about 39%
Prescription medicines produced ~$20.1 billion (EUR 17,829 million) of 2025 sales, with Eylea at ~$3.51 billion (EUR 3,110 million), Nubeqa at ~$2.7 billion (EUR 2,385 million), Xarelto at ~$2.65 billion (EUR 2,344 million) and the Mirena family at ~$1.54 billion (EUR 1,366 million).
- Consumer Health
about 13%
Over-the-counter brands produced ~$6.56 billion (EUR 5,802 million) of 2025 sales across nutritionals, allergy and cold, pain and cardio, digestive health and dermatology.
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
Bayer
How it makes money
Bayer runs two very different businesses plus a consumer brand portfolio. Pharmaceuticals spent ~$3.91 billion (EUR 3,456 million) on research and development in 2025 to develop and launch patented specialty medicines in oncology, cardiovascular and renal disease, women's health and radiology, and sells them to hospitals and specialist prescribers at high gross margins.
Growth strategy
After a strategic review in March 2024 Bayer decided not to break itself up, keeping the three divisions together while it works on litigation and debt. Growth therefore has to come from inside: scaling Nubeqa, which reached ~$2.7 billion (EUR 2,385 million) of sales in 2025, and Kerendia at ~$937 million (EUR 829 million); launching Lynkuet, Beyonttra and Hyrnuo; filing gadoquatrane in radiology;
Competitive advantage
Bayer's strongest position is in seeds and traits. Corn Seed and Traits alone generated ~$8.08 billion (EUR 7,149 million) of sales in 2025, up 9.0 percent as reported, because growers buy hybrid seed together with the trait packages licensed into it and then buy matching crop protection chemistry. Changing seed supplier means changing agronomic practice mid-rotation, which slows share loss.
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 Bayer vs Berkshire Hathaway
Which company has higher revenue — Bayer AG or Berkshire Hathaway Inc.?
Bayer AG reported ~$51.5B (FY2025), while Berkshire Hathaway Inc. reported $371.4B (FY2025). By last reported revenue, Berkshire Hathaway Inc. is the larger business, with Bayer AG reporting a smaller revenue base.
What is the market cap of Bayer AG vs Berkshire Hathaway Inc.?
Bayer AG's market capitalisation stands at $47.1B, 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 Bayer AG.
Which is more financially efficient — Bayer AG or Berkshire Hathaway Inc.?
Bayer AG generates $585k / 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 Bayer AG and Berkshire Hathaway Inc. make money?
Bayer AG and Berkshire Hathaway Inc. generate revenue in fundamentally different ways. Bayer AG: Bayer runs two very different businesses plus a consumer brand portfolio. 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 — Bayer AG or Berkshire Hathaway Inc.?
On a price-to-sales (P/S) basis, Bayer AG trades at 0.9x P/S and Berkshire Hathaway Inc. at 2.9x P/S. Berkshire Hathaway Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Bayer AG. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Bayer AG bigger than Berkshire Hathaway Inc.?
By last reported revenue, Berkshire Hathaway Inc. ($371.4B (FY2025)) is the larger company compared to Bayer AG (~$51.5B (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 Bayer vs Berkshire Hathaway overview