Berkshire Hathaway Inc. vs BP plc: Strategic Comparison

This in-depth comparison examines Berkshire Hathaway Inc. and BP plc across revenue, market value, business model, competitive positioning, and long-term growth strategy. Whether you are researching Berkshire Hathaway Inc. on its own, evaluating BP plc, or weighing the two companies side by side, the breakdown below highlights where each company leads and where the gap between Berkshire Hathaway Inc. and BP plc is widest.

On the headline numbers, Berkshire Hathaway Inc. reports annual revenue of $371.4B against $189.3B for BP plc, while their respective market capitalizations stand at $1.05T and $80.0B. Berkshire Hathaway Inc. is headquartered in United States and BP plc operates from United Kingdom, and those different home markets shape how each company competes.

Berkshire Hathaway Inc.: Berkshire began as a textile company and became a holding company after Warren Buffett gained control in 1965. The modern company is a collection of operating businesses and investments bound by decentralized management, conservative financing, and a long-term shareholder culture.

BP plc: BP combines a long operating history with a current strategy shaped by FY2025 financial results, leadership priorities, and competitive pressure.

Berkshire Hathaway Inc. and BP plc pursue distinct approaches to generating revenue, and understanding how each company operates is the foundation of any fair comparison between Berkshire Hathaway Inc. and BP plc.

Berkshire Hathaway Inc. business model: Berkshire makes money through insurance underwriting and float investment, freight rail, regulated utilities and energy infrastructure, industrial manufacturing, wholesale distribution, retail, services, and a large portfolio of equity and fixed-income investments.

BP plc business model: BP makes money through oil and gas production, LNG and power trading, refining, retail fuels, Castrol lubricants, and selective low-carbon investments. Its model depends on disciplined capital allocation, durable customer or channel relationships, and execution inside markets where scale and trust matter.

The durability of a company's moat often decides long-term winners. Here is how the competitive advantages of Berkshire Hathaway Inc. stack up against those of BP plc.

Berkshire Hathaway Inc. competitive advantage: Berkshire's advantage is permanent capital, insurance float, a conservative balance sheet, reputation with sellers, and a decentralized culture that attracts owner-minded managers.

BP plc competitive advantage: The balance sheet survived a catastrophe that would have ended most companies, and the institution continues to function at scale. BP faces a constellation of challenges that are simultaneously financial, operational, reputational, and existential — and that interact with each other in ways that make navigation exceptionally difficult even for a company of its scale and experience. The most fundamental advantage is BP's portfolio of world-class upstream assets. BP's integrated supply and trading capability is a second major competitive advantage that is widely recognized within the industry but less visible to outside observers. The Castrol brand, operated within the Customers & Products segment, represents a third distinct competitive advantage.

Future prospects matter as much as current results. The growth strategies below explain how Berkshire Hathaway Inc. and BP plc each plan to expand from here.

Berkshire Hathaway Inc. growth strategy: Berkshire's growth strategy is not a top-down operating plan; it is disciplined capital allocation. The company reinvests in subsidiaries, buys public equities, acquires private businesses when prices fit, and keeps a fortress balance sheet for downturns.

BP plc growth strategy: BP is trying to simplify its portfolio, reduce net debt, sharpen upstream and trading returns, and rebuild investor confidence after several years of strategy and leadership resets.

A closer look at the financial trajectory of Berkshire Hathaway Inc. and BP plc rounds out the comparison.

Berkshire Hathaway Inc.: For FY2025, Berkshire reported $371.444B in revenue and $66.968B in net income attributable to shareholders. Its filing reported about 387,800 employees worldwide at year-end. The updated net income replaces the prior-year comparison figure previously used in this profile.

BP plc: BP reported $189.3B in FY2025 revenue and $55M in net income/profit attributable to the company or shareholders. In 2025 BP reported $189.335B in sales and other operating revenues, $55M of profit attributable to BP shareholders, and $7.485B of underlying replacement-cost profit.