Berkshire Hathaway vs Burlington: Revenue, Profit and Business Model
Berkshire Hathaway reported $371.4B of revenue in FY2025 and $67B of net income. Burlington reported $11.6B of revenue in FY2025 and $610.2M of net income.
Latest financial snapshot
Berkshire Hathaway
- Latest revenue
- $371.4B (FY2025)
- Net income
- $67B
- Net margin
- 18.0%
- Revenue growth
- +6.3% a year, FY2016–FY2025
Burlington
- Latest revenue
- $11.6B (FY2025)
- Net income
- $610.2M
- Net margin
- 5.3%
- Revenue growth
- +8.4% a year, FY2016–FY2025
Financial summary
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.
Burlington
Burlington's total revenue roughly doubled from $5.59 billion in fiscal 2016 to $11.57 billion in fiscal 2025. The exception was fiscal 2020, when pandemic store closures cut revenue to $5.76 billion and produced a $216.5 million net loss. Profit has since grown faster than sales: net income went from $230.1 million in fiscal 2022 to $339.6 million, $503.6 million and $610.2 million over the next three years. Heavy store investment limits free cash flow, which was about $172 million in fiscal 2025 after roughly $1.06 billion of capital spending. In the second quarter of fiscal 2026 (to August 1, 2026), total sales rose 11 percent to $2.998 billion and net income was $184 million, including a $41 million after-tax benefit from tariff refunds. The company raised its full-year adjusted EPS guidance to $11.77 to $11.97.
Revenue and profit by year
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 |
Burlington
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11.6B | $610.2M | 5.3% | +8.8% | Source |
| FY2024 | $10.6B | $503.6M | 4.7% | +9.3% | Source |
| FY2023 | $9.7B | $339.6M | 3.5% | +11.8% | Source |
| FY2022 | $8.7B | $230.1M | 2.6% | -6.6% | Source |
| FY2021 | $9.3B | $408.8M | 4.4% | +61.7% | Source |
| FY2020 | $5.8B | -$216.5M | -3.8% | -20.9% | Source |
| FY2019 | $7.3B | $465.1M | 6.4% | +9.3% | Source |
| FY2018 | $6.7B | $414.7M | 6.2% | +9.1% | Source |
| FY2017 | $6.1B | $384.9M | 6.3% | +9.3% | Source |
| FY2016 | $5.6B | $215.9M | 3.9% | — | Source |
Where the revenue comes from
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.
Burlington
- In-store net sales99.85%
Net sales of $11.55B in fiscal 2025 from merchandise sold in Burlington stores. There has been no e-commerce channel since March 2020.
- Other revenue0.15%
About $17.3M in fiscal 2025 from sources such as rental income and service fees.
Business model and strategy
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.
Burlington
How it makes money
Burlington makes nearly all of its money from merchandise sold in its stores. Net sales were $11.55 billion of its $11.57 billion fiscal 2025 total revenue; the remaining $17 million of other revenue comes from sources such as rental income and service fees.
Growth strategy
Burlington grows mainly by opening stores. It added 178 gross and 149 net new stores in the 12 months to August 1, 2026, and plans about 115 net openings in fiscal 2026. New stores use a smaller prototype of about 25,000 square feet instead of the very large boxes of the Coat Factory era, which lowers rent and labor per store.
Competitive advantage
Burlington's edge is cost and flexibility. Because it does not commit to full seasonal assortments months ahead, its buyers can take excess branded inventory when it becomes available and price it below department stores. Selling only in stores, with no e-commerce since March 2020, keeps parcel shipping and online returns out of the cost base.
Questions about Berkshire Hathaway vs Burlington
Which company has higher revenue — Berkshire Hathaway Inc. or Burlington Stores, Inc.?
Berkshire Hathaway Inc. reported $371.4B (FY2025), while Burlington Stores, Inc. reported $11.6B (FY2025). By last reported revenue, Berkshire Hathaway Inc. is the larger business, with Burlington Stores, Inc. reporting a smaller revenue base.
What is the market cap of Berkshire Hathaway Inc. vs Burlington Stores, Inc.?
Berkshire Hathaway Inc.'s market capitalisation stands at $1.07T, while Burlington Stores, Inc.'s is $16.8B. Berkshire Hathaway Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Burlington Stores, Inc..
Which is more financially efficient — Berkshire Hathaway Inc. or Burlington Stores, Inc.?
Berkshire Hathaway Inc. generates $958k / employee in revenue per employee, while Burlington Stores, Inc. generates $139k / 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 Berkshire Hathaway Inc. and Burlington Stores, Inc. make money?
Berkshire Hathaway Inc. and Burlington Stores, Inc. generate revenue in fundamentally different ways. Berkshire Hathaway Inc.: Berkshire's business model is capital allocation on top of a decentralized group of operating companies. Burlington Stores, Inc.: Burlington makes nearly all of its money from merchandise sold in its stores.
Which company is valued higher relative to revenue — Berkshire Hathaway Inc. or Burlington Stores, Inc.?
On a price-to-sales (P/S) basis, Berkshire Hathaway Inc. trades at 2.9x P/S and Burlington Stores, Inc. at 1.5x P/S. Berkshire Hathaway Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Burlington Stores, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Berkshire Hathaway Inc. bigger than Burlington Stores, Inc.?
By last reported revenue, Berkshire Hathaway Inc. ($371.4B (FY2025)) is the larger company compared to Burlington Stores, Inc. ($11.6B (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 Berkshire Hathaway vs Burlington overview