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Berkshire Hathaway vs Klarna: Revenue, Profit and Business Model

Berkshire Hathaway reported $371.4B of revenue in FY2025 and $67B of net income. Klarna reported $3.5B of revenue in FY2025 and a net loss of $273M.

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

Klarna

Latest revenue
$3.5B (FY2025)
Net income
-$273M
Net margin
-7.8%
Revenue growth
+24.2% a year, FY2023–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.

Klarna

Klarna's revenue grew from $2.28 billion in 2023 to $2.81 billion in 2024 and $3.51 billion in 2025, according to its 2025 Form 20-F. Net income swung from a $244 million loss in 2023 to a $21 million profit in 2024, then back to a $273 million loss in 2025, even as adjusted operating profit reached $65 million. Q4 2025 was its first billion-dollar quarter at $1.082 billion of revenue on $38.7 billion of GMV. In Q2 2026, revenue rose 27% to $1.042 billion, transaction margin dollars rose 42% to $446 million and net income was $9 million, against a $53 million loss a year earlier. The market cap was about $5.2 billion in late September 2026, well below the roughly $15 billion valuation at its September 2025 IPO.

Revenue and profit by year

Berkshire Hathaway

Berkshire Hathaway revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2025$371.4B$67B18.0%+0.0%Source
FY2024$371.4B$89B24.0%+1.9%Source
FY2023$364.5B$96.2B26.4%+20.7%Source
FY2022$302B-$22.8B-7.5%+9.4%Source
FY2021$276.2B$89.9B32.6%+12.5%Source
FY2020$245.6B$42.5B17.3%-3.5%Source
FY2019$254.6B$81.4B32.0%+2.7%Source
FY2018$247.8B$4B1.6%+3.3%Source
FY2017$239.9B$44.9B18.7%+11.5%Source
FY2016$215.1B$24.1B11.2%—Source
Full Berkshire Hathaway financials

Klarna

Klarna revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2025$3.5B-$273M-7.8%+24.8%Source
FY2024$2.8B$21M0.7%+23.5%Source
FY2023$2.3B-$244M-10.7%—Source
Full Klarna financials

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.

Klarna

  • Merchant fees

    Not formally reported

    Fees charged to merchants on Klarna transactions; the largest source of revenue.

  • Consumer interest and fees

    Not formally reported

    Interest on Fair Financing and other credit products, plus late fees where permitted.

  • Card and memberships

    Not formally reported

    Interchange from the Klarna Card and subscription revenue from Memberships, which grew more than 600% in Q2 2026.

  • Advertising and other

    Not formally reported

    Sponsored placements and affiliate revenue in the Klarna app.

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.

Berkshire Hathaway business model in full

Klarna

How it makes money

Klarna earns money on both sides of a purchase. Merchants pay Klarna a fee on each transaction because offering installments tends to lift conversion and basket size; Klarna pays the merchant upfront and carries the repayment risk (its published US standard rate for Pay in 4 has been 3.29% plus $0.30).

Growth strategy

Klarna calls itself an 'everyday finance network'. The strategy has three parts: distribution through large acquirers and platforms (J.P. Morgan Payments went live in August 2026), higher-frequency products such as the Klarna Card and paid Memberships (2 million subscribers in Q2 2026, eight times a year earlier), and higher-yield lending such as Fair Financing, which 256,000 merchants offered by Q2 2026.

Competitive advantage

Klarna's edge is scale and funding. It reaches more than 120 million active consumers and over 1.2 million merchants in 26 markets, and distribution deals with payment platforms such as J.P. Morgan Payments, Stripe and Adyen switch Klarna on for merchants without a new integration.

Klarna business model in full

Questions about Berkshire Hathaway vs Klarna

Which company has higher revenue — Berkshire Hathaway Inc. or Klarna Group plc?

Berkshire Hathaway Inc. reported $371.4B (FY2025), while Klarna Group plc reported $3.5B (FY2025). By last reported revenue, Berkshire Hathaway Inc. is the larger business, with Klarna Group plc reporting a smaller revenue base.

What is the market cap of Berkshire Hathaway Inc. vs Klarna Group plc?

Berkshire Hathaway Inc.'s market capitalisation stands at $1.07T, while Klarna Group plc's is $5.2B. Berkshire Hathaway Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Klarna Group plc.

Which is more financially efficient — Berkshire Hathaway Inc. or Klarna Group plc?

Berkshire Hathaway Inc. generates $958k / employee in revenue per employee, while Klarna Group plc generates $1.24M / employee. Klarna Group plc 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 Klarna Group plc make money?

Berkshire Hathaway Inc. and Klarna Group plc 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. Klarna Group plc: Klarna earns money on both sides of a purchase.

Which company is valued higher relative to revenue — Berkshire Hathaway Inc. or Klarna Group plc?

On a price-to-sales (P/S) basis, Berkshire Hathaway Inc. trades at 2.9x P/S and Klarna Group plc 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 Klarna Group plc. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.

Is Berkshire Hathaway Inc. bigger than Klarna Group plc?

By last reported revenue, Berkshire Hathaway Inc. ($371.4B (FY2025)) is the larger company compared to Klarna Group plc ($3.5B (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 Berkshire Hathaway vs Klarna overview

Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.