Berkshire Hathaway vs Nike: Revenue, Profit and Business Model
Berkshire Hathaway reported $371.4B of revenue in FY2025 and $67B of net income. Nike reported $46.4B of revenue in FY2026 and $3.1B 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
Nike
- Latest revenue
- $46.4B (FY2026)
- Net income
- $3.1B
- Net margin
- 6.7%
- Revenue growth
- +3.4% a year, FY2017–FY2026
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.
Nike
Nike's revenue peaked at $51.4B in FY2024, then fell almost 10% to $46.3B in FY2025 as the company cleared old inventory and cut supply of lifestyle franchises. FY2026 was flat at $46.4B, with net income of $3.108B versus $5.7B two years earlier. Gross margin was 42.9%, below 44.6% in FY2024, as discounts and tariffs weighed on profit. Fourth-quarter FY2026 revenue was about $11.0B, down 1% reported and 4% currency-neutral. Nike scheduled first-quarter fiscal 2027 results for October 1, 2026, with analysts expecting roughly $11.3B in revenue, a decline of about 3%.
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 |
Nike
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $46.4B | $3.1B | 6.7% | +0.2% | Source |
| FY2025 | $46.3B | $3.2B | 7.0% | -9.8% | Source |
| FY2024 | $51.4B | $5.7B | 11.1% | +0.3% | Source |
| FY2023 | $51.2B | $5.1B | 9.9% | +9.6% | Source |
| FY2022 | $46.7B | $6B | 12.9% | +4.9% | Source |
| FY2021 | $44.5B | $5.7B | 12.9% | +19.1% | Source |
| FY2020 | $37.4B | $2.5B | 6.8% | -4.4% | Source |
| FY2019 | $39.1B | $4B | 10.3% | +7.5% | Source |
| FY2018 | $36.4B | $1.9B | 5.3% | +6.0% | Source |
| FY2017 | $34.4B | $4.2B | 12.3% | — | 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.
Nike
- Footwear~64%
NIKE Brand footwear revenue was $29.525B in FY2026.
- Apparel~29%
NIKE Brand apparel revenue was $13.449B in FY2026.
- Equipment~5%
NIKE Brand equipment revenue was $2.199B in FY2026.
- Converse~3%
Converse revenue was $1.174B in FY2026, down 31% year over year.
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.
Nike
How it makes money
Nike designs, markets, and distributes athletic footwear, apparel, and equipment but does not own the factories that make them; independent contract manufacturers, mostly in Vietnam, Indonesia, and China, produce nearly all of its products. In FY2026, NIKE Brand footwear brought in $29.5B (about 64% of revenue), apparel $13.4B (about 29%), equipment $2.2B (about 5%), and Converse $1.2B.
Growth strategy
Under Elliott Hill, Nike's plan, branded internally as "Win Now," reorganizes the company around sports such as running, basketball, football, and training rather than broad gender and consumer segments. Three practical moves stand out. First, Nike is returning to wholesale: it rebuilt ties with Foot Locker and Dick's and resumed selling on Amazon, which helped wholesale revenue grow 6% in FY2026.
Competitive advantage
Nike's edge is scale combined with athlete relationships. No rival matches its $4.75B annual demand-creation budget or its roster across basketball (LeBron James, the Jordan Brand), football (club and federation kits), running, and women's sport (Caitlin Clark, Sabrina Ionescu). That scale also gives Nike purchasing leverage with contract factories and space with the biggest global retailers.
Questions about Berkshire Hathaway vs Nike
Which company has higher revenue — Berkshire Hathaway Inc. or NIKE, Inc.?
Berkshire Hathaway Inc. reported $371.4B (FY2025), while NIKE, Inc. reported $46.4B (FY2026). By last reported revenue, Berkshire Hathaway Inc. is the larger business, with NIKE, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Berkshire Hathaway Inc. vs NIKE, Inc.?
Berkshire Hathaway Inc.'s market capitalisation stands at $1.07T, while NIKE, Inc.'s is $53.4B. Berkshire Hathaway Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to NIKE, Inc..
Which is more financially efficient — Berkshire Hathaway Inc. or NIKE, Inc.?
Berkshire Hathaway Inc. generates $958k / employee in revenue per employee, while NIKE, Inc. generates $636k / 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 NIKE, Inc. make money?
Berkshire Hathaway Inc. and NIKE, 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. NIKE, Inc.: Nike designs, markets, and distributes athletic footwear, apparel, and equipment but does not own the factories that make them; independent contract manufacturers, mostly in Vietnam, Indonesia, and China, produce nearly all of its products.
Which company is valued higher relative to revenue — Berkshire Hathaway Inc. or NIKE, Inc.?
On a price-to-sales (P/S) basis, Berkshire Hathaway Inc. trades at 2.9x P/S and NIKE, Inc. at 1.2x P/S. Berkshire Hathaway Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to NIKE, 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 NIKE, Inc.?
By last reported revenue, Berkshire Hathaway Inc. ($371.4B (FY2025)) is the larger company compared to NIKE, Inc. ($46.4B (FY2026)). 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 Nike overview