Berkshire Hathaway vs Warner Bros. Discovery: Revenue, Profit and Business Model
Berkshire Hathaway reported $371.4B of revenue in FY2025 and $67B of net income. Warner Bros. Discovery reported $37.3B of revenue in FY2025 and $727M 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
Warner Bros. Discovery
- Latest revenue
- $37.3B (FY2025)
- Net income
- $727M
- Net margin
- 1.9%
- Revenue growth
- +32.3% a year, FY2021–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.
Warner Bros. Discovery
FY2025 revenue was $37.3 billion, down 5% ex-FX, with net income available to WBD of $727 million, adjusted EBITDA of $8.7 billion, and free cash flow of $3.1 billion. The company ended 2025 with 131.6 million streaming subscribers and $29.0 billion of net debt. In 2026, Q1 revenue was $8.9 billion with a $2.9 billion net loss that included the $2.8 billion termination fee owed to Netflix, which Paramount Skydance paid on WBD's behalf. Q2 revenue was $8.7 billion, down 12% ex-FX, with net income of $149 million and adjusted EBITDA of $1.9 billion. During Q2 WBD repaid its $15 billion bridge loan with new term loans.
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 |
Warner Bros. Discovery
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $37.3B | $727M | 1.9% | -5.1% | Source |
| FY2024 | $39.3B | -$11.3B | -28.8% | -4.8% | Source |
| FY2023 | $41.3B | -$3.1B | -7.6% | +22.2% | Source |
| FY2022 | $33.8B | -$7.4B | -21.8% | +177.4% | Source |
| FY2021 | $12.2B | $1B | 8.3% | — | 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.
Warner Bros. Discovery
- Distribution
Largest revenue type
Streaming subscription fees and carriage fees from pay-TV distributors.
- Advertising
Declining
Ad sales on linear networks and ad-supported streaming tiers; down 22% ex-FX in Q2 2026.
- Content
Varies with film slate
Theatrical releases, TV licensing, games, and consumer products.
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.
Warner Bros. Discovery
How it makes money
WBD earns money from three revenue types. Distribution revenue comes from HBO Max and discovery+ subscriptions and from fees that pay-TV distributors pay to carry its cable networks. Advertising revenue comes from linear networks such as TNT, TBS, CNN, Discovery and HGTV, plus ad-supported streaming tiers.
Growth strategy
Before the sale, WBD's plan centered on growing HBO Max internationally, rebuilding the film slate and DC under DC Studios, licensing its library, and managing linear networks for cash. In 2025 it planned to split into two companies (Streaming & Studios and Global Networks) before the board ran a sale process that ended with the Paramount Skydance agreement.
Competitive advantage
WBD's main asset is its content library and franchise IP: Warner Bros. films and TV, HBO series, DC, Harry Potter, Looney Tunes, and a large unscripted catalog from Discovery, HGTV and Food Network. That library is the main reason it drew competing bids from Netflix and Paramount Skydance in 2025 and 2026.
Questions about Berkshire Hathaway vs Warner Bros. Discovery
Which company has higher revenue — Berkshire Hathaway Inc. or Warner Bros. Discovery?
Berkshire Hathaway Inc. reported $371.4B (FY2025), while Warner Bros. Discovery reported $37.3B (FY2025). By last reported revenue, Berkshire Hathaway Inc. is the larger business, with Warner Bros. Discovery reporting a smaller revenue base.
What is the market cap of Berkshire Hathaway Inc. vs Warner Bros. Discovery?
Berkshire Hathaway Inc.'s market capitalisation stands at $1.07T, while Warner Bros. Discovery's is $77.0B. Berkshire Hathaway Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Warner Bros. Discovery.
Which is more financially efficient — Berkshire Hathaway Inc. or Warner Bros. Discovery?
Berkshire Hathaway Inc. generates $958k / employee in revenue per employee, while Warner Bros. Discovery generates $1.05M / employee. Warner Bros. Discovery 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 Warner Bros. Discovery make money?
Berkshire Hathaway Inc. and Warner Bros. Discovery 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. Warner Bros. Discovery: WBD earns money from three revenue types.
Which company is valued higher relative to revenue — Berkshire Hathaway Inc. or Warner Bros. Discovery?
On a price-to-sales (P/S) basis, Berkshire Hathaway Inc. trades at 2.9x P/S and Warner Bros. Discovery at 2.1x P/S. Berkshire Hathaway Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Warner Bros. Discovery. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Berkshire Hathaway Inc. bigger than Warner Bros. Discovery?
By last reported revenue, Berkshire Hathaway Inc. ($371.4B (FY2025)) is the larger company compared to Warner Bros. Discovery ($37.3B (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 Warner Bros. Discovery overview