Who are Berkshire Hathaway’s competitors?
Berkshire Hathaway names 9 companies as competitors in its latest annual report, on 3 fronts. 3 companies name Berkshire Hathaway back.
Skip to the field, head to head ↓Berkshire Hathaway company profile
Berkshire's rivals each face a different piece of it, never the whole
Berkshire Hathaway names nine competitors, and no two fronts share a cast. Lubrizol Additives faces Infineum International, Chevron Oronite and Afton Chemical. BNSF faces Union Pacific. The paint and decorating business faces Sherwin-Williams, The Home Depot, Lowe's and others. Only that last list has changed since fiscal 2023: Farrow & Ball and The Pittsburgh Paints came on, PPG Industries dropped off.
The view from the other side matches. Howmet Aerospace and ATI name Berkshire, but through Precision Castparts, for titanium, forgings and fasteners. W. R. Berkley lists it beside Swiss Re, Munich Re and Hannover Re. Each rival sees one slice and measures itself against that slice. Howmet earns an 18% net margin on $8.3 billion of revenue, the same margin as Berkshire's on $371.4 billion.
So the idea to repeat: scale is what Berkshire owns, but it is not what any competitor meets. A rival meets a unit, in a market with its own shape. Before asking how big a company is, ask which piece of it you actually run into.
Where Berkshire Hathaway says it competes
“Lubrizol Additives’ principal competitors are Infineum International Ltd., Chevron Oronite Company and Afton Chemical Corporation.”
“BNSF Railway’s primary rail competitor in the Western region of the U.S. is Union Pacific Railroad Company.”
“Competitors include other premium paint and decorating stores, mass merchandisers, home centers, independent hardware stores, hardware chains and manufacturer-operated direct outlets, such as Sherwin-Williams Company, The Pittsburgh Paints Company, The Home Depot, Inc., Lowe’s Companies, Inc and Farrow & Ball.”
Who names Berkshire Hathaway as a competitor
“These competitors include Swiss Re, Munich Re, Berkshire Hathaway, Hannover Re and others.”
10-K for 2025“Principal competitors include Berkshire Hathaway Inc., through its 2016 acquisition of Precision Castparts Corporation and subsidiaries, for titanium and titanium-based alloys, precision forgings, seamless rolled rings, investment castings, including airfoils, and aerospace fasteners; VSMPO (Russia) for titanium and…”
10-K for 2025“Principal competitors in the HPMC segment include: Berkshire Hathaway Inc., for nickel-based alloys and superalloys and specialty steel alloys, titanium and titanium-based alloys, and precision forgings through its ownership of Precision Castparts Corporation and subsidiaries; Howmet Aerospace Inc., for titanium and…”
10-K for 2025Who joined, who left
Against its annual report for fiscal 2023, Berkshire Hathaway’s latest list adds Farrow & Ball and The Pittsburgh Paints; it no longer names PPG Industries.
| Company | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Afton Chemical | ● | ● | ● |
| Chevron Oronite | ● | ● | ● |
| Infineum International | ● | ● | ● |
| Union Pacific Railroad | ● | ● | ● |
| Lowe’s Companies | ● | ● | ● |
| Sherwin-Williams | ● | ● | ● |
| The Home Depot | ● | ● | ● |
| Farrow & Ball | · | ● | ● |
| The Pittsburgh Paints | · | ● | ● |
| PPG Industries | ● | · | · |
● named in that year’s annual report, for the fiscal years shown.
The field, from the filings
| Company | Fiscal year | Revenue | Growth | Net margin | Employees |
|---|---|---|---|---|---|
| Berkshire Hathaway | 2025 | $371.4B | 0% | 18% | 387,800 |
| Home Depot | FY to Feb 2026 | $164.7B | +3% | 9% | 472,400 |
| Lowes Companies | FY to Jan 2026 | $86.3B | +3% | 8% | 167,000,109,000 |
| Sherwin Williams | 2025 | $23.6B | +2% | 11% | 64,249 |
| Berkley W R | 2025 | $14.7B | +8% | 12% | 8,804 |
| Howmet Aerospace | 2025 | $8.3B | +11% | 18% | 25,430 |
| ATI | 2025 | $4.6B | +5% | 9% | – |
Each company’s latest fiscal year as reported to the SEC, in US dollars; fiscal years end in different months. Rivals that report outside the US or in other currencies are not shown.
How concentrated Berkshire Hathaway’s customers are
“McLane’s major customers during 2025 included Walmart (approximately 17.2% of revenues); 7-Eleven (approximately 13.3% of revenues); and Yum!”
What the rivals have done lately
“All conditions of the offer were satisfied, including receipt of the requisite regulatory approvals, and the merger was completed on September 4, 2025.” filing
“On June 2, 2025, the Company completed the acquisition of ADG for an aggregate cash purchase price of $ 1.3 billion, which is included in the investing section of the consolidated statements of cash flows, net of cash acquired.” filing
“On October 9, 2025, the Company completed the acquisition of FBM for an aggregate cash purchase price of $ 8.8 billion, which is included in the investing section of the consolidated statements of cash flows, net of cash acquired.” filing
“The total purchase price for the acquisition was approximately $ 290 million, including an immaterial amount paid in 2024 to finalize certain representations, warranties and closing conditions.” filing
“In October 2025, the Company completed the acquisition of BASF SE’s Brazilian decorative paints business (Suvinil) for approximately $ 1.15 billion.” filing
“On February 6, 2026, the Company acquired Brunner Manufacturing Co. Inc., a small privately-held manufacturer of high-quality fastener products in the U.S., for an all-cash purchase price of approximately $ 120 .” filing
Decisions that shaped the field
| Home Depot's 'Half Its Revenue Is Pros' Stat Hides the Part That Matters | 2024 | Never undone |
Asked about Berkshire Hathaway’s competitors
Who are Berkshire Hathaway's competitors?
In its annual report for fiscal 2025, Berkshire Hathaway names 9 competitors across 3 fronts: lubricant additive competitors, western u.s. rail competitor and paint and decorating competitors. 10-K for fiscal 2025
Which companies name Berkshire Hathaway as a competitor?
3 companies in our coverage name it in their own annual reports: Berkley W R, Howmet Aerospace and ATI.
How does Berkshire Hathaway compare with its rivals?
Berkshire Hathaway reported $371.4B in revenue in its latest fiscal year, 0% on a year, with a 18% net margin. Home Depot: $164.7B, 9% net margin; Lowes Companies: $86.3B, 8% net margin.
What are the alternatives to Berkshire Hathaway?
The companies Berkshire Hathaway itself names as competitors are listed above, front by front, each in its own report’s words. Which matters for a given buyer depends on the job, not the list.
How much of your revenue comes from somebody who is also trying to replace you?
Sources: Berkshire Hathaway’s annual report for fiscal 2025 and earlier years (2023, 2024); the annual reports of the companies that name it; each company’s financial data as reported to the SEC; Stratrix Decision Records. Analysis and data, not advice.
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