Berkshire Hathaway
Sector unknown·BRK-B · USA (SEC 10-K)
The GEICO insurance subsidiaries’ principal business is the sale of private passenger automobile insurance to individuals in all 50 states and the District of Columbia. GEICO subsidiaries also sell insurance for motorcycles, all-terrain vehicles, recreational vehicles, boats and commercial vehicles, primarily through direct response methods in which applications for insurance are submitted directly to the companies via the Internet or by telephone, and to a lesser extent, through insurance agencies.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Fuel
Raw materials and inputs
InputNegative impact: weakens
“Consumption of diesel fuel by locomotives accounted for approximately 80% of BNSF Railway’s greenhouse gas (“GHG”) emissions in its baseline year of 2018.”
Annual report unknown yearA · The company itself
Market
“Lubrizol The Lubrizol Corporation (“Lubrizol”), headquartered in Wickliffe, Ohio, is a specialty chemical and performance materials company that manufactures products and supplies technologies for the global transportation, industrial and consumer markets. Lubrizol operates two business segments: Lubrizol Additives, which produces engine lubricant additives, driveline lubricant additives and industrial specialties products; and Lubrizol Advanced Materials, which includes engineered materials (engineered polymers and performance coatings) and life sciences (beauty, personal care, health and home care solutions).”
Annual report unknown yearA · The company itself
Market
“Pilot operates 675 travel center and 82 fuel-only retail locations across the U.S. and in five Canadian provinces, primarily under the names Pilot or Flying J, through 663 company-owned locations, as well as through 94 locations held in unconsolidated joint ventures. Pilot and subsidiaries also conduct wholesale fuel and fuel marketing businesses in the U.S. and sell diesel fuel at over 150 locations in the U.S. and Canada through various third-party arrangements in which Pilot procures and sells diesel fuel to consumers at locations owned by the third parties.”
Annual report unknown yearA · The company itself
Market
“Pilot sold approximately 10.9 billion gallons of fuel (primarily diesel, gasoline and diesel exhaust fluid) in 2025 through its various company-owned retail locations, third-party arrangements and wholesale businesses.”
Annual report unknown yearA · The company itself
Market
“Pilot’s top 10 customers for diesel sales accounted for approximately 10% of total diesel gallons sold in 2025, while Pilot’s top 10 fuel suppliers accounted for approximately 45% of gallons purchased in 2025.”
Annual report unknown yearA · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“Acme operates 12 clay brick manufacturing sites located in four states and three concrete block facilities in Texas. The demand for Acme’s products is seasonal, with higher sales in the warmer weather months, and is subject to the level of construction activity, which is cyclical.”
Annual report unknown yearA · The company itself
DriverNegative impact: weakens
“Our operating businesses are subject to normal economic cycles affecting the general economy or the specific industries in which they operate. Significant deteriorations of economic conditions, including significant inflation over prolonged time periods could produce a material adverse effect on one or more of our significant operations.”
Annual report unknown yearA · The company itself
Market
“PacifiCorp is a regulated electric utility company headquartered in Oregon, serving electric customers in portions of Utah, Oregon, Wyoming, Washington, Idaho and California. The combined service territory’s diverse regional economy ranges from rural, agricultural and mining areas to urban, manufacturing and government service centers. No single segment of the economy dominates the combined service territory, which helps mitigate PacifiCorp’s exposure to economic fluctuations.”
Annual report unknown yearA · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Cybersecurity risks could result in economic losses to our businesses and reputational damage.”
Annual report unknown yearA · The company itself
StrategyPositive impact: strengthens
“Lubrizol expends significant capital to ensure the safety of its employees and the communities where it operates, as well as delivering on its commitments to operational excellence and cybersecurity.”
Annual report unknown yearA · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Retail
End markets
Market
“(“Benjamin Moore”), headquartered in Montvale, New Jersey, is one of North America’s leading manufacturers of premium quality residential, commercial and industrial maintenance coatings.”
Annual report unknown yearA · The company itself
Market
“Retail operations provide products to approximately 43,100 retail locations nationwide.”
Annual report unknown yearA · The company itself
Market
“(“Pampered Chef”) is a premier direct seller of distinctive high-quality kitchenware products with sales and operations in the U.S., Canada, Germany, Austria and France and operations in China. Pampered Chef’s product portfolio consists of over 400 Pampered Chef® branded kitchenware items in categories ranging from stoneware and cutlery to grilling and entertaining.”
Annual report unknown yearA · The company itself
Market
“Oriental Trading Company (“OTC”) is an online retailer for fun value-priced party supplies, seasonal products, arts and crafts, toys and novelties, school supplies, educational games and patient giveaways. OTC, headquartered in Omaha, Nebraska, serves a broad base of over three million customers annually, including consumers, schools, churches, medical and dental offices and other businesses.”
Annual report unknown yearA · The company itself
Market
“The Retail Solutions group provides retailer design services; in-store digital merchandising, dispensing and display fixtures; and shopping, material handling and security carts.”
Annual report unknown yearA · The company itself
Market
“Clayton sells off-site built homes through independent and company-owned home centers, realtors and subdivision channels.”
Annual report unknown yearA · The company itself
Market
“Shaw products are sold wholesale to over 42,000 retailers, distributors and commercial users throughout the world.”
Annual report unknown yearA · The company itself
Market
“JM sells its products through a wide variety of channels including contractors, distributors, retailers, manufacturers and fabricators.”
Annual report unknown yearA · The company itself
Market
“Benjamin Moore coatings are available through more than 8,000 independently owned and operated paint, decorating and hardware retailers, including approximately 4,000 Ace Hardware (“Ace”) stores, throughout the U.S. and Canada, as well as 66 other countries.”
Annual report unknown yearA · The company itself
Market
“(“FOL”), headquartered in Bowling Green, Kentucky, manufactures and distributes basic apparel, underwear, outerwear, athletic apparel and sports equipment. Products under the Fruit of the Loom® and JERZEES® labels are primarily sold in the mass merchandise, mid-tier chains and wholesale markets.”
Annual report unknown yearA · The company itself
Market
“Garan Incorporated (“Garan”), headquartered in New York, New York, designs, manufactures, imports and distributes children’s apparel, including products for boys, girls, toddlers and infants. Garan markets its products under its own trademarks, including GARANIMALS®, 365 Kids from Garanimals® and easy-peasy®, as well as customer private-label brands and licensed trademarks, and sells to a diversified group of retailers as well as through its direct-to-consumer channel.”
Annual report unknown yearA · The company itself
Market
“Brooks Sports, Inc., headquartered in Seattle, Washington, markets and sells high-performance running footwear and apparel to specialty and national retailers and directly to consumers under the Brooks® brand.”
Annual report unknown yearA · The company itself
Market
“(“McLane”) provides wholesale distribution services in all 50 states to customers that include convenience stores, discount retailers, wholesale clubs, drug stores, military bases, quick service restaurants and casual dining restaurants.”
Annual report unknown yearA · The company itself
Chains in: Consumer spending strengthens
Construction
End markets
Market
“The building products group produces prefabricated and site-built residential homes, flooring products, insulation, roofing and engineered products, building and engineered components, paint and coatings and bricks and masonry products.”
Annual report unknown yearA · The company itself
Market
“PCC is also a leading developer and manufacturer of highly engineered fasteners, fastener systems, aerostructures and precision components, primarily for critical aerospace applications. These products are produced for the aerospace and power and energy markets, as well as for construction, automotive, heavy truck, farm machinery, mining and construction equipment, shipbuilding, machine tools, appliances and recreation markets.”
Annual report unknown yearA · The company itself
Market
“The Industrial Products group supplies construction fasteners; masonry and stone anchoring systems used in commercial construction; two component polymer products for anchoring, bonding and repair applications, gloves and other protective wear; gear drives, gearboxes, fan and pump drives for various markets; wind machines for agricultural use; wheels, axles and gears for rail, mining and other applications; lighting products for industrial and mining; equipment for the manufacture and assembly of lead acid batteries; the manufacturing and installation of after life service products; assembly of air compressor systems used within the medical and industrial markets; manufacturing and assembly of various awning solutions for use in residential and motor homes; development and licensing of educational software and literature; and financial service offerings across multiple verticals.”
Annual report unknown yearA · The company itself
Market
“(“Shaw”), headquartered in Dalton, Georgia, is a leading manufacturer and distributor of carpet, carpet tile and hard surface flooring products. Shaw designs and manufactures over 3,800 styles of tufted carpet, wood and resilient flooring for residential and commercial use under numerous brand and trade names and under certain private labels.”
Annual report unknown yearA · The company itself
Market
“Johns Manville Johns Manville Corporation (“JM”), based in Denver, Colorado, is a leading manufacturer and marketer of premium-quality products for building insulation, mechanical and industrial insulation, commercial roofing and roof insulation, as well as reinforcement fiberglass and technical nonwovens. JM serves markets that include residential and nonresidential buildings, automotive and transportation, air handling, appliance, HVAC, pipe and equipment, air and liquid filtration, waterproofing, flooring, interiors, aerospace and wind energy.”
Annual report unknown yearA · The company itself
Market
“MiTek MiTek Industries, Inc. (“MiTek”), based in Chesterfield, Missouri, operates in two separate building markets: residential and commercial.”
Annual report unknown yearA · The company itself
Market
“(“Benjamin Moore”), headquartered in Montvale, New Jersey, is one of North America’s leading manufacturers of premium quality residential, commercial and industrial maintenance coatings.”
Annual report unknown yearA · The company itself
Market
“Acme Acme Brick Company (“Acme”), headquartered in Fort Worth, Texas, manufactures and distributes clay bricks (Acme Brick®) and concrete block (Featherlite). In addition, Acme distributes numerous other building products of other manufacturers, including cladding, floor and wall tile, wood flooring and other masonry products.”
Annual report unknown yearA · The company itself
Market
“The Electrical group produces electrical wire for use in residential and commercial buildings, and specialty wire and cable for use in energy, transit, aerospace, defense, communication and other industrial applications.”
Annual report unknown yearA · The company itself
Market
“W&W|AFCO Steel (“W&W|AFCO”) is a leading structural steel fabricator and steel construction business in North America. W&W|AFCO operates 19 steel fabrication plants located across the U.S.”
Annual report unknown yearA · The company itself
Market
“JM sells its products through a wide variety of channels including contractors, distributors, retailers, manufacturers and fabricators.”
Annual report unknown yearA · The company itself
Market
“Acme distributes products primarily to homebuilders and masonry and general contractors.”
Annual report unknown yearA · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Industrial manufacturing
End markets
Market
“Berkshire’s industrial products businesses manufacture and distribute components for aerospace and power generation applications, specialty chemicals, metal cutting tools and a variety of other products primarily for industrial use.”
Annual report unknown yearA · The company itself
Market
“(“PCC”), based in Lake Oswego, Oregon, manufactures complex metal components and products and provides high-quality investment castings, forgings, fasteners/fastener systems and aerostructures for critical aerospace and power and energy applications. PCC also manufactures (1) investment castings and forgings for general industrial, armament, medical and other applications; (2) nickel, titanium and cobalt alloys in all standard mill forms, including specialty alloys used to produce investment castings and forgings for the aerospace, chemical processing, oil and gas, pollution control and other industries; (3) fasteners and engineered products for automotive and general industrial markets; and (4) other products and services for various markets and applications.”
Annual report unknown yearA · The company itself
Market
“PCC is also a leading developer and manufacturer of highly engineered fasteners, fastener systems, aerostructures and precision components, primarily for critical aerospace applications. These products are produced for the aerospace and power and energy markets, as well as for construction, automotive, heavy truck, farm machinery, mining and construction equipment, shipbuilding, machine tools, appliances and recreation markets.”
Annual report unknown yearA · The company itself
Market
“Lubrizol The Lubrizol Corporation (“Lubrizol”), headquartered in Wickliffe, Ohio, is a specialty chemical and performance materials company that manufactures products and supplies technologies for the global transportation, industrial and consumer markets. Lubrizol operates two business segments: Lubrizol Additives, which produces engine lubricant additives, driveline lubricant additives and industrial specialties products; and Lubrizol Advanced Materials, which includes engineered materials (engineered polymers and performance coatings) and life sciences (beauty, personal care, health and home care solutions).”
Annual report unknown yearA · The company itself
Market
“IMC International Metalworking Companies IMC International Metalworking Companies and its subsidiaries (“IMC”) is one of the three largest multinational manufacturers of consumable precision carbide metal cutting tools for applications in a broad range of industrial end markets. IMC’s primary brand names include ISCAR®, TaeguTec®, Ingersoll®, Tungaloy® and NTK®.”
Annual report unknown yearA · The company itself
Market
“The Industrial Products group supplies construction fasteners; masonry and stone anchoring systems used in commercial construction; two component polymer products for anchoring, bonding and repair applications, gloves and other protective wear; gear drives, gearboxes, fan and pump drives for various markets; wind machines for agricultural use; wheels, axles and gears for rail, mining and other applications; lighting products for industrial and mining; equipment for the manufacture and assembly of lead acid batteries; the manufacturing and installation of after life service products; assembly of air compressor systems used within the medical and industrial markets; manufacturing and assembly of various awning solutions for use in residential and motor homes; development and licensing of educational software and literature; and financial service offerings across multiple verticals.”
Annual report unknown yearA · The company itself
Market
“PacifiCorp is a regulated electric utility company headquartered in Oregon, serving electric customers in portions of Utah, Oregon, Wyoming, Washington, Idaho and California. The combined service territory’s diverse regional economy ranges from rural, agricultural and mining areas to urban, manufacturing and government service centers. No single segment of the economy dominates the combined service territory, which helps mitigate PacifiCorp’s exposure to economic fluctuations.”
Annual report unknown yearA · The company itself
Market
“MEC is a regulated electric and natural gas utility company headquartered in Iowa, serving electric and natural gas customers primarily in Iowa and also in portions of Illinois, South Dakota and Nebraska. MEC’s diverse retail customer base operates in the electronic data storage, agricultural, manufacturing and government service centers industries.”
Annual report unknown yearA · The company itself
Market
“The combined Nevada Power/Sierra Pacific service territory economy includes retail customers in the gaming, mining, recreation, warehousing, manufacturing and governmental service centers sectors.”
Annual report unknown yearA · The company itself
Market
“Kern River transports natural gas for electric and natural gas distribution utilities, major oil and natural gas companies or affiliates of such companies, electric generating companies, energy marketing and trading companies, and financial institutions.”
Annual report unknown yearA · The company itself
Market
“Lubrizol’s customers principally consist of major global and regional oil companies and industrial and consumer products companies.”
Annual report unknown yearA · The company itself
Market
“IMC’s customer base is very diverse, with its primary customers being large, multinational businesses in the automotive, aerospace, engineering and machinery industries.”
Annual report unknown yearA · The company itself
Automotive
End markets
DriverNegative impact: weakens
“Given the retail price transparency available through online platforms, and the fact that franchised dealers acquire vehicles from the manufacturers on the same terms irrespective of volume, the location and quality of the dealership facility, customer service and transaction speed are key differentiators in attracting customers.”
Annual report unknown yearA · The company itself
Market
“The GEICO insurance subsidiaries’ principal business is the sale of private passenger automobile insurance to individuals in all 50 states and the District of Columbia. GEICO subsidiaries also sell insurance for motorcycles, all-terrain vehicles, recreational vehicles, boats and commercial vehicles, primarily through direct response methods in which applications for insurance are submitted directly to the companies via the Internet or by telephone, and to a lesser extent, through insurance agencies.”
Annual report unknown yearA · The company itself
Market
“(“PCC”), based in Lake Oswego, Oregon, manufactures complex metal components and products and provides high-quality investment castings, forgings, fasteners/fastener systems and aerostructures for critical aerospace and power and energy applications. PCC also manufactures (1) investment castings and forgings for general industrial, armament, medical and other applications; (2) nickel, titanium and cobalt alloys in all standard mill forms, including specialty alloys used to produce investment castings and forgings for the aerospace, chemical processing, oil and gas, pollution control and other industries; (3) fasteners and engineered products for automotive and general industrial markets; and (4) other products and services for various markets and applications.”
Annual report unknown yearA · The company itself
Market
“PCC is also a leading developer and manufacturer of highly engineered fasteners, fastener systems, aerostructures and precision components, primarily for critical aerospace applications. These products are produced for the aerospace and power and energy markets, as well as for construction, automotive, heavy truck, farm machinery, mining and construction equipment, shipbuilding, machine tools, appliances and recreation markets.”
Annual report unknown yearA · The company itself
Market
“The Transportation Products group serves the automotive and heavy-duty highway transportation industries with precision-molded plastic components; aluminum tubing and extrusions; replacement parts and solutions for the automotive aftermarket; dry van, flatbed, lowbed and specialty trailers; and truck and trailer components.”
Annual report unknown yearA · The company itself
Market
“Johns Manville Johns Manville Corporation (“JM”), based in Denver, Colorado, is a leading manufacturer and marketer of premium-quality products for building insulation, mechanical and industrial insulation, commercial roofing and roof insulation, as well as reinforcement fiberglass and technical nonwovens. JM serves markets that include residential and nonresidential buildings, automotive and transportation, air handling, appliance, HVAC, pipe and equipment, air and liquid filtration, waterproofing, flooring, interiors, aerospace and wind energy.”
Annual report unknown yearA · The company itself
Market
“(“BHA”) is one of the largest automotive retailers in the U.S., operating 108 new vehicle franchises through 83 dealerships located primarily in major metropolitan markets in the U.S. The dealerships sell new and used vehicles, vehicle maintenance and repair services, extended service contracts, vehicle protection products and other aftermarket products.”
Annual report unknown yearA · The company itself
Market
“PCC has several significant customers, including aerospace original equipment manufacturers (“OEMs”) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney).”
Annual report unknown yearA · The company itself
Market
“IMC’s customer base is very diverse, with its primary customers being large, multinational businesses in the automotive, aerospace, engineering and machinery industries.”
Annual report unknown yearA · The company itself
Market
“TTI services a variety of industries including telecommunications, medical devices, computers and office equipment, military/aerospace, automotive and industrial electronics.”
Annual report unknown yearA · The company itself
Market
“BHA maintains franchise agreements with 26 different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura brands. These manufacturers normally represent approximately 90% of the revenue generated by BHA’s dealerships.”
Annual report unknown yearA · The company itself
Agriculture and food production
End markets
DriverPositive impact: strengthens
“Freight revenues are classified into the following categories: consumer products, industrial products, agricultural and energy products and coal. The volumes shipped and rates charged are affected by competition from other freight carriers within the transportation industry, and changes in the underlying supply and demand for such products.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“BNSF Railway had approximately 35,000 employees at the end of 2025, of whom approximately 30,000 were members of a labor union. In serving the Midwest, Pacific Northwest, Western, Southwestern and Southeastern regions and certain ports of the U.S., BNSF Railway transports a range of products and commodities derived from manufacturing, agricultural and natural resource industries.”
Annual report unknown yearA · The company itself
Market
“(“CTB”), headquartered in Milford, Indiana, is a leading global designer, manufacturer and marketer of a wide range of agricultural systems and solutions for preserving grain, producing poultry, pigs and eggs, and for processing poultry, fish, vegetables and other foods. CTB operates from facilities located around the globe and supports customers through a worldwide network of independent distributors and dealers.”
Annual report unknown yearA · The company itself
Market
“Bell Laboratories produces high quality rodenticides and other rodent control products for commercial, agricultural and retail markets and is headquartered in Windsor, Wisconsin.”
Annual report unknown yearA · The company itself
Market
“PacifiCorp is a regulated electric utility company headquartered in Oregon, serving electric customers in portions of Utah, Oregon, Wyoming, Washington, Idaho and California. The combined service territory’s diverse regional economy ranges from rural, agricultural and mining areas to urban, manufacturing and government service centers. No single segment of the economy dominates the combined service territory, which helps mitigate PacifiCorp’s exposure to economic fluctuations.”
Annual report unknown yearA · The company itself
Market
“MEC is a regulated electric and natural gas utility company headquartered in Iowa, serving electric and natural gas customers primarily in Iowa and also in portions of Illinois, South Dakota and Nebraska. MEC’s diverse retail customer base operates in the electronic data storage, agricultural, manufacturing and government service centers industries.”
Annual report unknown yearA · The company itself
Market
“Union Tank Car Company (“UTLX”) is the largest component of the Rail & Leasing group and is a leading designer, builder and full-service lessor of railroad tank cars and other specialized railcars. Together, with its Canadian affiliate Procor, UTLX owns a fleet of approximately 118,000 railcars for lease to customers in chemical, petrochemical, energy and agricultural/food industries.”
Annual report unknown yearA · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Aviation and travel
End markets
Market
“Johns Manville Johns Manville Corporation (“JM”), based in Denver, Colorado, is a leading manufacturer and marketer of premium-quality products for building insulation, mechanical and industrial insulation, commercial roofing and roof insulation, as well as reinforcement fiberglass and technical nonwovens. JM serves markets that include residential and nonresidential buildings, automotive and transportation, air handling, appliance, HVAC, pipe and equipment, air and liquid filtration, waterproofing, flooring, interiors, aerospace and wind energy.”
Annual report unknown yearA · The company itself
Market
“(“Forest River”), headquartered in Elkhart, Indiana, manufactures recreational vehicles (“RV”), utility cargo trailers, commercial trucks, buses and pontoon boats, which are sold in the U.S. and Canada through an independent dealer network. Forest River has numerous manufacturing facilities located in seven states and is a leading manufacturer of RVs with numerous brand names, including Forest River, Coachmen RV, Cherokee, Rockwood, Salem, Wildwood, Surveyor, Sunseeker, Entrada, Forester and Georgetown.”
Annual report unknown yearA · The company itself
Market
“FlightSafety, based in Columbus, Ohio, is also a leader in the design and manufacturing of full flight simulators, visual systems, displays and other advanced technology training devices. This equipment is used to support FlightSafety training programs and is offered for sale to airlines and governments around the world.”
Annual report unknown yearA · The company itself
Market
“IMC’s customer base is very diverse, with its primary customers being large, multinational businesses in the automotive, aerospace, engineering and machinery industries.”
Annual report unknown yearA · The company itself
Market
“The Electrical group produces electrical wire for use in residential and commercial buildings, and specialty wire and cable for use in energy, transit, aerospace, defense, communication and other industrial applications.”
Annual report unknown yearA · The company itself
Market
“FlightSafety and FlightSafety Textron Aviation Training, a joint venture with Textron, provide high technology training to pilots, aircraft maintenance technicians, flight attendants and dispatchers who operate and support a wide variety of business, commercial and military aircraft. The training is provided using a large fleet of advanced full flight simulators at learning centers and training locations in the U.S., Australia, Brazil, Canada, France, Japan, Norway, Singapore, South Africa and the U.K.”
Annual report unknown yearA · The company itself
Chains in: Fuel strengthens, Pandemics and outbreaks weakens
Hospitality and leisure
End markets
Market
“The Foodservice Technologies group manufactures beverage dispensing and cooling equipment, hot and cold food preparation and holding equipment and related products for restaurants, global brand owners and other foodservice providers. Operations are based in the U.S. with manufacturing facilities in the U.S., Mexico, China, the Czech Republic and Italy. Products are sold primarily throughout the U.S., Europe and Asia.”
Annual report unknown yearA · The company itself
Market
“The restaurant distribution unit services approximately 35,300 restaurants nationwide.”
Annual report unknown yearA · The company itself
Market
“International Dairy Queen Inc. develops and services a worldwide system of approximately 7,800 franchised restaurants operating primarily under the names DQ Grill and Chill®, Dairy Queen®, DQ® and Orange Julius® that offer various dairy desserts, beverages, prepared foods and blended fruit drinks.”
Annual report unknown yearA · The company itself
Market
“The combined Nevada Power/Sierra Pacific service territory economy includes retail customers in the gaming, mining, recreation, warehousing, manufacturing and governmental service centers sectors.”
Annual report unknown yearA · The company itself
Market
“FOL also markets and sells athletic apparel and sports equipment to team dealers and to sporting goods retailers under the Russell Athletic® and Spalding® brands.”
Annual report unknown yearA · The company itself
Market
“(“McLane”) provides wholesale distribution services in all 50 states to customers that include convenience stores, discount retailers, wholesale clubs, drug stores, military bases, quick service restaurants and casual dining restaurants.”
Annual report unknown yearA · The company itself
Chains in: Consumer spending strengthens
Oil
Raw materials and inputs
InputNegative impact: weakens
“Lubrizol uses many specialty and commodity chemical raw materials in its manufacturing processes. Raw materials are primarily feedstocks derived from petroleum and petrochemicals and, generally, are obtainable from several sources.”
Annual report unknown yearA · The company itself
Market
“Kern River transports natural gas for electric and natural gas distribution utilities, major oil and natural gas companies or affiliates of such companies, electric generating companies, energy marketing and trading companies, and financial institutions.”
Annual report unknown yearA · The company itself
Market
“Lubrizol’s customers principally consist of major global and regional oil companies and industrial and consumer products companies.”
Annual report unknown yearA · The company itself
Market
“Union Tank Car Company (“UTLX”) is the largest component of the Rail & Leasing group and is a leading designer, builder and full-service lessor of railroad tank cars and other specialized railcars. Together, with its Canadian affiliate Procor, UTLX owns a fleet of approximately 118,000 railcars for lease to customers in chemical, petrochemical, energy and agricultural/food industries.”
Annual report unknown yearA · The company itself
Market
“EXSIF is a leading international lessor of intermodal tank containers with a fleet of approximately 76,000 units, primarily serving chemical producers and logistics operators.”
Annual report unknown yearA · The company itself
Market
“(“LSPI”), headquartered in Houston, Texas, is a global leader in the science of drag reduction application (“DRA”) technology by maximizing the flow potential of pipelines, increasing operational flexibility and throughput capacity, and efficiencies for customers. LSPI develops innovative flow improver solutions with customers in 27 countries on five continents, treating over 50 million barrels of hydrocarbon liquids per day.”
Annual report unknown yearA · The company itself
Chains out: this strengthens Plastics and polymers
Chemicals and specialty chemicals
Raw materials and inputs
InputNegative impact: weakens
“As a common carrier, BNSF is also required to transport toxic inhalation hazard chemicals and other hazardous materials. The release of hazardous materials could expose BNSF to significant claims, losses, penalties and environmental remediation obligations.”
Annual report unknown yearA · The company itself
Market
“OxyChem is a leading producer of basic chemicals that support critical applications in water treatment, pharmaceuticals, healthcare, manufacturing, automotive, personal hygiene and construction and other industries.”
Annual report unknown yearA · The company itself
Market
“OxyChem is a top three North American manufacturer of polyvinyl chloride (PVC), chlor-alkali products and chlorinated organic chemicals.”
Annual report unknown yearA · The company itself
Market
“OxyChem concentrates on the chlorovinyl chain, beginning with the co-production of caustic soda and chlorine, which are marketed to external customers.”
Annual report unknown yearA · The company itself
Market
“OxyChem’s primary customers consist of leading chemical manufacturers, several of which are connected to OxyChem manufacturing sites via pipelines.”
Annual report unknown yearA · The company itself
Premium consumers
End markets
Market
“Lubrizol Additives’ products are used in a broad range of applications including engine oils, transmission fluids, gear oils, specialty driveline lubricants, fuels, metalworking fluids and compressor lubricants for transportation and industrial applications. Lubrizol Advanced Materials’ products are used in many different types of applications including beauty, personal care, home care, over-the-counter pharmaceuticals, medical devices, performance coatings, sporting goods, plumbing and fire sprinkler systems.”
Annual report unknown yearA · The company itself
Market
“(“FOL”), headquartered in Bowling Green, Kentucky, manufactures and distributes basic apparel, underwear, outerwear, athletic apparel and sports equipment. Products under the Fruit of the Loom® and JERZEES® labels are primarily sold in the mass merchandise, mid-tier chains and wholesale markets.”
Annual report unknown yearA · The company itself
Market
“Brooks Sports, Inc., headquartered in Seattle, Washington, markets and sells high-performance running footwear and apparel to specialty and national retailers and directly to consumers under the Brooks® brand.”
Annual report unknown yearA · The company itself
Market
“Jazwares, headquartered in Plantation, Florida, is a leading global toy and consumer products manufacturer with a robust portfolio of owned and licensed brands, such as Squishmallows, BLDR, Pokémon, Hello Kitty, Star Wars, Disney, BumBumz Stranger Things and Five Nights at Freddy’s.”
Annual report unknown yearA · The company itself
Market
“Borsheims is a high-volume retailer of luxury jewelry, engagement rings, watches, home décor and repair services.”
Annual report unknown yearA · The company itself
Chains in: Consumer spending strengthens
Consumer spending
Macro
DriverPositive impact: strengthens
“Freight revenues are classified into the following categories: consumer products, industrial products, agricultural and energy products and coal. The volumes shipped and rates charged are affected by competition from other freight carriers within the transportation industry, and changes in the underlying supply and demand for such products.”
Annual report unknown yearA · The company itself
Market
“The GEICO insurance subsidiaries’ principal business is the sale of private passenger automobile insurance to individuals in all 50 states and the District of Columbia. GEICO subsidiaries also sell insurance for motorcycles, all-terrain vehicles, recreational vehicles, boats and commercial vehicles, primarily through direct response methods in which applications for insurance are submitted directly to the companies via the Internet or by telephone, and to a lesser extent, through insurance agencies.”
Annual report unknown yearA · The company itself
Market
“Best data for 2024 published in 2025, the five largest private passenger automobile insurers had a combined market share of approximately 63.6% based on written premiums, with GEICO’s market share being the third largest at approximately 11.6%.”
Annual report unknown yearA · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Healthcare and hospitals
End markets
Market
“MedPro Group (“MedPro”) is a leading provider of healthcare liability (“HCL”) insurance in the U.S. MedPro, based in Fort Wayne, Indiana, provides customized HCL insurance to physicians, surgeons, dentists and other healthcare professionals, as well as hospitals, senior care and other healthcare facilities.”
Annual report unknown yearA · The company itself
Market
“The Plumbing & Refrigeration group manufactures copper tubing and copper, brass, aluminum and stainless-steel fittings and components for the plumbing, heating, ventilation, air conditioning and refrigeration (HVAC-R) market; custom heat exchange, ducting, air handling units and energy recovery solutions for the HVAC-R market; HVAC systems and structures for data centers, pharmaceutical and industrial sites; and aluminum and brass forgings for many commercial and industrial applications.”
Annual report unknown yearA · The company itself
Market
“OTC, headquartered in Omaha, Nebraska, serves a broad base of over three million customers annually, including consumers, schools, churches, medical and dental offices and other businesses.”
Annual report unknown yearA · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Medical devices
Technology
Market
“Lubrizol Additives’ products are used in a broad range of applications including engine oils, transmission fluids, gear oils, specialty driveline lubricants, fuels, metalworking fluids and compressor lubricants for transportation and industrial applications. Lubrizol Advanced Materials’ products are used in many different types of applications including beauty, personal care, home care, over-the-counter pharmaceuticals, medical devices, performance coatings, sporting goods, plumbing and fire sprinkler systems.”
Annual report unknown yearA · The company itself
Market
“The Medical group develops, manufactures and sells a wide range of innovative medical devices in the extremities fixation, craniomaxillofacial surgery, neurosurgery, aesthetics and cardiac rehabilitation markets. The group’s leading-edge medical technology and products are used globally to help improve patient care and outcomes.”
Annual report unknown yearA · The company itself
Market
“TTI services a variety of industries including telecommunications, medical devices, computers and office equipment, military/aerospace, automotive and industrial electronics.”
Annual report unknown yearA · The company itself
Chains in: Ageing population strengthens
Natural gas
Raw materials and inputs
DriverNegative impact: weakens
“The availability of raw materials is adequate, but costs are impacted by petro-chemical and natural gas price changes.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“OxyChem’s primary feedstocks are ethylene, ethane, natural gas and salt, which are generally obtainable from several sources and suppliers.”
Annual report unknown yearA · The company itself
Market
“Union Tank Car Company (“UTLX”) is the largest component of the Rail & Leasing group and is a leading designer, builder and full-service lessor of railroad tank cars and other specialized railcars. Together, with its Canadian affiliate Procor, UTLX owns a fleet of approximately 118,000 railcars for lease to customers in chemical, petrochemical, energy and agricultural/food industries.”
Annual report unknown yearA · The company itself
Shipping and logistics
End markets
Market
“The Rail & Leasing group manufactures, leases and maintains railcars; leases intermodal tank containers; manufactures mobile railcar movers; provides in-plant rail switching and loading services; and performs track construction and maintenance.”
Annual report unknown yearA · The company itself
Market
“Other XTRA Corporation (“XTRA”), headquartered in St. Louis, Missouri, is a leading transportation equipment lessor operating under the XTRA Lease® brand name. XTRA manages a diverse fleet of approximately 90,000 units located at 47 facilities throughout the U.S. The fleet includes over-the-road and storage trailers, chassis, temperature-controlled vans and flatbed trailers.”
Annual report unknown yearA · The company itself
Market
“Pilot’s travel centers are generally located close to an interstate highway and offer petroleum products, merchandise, food and other services and amenities to consumers, travelers and professional truck drivers.”
Annual report unknown yearA · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Utilities
End markets
Market
“BHE GT&S, based in Virginia, operates three interstate natural gas pipeline systems that consist of approximately 5,400 miles of natural gas transmission, gathering and storage pipelines and operates seventeen underground natural gas storage fields in the eastern region of the U.S. BHE GT&S’s large underground natural gas storage assets and pipeline systems are part of an interconnected gas transmission network that provides transportation services to utilities and numerous other customers.”
Annual report unknown yearA · The company itself
Market
“The Electrical group produces electrical wire for use in residential and commercial buildings, and specialty wire and cable for use in energy, transit, aerospace, defense, communication and other industrial applications.”
Annual report unknown yearA · The company itself
Market
“The Crane Services group is a provider of mobile cranes and operators in North America and Australia with a combined fleet of approximately 1,000 cranes, primarily serving the energy, mining, petrochemical and infrastructure markets.”
Annual report unknown yearA · The company itself
Water
Raw materials and inputs
Market
“The Water Technologies group manufactures water treatment equipment for residential, commercial and industrial applications worldwide.”
Annual report unknown yearA · The company itself
Market
“OxyChem is a leading producer of basic chemicals that support critical applications in water treatment, pharmaceuticals, healthcare, manufacturing, automotive, personal hygiene and construction and other industries.”
Annual report unknown yearA · The company itself
Market
“OxyChem concentrates on the chlorovinyl chain, beginning with the co-production of caustic soda and chlorine, which are marketed to external customers.”
Annual report unknown yearA · The company itself
Data centres
Technology
Market
“IPS operates globally and provides a range of professional design, qualification/validation, construction and construction/project management consulting services for manufacturing, research laboratory and support facilities within the pharmaceutical, biotech and life sciences, technology, data center, industrial, commercial and retail industries sectors.”
Annual report unknown yearA · The company itself
Market
“MEC is a regulated electric and natural gas utility company headquartered in Iowa, serving electric and natural gas customers primarily in Iowa and also in portions of Illinois, South Dakota and Nebraska. MEC’s diverse retail customer base operates in the electronic data storage, agricultural, manufacturing and government service centers industries.”
Annual report unknown yearA · The company itself
Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper
Mining
End markets
Market
“The combined Nevada Power/Sierra Pacific service territory economy includes retail customers in the gaming, mining, recreation, warehousing, manufacturing and governmental service centers sectors.”
Annual report unknown yearA · The company itself
Market
“The Crane Services group is a provider of mobile cranes and operators in North America and Australia with a combined fleet of approximately 1,000 cranes, primarily serving the energy, mining, petrochemical and infrastructure markets.”
Annual report unknown yearA · The company itself
Chains in: Copper strengthens
Plastics and polymers
Raw materials and inputs
InputNegative impact: weakens
“Substantially all carpet manufactured by Shaw is tufted carpet made from nylon, polypropylene and polyester, as well as recycled materials.”
Annual report unknown yearA · The company itself
Market
“OxyChem is a top three North American manufacturer of polyvinyl chloride (PVC), chlor-alkali products and chlorinated organic chemicals.”
Annual report unknown yearA · The company itself
Chains in: Oil strengthens
Semiconductors and electronic components
Raw materials and inputs
Market
“(“TTI”), headquartered in Fort Worth, Texas, is a global specialty distributor of passive, interconnect, electromechanical, discrete and semiconductor components used by customers in the manufacturing and assembling of electronic products.”
Annual report unknown yearA · The company itself
Market
“W&W|AFCO Steel (“W&W|AFCO”) is a leading structural steel fabricator and steel construction business in North America. W&W|AFCO operates 19 steel fabrication plants located across the U.S.”
Annual report unknown yearA · The company itself
Chains in: Artificial intelligence strengthens
Wind power
Technology
StrategyPositive impact: strengthens
“Additionally, BHE subsidiaries have invested approximately $7.1 billion in wind projects sponsored by third parties, commonly referred to as tax equity investments.”
Annual report unknown yearA · The company itself
Market
“BHE and its subsidiaries, also own interests in independent power projects having approximately 6,400 net megawatts of generation capacity that are in service and under construction in California, Texas, Illinois, Nebraska, Montana, New York, Arizona, West Virginia, Minnesota, Kansas, Iowa, Hawaii, Australia and Canada. These independent power projects sell power generated primarily from wind, solar, geothermal and hydro sources under long-term contracts.”
Annual report unknown yearA · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Asia and emerging markets
Geography
Market
“A significant portion of the NICO Group’s annual reinsurance premium currently derives from a 20% quota-share agreement with Insurance Australia Group Limited (“IAG”) that expires on December 31, 2029.”
Annual report unknown yearA · The company itself
Batteries and energy storage
Technology
Market
“BHE’s subsidiaries also have battery energy storage systems in Nevada, Montana, California, West Virginia and Oregon having total Facility Net Capacity and Net Owned Capacity in operation of 320 MW and under construction of 543 MW.”
Annual report unknown yearA · The company itself
Beer and beverages
End markets
Market
“Through its subsidiaries, McLane also operates wholesale distributors of distilled spirits, wine and beer. The beverage unit operates as Empire Distributors, with operations conducted through 14 distribution centers in Georgia, North Carolina, Tennessee and Colorado.”
Annual report unknown yearA · The company itself
Chains in: Grain and agricultural commodities strengthens, Consumer preference shifts mixed effect, Packaging weakens
Coal and coke
Raw materials and inputs
Market
“BNSF derives significant revenues from the transportation of energy-related commodities, including coal. Changes in government policies that limit, restrict or displace coal as a fuel source in generating electricity, or limit or restrict other commodities that BNSF transports, could adversely affect revenues and earnings.”
Annual report unknown yearA · The company itself
Defence industry
End markets
Market
“(“PCC”), based in Lake Oswego, Oregon, manufactures complex metal components and products and provides high-quality investment castings, forgings, fasteners/fastener systems and aerostructures for critical aerospace and power and energy applications. PCC also manufactures (1) investment castings and forgings for general industrial, armament, medical and other applications; (2) nickel, titanium and cobalt alloys in all standard mill forms, including specialty alloys used to produce investment castings and forgings for the aerospace, chemical processing, oil and gas, pollution control and other industries; (3) fasteners and engineered products for automotive and general industrial markets; and (4) other products and services for various markets and applications.”
Annual report unknown yearA · The company itself
Chains in: Defence budgets strengthens
Education
End markets
Market
“OTC, headquartered in Omaha, Nebraska, serves a broad base of over three million customers annually, including consumers, schools, churches, medical and dental offices and other businesses.”
Annual report unknown yearA · The company itself
Electrification
Technology
Market
“Additionally, Pilot provides charging stations for electric vehicles at approximately 245 travel centers in connection with an agreement with General Motors to develop a nationwide electric vehicle fast charger network of up to 2,000 charging stalls in up to 500 U.S. locations.”
Annual report unknown yearA · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Precious metals
Raw materials and inputs
Market
“Richline Group, Inc., headquartered in New York, New York, operates four strategic business units: Richline Jewelry, LeachGarner, Rio Grande and Inverness. Each business unit is a manufacturer and/or distributor of precious metal, non-precious metal, diamond and gem products to specific target markets, including large jewelry chains, department stores, shopping networks, mass merchandisers, e-commerce retailers and artisans as well as certain global manufacturers and wholesalers in the medical, electronics and aerospace industries.”
Annual report unknown yearA · The company itself
Real estate
End markets
Market
“CORT primarily rents furniture to individuals, businesses, government agencies and the trade show and events industry.”
Annual report unknown yearA · The company itself
Chains in: Interest rates weakens
Residential construction
End markets
Market
“(“Clayton”), headquartered near Knoxville, Tennessee, is a vertically integrated housing company offering off-site (factory) and site-built homes, including modular, manufactured, CrossMod, town homes and tiny homes. In 2025, Clayton shipped approximately 49,400 off-site built homes, over 83% of which were built to the Department of Energy’s Zero Energy Ready Home program requirements, as well as approximately 10,000 site-built homes.”
Annual report unknown yearA · The company itself
Chains in: Interest rates weakens, Housing market strengthens
SMEs
End markets
Market
“Berkshire Hathaway Direct Insurance Company and its affiliates (“BH Direct”) and the GUARD Insurance Companies (“GUARD”) primarily offer commercial insurance products to small and medium-sized businesses.”
Annual report unknown yearA · The company itself
Solar power
Technology
Market
“BHE and its subsidiaries, also own interests in independent power projects having approximately 6,400 net megawatts of generation capacity that are in service and under construction in California, Texas, Illinois, Nebraska, Montana, New York, Arizona, West Virginia, Minnesota, Kansas, Iowa, Hawaii, Australia and Canada. These independent power projects sell power generated primarily from wind, solar, geothermal and hydro sources under long-term contracts.”
Annual report unknown yearA · The company itself
Sugar, cocoa and coffee
Raw materials and inputs
Market
“See’s Candy Shops, Incorporated (“See’s”) produces boxed chocolates and other confectionery products with an emphasis on quality and distinctiveness in two large kitchens in Los Angeles and South San Francisco and a facility in Burlingame, California.”
Annual report unknown yearA · The company itself
Telecoms and 5G
Technology
Market
“TTI services a variety of industries including telecommunications, medical devices, computers and office equipment, military/aerospace, automotive and industrial electronics.”
Annual report unknown yearA · The company itself
Inflation
Macro
DriverNegative impact: weakens
“Historically, the availability and pricing of these and other inputs has been volatile.”
Annual report unknown yearA · The company itself
DriverNegative impact: weakens
“The most significant raw materials in Benjamin Moore products are titanium dioxide, monomers, polymers, packaging materials and pigments.”
Annual report unknown yearA · The company itself
DriverNegative impact: weakens
“Our operating businesses are subject to normal economic cycles affecting the general economy or the specific industries in which they operate. Significant deteriorations of economic conditions, including significant inflation over prolonged time periods could produce a material adverse effect on one or more of our significant operations.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“Several raw materials used in PCC products, including certain metals such as nickel, titanium, cobalt, tantalum, hafnium, vanadium, rhenium and molybdenum, are found in only a few parts of the world. These metals are required for the alloys used in manufactured products. The availability and costs of these metals may be influenced by private or governmental cartels, changes in world politics, labor relations between the metal producers and their workforces and inflation.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“Lubrizol uses many specialty and commodity chemical raw materials in its manufacturing processes. Raw materials are primarily feedstocks derived from petroleum and petrochemicals and, generally, are obtainable from several sources.”
Annual report unknown yearA · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Geopolitical events could cause losses to our business and losses in the values of securities we own. We believe risks of adverse effects from geopolitical events are rising, through armed and diplomatic conflicts involving governments in various parts of the world. Government policies and actions taken in the U.S. and elsewhere, including responses of other governments to such actions may adversely affect our operating businesses through reduced sales, increased operating costs or sanctions, restricted supply chains, physical damage to our properties and loss of life of our employees and losses in the values of the securities we own.”
Annual report unknown yearA · The company itself
DriverNegative impact: weakens
“Accordingly, we could incur a significant loss from a single catastrophe event resulting from a natural disaster or man-made catastrophes such as terrorism or cyber-attacks.”
Annual report unknown yearA · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Rare earths and critical raw materials
Raw materials and inputs
InputNegative impact: weakens
“Several raw materials used in PCC products, including certain metals such as nickel, titanium, cobalt, tantalum, hafnium, vanadium, rhenium and molybdenum, are found in only a few parts of the world. These metals are required for the alloys used in manufactured products. The availability and costs of these metals may be influenced by private or governmental cartels, changes in world politics, labor relations between the metal producers and their workforces and inflation.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“Cemented tungsten carbide powder is the main raw material used in manufacturing cutting tools. Most of IMC’s insert products are made from tungsten.”
Annual report unknown yearA · The company itself
Chains in: Wind power strengthens
Steel
Raw materials and inputs
InputNegative impact: weakens
“The Plumbing & Refrigeration group manufactures copper tubing and copper, brass, aluminum and stainless-steel fittings and components for the plumbing, heating, ventilation, air conditioning and refrigeration (HVAC-R) market; custom heat exchange, ducting, air handling units and energy recovery solutions for the HVAC-R market; HVAC systems and structures for data centers, pharmaceutical and industrial sites; and aluminum and brass forgings for many commercial and industrial applications. Key raw materials, including aluminum, copper and stainless steel are widely available.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“CTB manufactures its products primarily from galvanized steel, steel wire, stainless steel and polymer materials. The availability of these materials in recent years has been adequate.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“Access to key housing inputs, including lumber, oriented strand board, steel and resin products, was adequate in 2025.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“A significant raw material used by MiTek is hot dipped galvanized sheet steel.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“The availability of raw materials, which are primarily steel, zinc, manganese and nickel-based chemistries, is currently sufficient.”
Annual report unknown yearA · The company itself
Chains in: Wind power strengthens
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Further, labor disruptions or strikes at our subsidiaries, our customers or within our supply chains could reduce our sales, increase our costs and negatively impact our periodic operating results.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“Human capital and resources are an integral and essential component of Berkshire’s businesses. Berkshire and its operating subsidiaries employed approximately 387,800 people worldwide at the end of 2025, of which approximately 80% were in the United States (“U.S.”) and 19% were represented by unions.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“BNSF Railway had approximately 35,000 employees at the end of 2025, of whom approximately 30,000 were members of a labor union. In serving the Midwest, Pacific Northwest, Western, Southwestern and Southeastern regions and certain ports of the U.S., BNSF Railway transports a range of products and commodities derived from manufacturing, agricultural and natural resource industries.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“For the North American market, which is FOL’s predominant sales region, cloth manufacturing is primarily performed in Honduras. Labor-intensive cutting, sewing and packaging operations are in Central America and Asia.”
Annual report unknown yearA · The company itself
Grain and agricultural commodities
Raw materials and inputs
DriverPositive impact: strengthens
“Freight revenues are classified into the following categories: consumer products, industrial products, agricultural and energy products and coal. The volumes shipped and rates charged are affected by competition from other freight carriers within the transportation industry, and changes in the underlying supply and demand for such products.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“BNSF Railway had approximately 35,000 employees at the end of 2025, of whom approximately 30,000 were members of a labor union. In serving the Midwest, Pacific Northwest, Western, Southwestern and Southeastern regions and certain ports of the U.S., BNSF Railway transports a range of products and commodities derived from manufacturing, agricultural and natural resource industries.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“U.S.-grown cotton fiber and manufactured polyester fiber are the main raw materials used in manufacturing FOL’s products. Currently, supplies are adequate.”
Annual report unknown yearA · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Copper
Raw materials and inputs
InputNegative impact: weakens
“The Plumbing & Refrigeration group manufactures copper tubing and copper, brass, aluminum and stainless-steel fittings and components for the plumbing, heating, ventilation, air conditioning and refrigeration (HVAC-R) market; custom heat exchange, ducting, air handling units and energy recovery solutions for the HVAC-R market; HVAC systems and structures for data centers, pharmaceutical and industrial sites; and aluminum and brass forgings for many commercial and industrial applications. Key raw materials, including aluminum, copper and stainless steel are widely available.”
Annual report unknown yearA · The company itself
InputNegative impact: weakens
“The availability of raw materials, which are primarily steel, zinc, manganese and nickel-based chemistries, is currently sufficient.”
Annual report unknown yearA · The company itself
Chains in: Electrification strengthens, Data centres strengthens
Chains out: this strengthens Mining
Global trade volumes
Macro
DriverNegative impact: weakens
“While supplies, including alternative sources, are currently adequate, significant disruptions or constraints in production processing facilities, or other global supply chain restrictions, could cause reduced availability and increased prices.”
Annual report unknown yearA · The company itself
DriverNegative impact: weakens
“A significant volume of the shoes sold by Berkshire’s shoe businesses are manufactured or purchased from sources located outside the U.S.”
Annual report unknown yearA · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Aluminium
Raw materials and inputs
InputNegative impact: weakens
“The Plumbing & Refrigeration group manufactures copper tubing and copper, brass, aluminum and stainless-steel fittings and components for the plumbing, heating, ventilation, air conditioning and refrigeration (HVAC-R) market; custom heat exchange, ducting, air handling units and energy recovery solutions for the HVAC-R market; HVAC systems and structures for data centers, pharmaceutical and industrial sites; and aluminum and brass forgings for many commercial and industrial applications. Key raw materials, including aluminum, copper and stainless steel are widely available.”
Annual report unknown yearA · The company itself
Cement and building materials
Raw materials and inputs
InputNegative impact: weakens
“Fiberglass is made from earthen raw materials and recycled glass.”
Annual report unknown yearA · The company itself
Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“In recent years, supply chain disruptions arising from various sources and severe weather affected the availability of raw materials and fulfillment of customer orders and otherwise disrupted Lubrizol’s operations.”
Annual report unknown yearA · The company itself
Chains out: this weakens Agriculture and food production
Interest rates
Macro
DriverNegative impact: weakens
“Clayton’s home building business is impacted by changes in U.S. home mortgage interest rates and the supply of pre-existing homes for sale, which affect home affordability.”
Annual report unknown yearA · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Pandemics and outbreaks
Macro
DriverNegative impact: weakens
“Epidemics, pandemics or other similar outbreaks could hurt our operating businesses. The outbreak of epidemics, pandemics or other similar outbreaks in the future may adversely affect our operations, including the value of our equity securities portfolio. This may be due to closures or restrictions requested or mandated by governmental authorities, disruption to supply chains and workforce, reduction of demand for our products and services, credit losses when customers and other counterparties fail to satisfy their obligations to us, and volatility in global equity securities markets, among other factors.”
Annual report unknown yearA · The company itself
Chains out: this weakens Aviation and travel, strengthens Vaccines (travel health and preparedness)
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“In addition, international trade policies in the U.S. and elsewhere, including tariffs and other barriers, could negatively impact our operating results.”
Annual report unknown yearA · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Wood and timber
Raw materials and inputs
InputNegative impact: weakens
“Access to key housing inputs, including lumber, oriented strand board, steel and resin products, was adequate in 2025.”
Annual report unknown yearA · The company itself
Europe
Geography
Geography
“Operations are conducted primarily in the U.S., Mexico, Canada, Europe and China.”
Annual report unknown yearA · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 247.24 bn USD |
| Revenue growth vs. the year before, same method | -1 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | N/A |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | N/A |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.