You likely know that Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) is ultimately a massive insurance operation that owns a combination of publicly traded stocks and privately owned enterprises (like Duracell, Clayton Homes, and flooring company Shaw). What's less obvious is just how much cash these wholly owned businesses generate every year. In 2025, Berkshire's private companies produced $44.5 billion in operating earnings. Even more surprising is where a sizable chunk of it comes from. Although insurance is (usually) its single-biggest cash cow, Berkshire Hathaway's railroad BNSF -- you may know it better as Burlington Northern Santa Fe -- accounts for more than 10% of the conglomerate's total operating income. And CEO Greg Abel expects that number to grow for the foreseeable future.
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