BRK-B · CIK 1067983
What Berkshire Hathaway Inc. told the SEC could break it.
For a sprawling conglomerate, the risks Berkshire singled out are notably specific — pockets of concentration inside individual operating units rather than company-wide threats. Its metalworking business IMC (Iscar) manufactures a large portion of its products in Israel, a geographic concentration that persists even though regional conflicts have not significantly disrupted operations to date. Berkshire Hathaway Energy faces a regulatory cliff, with EPA rules requiring coal units running past 2038 — and new high-capacity combustion turbines — to meet carbon-capture-equivalent emission limits starting January 1, 2032, forcing retrofit-or-retire choices. And its auto-retail arm leans regionally, drawing roughly 75% of dealership revenue from Arizona and Texas.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- IMC (Iscar) — large portion of products manufactured in Israelmedium
A large portion of IMC's (Iscar) metalworking products are manufactured in Israel; operations have not been significantly impacted by regional conflicts to date, but the concentration persists.
“IMC operates globally, and a large portion of its products are manufactured in Israel. IMC's operations in Israel have not been significantly impacted by the conflicts in the region.”
- BHA dealership revenue ~75% from Arizona and Texas marketslow
Berkshire Hathaway Automotive derives roughly 75% of dealership-related revenue from its Arizona and Texas markets — regional concentration within the auto-retail subsidiary.
“approximately 75% of dealership-related revenues derived from sales in these markets”
SEC filing →As of 2026
Regulatory & policy
- EPA carbon capture emission limits on BHE coal/combustion-turbine fleet (2032 deadlines)medium
EPA rules require Berkshire Hathaway Energy coal units operating past 2038 — and new high-capacity-factor combustion turbines — to meet emission limits equivalent to carbon capture and sequestration starting January 1, 2032, forcing retrofit-or-retire decisions.
“Coal-fueled units that will operate after December 31, 2038, must meet emission limits equivalent to operating with carbon capture and sequestration beginning January 1, 2032.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“McLane's major customers during 2025 included Walmart (approximately 17.2% of revenues); 7-Eleven (approximately 13.3% of revenues); and Yum! Brands (approximately 13.3% of revenues).”
Cited →7-Eleven, Inc.
“McLane's major customers during 2025 included Walmart (approximately 17.2% of revenues); 7-Eleven (approximately 13.3% of revenues); and Yum! Brands (approximately 13.3% of revenues).”
Cited →“McLane's major customers during 2025 included Walmart (approximately 17.2% of revenues); 7-Eleven (approximately 13.3% of revenues); and Yum! Brands (approximately 13.3% of revenues).”
Cited →
Its suppliers
Toyota Motor Corporation (Toyota/Lexus)
“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.”
Cited →Honda Motor Co., Ltd. (Honda/Acura)
“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.”
Cited →Nissan Motor Co., Ltd. (Nissan/Infiniti)
“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.”
Cited →“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.”
Cited →Ford Motor Company (Ford/Lincoln)
“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.”
Cited →
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