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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