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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Parent companies control other companies through corporate ownership and, in some cases, through other arrangements that give them control. Berkshire Hathaway’s subsidiary disclosure dated December 31, 2025, shows how broad one corporate group can be: it names companies including GEICO entities, BNSF Railway Company, American Dairy Queen Corporation, Duracell entities and Precision Castparts Corp. But the list is not a complete ownership map, and it should not be read as a ranking of the world’s largest corporate groups.
What does it mean for one company to own another?
A parent company is an entity that controls another company, which is called a subsidiary. Control can exist through ownership of voting interests, but the precise test depends on the facts and the accounting rules applied. In its 2025 Form 10-K, Berkshire Hathaway says that, in its accounting context, a controlling financial interest normally reflects ownership of a majority of voting interests. That is Berkshire’s description of the usual case, not a rule that every control relationship must fit the same simple pattern.
Corporate groups can also have several layers: a parent may control a subsidiary that in turn controls another company. A list of subsidiaries does not necessarily show every intermediate link, ownership percentage or ultimate-parent relationship. Berkshire’s Exhibit 21 names subsidiaries and their jurisdictions, but it does not provide a complete tiered chart.
How to distinguish a subsidiary from a brand or investment
A familiar name on a product, storefront or service is not automatically the name of a separate legal company. A brand may be used by a subsidiary or by another legal entity, so a brand name alone does not establish who owns the operating company.
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| What you see | What it means | What to verify |
|---|---|---|
| Named subsidiary | A legal entity that the parent reports as a subsidiary. The Berkshire Hathaway Exhibit 21 dated December 31, 2025, lists named subsidiaries and their jurisdictions. | Check the relevant filing for the reporting date, legal name and any stated ownership details. |
| Consumer-facing brand | A name used to identify a product or service; it is not necessarily a separate legal entity. | Find the company that operates the brand, then check that entity’s ownership in filings or official company materials. |
| Equity investment | Shares held in another company do not, by themselves, prove that the investor controls it. | Look for whether the filing treats the investee as a subsidiary or describes it as an investment, and note any ownership or control information it provides. |
This distinction matters when a company is described as “owning” a familiar name. A subsidiary disclosure supports a claim about the named legal entity; it does not automatically prove that every brand associated with it is a separate subsidiary or that every shareholding is controlling.
What companies does Berkshire Hathaway list as subsidiaries?
Berkshire Hathaway’s SEC Exhibit 21, titled “Subsidiaries of Registrant,” is dated December 31, 2025, and gives the listed entities’ domicile or state of incorporation. Examples in the exhibit include:
- Acme Brick Company
- American Dairy Queen Corporation and International Dairy Queen, Inc.
- Berkshire Hathaway Energy Company
- BNSF Railway Company
- Clayton Homes, Inc.
- GEICO entities
- Duracell entities
- FlightSafety International, Inc.
- Precision Castparts Corp.
- See’s Candies, Inc.
The examples span activities such as insurance, rail transportation, energy, housing, food, batteries, aviation training and manufacturing. They illustrate the range of businesses represented in the named list; they do not establish a complete sector breakdown or a ranking against other parent companies.
What Berkshire’s subsidiary list does—and does not—establish
The exhibit is evidence of the named relationships as of its stated date, not a live ownership feed. Its footnote says the named subsidiaries are not necessarily “significant subsidiaries,” and that Berkshire has additional subsidiaries that are not named. It also says the unnamed subsidiaries in aggregate would not constitute a significant subsidiary under the stated rule. Because the list expressly omits entities, its entries should not be counted as Berkshire’s total number of subsidiaries.
The exhibit also should not be treated as a complete map of direct and indirect ownership, every ownership percentage, or all of Berkshire’s investments. Those are separate questions that require the relevant filing disclosures. To assert that a relationship remains current, check a more recent report rather than relying on a list dated December 31, 2025.
How to verify who owns a company
- Identify the legal entity. Start with the company name in a filing or official corporate material, not just the brand name seen by customers.
- Find its latest annual report or regulatory filing. Record the reporting date so an older disclosure is not mistaken for current ownership information.
- Check the subsidiary exhibit and accounting explanation. Look for the named legal entities and how the company explains control and consolidation.
- Separate controlled subsidiaries from investments. A shareholding is not automatically a controlling relationship; use the filing’s own classification and stated details.
- Read the disclosure’s scope and footnotes. Check for omitted entities, limitations on what the exhibit covers, and whether it identifies direct ownership, indirect ownership or percentages.
Berkshire Hathaway’s official website provides routes to annual and interim reports, SEC filings, operating companies and corporate governance materials; its 2025 report index links to the annual report and 10-K. For Berkshire, use the dated SEC Exhibit 21 for the named examples and the company’s latest filings to check whether a relationship is still current.
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Why there is no useful “largest corporate owners” ranking here
A long list of subsidiaries is not enough to rank corporate groups. A comparison would need to define its measure first: number of disclosed legal subsidiaries, operating sectors, consolidated revenue or assets for a specified fiscal year, or the distinction between direct control and minority investment. Those measures answer different questions, and an incomplete subsidiary exhibit cannot support a comprehensive ranking by itself.
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