NYSE: BRK-B · Multi-Sector Holdings
Berkshire Hathaway Inc. (Class B)
Berkshire Hathaway is a holding company whose most important business is property and casualty insurance (GEICO, Berkshire Hathaway Primary Group and reinsurance), with insurance float of about $176 billion. It also owns BNSF railroad, Berkshire Hathaway Energy, a wide range of manufacturing, service and retail businesses, McLane and Pilot, and a large stock portfolio. 2025 net earnings were $67.0 billion, including $30.7 billion of investment gains and an $8.3 billion impairment on Kraft Heinz and Occidental; after-tax operating earnings from the businesses were about $44 billion. Greg Abel succeeded Warren Buffett as CEO on January 1, 2026, Berkshire closed its $9.5 billion OxyChem acquisition on January 2, and it resumed buybacks in March 2026. Per-share figures on this page are per Class B share (1/1,500 of a Class A share).
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: March 2, 2026
Built on10-K FY2025 · filed 2026-03-0210-Q (quarter ended 2026-06-30) · filed 2026-08-10
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 8.6%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 18.0%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 9.8%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 58.7%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.69x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 14.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.58
Higher than 48% of 44 financial companies
Average yearly growth over the years shown
Higher than 44% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 22% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 98% of 45 financial companies
Equity ÷ total assets
Higher than 16% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$566.96close on 2026-11-04
Market cap$1,223.12B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 14.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 16.2x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 1.5x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 2.3%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
- Revenue$92.52B → $101.81B (vs. a year earlier)↑ +10.0%$92.52B → $101.81B (vs. a year earlier)
- Net income$12.37B → $25.67B (vs. a year earlier)↑ +107.5%$12.37B → $25.67B (vs. a year earlier)
- Cash$58.81B → $41.36B (vs. previous quarter-end)↓ −29.7%$58.81B → $41.36B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Aug 11, 2026.
Key changes
Bought about $4.5B of its own shares in Q2. Source sentence
Berkshire acquired approximately $4.5 billion in treasury shares during the second quarter of 2026, bringing the six-month total to about $4.8 billion.
Insurance float about $177.5B. Source sentence
insurance contracts) was approximately $177.5 billion, an increase of approximately $1.1 billion since yearend 2025.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- BERKSHIRE HATHAWAY INC
- Headquarters
- OMAHA, NE
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: BRK-B
- Industry
- Multi-Sector Holdings
- CIK
- 1067983
Workforce (as of FY2025 year-end)
Employees
387,800
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2026
Quarter end: September 2026. In past years, Q3 results were released 34–38 days after quarter end (Nov 3, 2025; Nov 4, 2024; Nov 7, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 34–61 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2026 | Jun 30, 2026 | Aug 11, 2026 (+42 days) | Aug 10, 2026 10-Q (+41 days) |
| Q1 FY2026 | Mar 31, 2026 | May 7, 2026 (+37 days) | May 4, 2026 10-Q (+34 days) |
| Q4 FY2025 | Dec 31, 2025 | Mar 2, 2026 (+61 days) | Mar 2, 2026 10-K (+61 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 3, 2025 (+34 days) | Nov 3, 2025 10-Q (+34 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 4, 2025 (+35 days) | Aug 4, 2025 10-Q (+35 days) |
| Q1 FY2025 | Mar 31, 2025 | May 6, 2025 (+36 days) | May 5, 2025 10-Q (+35 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 24, 2025 (+55 days) | Feb 24, 2025 10-K (+55 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 4, 2024 (+35 days) | Nov 4, 2024 10-Q (+35 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 5, 2024 (+36 days) | Aug 5, 2024 10-Q (+36 days) |
| Q1 FY2024 | Mar 31, 2024 | May 7, 2024 (+37 days) | May 6, 2024 10-Q (+36 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 26, 2024 (+57 days) | Feb 26, 2024 10-K (+57 days) |
| Q3 FY2023 | Sep 30, 2023 | Nov 7, 2023 (+38 days) | Nov 6, 2023 10-Q (+37 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Insurance
GEICO, BH Primary, BHRG
Examples: Auto, commercial and reinsurance
Float about $176B.
Railroad
BNSF
Examples: Freight rail
$23.5B of revenue.
Energy
Berkshire Hathaway Energy
Examples: Utilities, pipelines, real estate brokerage
$26.3B of revenue.
Manufacturing
Industrial, building and consumer products
Examples: Lubrizol and others; OxyChem from 2026
$78.5B of revenue.
Service and retailing
Services and retail
Examples: NetJets, aviation training, electronic components distribution, auto and furniture retail
$42.6B of revenue.
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
GEICO private passenger auto insurance
U.S., 2024 written premiums (A.M. Best)
U.S. share
~11.6% (3rd largest)
Company-disclosedThe five largest private auto insurers had a combined share of about 63.6%.
Worldwide share
—
Not disclosedDuracell alkaline batteries
Global alkaline battery market, 2025
U.S. share
—
Not disclosedWorldwide share
32%
Company-disclosedDuracell's own estimate, per the 10-K.
Forest River recreational vehicles
RV industry (industry data, December 2025)
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedRV industry (geography not stated)
~36%
Company-disclosedThe largest company had about 39%; geography not specified in the 10-K.
Northern Natural Gas pipeline (BHE)
U.S. interstate natural gas pipelines, by miles
U.S. share
Largest
Company-disclosedAbout 14,100 miles of pipeline.
Worldwide share
—
Not disclosedBNSF Railway
North American freight rail
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedNorth America
One of the largest
Company-disclosedOver 32,500 route miles in 28 states.
Jordan's Furniture
Massachusetts, Maine and New Hampshire, by sales
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedMA, ME, NH
Largest furniture retailer
Company-disclosed
Sources:
Shares as stated for individual subsidiaries in the FY2025 10-K; OxyChem is described as a top three North American PVC and chlor-alkali maker, and IMC as one of the three largest makers of carbide cutting tools.
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q2 earnings release and 8-Ks.
Q2 2026 results
Net earnings $25.7B ($11.91 per Class B share); operating earnings $13.0B (+16%).
Source: Q2 2026 earnings release (8-K filed 2026-08-11)
Buybacks resumed
Berkshire said it began repurchasing shares on March 4, 2026.
Source: 8-K filed 2026-03-05
Leadership
Greg Abel became CEO on January 1, 2026; Charles Chang succeeded Marc Hamburg as CFO on June 1, 2026.
Source: Form 10-K (FY2025); 8-Ks filed 2025-12-11 and 2026-05-07
Yen financing
Issued yen-denominated senior notes in November 2025 and April 2026.
Source: 8-Ks filed 2025-11-21 and 2026-04-16
Capex ÷ D&A (FY2025)
1.55x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$20,927M ÷ $13,476M = 1.55x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$23.66B
Latest year: $1.07B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $13.01B in FY2020 to $20.93B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-02
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$371.44B
As reported in the 10-K
Revenue CAGR (5 years)
+8.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($371,444M ÷ $245,579M) ^ (1÷5) − 1 = 8.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
9.8%▲favorable
6-year average: 11.2%
As reported in the 10-K
- ▲
Revenue grew +8.6% a year over 5 years (strong growth)
From $245.58B in FY2020 to $371.44B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 11.2% over 6 years (latest: 9.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Insurance
Underwriting- Investing float in stocks, bonds and Treasury bills
Railroad, utilities and energy
Freight transport- Electricity and gas service
Manufacturing, service and retailing
Manufacturing, services, distribution and retail
06 · what it draws on
Key resources
Insurance
Capital and float (about $176B)- Underwriting expertise
Railroad, utilities and energy
Rail network and utility assetsManufacturing, service and retailing
Decentralized operating subsidiaries
02 · why customers buy
Value propositions
- A collection of businesses (insurance, BNSF rail, energy utilities, manufacturing, services and retail), each managed to strengthen its own competitive advantages.
04 · how it keeps them
Customer relationships
- Insurance policies, regulated utility service and rail transportation for shippers.
03 · how it reaches them
Channels
- Each business sells through its own channels, e.g. GEICO direct, Pilot travel centers and BNSF to rail shippers.
01 · who it serves
Customer segments
Insurance
Drivers, businesses and other insurersRailroad, utilities and energy
Shippers- Utility customers
Manufacturing, service and retailing
Businesses and consumers
09 · where money goes
Cost structure
FY2025, share of revenue ($371.44B)
- Interest expense1.4%
- Operating expenses (as reported)85.7%
Depreciation & amortization (inside the costs above): $13.48B. Capital spending: $20.93B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Insurance
Premiums- Investment income
Railroad, utilities and energy
Freight revenue- Regulated utility rates
Manufacturing, service and retailing
Product and service sales
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Insurance
GEICO (private passenger auto), Berkshire Hathaway Primary Group (commercial property and casualty) and Berkshire Hathaway Reinsurance Group. Premiums are collected before claims are paid, and this float is invested.
01 what it draws on
Inputs & resources
- Capital and float (about $176B)
- Underwriting expertise
02 what it does
Activities
- Underwriting
- Investing float in stocks, bonds and Treasury bills
03 who it serves
Customers
- Drivers, businesses and other insurers
04 how money comes in
How it earns
- Premiums
- Investment income
Insurance: how it makes money
- 2025 after-tax underwriting earnings $7.3B and investment income $12.5B.
- GEICO had about 11.6% of the U.S. private auto market (third largest, A.M. Best 2024 data).
Railroad, utilities and energy
BNSF operates a large freight railroad in North America; Berkshire Hathaway Energy owns regulated utilities, pipelines and real estate brokerage.
01 what it draws on
Inputs & resources
- Rail network and utility assets
02 what it does
Activities
- Freight transport
- Electricity and gas service
03 who it serves
Customers
- Shippers
- Utility customers
04 how money comes in
How it earns
- Freight revenue
- Regulated utility rates
Railroad, utilities and energy: how it makes money
- BNSF revenue $23.5B, pre-tax earnings $7.2B in 2025.
- BHE revenue $26.3B, pre-tax earnings $2.3B.
Manufacturing, service and retailing
Dozens of businesses, including industrial and building products, Lubrizol chemicals, NetJets aircraft ownership, auto and furniture retail, McLane food distribution and Pilot travel centers; OxyChem joined in 2026.
01 what it draws on
Inputs & resources
- Decentralized operating subsidiaries
02 what it does
Activities
- Manufacturing, services, distribution and retail
03 who it serves
Customers
- Businesses and consumers
04 how money comes in
How it earns
- Product and service sales
Manufacturing, service and retailing: how it makes money
- Manufacturing revenue $78.5B with pre-tax earnings $12.6B; service and retailing $42.6B and $4.0B.
- McLane $51.0B and Pilot $42.2B of revenue at thin margins.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Berkshire’s utilities and energy businesses are rate-regulated, and some units earn manufacturing tax credits.
Regulated prices & reimbursement
Utility price controls
Its UK electricity distribution price control runs April 2023 to March 2028; U.S. utilities are FERC- and state-regulated.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Government funding & tax credits
Manufacturing tax credits
Duracell found some U.S.-made battery components eligible for refundable advanced manufacturing production credits in 2025.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Manufacturing
78,487 (30%)profit 12,571 · margin 16.0%
McLane
50,998 (19%)profit 676 · margin 1.3%
Service and retailing
42,647 (16%)profit 4,039 · margin 9.5%
Pilot
42,198 (16%)profit 190 · margin 0.5%
BHE
26,297 (10%)profit 2,342 · margin 8.9%
BNSF
23,533 (9%)profit 7,175 · margin 30.5%
Source: Form 10-K (FY2025) — Note 26, Business segment data Profit is segment earnings before income taxes. Insurance segments (GEICO, BH Primary, BHRG) are measured by underwriting earnings and are not shown here; investment gains are excluded from segments.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Berkshire's businesses each have their own customer contracts: insurance policies and reinsurance contracts, freight contracts, regulated utility tariffs, and product sales.
Insurance premiums
Underwriting earnings $7.3B after tax (2025)
Typical term: Policies and reinsurance contracts
Float about $176B.
Regulated utility and rail revenue
$49.8B of revenue
Typical term: Utility rates set by regulators; freight contracts
Source: Form 10-K (FY2025)
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Insurance policyholders, rail shippers, utility customers and buyers of products and services across many industries.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- About 80% of Berkshire's roughly 387,800 employees were in the U.S. at the end of 2025. (Form 10-K (FY2025), Item 1)
Suppliers
Varies by subsidiary.
Named by the company
None named in the 10-K or the company’s press releases.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Berkshire's 10-K names competitors for some businesses.
Competitors named in the 10-K
GEICO (private auto insurance)
The five largest auto insurers had about 63.6% of the market.
BNSF (Western U.S. rail)
- Union Pacificsite ↗
Peer group the company chose
No compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
The proxy says it is difficult to identify a Berkshire peer group and uses the S&P 500 Property & Casualty Insurance Index for performance comparisons.
Source: Proxy statement (DEF 14A, filed 2026-03-13) — Pay Versus PerformanceCompany names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Berkshire acquires whole businesses for cash.
Cash spent on acquisitions, FY2020–FY2025: $23.66B
Jan 2026
OxyChem (Occidental's chemicals business)
About $9.5B
Basic chemicals for water treatment, pharmaceuticals, manufacturing and construction; 21 U.S. plants. Occidental kept legacy environmental liabilities.
- Stated purpose (company)
- Not stated in the 10-K.
Source: Form 10-K (FY2025)
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-02
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-02
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-02
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-03-02
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 245,579 | 276,185 | 302,020 | 364,482 | 371,433 | 371,444 |
| Pretax income | 55,693 | 111,861 | -30,500 | 120,166 | 110,376 | 82,459 |
| Net income (attributable) | 42,521 | 89,937 | -22,759 | 96,223 | 88,995 | 66,968 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 12.5% | 9.4% | 20.7% | 1.9% | 0.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 17.3% | 32.6% | -7.5% | 26.4% | 24.0% | 18.0% |
| Balance sheet ($M) | ||||||
| Total assets | 873,729 | 959,388 | 948,465 | 1,069,978 | 1,153,881 | 1,222,176 |
| Total equity | 444,908 | 510,299 | 481,681 | 567,509 | 651,655 | 719,703 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 116,895 | 114,262 | 122,744 | 128,271 | 124,762 | 129,081 |
| Equity ratio | 50.7% | 52.8% | 49.9% | 52.5% | 56.3% | 58.7% |
| ROE | 9.6% | 18.9% | -4.6% | 18.6% | 14.7% | 9.8% |
| Cash flow ($M) | ||||||
| Operating CF | 39,773 | 39,427 | 37,350 | 49,196 | 30,592 | 45,969 |
| Investing CF | -37,757 | 29,392 | -87,601 | -32,663 | -10,287 | -44,487 |
| Financing CF | -18,344 | -28,508 | -1,662 | -14,405 | -10,360 | 2,233 |
| Free cash flowcalccash flow from operations − capital expenditures | 26,761 | 26,151 | 21,886 | 29,787 | 11,616 | 25,042 |
| Cash and equivalents | 48,396 | 88,706 | 36,399 | 38,643 | 48,376 | 52,569 |
| Per share & other | ||||||
| EPS ($) | 17.78 | 39.70 | -10.33 | 44.27 | 41.27 | 31.04 |
| BVPS ($) | 191.35 | 226.32 | 216.21 | 259.58 | 301.00 | 332.55 |
| P/E (x) | 13.0 | 7.5 | — | 8.1 | 11.0 | 16.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.21 | 1.32 | 1.43 | 1.37 | 1.51 | 1.51 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income |
|---|---|---|
| 2026-06-30 | $101.81B+10.0% | $25.67B+107.5% |
| 2026-03-31 | $93.68B+4.4% | $10.11B+119.6% |
| 2025-12-31 † | $94.23B-0.7% | $19.2B-2.5% |
| 2025-09-30 | $94.97B+2.1% | $30.8B+17.3% |
| 2025-06-30 | $92.52B | $12.37B |
| 2025-03-31 | $89.73B | $4.6B |
| 2024-12-31 † | $94.92B | $19.69B |
| 2024-09-30 | $93B | $26.25B |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit an insurer, so these are the usual yardsticks instead.
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 9.6% | 18.9% | -4.6% | 18.6% | 14.7% | 9.8% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 50.7% | 52.8% | 49.9% | 52.5% | 56.3% | 58.7% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — Class B shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 65.9%
- Directors & officers (shares)
- 0.2%
- Everyone else (est.)
- 33.9%
- Directors & officers (voting power)
- 30.4%
- Institutional-ownership rank
- 392 of 416
- Beta (adjusted)
- 0.58
of Class B shares
individuals and other non-13F holders
of all votes, across share classes
1 = most institutional; 94% of covered companies have more
above 1 = swings more than the market
- 927.4M shares reported by 4,904 13F filers ÷ 1,408.0M Class B shares outstanding on 2026-07-29. Option positions are excluded.
- Only the listed Class B shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days. They also hold 38.6% of Class A shares; their combined economic interest is 13.9%.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-13 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-29)
20
Strengths & weaknessesSite analysis
Strengths
1. Financial strength
$717B of shareholders' equity and $176B of insurance float at year-end 2025; the 10-K keeps cash and Treasury bills above $30B as a floor.
Evidence: Form 10-K (FY2025)
2. Diverse earnings
After-tax operating earnings from insurance, BNSF, BHE and manufacturing, service and retailing were each in the billions in 2025.
Evidence: Form 10-K (FY2025), MD&A
Weaknesses
1. Volatile reported earnings
Unrealized gains and losses on equities flow through net earnings: a $22.8B loss in 2022 and a $96.2B profit in 2023.
Evidence: SEC EDGAR XBRL; Form 10-K
2. Investment impairments
An $8.3B after-tax impairment on Kraft Heinz and Occidental in 2025.
Evidence: Form 10-K (FY2025), MD&A
3. No buybacks in 2025
There were no share repurchases in 2025; repurchases resumed in March 2026.
Evidence: Form 10-K (FY2025); 8-K filed 2026-03-05
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
16.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
1. Compounding operating earnings
Net operating earnings grew from $27.6B (2021) to $44.4B (2025), per the proxy.
- What has to hold
- Operating businesses keep growing and float stays low-cost.
- The other side
- Berkshire's total shareholder return trailed the S&P Property-Casualty Index over 2021–2025.
Evidence: Proxy statement (DEF 14A, filed 2026-03-13)
These summarize facts in Berkshire's filings, not a recommendation.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Net income | -125.3% in FY2022 ($89.94B → −$22.76B) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Liquidity floor
Berkshire intends to keep cash, cash equivalents and U.S. Treasury bills above $30B.
Source: Form 10-K (FY2025)
Equity cushion
Shareholders' equity was 59% of total assets at year-end 2025.
Source: SEC EDGAR XBRL
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Berkshire's largest disclosed litigation is at PacifiCorp (Berkshire Hathaway Energy) over the 2020 and 2022 wildfires. PacifiCorp has recorded about $2.85 billion of cumulative estimated losses and paid about $2.3 billion in settlements. In April 2026 an appeals court reversed the class-wide James liability verdict, and the Oregon Supreme Court will hear the plaintiffs' petition.
1 open matter (1 flagged as major)
PacifiCorp wildfire litigation (James class action and related claims)
On appealLawsuitMajorJames class plaintiffs (Multnomah County, Ore.); other plaintiffs and insurers in Oregon and California; U.S. and Oregon Departments of Justice
Plaintiffs seek economic, noneconomic and punitive damages, and Oregon law can double or treble some damages. Phase II juries have awarded about $1.25 billion net to 201 James plaintiffs, and PacifiCorp has posted $719 million of bonds. The Oregon Court of Appeals reversed the Phase I verdict in April 2026 over a prejudicial jury instruction, and remaining Phase II trials are stayed.
- Amounts
- Cumulative estimated probable losses of about $2.85 billion through June 30, 2026, with about $2.3 billion paid and $572 million unpaid.
- Next step
- Oregon Supreme Court oral argument on November 3, 2026; a trial for 21 plaintiffs is set for September 2027.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Disaster
Catastrophe losses
- Company disclosure (summarized from the 10-K)
- Insurance and reinsurance results are exposed to large catastrophe events; BHE has wildfire-related losses from 2020 and 2022.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Equity market swings
- Company disclosure (summarized from the 10-K)
- Investment gains and losses on a large equity portfolio drive reported earnings.
- Company’s stated mitigation
- Berkshire highlights operating earnings separately.
- This site’s assessment
- Impact Med / Likelihood High
- 3Governance & quality
Leadership transition
- Company disclosure (summarized from the 10-K)
- Greg Abel became CEO on January 1, 2026; the 10-K notes dependence on key personnel. A new CFO took over on June 1, 2026.
- Company’s stated mitigation
- Board succession plans.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Competition & technology shift
Competition in each business
- Company disclosure (summarized from the 10-K)
- GEICO competes with State Farm, Progressive, Allstate and USAA; BNSF with Union Pacific; Lubrizol Additives with Infineum, Chevron Oronite and Afton.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (2)
In May 2025, Berkshire’s Board of Directors appointed Mr. Gregory E. Read more
Abel to succeed Mr. Warren E. Buffett as Chief Executive Officer effective January 1, 2026. Major capital allocation and investment decisions are the responsibility of Mr. Abel. Mr. Ajit Jain is Vice Chairman of Berkshire’s insurance operations. Mr. Adam Johnson is President of Berkshire’s Consumer Products, Service and Retailing operations. Mr. Jain and Mr. Johnson each report directly to Mr. Abel.
The U.S. freight transportation infrastructure is integrated. Read more
BNSF’s operations may be negatively affected by service disruptions of other entities, such as ports, passenger trains, and other railroads, which interchange with BNSF Railway. A prolonged service disruption at any of these entities could have adverse consequences on BNSF. Significant consolidation or integration involving participants within the freight transportation industry, including mergers among major rail carriers, may lead to operational disruptions across the rail network and broader supply chain, which could negatively impact BNSF’s operating results, financial condition and liquidity.
No longer in the text (1)
Major investment decisions and all major capital allocation decisions are made by Warren E. Read more
Buffett, Chairman of the Board of Directors and Chief Executive Officer, age 94. Mr. Gregory Abel is Vice Chairman of Berkshire’s non-insurance operations and Mr. Ajit Jain is Vice Chairman of Berkshire’s insurance operations. Mr. Abel and Mr. Jain each report directly to Mr. Buffett.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Mar 2, 2026 ↗ with the 10-K filed Feb 24, 2025 ↗.
26
What to watch going forwardSite analysis
- Capital allocation under CEO Greg Abel, including buybacks resumed in March 2026.
- Insurance underwriting and float growth.
- Integration of OxyChem.
- Use of the large cash and Treasury bill position.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: March 2, 2026
Built on10-K FY2025 · filed 2026-03-02
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Berkshire Hathaway Inc. (Class B)’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.