Berkshire Hathaway (BRK.B) is trading up at $532.23 (+0.04%) on NYSE/NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Financials sector.
Berkshire Hathaway revenue & net income history (FY2016–FY2025)
RevenueNet incomeNet margin (right axis, %)
Berkshire Hathaway annual financial statements
FY2016Dec 2016
FY2017Dec 2017
FY2018Dec 2018
FY2019Dec 2019
FY2020Dec 2020
FY2021Dec 2021
FY2022Dec 2022
FY2023Dec 2023
FY2024Dec 2024
FY2025Dec 2025
Income statement
Revenue
$215.1B
$239.9B
$247.8B
$254.6B
$245.6B
$276.2B
$302.0B
$364.5B
$371.4B
$371.4B
Growth (year over year)
+2.0%
+11.5%
+3.3%
+2.7%
−3.5%
+12.5%
+9.4%
+20.7%
+1.9%
+0.0%
Net income
$24.1B
$44.9B
$4.02B
$81.4B
$42.5B
$89.9B
−$22.8B
$96.2B
$89.0B
$67.0B
Net margin
11.2%
18.7%
1.6%
32.0%
17.3%
32.6%
−7.5%
26.4%
24.0%
18.0%
Balance sheet
Cash and equivalents
$28.0B
$31.6B
$30.8B
$64.6B
$48.4B
$88.7B
$36.4B
$38.6B
$48.4B
$52.6B
Total assets
$620.9B
$702.1B
$707.8B
$817.7B
$873.7B
$959.4B
$948.5B
$1.07T
$1.15T
$1.22T
Total liabilities
$335.4B
$350.1B
$355.3B
$389.2B
$422.4B
$448.5B
$466.8B
$499.2B
$502.2B
$502.5B
Shareholders' equity
$282.1B
$348.3B
$348.7B
$424.8B
$436.7B
$506.2B
$473.4B
$561.3B
$649.4B
$717.4B
Cash flow
Operating cash flow
$32.6B
$45.7B
$37.4B
$38.7B
$39.8B
$39.4B
$37.4B
$49.2B
$30.6B
$46.0B
Capital expenditure
$13.0B
$11.7B
$14.5B
$16.0B
$13.0B
$13.3B
$15.5B
$19.4B
$19.0B
$20.9B
Free cash flow
$19.7B
$34.0B
$22.9B
$22.7B
$26.8B
$26.2B
$21.9B
$29.8B
$11.6B
$25.0B
Share buybacks
—
—
$1.35B
$4.85B
$24.7B
$27.1B
$7.85B
$9.17B
$2.92B
—
RevenueNet incomeNet margin (right axis, %)
Berkshire Hathaway quarterly financial statements
Q3 FY24Sep 2024
Q4 FY24†Dec 2024
Q1 FY25Mar 2025
Q2 FY25Jun 2025
Q3 FY25Sep 2025
Q4 FY25†Dec 2025
Q1 FY26Mar 2026
Q2 FY26Jun 2026
Income statement
Revenue
$93.0B
$94.9B
$89.7B
$92.5B
$95.0B
$94.2B
$93.7B
$101.8B
Growth (year over year)
−0.2%
+1.6%
−0.2%
−1.2%
+2.1%
−0.7%
+4.4%
+10.0%
Net income
$26.3B
$19.7B
$4.60B
$12.4B
$30.8B
$19.2B
$10.1B
$25.7B
Net margin
28.2%
20.7%
5.1%
13.4%
32.4%
20.4%
10.8%
25.2%
Balance sheet
Cash and equivalents
$38.0B
$48.4B
$42.9B
$101.2B
$77.1B
$52.6B
$58.8B
$41.4B
Total assets
$1.15T
$1.15T
$1.16T
$1.16T
$1.23T
$1.22T
$1.25T
$1.26T
Total liabilities
$515.4B
$502.2B
$507.8B
$493.7B
$525.5B
$502.5B
$522.8B
$512.9B
Shareholders' equity
$629.1B
$649.4B
$654.5B
$668.0B
$698.2B
$717.4B
$727.2B
$747.9B
Cash flow
Operating cash flow
$1.80B
$4.62B
$10.9B
$10.1B
$13.8B
$11.2B
$10.4B
$11.2B
Capital expenditure
$4.70B
$5.35B
$4.28B
$4.86B
$5.59B
$6.20B
$4.99B
$5.64B
Free cash flow
−$2.90B
−$726.0M
$6.62B
$5.23B
$8.20B
$4.99B
$5.45B
$5.57B
Share buybacks
$0
$0
—
—
—
—
$235.0M
$4.21B
From Berkshire Hathaway's 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →
Berkshire Hathaway vs the Financials sector and the S&P 500
Berkshire Hathaway's latest reported figures next to the median of the other 75 S&P 500 Financials companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.
Berkshire Hathaway compared with the median Financials company and the median S&P 500 company
Berkshire Hathaway: fiscal year ended December 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 20, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, Berkshire Hathaway included, are the last regular-session prices of October 19, 2026; the 1-year change compares that price with each company's last close on or before October 20, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 75/496, net margin 75/496, 1-year price change 75/490; the reasons below can overlap. 12 are left out of the price figure because our archive holds no comparable close for them. The S&P 500 price figure is the middle company's change, not the index's return.
About Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of chairman and CEO Warren Buffett and vice chairman Charlie Munger. Greg Abel succeeded Buffett as CEO at the beginning of 2026. Buffett personally owns 38.4% of the Class A voting shares of Berkshire Hathaway, representing a 15.1% overall economic interest in the company.
Berkshire Hathaway Inc., domiciled in Delaware and headquartered in Omaha, Nebraska, describes itself in its annual report for fiscal 2025 (Form 10-K) as a holding company owning subsidiaries engaged in numerous diverse business activities. The 10-K says the most important of these are insurance businesses, conducted on both a primary basis and a reinsurance basis, a freight rail transportation business (BNSF) and a group of utility and energy generation and distribution businesses (Berkshire Hathaway Energy), and that Berkshire also owns and operates numerous other manufacturing, services and retailing businesses, including McLane and Pilot Travel Centers. It says its operating subsidiaries "are managed on an unusually decentralized basis". Berkshire and its subsidiaries employed approximately 387,800 people worldwide at the end of 2025, about 80% of them in the U.S. (10-K).
Berkshire has two classes of common stock, both listed on the New York Stock Exchange: Class A (BRK.A) and Class B (BRK.B). As filed in the 10-K, each Class A share has one vote; each Class B share has dividend and distribution rights equal to 1/1,500 of a Class A share and voting rights equal to 1/10,000 of a Class A share; each Class A share is convertible at the holder's option into 1,500 Class B shares, while Class B shares are not convertible into Class A. On an equivalent Class A basis there were 1,438,223 shares outstanding at December 31, 2025. The 10-K says Berkshire has not declared a cash dividend since 1967.
For 2025 the consolidated statements of earnings report total revenues of $371,444 million, investment gains of $39,078 million (shown separately from revenues), earnings before income taxes of $82,459 million and net earnings attributable to Berkshire shareholders of $66,968 million, or $46,563 per average equivalent Class A share and $31.04 per average equivalent Class B share. At December 31, 2025 total assets were $1,222,176 million and Berkshire shareholders' equity $717,419 million, and its insurance and other businesses held cash, cash equivalents and U.S. Treasury Bills (net of payables for unsettled purchases) of $369.0 billion. The 10-K says there were no share repurchases in 2025 (10-K).
In its news release for 2025, Berkshire reported operating earnings, a non-GAAP measure it defines as net earnings exclusive of investment gains (losses), impairments of goodwill and intangible assets and other-than-temporary impairments of equity method investments, of $44,486 million; that figure excludes after-tax other-than-temporary impairments of its investments in Kraft Heinz and Occidental of $8,255 million. It said insurance float was approximately $176 billion at December 31, 2025 (Form 8-K exhibit).
According to its 10-Q for the quarter ended June 30, 2026 (unaudited), total revenues were $101,808 million for the second quarter and $195,483 million for the first six months, and net earnings attributable to Berkshire shareholders were $25,667 million for the quarter, including investment gains of $16,077 million before tax. Berkshire completed its acquisition of Occidental Petroleum's chemicals business (OxyChem) on January 2, 2026 for approximately $9.4 billion, and of homebuilder Taylor Morrison Home Corporation on July 24, 2026 for aggregate cash consideration of approximately $6.8 billion (10-Q).
Gregory E. Abel became Chief Executive Officer on January 1, 2026, succeeding Warren E. Buffett, who remains Chairman of the Board (10-K). Ajit Jain is Vice Chairman of the insurance operations and Adam Johnson President of the Consumer Products, Service and Retailing operations, each reporting directly to Mr. Abel (10-K, Item 1A). Charles C. Chang succeeded Marc D. Hamburg as Chief Financial Officer on June 1, 2026, as first announced on December 8, 2025 (Form 8-K filed December 11, 2025) and confirmed in a Form 8-K filed May 7, 2026; he signed the 10-Q for the quarter ended June 30, 2026 as Senior Vice President and Principal Financial Officer.
Form 10-K for fiscal year 2021 (year ended December 31, 2021), total revenues, in millions as filed (investment and derivative contract gains shown separately); the 10-K for fiscal 2023 presents this year as $276,185 million
Form 10-K for fiscal year 2022 (year ended December 31, 2022), total revenues, in millions as filed (investment and derivative contract gains or losses shown separately); later 10-Ks (fiscal 2023 and 2024) present this year as $302,020 million
Form 10-K for fiscal year 2023 (year ended December 31, 2023), total revenues, in millions as filed (investment and derivative contract gains or losses shown separately)
Form 10-K for fiscal year 2025 (year ended December 31, 2025), total revenues, in millions as filed (investment gains shown separately)
Mar 2, 2026
Segments and products
Insurance (GEICO, BH Primary, BHRG): The 10-K's business segment note reports insurance as underwriting and investing. For 2025, premiums earned were $88,902 million: GEICO (primarily private passenger automobile insurance) $44,481 million, Berkshire Hathaway Primary Group (multiple property and casualty lines, primarily commercial) $18,713 million and Berkshire Hathaway Reinsurance Group $25,708 million; insurance investment income was $15,310 million. Pre-tax underwriting earnings were $9,460 million and pre-tax investment income earnings $15,261 million. The 10-K cites A.M. Best data for 2024 putting GEICO's private passenger auto market share third largest, at approximately 11.6% (10-K).1
BNSF: Burlington Northern Santa Fe, based in Fort Worth, Texas, operates through BNSF Railway one of the largest freight rail transportation systems in North America, with over 32,500 route miles of track in 28 states and operations in three Canadian provinces, and had approximately 35,000 employees at the end of 2025. Segment revenues were $23,533 million in 2025 and earnings before income taxes $7,175 million (10-K).1
Berkshire Hathaway Energy: BHE, headquartered in Iowa, owns four regulated U.S. utilities (PacifiCorp, MidAmerican Energy and NV Energy among them) serving approximately 5.4 million retail customers, five U.S. interstate natural gas pipeline companies with approximately 20,900 miles of operated pipeline, electricity businesses in Great Britain and Canada, mostly renewable independent power projects and a residential real estate brokerage business. Segment revenues were $26,297 million in 2025 and earnings before income taxes $2,342 million (10-K).1
Manufacturing: The 10-K describes this segment as manufacturers and distributors of numerous industrial, consumer and building products, as well as home building and related financial services; its businesses include Precision Castparts, Lubrizol, IMC, Marmon, Clayton Homes and Forest River. Segment revenues were $78,487 million in 2025 and earnings before income taxes $12,571 million. OxyChem, acquired on January 2, 2026, is included in consolidated results from that date (10-K).1
Service and retailing: Providers of a variety of services, including shared aircraft ownership programs, aviation pilot training, electronic components distribution and trailer and furniture leasing, and retailers including automobile dealerships and home furnishings retailers; its businesses include NetJets. Segment revenues were $42,647 million in 2025 and earnings before income taxes $4,039 million (10-K).1
McLane: A wholesale distributor of food and non-food items to retailers, convenience stores and restaurants in all 50 states; the 10-K says its major customers in 2025 included Walmart (approximately 17.2% of revenues). Segment revenues were $50,998 million in 2025 and earnings before income taxes $676 million (10-K).1
Pilot: Pilot Travel Centers operates 675 travel center and 82 fuel-only retail locations in the U.S. and five Canadian provinces, mainly under the Pilot and Flying J names, and markets fuel on a wholesale basis. Berkshire began consolidating Pilot from February 1, 2023 and has owned all of it since January 16, 2024. Segment revenues were $42,198 million in 2025 and earnings before income taxes $190 million (10-K).1
Investment gains and losses, as the 10-K presents them: Investment gains and losses are not part of any segment: the statements of earnings show them below total revenues, and the segment note includes them only in the reconciliation of pre-tax earnings, which for 2025 shows total operating businesses' revenues of $368,372 million, investment gains of $39,078 million and equity method losses of $9,590 million. The 10-K says it believes investment gains and losses are generally meaningless in understanding its reported periodic results (10-K, Item 7 and Note 26).1
Operating groups in the second quarter of 2026 (unaudited): For the quarter ended June 30, 2026 the 10-Q's segment note reports insurance premiums earned of $22,475 million and insurance investment income of $3,701 million, and revenues of $6,601 million for BNSF, $6,735 million for BHE, $22,568 million for manufacturing, $11,884 million for service and retailing, $12,118 million for McLane and $14,932 million for Pilot (10-Q, unaudited).3
Risks
Concentrated equity investments: The 10-K says Berkshire concentrates a high percentage of its insurance subsidiaries' equity investments in a relatively small number of issuers, and that a significant decline in the fair values of its larger holdings may produce a material decline in shareholders' equity and earnings. Its five largest holdings at December 31, 2025, American Express, Apple, Bank of America, Coca-Cola and Chevron, were 65% of the fair value of its equity securities (10-K, Item 1A and Note 4).1
Large catastrophe losses: Berkshire says it is willing, when properly paid, to assume more risk from a single event than any other insurer has knowingly assumed, so it could incur a significant loss from a single catastrophe; it attempts to avoid policies whose pre-tax losses from one catastrophe event might aggregate in excess of $15 billion (10-K, Item 1A).1
Dependence on key people: The 10-K says major capital allocation and investment decisions are the responsibility of Chief Executive Officer Gregory E. Abel, and that if the services of key personnel were to become unavailable, there could be a material adverse effect on operations (10-K, Item 1A).1
Regulation of BNSF and BHE: The company says BNSF and BHE are subject to extensive regulation, that changes in policies limiting coal as a fuel could adversely affect BNSF's revenues and earnings, and that the operational or financial failure of capital projects may not be recoverable through the rates charged to customers (10-K, Item 1A).1
PacifiCorp wildfire litigation: PacifiCorp, a BHE subsidiary, is a defendant in numerous wildfire-related complaints in Oregon and California. Through December 31, 2025 it recorded cumulative estimated probable wildfire losses of approximately $2.85 billion before taxes and expected insurance recoveries, and amounts sought in remaining unsettled complaints and demands total approximately $50 billion, excluding any doubling or trebling of damages or punitive damages (10-K, Note 27).1
Economy, geopolitics and climate: The 10-K says unfavorable economic conditions may significantly reduce its operating earnings and impair its ability to access capital markets at a reasonable cost, that geopolitical events and trade policies including tariffs could negatively impact results, and that climate-related events and the regulation of greenhouse gas emissions could affect its businesses (10-K, Item 1A).1
Cybersecurity: Berkshire says certain of its information systems have been subject to cyber threats, that it expects continued exposure to such attacks, and that a significant disruption or cyber intrusion at one or more significant operations could adversely affect its results of operations, financial condition and liquidity (10-K, Item 1A).1
Frequently asked questions
What does Berkshire Hathaway do?
Berkshire Hathaway is a holding company whose subsidiaries are in insurance and reinsurance (GEICO, Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group), freight rail (BNSF), utilities and energy (Berkshire Hathaway Energy), and many manufacturing, service and retailing businesses, including McLane and Pilot Travel Centers, according to its 10-K for 2025. It also holds large investments in equity securities.
What is the difference between BRK.A and BRK.B shares?
According to its 10-K, each Class A share has one vote, while each Class B share has 1/1,500 of a Class A share's dividend and distribution rights and 1/10,000 of its voting rights. A Class A share can be converted by its holder into 1,500 Class B shares, but Class B shares cannot be converted into Class A. Both trade on the New York Stock Exchange, as BRK.A and BRK.B.
How much revenue did Berkshire Hathaway make in 2025?
Total revenues were $371,444 million in 2025, compared with $371,433 million in 2024, according to its 10-K. Investment gains of $39,078 million are shown separately from revenues. Net earnings attributable to Berkshire shareholders were $66,968 million.
What are Berkshire Hathaway's operating earnings?
Operating earnings are a non-GAAP measure Berkshire defines as net earnings excluding investment gains (losses), impairments of goodwill and intangible assets and other-than-temporary impairments of equity method investments. It reported operating earnings of $44,486 million for 2025 (news release filed March 2, 2026) and $12,983 million for the quarter ended June 30, 2026 (news release filed August 11, 2026).
What were Berkshire Hathaway's latest quarterly results?
For the quarter ended June 30, 2026, its 10-Q (unaudited) reports total revenues of $101,808 million and net earnings attributable to Berkshire shareholders of $25,667 million, or $11.91 per average equivalent Class B share, including investment gains of $16,077 million before tax.
Does Berkshire Hathaway pay a dividend?
No. Its 10-K for 2025 says Berkshire has not declared a cash dividend since 1967.
Does Berkshire Hathaway buy back its own shares?
Its program allows repurchases when the Chief Executive Officer, after consulting the Chairman, believes the price is below Berkshire's intrinsic value, conservatively determined, but not if consolidated cash, cash equivalents and U.S. Treasury Bills would fall below $30 billion. There were no repurchases in 2025 (10-K). In its August 8, 2026 news release Berkshire said it acquired approximately $4.5 billion in treasury shares in the second quarter of 2026, about $4.8 billion in the first six months.
Who runs Berkshire Hathaway?
Gregory E. Abel became Chief Executive Officer on January 1, 2026, succeeding Warren E. Buffett, who remains Chairman of the Board (10-K for 2025). Berkshire announced on December 8, 2025 that Charles C. Chang would succeed Marc D. Hamburg as Senior Vice President and Chief Financial Officer on June 1, 2026 (Form 8-K filed December 11, 2025); a Form 8-K filed May 7, 2026 repeats that date, and he signed the 10-Q for the quarter ended June 30, 2026 as Senior Vice President and Principal Financial Officer.
How much cash does Berkshire Hathaway have?
Its insurance and other businesses held cash, cash equivalents and U.S. Treasury Bills, net of payables for unsettled purchases, of $369.0 billion at December 31, 2025 (10-K) and $359.2 billion at June 30, 2026 (10-Q).
What is Berkshire Hathaway's insurance float?
Float is the approximate net policyholder funds generated by its insurance businesses that are held for investment. The 10-K puts it at approximately $176 billion at December 31, 2025, and the August 8, 2026 news release at approximately $177.5 billion at June 30, 2026.
What companies has Berkshire Hathaway bought recently?
It acquired Occidental Petroleum's chemicals business, OxyChem, on January 2, 2026 for approximately $9.4 billion, and homebuilder Taylor Morrison Home Corporation on July 24, 2026 for aggregate cash consideration of approximately $6.8 billion, according to its 10-Q for the quarter ended June 30, 2026.