BERKSHIRE HATHAWAY INC BRK-B
Berkshire Hathaway Inc. ("Berkshire," "Company" or "Registrant") is a holding company owning subsidiaries engaged in numerous diverse business activities. The most important of these are insurance businesses, conducted on both a primary basis and a reinsurance basis, a freight rail transportation business and a group of utility and energy generation and distribution businesses. Berkshire also owns and operates numerous other businesses engaged in a variety of manufacturing, services and retailing activities. Berkshire is domiciled in the state of Delaware, and its corporate headquarters is in Omaha, Nebraska.
Berkshire's operating subsidiaries are managed on an unusually decentralized basis. There are few centralized or integrated business functions. Berkshire's Chief Executive Officer is ultimately responsible for significant capital allocation decisions and investment activities. Berkshire's Chief Executive Officer is also ultimately responsible for evaluating the operating performance of the operating businesses.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $247.24B | $249.71B | $254.91B | $207.77B | $191.25B | $166.73B | $176.51B | $175.44B | $239.93B | $215.11B |
| Total operating expenses | $318.47B | $315.70B | $321.14B | $266.48B | $243.75B | $231.29B | $225.70B | $219.21B | $221.24B | $190.86B |
| Interest expense | $5.07B | $5.20B | $5.00B | $4.35B | $4.17B | $4.08B | $3.96B | $3.85B | $4.39B | $3.74B |
| Pre-tax income | $82.46B | $110.38B | $120.17B | -$30.50B | $111.86B | $55.69B | $102.70B | $4.00B | $23.84B | $33.67B |
| Income tax | $15.20B | $20.82B | $23.02B | $8.50B | $20.91B | $12.44B | $20.90B | $321.0M | $21.52B | $9.24B |
| Net income | $66.97B | $89.00B | $96.22B | -$22.76B | $89.94B | $42.52B | $81.42B | $4.02B | $44.94B | $24.07B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $52.57B | $48.38B | $38.64B | $36.40B | $88.71B | $48.40B | $64.63B | $30.81B | $32.21B | $28.64B |
| Inventory | $24.42B | $24.01B | $25.86B | $25.37B | $20.95B | $19.21B | $19.85B | $19.07B | $17.37B | $15.73B |
| Goodwill | $83.07B | $83.88B | $84.63B | $78.12B | $73.88B | $73.73B | $81.88B | $81.03B | $81.26B | $79.49B |
| Total assets | $1.22T | $1.15T | $1.07T | $948.47B | $959.39B | $873.73B | $817.73B | $707.79B | $702.10B | $620.85B |
| Total liabilities | $502.47B | $502.23B | $499.21B | $466.78B | — | $422.39B | $389.17B | $355.29B | $350.14B | $335.43B |
| Retained earnings | $763.19B | $696.22B | $607.35B | $511.13B | $534.42B | $443.95B | $402.49B | $321.11B | $255.79B | $210.85B |
| Total equity | $717.42B | $649.37B | $567.51B | $481.68B | $510.30B | $436.74B | $428.56B | $352.50B | $351.95B | $285.43B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $45.97B | $30.59B | $49.20B | $37.35B | $39.43B | $39.77B | $38.69B | $37.40B | $45.73B | $32.65B |
| Depreciation and amortisation | $13.48B | $12.86B | $12.49B | $10.90B | $10.72B | $10.60B | $10.06B | $9.78B | $9.19B | $8.90B |
| Capital expenditure | $20.93B | $18.98B | $19.41B | $15.46B | $13.28B | $13.01B | $15.98B | $14.54B | $11.71B | $12.95B |
| Investing cash flow | -$44.49B | -$10.29B | -$32.66B | -$87.60B | $29.39B | -$37.76B | -$5.62B | -$32.85B | -$41.01B | -$84.22B |
| Financing cash flow | $2.23B | -$10.36B | -$14.40B | -$1.66B | -$28.51B | -$18.34B | $730.0M | -$5.81B | -$1.40B | $12.79B |
| Buybacks | — | $2.92B | $9.17B | $7.85B | $27.06B | $24.71B | $4.85B | $1.35B | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-083899.
Others in SIC 6331
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|---|---|---|---|---|
| CB | Chubb Ltd | $132.49B | 13.3x | 6.5% |
| PGR | PROGRESSIVE CORP/OH/ | $127.29B | 11.4x | 16.3% |
| TRV | TRAVELERS COMPANIES, INC. | $77.04B | 13.5x | 5.2% |
| ALL | ALLSTATE CORP | $65.63B | 6.8x | 5.6% |
| AIG | AMERICAN INTERNATIONAL GROUP, INC. | $39.85B | 14.0x | -1.7% |
| HIG | HARTFORD INSURANCE GROUP, INC. | $37.48B | 10.4x | 3.3% |
| ACGL | ARCH CAPITAL GROUP LTD. | $33.47B | 8.5x | 14.3% |
| CINF | CINCINNATI FINANCIAL CORP | $26.26B | 11.3x | 11.4% |