Detailed financial statements for Berkshire Hathaway Inc. (BRK-B): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Berkshire Hathaway Inc., established in 1998 and headquartered in Omaha, Nebraska, operates as a vast global conglomerate with diverse business interests. Its core operations primarily encompass insurance, freight rail transportation, and utility services. The company provides a comprehensive suite of insurance and reinsurance products, including coverage for property, casualty, life, accident, and health.
Analysis Summary
Berkshire Hathaway Inc. reported revenue of $371.44B in the most recent fiscal year, growing at a 5-year CAGR of 8.6%. Net income reached $66.97B, with a 9.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 23.5%, operating margin 16.3%, net margin 22.3%. Free cash flow grew at -1.3% CAGR over 5 years.
At the current price of $504.26, BRK-B trades at a P/E of 12.64 and an ROE of 11.86%. Market capitalisation stands at $1.1T, placing it among large-cap names.
Balance sheet quality for BRK-B: current ratio of 6.8, net cash position of $234.36B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $25.04B represents 37% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $215.38B | $239.93B | $247.84B | $254.62B | $245.51B | $276.09B | $302.02B | $364.48B | $371.43B | $371.44B |
| Cost of Revenue | $169.15B | $197.66B | $197.12B | $202.42B | $196.73B | $220.93B | $242.63B | $293.54B | $284.86B | $283.67B |
| Gross Profit | $46.24B | $42.27B | $50.71B | $52.20B | $48.78B | $55.16B | $59.39B | $70.95B | $86.58B | $87.78B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $18.22B | $18.20B | $18.60B | $19.51B | $18.81B | $20.14B | $17.81B | $22.82B | $27.14B | $28.89B |
| Operating Expenses | $18.22B | $18.20B | $18.60B | $19.51B | $18.81B | $20.14B | $17.81B | $22.82B | $27.14B | $28.89B |
| Operating Income | $28.02B | $24.07B | $32.11B | $32.68B | $29.98B | $35.02B | $41.59B | $48.12B | $59.44B | $58.88B |
| EBITDA | $36.92B | $33.26B | $41.89B | $42.75B | $40.57B | $45.74B | $52.49B | $60.61B | $72.29B | $72.36B |
| Interest Expense | $3.74B | $4.39B | $3.85B | $3.96B | $4.08B | $4.17B | $4.35B | $5.00B | $5.20B | $5.07B |
| Pre-tax Income | $33.67B | $23.84B | $4.00B | $102.70B | $55.69B | $111.86B | -$30.50B | $120.17B | $110.38B | $82.46B |
| Income Tax | $9.24B | -$21.52B | -$321.0M | $20.90B | $12.44B | $20.91B | -$8.50B | $23.02B | $20.82B | $15.20B |
| Net Income | $24.07B | $44.94B | $4.02B | $81.42B | $42.52B | $89.94B | -$22.76B | $96.22B | $89.00B | $66.97B |
| EPS | $9.76 | $18.22 | $1.63 | $33.22 | $17.78 | $39.64 | $-10.36 | $44.27 | $41.27 | $31.04 |
| EPS (Diluted) | $9.76 | $18.22 | $1.63 | $33.22 | $17.78 | $39.64 | $-10.36 | $44.27 | $41.27 | $31.04 |
| Shares Outstanding (Diluted) | $2.47B | $2.47B | $2.47B | $2.45B | $2.39B | $2.27B | $2.20B | $2.17B | $2.16B | $2.16B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $94.97B | $94.23B | $93.67B | $101.81B |
| Gross Profit | $23.38B | $21.68B | $21.61B | $23.80B |
| Operating Income | $16.66B | $12.98B | $15.37B | $17.49B |
| EBITDA | $20.00B | $16.53B | $18.88B | $21.10B |
| Net Income | $30.80B | $19.20B | $10.11B | $25.67B |
| EPS | $14.28 | $8.90 | $4.68 | $11.91 |
| EPS (Diluted) | $14.28 | $8.90 | $4.68 | $11.91 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28.05B | $31.58B | $30.36B | $64.17B | $47.99B | $88.18B | $35.81B | $38.02B | $47.73B | $51.88B |
| Short-term Investments | $58.32B | $84.37B | $81.51B | $63.82B | $90.30B | $58.53B | $92.77B | $129.62B | $286.47B | $321.43B |
| Receivables | $40.40B | $46.67B | $51.51B | $53.36B | $55.05B | $60.32B | $71.49B | $75.94B | $76.19B | $78.55B |
| Inventory | $15.73B | $17.37B | $19.07B | $19.85B | $19.21B | $20.95B | $25.37B | $24.16B | $24.01B | $24.42B |
| Total Current Assets | $142.49B | $179.99B | $182.45B | $201.21B | $212.55B | $227.99B | $225.44B | $267.74B | $434.40B | $476.29B |
| Property, Plant & Equipment | $152.77B | $158.22B | $166.71B | $180.28B | $192.60B | $196.37B | $201.94B | $221.87B | $228.77B | $241.18B |
| Goodwill | $79.49B | $81.26B | $81.03B | $81.88B | $73.73B | $73.88B | $78.12B | $84.63B | $83.88B | $83.07B |
| Intangible Assets | $34.09B | $33.18B | $32.15B | $31.65B | $30.68B | $29.64B | $30.48B | $37.14B | $35.77B | $34.84B |
| Total Assets | $620.85B | $702.10B | $707.79B | $817.73B | $873.73B | $958.78B | $948.47B | $1.07T | $1.15T | $1.22T |
| Accounts Payable | $33.45B | $35.82B | $37.08B | $36.36B | $38.91B | $40.70B | $44.63B | $49.35B | $49.48B | $57.27B |
| Short-term Debt | $10.26B | $6.32B | $12.21B | $11.79B | $10.74B | $7.38B | $14.24B | $15.28B | $23.63B | $13.27B |
| Total Current Liabilities | $45.15B | $42.14B | $49.29B | $48.16B | $49.65B | $48.08B | $58.88B | $64.63B | $73.11B | $70.54B |
| Long-term Debt | $91.39B | $96.27B | $85.28B | $92.95B | $107.50B | $108.12B | $109.78B | $114.41B | $115.40B | $120.83B |
| Total Liabilities | $335.43B | $350.14B | $355.29B | $389.17B | $422.39B | $443.85B | $466.78B | $499.21B | $502.23B | $502.47B |
| Retained Earnings | $210.85B | $255.79B | $321.11B | $402.49B | $444.63B | $534.42B | $511.13B | $607.35B | $696.22B | $763.19B |
| Total Equity | $282.07B | $348.30B | $348.70B | $424.79B | $443.16B | $506.20B | $473.42B | $561.27B | $649.37B | $717.42B |
| Total Debt | $86.26B | $102.59B | $97.49B | $109.25B | $122.36B | $119.25B | $127.68B | $133.57B | $143.53B | $138.95B |
| Net Debt | -$110.0M | -$13.37B | -$14.38B | -$18.75B | -$15.93B | -$27.47B | -$902.0M | -$34.07B | -$190.67B | -$234.36B |
| Working Capital | $97.34B | $137.85B | $133.16B | $153.06B | $162.90B | $179.91B | $166.56B | $203.11B | $361.29B | $405.75B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $76.31B | $51.88B | $58.12B | $40.61B |
| Total Assets | $1.23T | $1.22T | $1.25T | $1.26T |
| Total Liabilities | $525.52B | $502.47B | $522.82B | $512.89B |
| Total Equity | $698.15B | $717.42B | $727.18B | $750.18B |
| Total Debt | $150.48B | $138.95B | $146.12B | $129.37B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $24.43B | $45.35B | $4.32B | $81.79B | $43.25B | $90.81B | -$22.06B | $97.15B | $89.56B | $66.97B |
| Depreciation & Amortization | $8.90B | $9.19B | $9.78B | $10.06B | $10.60B | $10.72B | $10.90B | $12.49B | $12.86B | $13.48B |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $6.92B | -$7.81B | -$1.81B | $19.21B | $15.57B | $18.87B | -$14.92B | $20.44B | -$6.78B | $2.35B |
| Operating Cash Flow | $32.53B | $45.78B | $37.40B | $38.69B | $39.77B | $39.42B | $37.22B | $49.20B | $30.59B | $45.97B |
| Capital Expenditure | -$12.95B | -$11.71B | -$14.54B | -$15.98B | -$13.01B | -$13.28B | -$15.46B | -$19.41B | -$18.98B | -$20.93B |
| Acquisitions | -$31.40B | -$2.71B | -$3.28B | -$1.68B | -$2.53B | -$456.0M | -$10.59B | -$8.60B | -$396.0M | -$1.07B |
| Stock Repurchased | 0 | 0 | -$1.35B | -$4.85B | -$24.71B | -$27.06B | -$7.85B | -$9.17B | -$2.92B | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $19.58B | $34.07B | $22.86B | $22.71B | $26.76B | $26.14B | $21.76B | $29.79B | $11.62B | $25.04B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $13.79B | $11.19B | $10.44B | $11.21B |
| Capital Expenditure | -$5.59B | -$6.20B | -$4.99B | -$5.64B |
| Free Cash Flow | $8.20B | $4.99B | $5.45B | $5.57B |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.4% | +3.3% | +2.7% | -3.6% | +12.5% | +9.4% | +20.7% | +1.9% | +0.0% | |
| Net Income Growth (YoY) | +86.7% | -91.1% | +1,924.8% | -47.8% | +111.5% | -125.3% | +522.8% | -7.5% | -24.8% | |
| EPS Growth (YoY) | +86.7% | -91.1% | +1,938.0% | -46.5% | +122.9% | -126.1% | +527.3% | -6.8% | -24.8% | |
| Shares Change (YoY) | +0.0% | -0.0% | -0.6% | -2.4% | -5.3% | -2.7% | -1.4% | -0.8% | +0.0% | |
| FCF Growth (YoY) | +74.0% | -32.9% | -0.7% | +17.8% | -2.3% | -16.8% | +36.9% | -61.0% | +115.6% | |
| Gross Margin | 21.5% | 17.6% | 20.5% | 20.5% | 19.9% | 20.0% | 19.7% | 19.5% | 23.3% | 23.6% |
| Operating Margin | 13.0% | 10.0% | 13.0% | 12.8% | 12.2% | 12.7% | 13.8% | 13.2% | 16.0% | 15.9% |
| EBITDA Margin | 17.1% | 13.9% | 16.9% | 16.8% | 16.5% | 16.6% | 17.4% | 16.6% | 19.5% | 19.5% |
| Net Margin | 11.2% | 18.7% | 1.6% | 32.0% | 17.3% | 32.6% | -7.5% | 26.4% | 24.0% | 18.0% |
| FCF Margin | 9.1% | 14.2% | 9.2% | 8.9% | 10.9% | 9.5% | 7.2% | 8.2% | 3.1% | 6.7% |
| Effective Tax Rate | 27.4% | -90.3% | -8.0% | 20.4% | 22.3% | 18.7% | 27.9% | 19.2% | 18.9% | 18.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $7.94 | $13.81 | $9.27 | $9.27 | $11.19 | $11.54 | $9.88 | $13.71 | $5.39 | $11.61 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.47B | $2.47B | $2.47B | $2.45B | $2.39B | $2.27B | $2.20B | $2.17B | $2.16B | $2.16B |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 11.86% |
| Return on Invested Capital | 4.19% |
| Return on Assets | 6.79% |
| Gross Margin | 23.52% |
| Operating Margin | 16.25% |
| Net Margin | 22.30% |
Financial Health
| Debt / Equity | 0.17 |
| Current Ratio | 7.29 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.03 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 16.70 | 10.88 | 125.26 | 6.82 | 13.04 | 7.54 | -29.82 | 8.06 | 10.98 | 16.19 |
| P/B | 1.42 | 1.40 | 1.44 | 1.31 | 1.25 | 1.34 | 1.44 | 1.38 | 1.51 | 1.51 |
| P/S | 1.87 | 2.04 | 2.03 | 2.18 | 2.26 | 2.45 | 2.25 | 2.13 | 2.63 | 2.92 |
| Gross Margin | 21.5% | 17.6% | 20.5% | 20.5% | 19.9% | 20.0% | 19.7% | 19.5% | 23.3% | 23.6% |
| Operating Margin | 13.0% | 10.0% | 13.0% | 12.8% | 12.2% | 12.7% | 13.8% | 13.2% | 16.0% | 15.9% |
| Net Margin | 11.2% | 18.7% | 1.6% | 32.0% | 17.3% | 32.6% | -7.5% | 26.4% | 24.0% | 18.0% |
Related companies: AIG · BAC · BNT · JPM · ORI · PFG · SLF
Explore sector: Financial Services · Insurance - Diversified
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