Berkshire Hathaway
BRK-B NYSE Multi-Sector Holdings Financials FY2016–FY2025
Berkshire Hathaway's revenue was flat at $371.4 billion in fiscal 2025. Its net margin was 18.0%, down from 24.0% a year earlier. Free cash flow was $25.0 billion, up 115.6%.
About these figures. Berkshire Hathaway tags its debt separately for each business, with no company-wide total in the SEC's structured data, so debt and debt-based ratios are left blank.
What Berkshire Hathaway does
Berkshire Hathaway is a holding company based in Omaha, Nebraska, that owns many businesses. Its biggest are insurance, including the car insurer GEICO and large reinsurance operations (insurance bought by other insurers); the BNSF freight railroad; and Berkshire Hathaway Energy, which runs electric and gas utilities and natural gas pipelines. It also owns makers of industrial parts, chemicals, building products and consumer goods, plus service and retail businesses such as the NetJets private jet service, the McLane food distributor, car dealerships, furniture stores and Pilot truck stops.
Its insurers collect premiums up front and pay claims later. Berkshire invests that money, which it calls float, along with its own capital; float was about $176 billion at the end of 2025. Its investments lean far more toward stocks than is usual for insurers and are concentrated in a few companies. At the end of 2025 its insurance and other businesses also held $369.0 billion in cash and short-term US Treasury bills. GEICO competes with State Farm, Progressive, Allstate and USAA, and Berkshire says each of its businesses faces intense competition.
Berkshire and its subsidiaries employed about 387,800 people at the end of 2025, about 80% of them in the United States. Its businesses are run with little central control. Greg Abel succeeded Warren Buffett as chief executive in January 2026, the same month Berkshire completed its purchase of OxyChem, the chemicals business of Occidental Petroleum.
- Legal name
- BERKSHIRE HATHAWAY INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001193125-26-083899
0001067983
Revenue and margins
Berkshire Hathaway had $371.4B of revenue in fiscal 2025, up 0.0% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $25.0B in fiscal 2025, 6.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Berkshire Hathaway returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.0%.
Value Berkshire Hathaway yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 0.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Berkshire Hathaway can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $88.7B | $36.4B | $38.6B | $48.4B | $52.6B |
| Interest coverage | 27.8x | −6.0x | 25.0x | 22.2x | 17.3x |
| Total assets | $959.4B | $948.5B | $1.07T | $1.15T | $1.22T |
| Total liabilities | $448.5B | $466.8B | $499.2B | $502.2B | $502.5B |
| Shareholders' equity | $506.2B | $473.4B | $561.3B | $649.4B | $717.4B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.5M
1 insider
Sold, 12 months
$20.0M
1 insider
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | 4.7% | 5.3% | 1.8% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Berkshire Hathaway BRK-B | — | 0.0% | — | 6.7% | — | — | — | |
| Voya Financial VOYA | $8.8B | 1.7% | 12.7% | — | — | 16.2x | — | Compare → |
| Jefferies JEF | $10.0B | 4.4% | — | −23.2% | 26.1% | 15.8x | — | Compare → |
| Progressive PGR | $133.2B | 16.3% | — | 19.6% | 39.2% | 11.4x | — | Compare → |
| MetLife MET | $63.9B | 8.6% | 8.0% | — | — | 18.9x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $215.1B | $239.9B | $247.8B | $254.6B | $245.6B | $276.2B | $302.0B | $364.5B | $371.4B | $371.4B |
| Interest expense | $3.7B | $4.4B | $3.9B | $4.0B | $4.1B | $4.2B | $4.4B | $5.0B | $5.2B | $5.1B |
| Pretax income | $33.7B | $23.8B | $4.0B | $102.7B | $55.7B | $111.9B | −$30.5B | $120.2B | $110.4B | $82.5B |
| Income tax | $9.2B | −$21.5B | −$321M | $20.9B | $12.4B | $20.9B | −$8.5B | $23.0B | $20.8B | $15.2B |
| Net income | $24.1B | $44.9B | $4.0B | $81.4B | $42.5B | $89.9B | −$22.8B | $96.2B | $89.0B | $67.0B |
| Cash flow | ||||||||||
| Cash from operations | $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 |
| Depreciation and amortization | $8.9B | $9.2B | $9.8B | $10.1B | $10.6B | $10.7B | $10.9B | $12.5B | $12.9B | $13.5B |
| Acquisitions | $31.4B | $2.7B | $3.3B | $1.7B | $2.5B | $456M | $10.6B | $8.6B | $396M | $1.1B |
| Share buybacks | $0.0M | $0.0M | $1.3B | $4.9B | $24.7B | $27.1B | $7.9B | $9.2B | $2.9B | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $1.3B | $4.9B | $24.7B | $27.1B | $7.9B | $9.2B | $2.9B | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $28.0B | $31.6B | $30.8B | $64.6B | $48.4B | $88.7B | $36.4B | $38.6B | $48.4B | $52.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $15.7B | $17.4B | $19.1B | $19.9B | $19.2B | $21.0B | $25.4B | $25.9B | $24.0B | $24.4B |
| 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 | $443.2B | $506.2B | $473.4B | $561.3B | $649.4B | $717.4B |
| Margins | ||||||||||
| EBITDA margin | 21.5% | 15.6% | 7.1% | 45.8% | 28.7% | 45.9% | −5.1% | 37.8% | 34.6% | 27.2% |
| Net margin | 11.2% | 18.7% | 1.6% | 32.0% | 17.3% | 32.6% | −7.5% | 26.4% | 24.0% | 18.0% |
| FCF margin | 9.2% | 14.2% | 9.2% | 8.9% | 10.9% | 9.5% | 7.3% | 8.2% | 3.1% | 6.7% |
| Returns | ||||||||||
| Return on equity | 9.0% | 14.3% | 1.2% | 21.1% | 9.8% | 19.0% | −4.7% | 18.6% | 14.7% | 9.8% |
| Return on assets | 4.1% | 6.8% | 0.6% | 10.7% | 5.0% | 9.8% | −2.4% | 9.5% | 8.0% | 5.6% |
| Growth | ||||||||||
| Revenue growth | 2.0% | 11.5% | 3.3% | 2.7% | −3.6% | 12.5% | 9.4% | 20.7% | 1.9% | 0.0% |
| Net income growth | −0.0% | 86.7% | −91.1% | 1,924.8% | −47.8% | 111.5% | −125.3% | — | −7.5% | −24.8% |
| FCF growth | 27.8% | 72.8% | −32.8% | −0.7% | 17.9% | −2.3% | −16.3% | 36.1% | −61.0% | 115.6% |
| Financial health | ||||||||||
| Interest coverage | 10.0x | 6.4x | 2.0x | 26.9x | 14.6x | 27.8x | −6.0x | 25.0x | 22.2x | 17.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.0% | 4.9% | 5.9% | 6.3% | 5.3% | 4.8% | 5.1% | 5.3% | 5.1% | 5.6% |
| Payouts / FCF | 0.0% | 0.0% | 5.9% | 21.4% | 92.3% | 103.5% | 35.9% | 30.8% | 25.1% | 0.0% |
| Quality scores | ||||||||||
| Accruals ratio | −1.5% | −0.1% | −4.7% | 5.6% | 0.3% | 5.5% | −6.3% | 4.7% | 5.3% | 1.8% |
Source: SEC EDGAR XBRL filings (CIK 0001067983). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.