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BRK-B

Berkshire Hathaway Inc.

BRK-B

Berkshire Hathaway Inc. • NYSE
$513.81 ▲ 0.50% (+2.58)
Market Cap $1.11 T
52w High $542.07
52w Low $440.10
Dividend Yield 0%
P/E 16.42
Volume 2.31M
Outstanding Shares 2.16B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $94.972B ▼ $6.285B ▼ $30.796B ▲ 32.426% ▲ $14.28 ▲ $41.108B ▲
Q2-2025 $98.879B ▲ $29.308B ▲ $12.37B ▲ 12.51% ▲ $5.73 ▲ $19.332B ▲
Q1-2025 $83.29B ▼ $23.877B ▲ $4.603B ▼ 5.526% ▼ $2.13 ▼ $9.67B ▼
Q4-2024 $101.468B ▼ $-10.592B ▼ $19.694B ▼ 19.409% ▼ $9.13 ▼ $28.748B ▼
Q3-2024 $113.509B $34.59B $26.251B 23.127% $12.18 $36.928B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $381.673B ▲ $1.226T ▲ $525.522B ▲ $700.441B ▲
Q2-2025 $344.091B ▼ $1.164T ▼ $493.692B ▼ $667.989B ▲
Q1-2025 $347.681B ▲ $1.165T ▲ $507.79B ▲ $654.471B ▲
Q4-2024 $334.201B ▲ $1.154T ▲ $502.226B ▼ $649.368B ▲
Q3-2024 $325.212B $1.147T $515.445B $629.069B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $30.796B ▲ $13.789B ▲ $-39.052B ▼ $835M ▲ $-24.18B ▼ $8.203B ▲
Q2-2025 $12.37B ▲ $10.085B ▼ $49.358B ▲ $-1.166B ▼ $58.306B ▲ $5.227B ▼
Q1-2025 $4.672B ▼ $10.903B ▲ $-16.401B ▼ $53M ▼ $-5.521B ▼ $6.622B ▲
Q4-2024 $19.751B ▼ $4.621B ▲ $4.268B ▲ $1.653B ▲ $10.384B ▲ $-726M ▲
Q3-2024 $26.48B $1.803B $-3.904B $-3.065B $-5.079B $-2.898B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Berkshire Hathaway Energy Company
Berkshire Hathaway Energy Company
 $6.24Bn ▲$0 ▼$6.42Bn ▲$7.30Bn ▲
Berkshire Hathaway Insurance Group
Berkshire Hathaway Insurance Group
 $27.74Bn ▲$25.38Bn ▼$26.25Bn ▲$26.18Bn ▼
Burlington Northern Santa Fe Corporation
Burlington Northern Santa Fe Corporation
 $6.17Bn ▲$5.72Bn ▼$5.77Bn ▲$6.04Bn ▲
Manufacturing Businesses
Manufacturing Businesses
 $19.19Bn ▲$18.77Bn ▼$19.97Bn ▲$20.05Bn ▲
Mc Lane Company
Mc Lane Company
 $14.25Bn ▲$12.18Bn ▼$12.60Bn ▲$13.19Bn ▲
Pilot Travel Centers Pilot
Pilot Travel Centers Pilot
 $0 ▲$0 ▲$10.11Bn ▲$10.88Bn ▲
Service And Retailing Businesses
Service And Retailing Businesses
 $0 ▲$0 ▲$10.69Bn ▲$10.59Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Berkshire’s business performance has generally trended upward, with steady growth in revenue and underlying operating profit over the past several years. The core operations – insurance, railroad, energy, and manufacturing – look consistently profitable and gradually more productive. The headline profit figures, however, swing sharply from year to year because of movements in the investment portfolio, which accounting rules force into reported earnings. That means a year like 2022 can show a large accounting loss even while the operating businesses remain healthy. Overall, the income statement suggests a broad, diversified set of businesses that earn money reliably, overlaid by very noisy reported gains and losses from investments.

Balance Sheet

Balance Sheet Berkshire carries an exceptionally large and diversified asset base, supported by a substantial cushion of shareholder equity that has increased meaningfully over time. Debt has risen, but at a measured pace relative to the size and strength of the company, indicating a conservative use of borrowing. Cash and equivalents remain significant, giving Berkshire ample flexibility to weather shocks and act on opportunities, even though the cash pile moves around as the company invests and acquires. The overall picture is of a very robust, conservatively financed balance sheet built to absorb volatility in both markets and insurance claims.

Cash Flow

Cash Flow Cash generation from the businesses has been solid and recurring, even in years when reported earnings were distorted by investment swings. Free cash flow has remained positive throughout the period, showing that Berkshire can both fund its capital needs and still retain cash after investments. Capital spending has been consistently heavy, particularly in infrastructure-intensive areas like rail and energy, which should support long-term earning power but does tie up cash in large, long-lived projects. Compared with the income statement, the cash flow profile looks steadier and gives confidence in the durability of the underlying operations.

Competitive Edge

Competitive Edge Berkshire’s edge rests on a combination of insurance float, diversification, reputation, and a highly unusual corporate structure. Its insurance operations generate large pools of low-cost capital that can be reinvested for the long term, a funding advantage few others can match. The company owns leading positions in essential industries – such as auto insurance, freight rail, and regulated utilities – which tend to be entrenched and hard for new competitors to disrupt quickly. A strong brand and a reputation for fair dealing help Berkshire win deals that might not be available to typical financial buyers. The decentralized model, with highly autonomous subsidiaries, encourages entrepreneurial behavior while still benefiting from Berkshire’s financial strength.

Innovation and R&D

Innovation and R&D Berkshire is not a traditional R&D powerhouse, but it innovates through structure, capital allocation, and selective technology exposure. Its primary “innovation” is the way it combines decentralized operating businesses with centralized investment discipline, letting local managers run their companies while Omaha decides where capital is best deployed. Technological progress mostly happens inside subsidiaries – for example, using data and AI in insurance underwriting, logistics technology at the railroad, and grid modernization and renewables in the energy arm. Berkshire also gains indirect innovation exposure through large stakes in leading technology firms, while positioning its energy infrastructure to benefit from the power demands of data centers and AI. The emphasis is on quietly embedding technology and efficiency into essential, durable businesses rather than chasing cutting-edge R&D for its own sake.

Summary

Berkshire Hathaway appears to be a financially strong, highly diversified conglomerate whose core businesses generate steady cash flows, even when reported earnings whipsaw with market movements. The balance sheet is a key strength, with ample equity, prudent leverage, and notable liquidity providing resilience and strategic flexibility. Its competitive position is anchored in the insurance float, essential infrastructure assets, a long-term investment mindset, and a culture that empowers operating managers. Innovation is more about capital deployment, structure, and selective technology adoption than about big research labs. Key uncertainties center on leadership transition, the challenge of deploying very large amounts of capital at attractive returns, exposure to market cycles and catastrophic insurance losses, and the evolving regulatory and technological landscape – all of which are important to monitor over time.

NEWS

November 10, 2025 · 12:26 PM UTC

Berkshire Hathaway Inc. News Release

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November 6, 2025 · 6:28 PM UTC

Berkshire Hathaway Inc.

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November 6, 2025 · 5:00 AM UTC

Berkshire Hathaway Specialty Insurance Names Frederic de Blieck as Country Manager, Belgium

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November 1, 2025 · 8:00 AM UTC

Berkshire Hathaway Inc. News Release

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October 29, 2025 · 6:00 AM UTC

Berkshire Hathaway Inc. Information Regarding Third Quarter Earnings Release

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