Berkshire Hathaway
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%.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
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.
Its biggest risks, as it describes them
- Its reliance on a few key people, led by chief executive Greg Abel, for its major investment and capital decisions.
- Its stock investments are concentrated in a small number of companies, so a fall in their value could cut its earnings and its insurers' capital.
- Its willingness to take on very large insurance risks could lead to heavy losses from a single catastrophe.
- Rules on rates, safety and the environment could limit what BNSF and its utilities can earn, and BNSF's coal traffic depends on energy policy.
- Wildfires, storms and other extreme weather, and new emissions rules, could hurt its utilities, railroad and insurers.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2016 to 2025, net income grew 12.0% a year; the filings' structured data doesn't give diluted earnings per share.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Berkshire Hathaway yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Berkshire Hathaway's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
The example scenarios need Berkshire Hathaway's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.
- Last close, October 26, 2026
- $548.56
- Value on these assumptions, against the last close
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- Cash flows in years 1 to 10, valued today
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- Everything after year 10, valued today
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- Plus net cash
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- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
The P/E method needs positive earnings, and Berkshire Hathaway's latest diluted earnings per share were not available.
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 88.7 | 36.4 | 38.6 | 48.4 | 52.6 |
| Debt incl. finance leases | — | — | — | — | — |
| Net debt (negative means net cash) | — | — | — | — | — |
| Net debt to EBITDA | — | — | — | — | — |
| Debt to equity | — | — | — | — | — |
| Interest coverage | 27.8x | −6.0x | 25.0x | 22.2x | 17.3x |
| Current ratio | — | — | — | — | — |
| Quick ratio | — | — | — | — | — |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $500,617 of Berkshire Hathaway shares on the open market, and 1 insider sold $20.0 million.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 28, 2026 | Ajit JainVice Chairman, Director | Sold | 39,700 | $503.09 | $20.0 million | Form 4 |
| Aug 12, 2026 | Michael J. O'SullivanSee Remarks | Bought | 488 | $512.44 | $250,072 | Form 4 |
| May 6, 2026 | Michael J. O'SullivanSee Remarks | Bought | 536 | $467.44 | $250,545 | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Fail | Fail |
| Cash from operations exceeds net income | Fail | Fail | Fail |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Pass | Fail | Fail |
| F-score | — | — | — |
| Accruals ratio | 4.7% | 5.2% | 1.8% |
Compare
Put Berkshire Hathaway side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Berkshire Hathaway | FY25 | 0.0% | — | 6.7% | — | — | — | |
| Voya Financial | FY25 | 1.7% | 12.7% | — | — | — | — | Compare |
| Jefferies | FY25 | 4.4% | — | −23.2% | 26.1% | 0.8x | — | Compare |
| StoneX Group | FY25 | 32.5% | — | 3.3% | — | — | — | Compare |
| Progressive | FY25 | 16.3% | — | 19.6% | 39.2% | −0.2x | — | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 215.1 | 239.9 | 247.8 | 254.6 | 245.6 | 276.2 | 302.0 | 364.5 | 371.4 | 371.4 |
| Revenue growth | 2.0% | 11.5% | 3.3% | 2.7% | −3.5% | 12.5% | 9.3% | 20.7% | 1.9% | 0.0% |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Net income | 24.1 | 44.9 | 4.0 | 81.4 | 42.5 | 89.9 | −22.8 | 96.2 | 89.0 | 67.0 |
| Diluted EPS (US$) | — | — | — | — | — | — | — | — | — | — |
| Diluted shares (millions) | — | — | — | — | — | — | — | — | — | — |
| Cash flow | ||||||||||
| Cash from operations | 32.6 | 45.7 | 37.4 | 38.7 | 39.8 | 39.4 | 37.4 | 49.2 | 30.6 | 46.0 |
| Capital expenditure | 13.0 | 11.7 | 14.5 | 16.0 | 13.0 | 13.3 | 15.5 | 19.4 | 19.0 | 20.9 |
| Free cash flow | 19.7 | 34.0 | 22.9 | 22.7 | 26.8 | 26.2 | 21.9 | 29.8 | 11.6 | 25.0 |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Share buybacks | 0.0 | 0.0 | 1.3 | 4.8 | 24.7 | 27.1 | 7.9 | 9.2 | 2.9 | 0.0 |
| Acquisitions | 31.4 | 2.7 | 3.3 | 1.7 | 2.5 | 0.5 | 10.6 | 8.6 | 0.4 | 1.1 |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 28.0 | 31.6 | 30.8 | 64.6 | 48.4 | 88.7 | 36.4 | 38.6 | 48.4 | 52.6 |
| Debt incl. finance leases | — | — | — | — | — | — | — | — | — | — |
| Total assets | 620.9 | 702.1 | 707.8 | 817.7 | 873.7 | 959.4 | 948.5 | 1,070.0 | 1,153.9 | 1,222.2 |
| Total liabilities | 335.4 | 350.1 | 355.3 | 389.2 | 422.4 | 448.5 | 466.8 | 499.2 | 502.2 | 502.5 |
| Shareholders' equity | 282.1 | 348.3 | 348.7 | 424.8 | 443.2 | 506.2 | 473.4 | 561.3 | 649.4 | 717.4 |
| Margins and ratios | ||||||||||
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Net margin | 11.2% | 18.7% | 1.6% | 32.0% | 17.3% | 32.6% | −7.5% | 26.4% | 24.0% | 18.0% |
| Free cash flow margin | 9.2% | 14.2% | 9.2% | 8.9% | 10.9% | 9.5% | 7.2% | 8.2% | 3.1% | 6.7% |
| Return on capital | — | — | — | — | — | — | — | — | — | — |
| Return on equity | 9.0% | 14.3% | 1.1% | 21.1% | 9.8% | 18.9% | −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% |
| Net debt to EBITDA | — | — | — | — | — | — | — | — | — | — |