Berkshire Hathaway BRK.B

Insurance, railroads, energy, manufacturing & investments. Berkshire Hathaway Inc., listed on NYSE.

Based on the FY2025 annual report (Jan 2025 – Dec 2025)

Berkshire Hathaway's FY2025 revenue was
$371.444B.

#8 by revenue among 299 companies

Market cap: —; Not calculated because there are several share classes
Revenue: $371.444B; #8 of 299 · +0.0% YoY
Operating income: —; Not reported
Net income: $66.968B; #7 of 298 · −24.8% YoY
Free cash flow: $25.042B; #10 of 261 · +115.6% YoY
Total assets: $1,222.176B; #7 of 299 · +5.9% YoY
Dividends paid: —; Not reported
Dividend per share: —; Not reported
Dividend yield: —; No dividend, or a different currency

Size, put in perspective

Revenue every second$11,800$1.02B a day

Net income every second$2,120$183M a day

Buying Progressive with a year's profit49.1% of itBased on Progressive's market cap of about $136.3 billion

Calculated from the FY2025 annual report, spread evenly over 365 days.

Where the revenue went

Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.

Expenses77.8%
Income taxes & other4.2%
Net income18.0%

Profitability and stability

Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.

Revenue growthHow much revenue grew from the previous fiscal year: +0.0%; #259 of 299; Revenue was roughly flat. The median across 299 companies is +7.9%.
Operating marginShare of revenue kept as profit from the core business: —; Not ranked; Banks and insurers often don't report operating income, so look at pretax income instead.
Net marginShare of revenue left as profit after interest and taxes: 18.0%; #115 of 298; After taxes, 18.0% of revenue was left as net income. The median across 298 companies is 14.0%.
FCF marginShare of revenue left as cash after capital spending: 6.7%; #204 of 261; Cash is left over after capital spending. The median across 261 companies is 15.8%.
ROEHow much profit the company earned on shareholders' equity in a year: 9.8%; #209 of 276; Earnings relative to equity are about average. The median across 276 companies is 16.8%.
Debt-to-equityLiabilities relative to equity. Lower means less debt: —; Not ranked; Bank and insurer liabilities include customer deposits and insurance reserves, so they aren't compared with other industries.

Revenue and profit over time

Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.

Currency: US dollars. Years are the years in which each fiscal year ended.

Where the cash went

Unlike profit, cash flow is money that actually came in and went out.

Cash from operations$45.969B
Capital spending−$20.927B
Free cash flow (FCF)$25.042B

Whose money funds the assets

The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).

Liabilities 41%Equity 59%

Total assets$1,222.176B
Total liabilities$502.473B
Total equity$717.419B
Cash and equivalents$52.569B

For banks and insurers, customer deposits and insurance reserves count as liabilities, so the liability share looks large.

Compared with similar companies

Based on each company's latest annual report, so fiscal year ends may differ.

Compare in detail

Company	Annual revenue	Net income	Revenue growth	Operating margin	Net margin
Berkshire HathawayBRK.B	$371.444B	$66.968B	+0.0%	—	18.0%
ProgressivePGR	$87.671B	$11.308B	+16.3%	—	12.9%
TravelersTRV	$48.828B	$6.288B	+5.2%	—	12.9%
AllstateALL	$67.685B	$10.282B	+5.6%	—	15.2%
Union PacificUNP	$24.51B	$7.138B	+1.1%	40.2%	29.1%
JPMorgan ChaseJPM	$182.447B	$57.048B	+2.8%	—	31.3%

What the company does

Berkshire Hathaway is a conglomerate that uses the float from its insurers, such as GEICO and General Re, to fund the BNSF railroad, Berkshire Hathaway Energy, manufacturing and retail subsidiaries, and a large portfolio of listed stocks and US Treasury bills.

Insurance underwriting and insurance investment income (GEICO, Berkshire Hathaway Primary Group and Reinsurance Group)
BNSF (Burlington Northern Santa Fe freight railroad)
Berkshire Hathaway Energy (electric and gas utilities, renewable energy)
Manufacturing, Service and Retailing (Precision Castparts, Lubrizol, Marmon, Pilot and others)

The fiscal year ends on December 31. Under US GAAP, unrealized gains and losses on Berkshire's stock holdings flow straight into net income, so look at operating cash flow, pretax income and book value trends as well.

Related companies: Progressive, Travelers, Allstate, Union Pacific, JPMorgan Chase

Financial statements

Last 5 fiscal years. Currency: US dollars.

Show the table

Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	276.185B	302.02B	364.482B	371.433B	371.444B
Pretax income	111.861B	−30.5B	120.166B	110.376B	82.459B
Net income	89.937B	−22.759B	96.223B	88.995B	66.968B
Operating cash flow	39.427B	37.35B	49.196B	30.592B	45.969B
Capital expenditures	13.276B	15.464B	19.409B	18.976B	20.927B
Free cash flow (FCF)	26.151B	21.886B	29.787B	11.616B	25.042B
Total assets	959.388B	948.465B	1,069.978B	1,153.881B	1,222.176B
Total liabilities	449.089B	466.784B	499.208B	502.226B	502.473B
Total equity	510.299B	481.681B	567.509B	649.368B	717.419B
Cash and equivalents	88.706B	36.399B	38.643B	48.376B	52.569B
Original filing	10-K	10-K	10-K	10-K	10-K

Source: SEC EDGAR filings for Berkshire Hathaway Inc. · CIK 0001067983 · US-GAAP