Stocks BRK-A Financial statements
Financial statementsBERKSHIRE HATHAWAY INC financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BERKSHIRE HATHAWAY INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 215,114 | 239,933 | 247,837 | 254,616 | 245,579 | 276,185 | 302,020 | 364,482 | 371,433 | 371,444 |
| Interest expense | 3,741 | 4,386 | 3,853 | 3,961 | 4,083 | 4,172 | 4,352 | 5,003 | 5,200 | 5,069 |
| Other non-operating income | 8,304 | 2,128 | -22,455 | 72,607 | 40,746 | |||||
| Pre-tax income | 33,667 | 23,838 | 4,001 | 102,696 | 55,693 | 111,861 | -30,500 | 120,166 | 110,376 | 82,459 |
| Income tax | 9,240 | -21,515 | -321 | 20,904 | 12,440 | 20,912 | -8,502 | 23,019 | 20,815 | 15,199 |
| Net income to minority interests | 353 | 413 | 301 | 375 | 732 | 1,012 | 761 | 924 | 566 | 292 |
| Net income | 24,074 | 44,940 | 4,021 | 81,417 | 42,521 | 89,937 | -22,759 | 96,223 | 88,995 | 66,968 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 28,048 | 31,583 | 30,811 | 64,632 | 48,396 | 88,706 | 36,399 | 38,643 | 48,376 | 52,569 |
| Inventory | 15,727 | 17,366 | 19,069 | 19,852 | 19,208 | 20,954 | 25,366 | 25,856 | 24,008 | 24,424 |
| Lease right-of-use assets | 5,941 | 5,579 | 5,091 | 4,975 | 5,277 | 5,843 | 6,020 | |||
| Goodwill | 79,486 | 81,258 | 81,025 | 81,882 | 73,734 | 73,875 | 78,119 | 84,626 | 83,880 | 83,074 |
| Total assets | 620,854 | 702,095 | 707,794 | 817,729 | 873,729 | 959,388 | 948,465 | 1,069,978 | 1,153,881 | 1,222,176 |
| Total liabilities | 335,426 | 350,141 | 355,294 | 389,166 | 422,393 | 448,485 | 466,784 | 499,208 | 502,226 | 502,473 |
| Paid-in capital | 35,681 | 35,694 | 35,707 | 35,658 | 35,626 | 35,592 | 35,167 | 34,480 | 35,665 | 35,612 |
| Retained earnings | 210,846 | 255,786 | 321,112 | 402,493 | 444,626 | 534,421 | 511,127 | 607,350 | 696,218 | 763,186 |
| Treasury stock | -1,763 | -1,763 | -3,109 | -8,125 | -32,853 | -59,795 | -67,826 | -76,802 | -78,939 | -78,939 |
| Other comprehensive income | 37,298 | 58,571 | -5,015 | -5,243 | -4,243 | -4,027 | -5,052 | -3,763 | -3,584 | -2,448 |
| Shareholders' equity | 282,070 | 348,296 | 348,703 | 424,791 | 443,164 | 506,199 | 473,424 | 561,273 | 649,368 | 717,419 |
| Minority interests | 3,358 | 3,658 | 3,797 | 3,772 | 8,172 | 8,731 | 8,257 | 6,236 | 2,287 | 2,284 |
| Total equity | 285,428 | 351,954 | 352,500 | 428,563 | 444,908 | 510,299 | 481,681 | 567,509 | 651,655 | 719,703 |
| Total liabilities and equity | 620,854 | 702,095 | 707,794 | 817,729 | 873,729 | 958,784 | 948,465 | 1,069,978 | 1,153,881 | 1,222,176 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 24,427 | 45,353 | 4,322 | 81,792 | 43,253 | 90,949 | -21,998 | 97,147 | 89,561 | 67,260 |
| Depreciation and amortization | 8,901 | 9,188 | 9,779 | 10,064 | 10,596 | 10,718 | 10,899 | 12,486 | 12,855 | 13,476 |
| Deferred income tax | 2,675 | -24,814 | -5,497 | 15,086 | 7,388 | 15,586 | -13,317 | 15,377 | -9,649 | 1,867 |
| Change in receivables | -3,302 | -1,990 | -3,443 | -2,303 | -1,609 | -5,864 | -5,621 | -1,949 | 626 | -2,426 |
| Change in inventory | 681 | -1,862 | -4,779 | 1,426 | 591 | |||||
| Cash from operations | 32,647 | 45,728 | 37,400 | 38,687 | 39,773 | 39,427 | 37,350 | 49,196 | 30,592 | 45,969 |
| Capital expenditures | -12,954 | -11,708 | -14,537 | -15,979 | -13,012 | -13,276 | -15,464 | -19,409 | -18,976 | -20,927 |
| Acquisitions | -31,399 | -2,708 | -3,279 | -1,683 | -2,532 | -456 | -10,594 | -8,604 | -396 | -1,074 |
| Purchases of investments | -96,568 | -158,492 | ||||||||
| Sales and maturities of investments | 18,757 | 49,327 | ||||||||
| Cash from investing | -84,225 | -41,009 | -32,849 | -5,621 | -37,757 | 29,392 | -87,601 | -32,663 | -10,287 | -44,487 |
| Share buybacks | -1,346 | -4,850 | -24,706 | -27,061 | -7,854 | -9,171 | -2,918 | |||
| Cash from financing | 12,791 | -1,398 | -5,812 | 730 | -18,344 | -28,508 | -1,662 | -14,405 | -10,360 | 2,233 |
| Exchange rate effect | -172 | 248 | -140 | 25 | 92 | -1 | -394 | 116 | -212 | 478 |
| Net change in cash | -38,959 | 3,569 | -1,401 | 33,821 | -16,236 | 40,310 | -52,307 | 2,244 | 9,733 | 4,193 |
| Free cash flow | 19,693 | 34,020 | 22,863 | 22,708 | 26,761 | 26,151 | 21,886 | 29,787 | 11,616 | 25,042 |
| Income taxes paid | 4,719 | 3,286 | 4,354 | 5,415 | 5,001 | 5,412 | 4,236 | 7,765 | 28,544 | 13,978 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 27.8% | Pre-tax income / revenue. |
| Net margin | 22.3% | Net income / revenue. |
| FCF margin | 6.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 12.1% | Cash from operations / revenue. |
| Effective tax rate | 19.5% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 11.5% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 6.8% | Net income / average total assets. |
| Capex / revenue | 5.8% | Capital expenditures / revenue. |
| D&A / revenue | 3.6% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 0.0% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 7.1% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 8.6% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -24.8% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 5y | 9.5% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 50.3% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 7.2% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 2.9% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 115.6% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 4.6% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -1.3% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 10.5% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 14.9% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 10.1% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 5.9% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 8.8% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 6.9% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 40.6% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 6.6% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $664.74B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.30x | Revenue / average total assets. |
| FCF conversion | 28.2% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 48.1% | Capital expenditures / cash from operations, when that is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $714.12B | Share price x shares outstanding. |
| Enterprise value | $672.76B | Market cap + total debt - cash - short-term investments. |
| P/E | 8.33x | Market cap / net income. Only when net income is positive. |
| P/S | 1.86x | Market cap / revenue. |
| P/B | 0.95x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.07x | Market cap / tangible book value, when positive. |
| P/FCF | 29.5x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 15.3x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.75x | Enterprise value / revenue. |
| EV/FCF | 27.8x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 3.4% | Free cash flow / market cap. |
| Earnings yield | 12.0% | Net income / market cap (the inverse of P/E). |
What was BERKSHIRE HATHAWAY INC's revenue in fiscal 2025?
BERKSHIRE HATHAWAY INC reported revenue of $371.44B for fiscal 2025, 0% higher than the year before.
Was BERKSHIRE HATHAWAY INC profitable in fiscal 2025?
Yes. Net income was $66.97B, a net margin of 18%.
How much free cash flow did BERKSHIRE HATHAWAY INC generate in fiscal 2025?
Cash from operations of $45.97B minus capital expenditures of $20.93B left free cash flow of $25.04B.