Berkshire Hathaway Inc. is a Delaware-domiciled holding company headquartered in Omaha, Nebraska, that owns subsidiaries across a wide range of industries. Its most important operations are its primary and reinsurance insurance businesses (including GEICO and Berkshire Hathaway Reinsurance), the BNSF freight-rail transportation business, and the Berkshire Hathaway Energy group of regulated utilities. Berkshire also owns dozens of manufacturing, service and retailing businesses and holds one of the largest equity-securities portfolios in the world. The company is run on an unusually decentralized basis, with capital allocation and major investment decisions directed centrally by its chief executive officer.
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Insurance premiums earned | 88,902 | 88,257 | 83,403 | 74,576 |
| Sales and service revenues | 199,524 | 202,334 | 207,148 | 157,518 |
| Leasing revenues | 10,034 | 9,227 | 8,416 | 7,514 |
| Interest, dividend and other investment income | 23,261 | 21,825 | 15,764 | 10,263 |
| Railroad transportation revenues | 23,330 | 23,355 | 23,791 | 25,802 |
| Utility and energy operating revenues | 21,856 | 21,518 | 21,232 | 21,023 |
| Service revenues and other income | 4,537 | 4,917 | 4,728 | 5,324 |
| Total Revenues | 371,444 | 371,433 | 364,482 | 302,020 |
| Investment gains (losses) | 39,078 | 52,799 | 74,855 | (67,899) |
| Total costs and expenses | 318,473 | 315,697 | 321,144 | 266,484 |
| Earnings (loss) before income taxes and equity method earnings | 92,049 | 108,535 | 118,193 | (32,363) |
| Equity method earnings (losses) | (9,590) | 1,841 | 1,973 | 1,863 |
| Earnings (loss) before income taxes | 82,459 | 110,376 | 120,166 | (30,500) |
| Income tax expense (benefit) | 15,199 | 20,815 | 23,019 | (8,502) |
| Net earnings (loss) | 67,260 | 89,561 | 97,147 | (21,998) |
| Earnings attributable to noncontrolling interests | 292 | 566 | 924 | 761 |
| Net earnings (loss) attributable to Berkshire shareholders | 66,968 | 88,995 | 96,223 | (22,759) |
| Net earnings (loss) per equivalent Class A share | 46,563 | 61,900 | 66,412 | (15,494) |
| Net earnings (loss) per equivalent Class B share | 31.04 | 41.27 | 44.27 | (10.33) |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and cash equivalents (Insurance and Other) | 47,719 | 44,333 | 34,268 | 32,260 |
| Short-term investments in U.S. Treasury Bills | 321,434 | 286,472 | 129,619 | 92,774 |
| Investments in fixed maturity securities | 17,816 | 15,364 | 23,758 | 25,128 |
| Investments in equity securities | 297,778 | 271,588 | 353,842 | 308,793 |
| Equity method investments | 19,978 | 31,134 | 29,066 | 28,050 |
| Loans and finance receivables | 29,836 | 27,798 | 24,681 | 23,208 |
| Other receivables | 44,331 | 43,887 | 46,261 | 43,506 |
| Inventories | 24,424 | 24,008 | 25,856 | 25,366 |
| Property, plant and equipment (Insurance and Other) | 31,885 | 30,071 | 30,199 | 21,113 |
| Equipment held for lease | 18,535 | 17,828 | 16,947 | 15,584 |
| Goodwill (Insurance and Other) | 55,945 | 56,860 | 57,473 | 51,522 |
| Other intangible assets | 33,802 | 34,638 | 35,884 | 29,187 |
| Deferred charges - retroactive reinsurance | 8,104 | 8,797 | 9,495 | 9,870 |
| Other assets (Insurance and Other) | 24,413 | 24,994 | 21,866 | 19,628 |
| Total Insurance and Other assets | 976,000 | 917,772 | 839,215 | 725,989 |
| Property, plant and equipment (Railroad, Utilities and Energy) | 184,740 | 175,030 | 169,447 | 160,268 |
| Goodwill (Railroad, Utilities and Energy) | 27,129 | 27,020 | 27,153 | 26,597 |
| Cash, receivables and other (Railroad, Utilities and Energy) | 34,307 | 34,059 | 34,163 | 35,598 |
| Total Railroad, Utilities and Energy assets | 246,176 | 236,109 | 230,763 | 222,463 |
| Total Assets | 1,222,176 | 1,153,881 | 1,069,978 | 948,452 |
| Unpaid losses and loss adjustment expenses | 151,761 | 147,594 | 145,729 | 142,887 |
| Unearned insurance premiums | 31,339 | 30,808 | 30,507 | 28,657 |
| Life, annuity and health insurance benefits | 17,890 | 17,616 | 20,213 | 22,421 |
| Notes payable and other borrowings (Insurance and Other) | 45,763 | 44,885 | 48,468 | 46,538 |
| Notes payable and other borrowings (Railroad, Utilities and Energy) | 83,318 | 79,877 | 79,803 | 76,206 |
| Income taxes, principally deferred | 86,955 | 85,870 | 93,009 | 77,020 |
| Other liabilities | 85,447 | 95,576 | 81,479 | 74,106 |
| Total Liabilities | 502,473 | 502,226 | 499,208 | 467,835 |
| Redeemable noncontrolling interests | — | — | 3,261 | — |
| Common stock at par value | 8 | 8 | 8 | 8 |
| Capital in excess of par value | 35,612 | 35,665 | 34,480 | 35,167 |
| Retained earnings | 763,186 | 696,218 | 607,350 | 511,602 |
| Accumulated other comprehensive income (loss) | (2,448) | (3,584) | (3,763) | (6,591) |
| Treasury stock, at cost | (78,939) | (78,939) | (76,802) | (67,826) |
| Berkshire shareholders' equity | 717,419 | 649,368 | 561,273 | 472,360 |
| Noncontrolling interests | 2,284 | 2,287 | 6,236 | 8,257 |
| Total Shareholders' Equity | 719,703 | 651,655 | 567,509 | 480,617 |
| Total Liabilities and Shareholders' Equity | 1,222,176 | 1,153,881 | 1,069,978 | 948,452 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net earnings (loss) | 67,260 | 89,561 | 97,147 | (21,998) |
| Investment (gains) losses | (39,078) | (52,799) | (74,855) | 67,899 |
| Depreciation and amortization | 13,476 | 12,855 | 12,486 | 10,899 |
| Discount accretion on investments | (11,964) | (11,349) | (5,510) | (1,132) |
| Equity method investment impairment losses | 10,681 | — | — | — |
| Other operating adjustments | 3,239 | (892) | (513) | (3,074) |
| Changes in operating assets and liabilities, net | 2,355 | (6,784) | 20,441 | (15,244) |
| Net cash flows from operating activities | 45,969 | 30,592 | 49,196 | 37,350 |
| Purchases of equity securities | (16,923) | (9,237) | (16,462) | (67,930) |
| Sales of equity securities | 30,686 | 143,359 | 40,631 | 33,664 |
| Purchases of U.S. Treasury Bills and fixed maturity securities | (586,129) | (526,842) | (235,007) | (183,922) |
| Sales of U.S. Treasury Bills and fixed maturity securities | 44,769 | 48,462 | 52,302 | 90,088 |
| Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities | 503,954 | 353,538 | 153,201 | 66,318 |
| Acquisitions of businesses, net of cash acquired | (1,074) | (396) | (8,604) | (10,594) |
| Purchases of property, plant and equipment and equipment held for lease | (20,927) | (18,976) | (19,409) | (15,464) |
| Other investing activities | 1,157 | (195) | 685 | 239 |
| Net cash flows from investing activities | (44,487) | (10,287) | (32,663) | (87,601) |
| Net proceeds (repayments) of borrowings | 2,148 | 1,239 | (3,494) | 8,767 |
| Changes in short-term borrowings, net | 878 | (3,059) | 2,407 | (596) |
| Acquisitions of treasury stock | — | (2,918) | (9,171) | (7,854) |
| Other, principally transactions with noncontrolling interests | (793) | (5,622) | (4,147) | (1,979) |
| Net cash flows from financing activities | 2,233 | (10,360) | (14,405) | (1,662) |
| Effects of foreign currency exchange rate changes | 478 | (212) | 116 | (394) |
| Increase (decrease) in cash, cash equivalents and restricted cash | 4,193 | 9,733 | 2,244 | (52,307) |
| Cash, cash equivalents and restricted cash, end of year | 52,569 | 48,376 | 38,643 | 36,399 |
| Metric | Value |
|---|---|
| Net earnings margin | 18.0% |
| Pre-tax margin | 22.2% |
| Return on equity | 9.3% |
| Return on assets | 5.5% |
| Equity-to-assets | 58.7% |
| Debt-to-equity | 0.18x |
Total revenues were about flat in fiscal 2025 at $371.4B, but net earnings attributable to shareholders fell to $67.0B from $89.0B a year earlier, as lower investment gains ($39.1B versus $52.8B), a $10.7B equity-method impairment and an equity-method loss compressed the bottom line. Berkshire's balance sheet continued to strengthen, with total assets reaching $1.22T and shareholders' equity of $717.4B, backed by $321.4B of short-term U.S. Treasury Bills and a $297.8B equity-securities portfolio. Operating cash flow of $46.0B and modest leverage (roughly 0.18x debt-to-equity) underscore the group's conservative capitalization.