BRK-B
SP100NYSEBerkshire Hathaway Inc.
Financial Services · Insurance - Diversified · United States
Berkshire Hathaway Inc., together with its subsidiaries, engages in the insurance, freight rail transportation, and utility businesses. The company provides property, casualty, life, accident, and health insurance and reinsurance; operates railroad systems in North America; generates, transmits, stores, and distributes electricity from natural gas, coal, wind, solar, hydroelectric, nuclear, and geothermal sources; operates natural gas distribution and storage facilities, interstate pipelines, liquefied natural gas facilities, and compressor and meter stations; and holds interest in coal mining assets. It manufactures boxed chocolates and other confectionery products; specialty chemicals, metal cutting tools, and components for aerospace and power generation applications; prefabricated and site-built residential homes, flooring products; insulation, roofing, and engineered products; building and engineered components; paints and coatings; and bricks and masonry products, as well as offers manufactured and site-built home construction, and related lending and financial services. In addition, the company provides recreational vehicles, apparel, footwear, toys, jewelry, custom picture framing products, alkaline batteries, logistics services, and professional aviation training and shared aircraft ownership programs; castings, forgings, fasteners/fastener systems, aerostructures, and precision components; and cobalt, nickel, and titanium alloys. Further, it distributes televisions and information, and grocery and non-food consumer products; franchises and services quick service restaurants; and distributes electronic components. Additionally, it retails automobiles; furniture, bedding, and accessories; household appliances, electronics, and floor coverings; watches, home decor and repair services; sells kitchenware; and motorcycle clothing and equipment. The company was incorporated in 1998 and is headquartered in Omaha, Nebraska.
www.berkshirehathaway.com ↗Shares trade at a moderate 15.1× trailing earnings, easing to 23.6× on forward estimates. Profitability shows a net margin of 19.3% and return on equity of 10.5%. Leverage is modest at -2.3× net debt/EBITDA. Revenue grew 4.4% year-on-year. The mean analyst target of USD520.33 sits 2.5% above the current price (Buy, 3 analysts).
business model
Berkshire Hathaway is a diversified holding company led historically by Warren Buffett, owning a mix of wholly controlled operating businesses and a large portfolio of publicly traded equities. Its insurance operations generate low-cost 'float' that is invested across the group, and Class B shares offer smaller-denomination ownership of the same conglomerate.
revenue segments
Segments span insurance (GEICO, Berkshire Hathaway Reinsurance, and primary insurers), the BNSF railroad, Berkshire Hathaway Energy (utilities and pipelines), and a wide array of manufacturing, service, and retail businesses (e.g., Precision Castparts, Marmon, See's, Dairy Queen), plus large equity holdings such as Apple.
key dependencies
The company depends on insurance underwriting discipline and float generation, investment results on its equity and fixed-income portfolio, the performance of cyclical units like BNSF and energy, capable subsidiary management, and effective capital allocation by senior leadership (with succession to Greg Abel).
competitors
Competition is business-specific: GEICO competes with Progressive, State Farm, and Allstate in auto insurance; BNSF with Union Pacific in rail; Berkshire Hathaway Energy with other regulated utilities; and the equity portfolio and acquisition strategy compete with other investors and private-equity buyers for deals.
moat
Berkshire's moat comes from durable competitive advantages within key subsidiaries (GEICO's low-cost model, BNSF's rail network, regulated utility franchises), an unusually strong balance sheet and large cash reserves enabling opportunistic deals, and a decentralized culture with a trusted brand.
risks
Risks include key-person/succession uncertainty following Buffett's era, large insurance catastrophe exposure, concentration in a few big equity holdings (notably Apple), cyclicality in rail and energy, and the challenge of deploying its very large cash balance at attractive returns.
Financials & metrics
as of 27 Aug 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $410.52B | $424.23B | $439.34B | $234.12B | — |
| Operating expense | $328.06B | $313.86B | $319.17B | $264.62B | — |
| Interest expense | $5.07B | $5.20B | $5.00B | $4.35B | — |
| Pretax income | $82.46B | $110.38B | $120.17B | -$30.50B | — |
| Tax provision | $15.20B | $20.82B | $23.02B | -$8.50B | — |
| Net income | $66.97B | $89.00B | $96.22B | -$22.76B | — |
| Diluted EPS | $31.04 | $41.27 | $44.27 | -$10.33 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $1.22T | $1.15T | $1.07T | $948.47B | — |
| Cash & equivalents | $51.88B | $47.73B | $38.02B | $35.81B | — |
| Total liabilities | $502.47B | $502.23B | $499.21B | $466.78B | — |
| Total debt | $129.08B | $124.76B | $128.27B | $122.74B | — |
| Long-term debt | $125.76B | $122.32B | $122.94B | $120.31B | — |
| Shareholders' equity | $717.42B | $649.37B | $561.27B | $473.42B | — |
| Retained earnings | $763.19B | $696.22B | $607.35B | $511.13B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $45.97B | $30.59B | $49.20B | $37.35B | — |
| Investing cash flow | -$44.49B | -$10.29B | -$32.66B | -$87.60B | — |
| Financing cash flow | $2.23B | -$10.36B | -$14.40B | -$1.66B | — |
| Capital expenditure | -$20.93B | -$18.98B | -$19.41B | -$15.46B | — |
| Free cash flow | $25.04B | $11.62B | $29.79B | $21.89B | — |
| Share buybacks | $0.00 | -$2.92B | -$9.17B | -$7.85B | — |
| End cash position | $52.57B | $48.38B | $38.64B | $36.40B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
This company does not currently pay a dividend.
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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