Berkshire Hathaway
BRK-B · NYSEFire, Marine & Casualty Insurance · Fiscal year ends Dec 31
Berkshire Hathaway reported revenue of $247B in the fiscal year ended Dec 2025, down 1.0% from the year before. Net income was $67B. Operating cash flow of $46B less capital expenditure of $20.9B left free cash flow of $25B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $191B | $208B | $255B | $250B | $247B |
| Interest expense | $4.2B | $4.4B | $5B | $5.2B | $5.1B |
| Pre-tax income | $112B | −$30.5B | $120B | $110B | $82.5B |
| Income tax | $20.9B | −$8.5B | $23B | $20.8B | $15.2B |
| Net income | $89.9B | −$22.8B | $96.2B | $89B | $67B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $88.7B | $36.4B | $38.6B | $48.4B | $52.6B |
| Inventory | $21B | $25.4B | $25.9B | $24B | $24.4B |
| Goodwill | $73.9B | $78.1B | $84.6B | $83.9B | $83.1B |
| Total assets | $959B | $948B | $1,070B | $1,154B | $1,222B |
| Total liabilities | – | $467B | $499B | $502B | $502B |
| Shareholders' equity | $506B | $473B | $561B | $649B | $717B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $39.4B | $37.4B | $49.2B | $30.6B | $46B |
| Capital expenditure | $13.3B | $15.5B | $19.4B | $19B | $20.9B |
| Free cash flow | $26.2B | $21.9B | $29.8B | $11.6B | $25B |
| Depreciation & amortisation | $10.7B | $10.9B | $12.5B | $12.9B | $13.5B |
| Acquisitions | $456M | $10.6B | $8.6B | $396M | $1.1B |
| Share buybacks | $27.1B | $7.9B | $9.2B | $2.9B | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.6% | 22.7% | −2.0% | −1.0% |
| Net margin | 47.0% | −11.0% | 37.7% | 35.6% | 27.1% |
| Return on equityBlank when equity is negative | 17.8% | −4.8% | 17.1% | 13.7% | 9.3% |
| Free cash flow margin | 13.7% | 10.5% | 11.7% | 4.7% | 10.1% |
| Cash conversion (CFO ÷ net income) | 0.44x | −1.64x | 0.51x | 0.34x | 0.69x |
Recent filings
More in Fire, Marine & Casualty Insurance
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.