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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $410.5B | - | $67.0B | $25.0B | 9.3% | -3.2% | -24.8% |
| 2024 | $424.2B | - | $89.0B | $11.6B | 13.7% | -3.4% | -7.5% |
| 2023 | $439.3B | - | $96.2B | $29.8B | 17.1% | 87.7% | -522.8% |
| 2022 | $234.1B | - | $-22.8B | $21.9B | -4.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 234,121 | 439,337 | 424,232 | 410,522 |
| Operating Revenue | - | 234,121 | 439,337 | 424,232 | 410,522 |
| Selling General And Administration | - | 25,056 | 31,495 | 32,711 | 37,420 |
| Total Expenses | - | 264,621 | 319,171 | 313,856 | 328,063 |
| EBIT | - | -26,148 | 125,169 | 115,576 | 87,528 |
| Interest Income | - | 10,263 | 15,764 | 21,825 | 23,261 |
| Interest Expense | - | 4,352 | 5,003 | 5,200 | 5,069 |
| Net Interest Income | - | -4,352 | -5,003 | -5,200 | -5,069 |
| Other Income Expense | - | 54,339 | 53,439 | 54,100 | 55,220 |
| Interest Expense Non Operating | - | 4,352 | 5,003 | 5,200 | 5,069 |
| Net Non Operating Interest Income Expense | - | -4,352 | -5,003 | -5,200 | -5,069 |
| Pretax Income | - | -30,500 | 120,166 | 110,376 | 82,459 |
| Tax Provision | - | -8,502 | 23,019 | 20,815 | 15,199 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -21,998 | 97,147 | 89,561 | 67,260 |
| Net Income From Continuing And Discontinued Operation | - | -22,759 | 96,223 | 88,995 | 66,968 |
| Net Income From Continuing Operation Net Minority Interest | - | -22,759 | 96,223 | 88,995 | 66,968 |
| Net Income | - | -22,759 | 96,223 | 88,995 | 66,968 |
| Net Income Common Stockholders | - | -22,759 | 96,223 | 88,995 | 66,968 |
| Net Income Including Noncontrolling Interests | - | -21,998 | 97,147 | 89,561 | 67,260 |
| Normalized Income | - | -22,759 | 96,223 | 88,995 | 66,968 |
| Diluted NI Availto Com Stockholders | - | -22,759 | 96,223 | 88,995 | 66,968 |
| Basic Average Shares | - | 2,203.31 | 2,173.32 | 2,156.58 | 2,157.33 |
| Diluted Average Shares | - | 2,203.31 | 2,173.32 | 2,156.58 | 2,157.33 |
| Reconciled Depreciation | - | 10,899 | 12,486 | 12,855 | 13,476 |
| Total Unusual Items | 0 | 0 | - | - | - |
| Total Unusual Items Excluding Goodwill | 0 | 0 | - | - | - |
| Minority Interests | - | -761 | -924 | -566 | -292 |
| Special Income Charges | 0 | 0 | - | - | - |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| General And Administrative Expense | - | 25,056 | 31,495 | 32,711 | 37,420 |
| Other Gand A | - | 25,056 | 31,495 | 32,711 | 37,420 |
| Rent Expense Supplemental | - | 5,550 | 6,037 | 7,069 | 7,685 |
| Other Operating Expenses | - | 38,162 | 38,879 | 37,292 | 36,480 |
| Selling And Marketing Expense | 18,843 | 19,506 | 25,458 | 25,642 | - |
| Loss Adjustment Expense | - | 62,889 | 61,216 | 60,044 | 61,686 |
| Net Policyholder Benefits And Claims | - | 62,889 | 61,216 | 60,044 | 61,686 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Berkshire Hathaway Inc.this co. | BRK-B | $1.0T | 15.42β discount | 1.44 | 9.3% | - |
| JPMorgan Chase & Co. | JPM | $833.0B | 14.96 | 2.30 | 15.4% | - |
| Visa Inc. | V | $608.9B | 30.67 | 16.06 | 52.4% | 23.65 |
| Mastercard Incorporated | MA | $425.7B | 28.44 | 55.02 | 193.5% | 21.22 |
| Bank of America Corporation | BAC | $384.4B |
| - |
| - |
| - |
| - |
| - |
| - |
| 12.60 |
| 1.39 |
| 11.0% |
| - |
| Morgan Stanley | MS | $344.3B | 20.42 | 3.38 | 16.5% | - |
| The Goldman Sachs Group, Inc. | GS | $322.3B | 19.77 | 2.58 | 13.0% | - |
| Wells Fargo & Company | WFC | $249.8B | 11.71 | 1.52 | 13.0% | - |
| Citigroup Inc. | C | $230.5B | 17.70 | 1.09 | 6.1% | - |
| Peer Median | - | 18.74 | 2.44 | 14.2% | 22.44 | |