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Share classes: A, B and C shares

Why some companies have more than one class of common stock, with Alphabet's and Berkshire Hathaway's as the examples.

The short answer

Some companies have more than one class of common stock. The classes usually share equally in profits and dividends but differ in voting power, which lets founders or long-term owners keep control while selling most of the economic ownership. Alphabet has three: Class A with one vote a share, Class B with 10 votes and Class C with none. Class B is about 7% of the shares but about 59% of the votes.

Alphabet's three classes

Alphabet's 10-K for 2025 says the rights of each class are identical except for voting, and lists the shares outstanding as of Jan 28, 2026:

Class	Ticker	Votes per share	Shares outstanding	Share of votes
Class A	GOOGL	1	5,822 million	41%
Class B	not listed	10	837 million	59%
Class C	GOOG	0	5,438 million	0%

Share of votes worked out from the cover-page counts: 10 votes for each Class B share, one for each Class A share.

The 10-K adds that Larry Page and Sergey Brin beneficially owned about 89.3% of the Class B stock at the end of 2025. Class B shares convert to Class A when they're sold or transferred, so the extra votes stay with the original holders. The two listed classes, GOOGL and GOOG, usually trade at similar prices because they have the same claim on profits.

Berkshire Hathaway's A and B shares

Berkshire's classes differ in size more than in purpose. According to its 10-K for 2025, each Class B share has 1/1,500 of a Class A share's economic rights and 1/10,000 of its vote. A Class A share can be converted into 1,500 Class B shares at any time, but not the other way around. Berkshire hasn't declared a cash dividend since 1967, so the economic rights matter mostly in a sale or liquidation.

Because the conversion ties them together, BRK.B trades close to 1/1,500 of BRK.A's price.

What it means for the numbers

Market cap has to include every class, listed or not, at the right ratio. Using one class's price times one class's share count understates it. Market cap covers the calculation.
EPS is usually the same for each class when the classes share equally in profits, as at Alphabet. Berkshire reports EPS per average equivalent Class A share.
Voting results, reported on Form 8-K under Item 5.07 after each meeting, are counted in votes, not shares. The proxy statement says how many votes each class carries.

Common questions

What is the difference between GOOGL and GOOG?

GOOGL is Alphabet's Class A stock, with one vote per share. GOOG is Class C, with no voting rights. Otherwise the rights are the same, which is why they usually trade at similar prices.

Why do companies have dual-class shares?

Usually so founders or long-term owners keep voting control while selling most of the economic ownership. Higher-vote shares are often unlisted and convert to ordinary shares when sold.

How many Class B shares equal one Berkshire Class A share?

1,500. A Class A share can be converted into 1,500 Class B shares at any time, but Class B shares can't be converted into Class A.

Do all share classes get the same dividend?

It depends on the company's charter. At Alphabet the classes share equally. At Berkshire, Class B has 1/1,500 of the Class A dividend rights, though it pays no cash dividend.

Does market cap include unlisted share classes?

It should. The company's total value is spread across every class, so a correct market cap counts all of them, converted at their economic ratio.

Disclosures

Editor holdings: The editor holds no position in any company named on this page. As of Nov 11, 2026.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: Each company's own SEC filings, linked next to each number.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.

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