Company file · BRK.B
Berkshire Hathaway
Berkshire ended 2025 holding $321.4B of US Treasury bills
Its insurance and other businesses held $321.4B of Treasury bills at the end of 2025 and $324.9B at Jun 30, 2026. Revenues were flat at $371.4B, while net earnings, which include investment gains, fell 24.8%.
Key facts
Berkshire Hathaway (NYSE: BRK.B) reported total revenues of $371.4B for fiscal 2025, the year ended Dec 31, 2025, roughly unchanged from fiscal 2024. Net earnings to shareholders were $67.0B, down 24.8%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenues were $101.8B, up 10.0% from the same quarter a year earlier, and net earnings were $25.7B. The largest piece by business segment was Insurance, corporate and other, at 29% of fiscal 2025 total revenues. Sources: 10-K for fiscal 2025 (filed Mar 2, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 10, 2026).
Source: 10-K FY2025, filed Mar 2, 2026
How it makes money
Insurance, corporate and other was the largest segment by revenue at 29% of 2025 revenues, followed by manufacturing (21%) and McLane (14%).
Source: 10-K FY2025
What changed last quarter
- US Treasury Bills (insurance and other) $324.9B at Jun 30, 2026, vs $321.4B at FY2025 end.
- Cash, equivalents & restricted cash $41.4B at Jun 30, 2026, vs $52.6B at FY2025 end.
- Shareholders' equity $747.9B at Jun 30, 2026, vs $717.4B at FY2025 end.
- Operating cash flow, first 6 months of fiscal 2026: $21.7B vs $21.0B a year earlier.
Source: 10-Q, quarter ended Jun 30, 2026, filed Aug 10, 2026
The bull case and the bear case
The bull case
- Shareholders' equity (book value) rose 10.5% in 2025 to $717.4B. 10-K, FY2025
- Operating cash flow was $46.0B in 2025, up 50.3%. 10-K, FY2025
- Revenues in the quarter ended Jun 30, 2026 were $101.8B, up 10.0% on a year earlier; manufacturing revenue grew 12.9%. 10-Q, quarter ended Jun 30, 2026
The bear case
- Revenues were $371.4B in 2025, essentially unchanged from $371.4B in 2024. 10-K, FY2025
- Pilot revenue fell 10.0% in 2025 and McLane revenue 1.7%. 10-K, FY2025
- Net earnings fell from $96.2B in 2023 to $67.0B in 2025; the investment and derivative gains included in them went from $74.9B to $39.1B. 10-K, FY2025
- The 10-K notes that its investments are unusually concentrated and that it depends on a few key people for investment decisions. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Berkshire Hathaway is a holding company. It owns insurers such as GEICO and General Re, the BNSF railroad, Berkshire Hathaway Energy, manufacturers, distributors and retailers, and a large portfolio of stocks and Treasury bills.
Berkshire's businesses range from insurance and reinsurance to freight rail, utilities and energy, manufacturing, food and convenience distribution (McLane), truck stops (Pilot) and retailing. Insurance premiums are collected before claims are paid, which gives Berkshire large sums to invest in the meantime.
Its fiscal year is the calendar year. Ticker Sage covers the Class B shares (BRK.B); the financial statements are for the whole company.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Berkshire Hathaway's latest 10-K. Read the original for the full list.
- Key peopleIt depends on a few people for major investment and capital-allocation decisions.
- Concentrated investmentsIts investments are unusually concentrated in stocks, and their market value can fall.
- Insurance lossesIts willingness to take on large insurance risks can lead to big underwriting losses, for example after major catastrophes.
- Cyber and terrorismCyberattacks and terrorist acts could cause losses across its businesses.
- Economy and world eventsA weak economy or geopolitical events could cut earnings and the value of securities it owns.
- Competition and technologyCompetition and new technology could erode its businesses' advantages.
- Regulation and climateRule changes, including for its utilities, railroad and insurers, and climate change and emissions rules could affect results.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total revenues | $364.5B | $371.4B | $371.4B |
| Net earnings to shareholders | $96.2B | $89.0B | $67.0B |
| Operating cash flow | $49.2B | $30.6B | $46.0B |
| Investment & derivative gains (losses) | $74.9B | $52.8B | $39.1B |
| US Treasury Bills (insurance and other) (year end) | – | – | $321.4B |
| Cash, equivalents & restricted cash (year end) | $38.6B | $48.4B | $52.6B |
| Shareholders' equity (year end) | $561.3B | $649.4B | $717.4B |
- Total revenues: Insurance premiums, sales of goods and services, freight, utility revenue, interest and dividends.
- Net earnings to shareholders: Net earnings attributable to Berkshire shareholders, including gains and losses on its investments.
- Operating cash flow: Cash from day-to-day operations of all the businesses, including insurance.
- Investment & derivative gains (losses): Gains and losses on investments and derivative contracts, mostly changes in the market value of stocks it holds. Included in net earnings.
- US Treasury Bills (insurance and other): Short-term US government debt held by the insurance and other businesses, as shown on the balance sheet.
- Cash, equivalents & restricted cash: All cash and cash equivalents, including restricted cash, across the group (from the cash flow statement). Excludes Treasury Bills.
- Shareholders' equity: Book value attributable to Berkshire shareholders.
About these numbers
- Revenue here is total revenues. “Revenue from contracts with customers” would leave out insurance premiums and investment income, so it isn't used.
- Net earnings include gains and losses on investments and derivatives ($39.1B in 2025, $52.8B in 2024), mostly changes in the market value of the stocks Berkshire owns, so net earnings can swing with stock prices.
- Treasury bills are the balance-sheet amount for the insurance and other businesses. The figure uses a Berkshire-specific breakdown that isn't in the SEC's standard data feed, so it is read from the filing's XBRL file.
What we left out
- Insurance float: Berkshire discusses it in the 10-K text, but it isn't a tagged number in the filing data, so we leave it out rather than retype it.
- Total debt: borrowings sit in the parent company, the railroad, utilities and energy business and other units, with no single tagged total, so none is shown.
- Diluted shares: Berkshire reports average Class A-equivalent shares rather than a standard diluted share count, so the share row is left out.
Recent filings
Latest filings
- Oct 234:38 PM ET
Form 4
Berkshire Hathaway Vice Chairman Ajit Jain reports a gift of 19 shares
The filing reports 19 shares given as a gift (code G).
- Sep 295:16 PM ET
Form 4
Berkshire Hathaway Vice Chairman Ajit Jain reports selling 39,700 shares
The filing reports 39,700 shares in an open-market or private sale (code S) at $503.09, about $20.0 million in total.
Common questions about Berkshire Hathaway
How does Berkshire Hathaway make money?
Berkshire Hathaway's total revenues were $371.4B in fiscal 2025. Insurance, corporate and other was the largest segment by revenue at 29% of 2025 revenues, followed by manufacturing (21%) and McLane (14%). Source: 10-K for fiscal 2025, filed Mar 2, 2026.
What was Berkshire Hathaway's revenue in fiscal 2025?
$371.4B of total revenues for the fiscal year ended Dec 31, 2025, roughly unchanged from $371.4B in fiscal 2024. Fiscal 2023 was $364.5B. Source: 10-K for fiscal 2025, filed Mar 2, 2026.
Is Berkshire Hathaway profitable?
Berkshire Hathaway reported net earnings to shareholders of $67.0B for fiscal 2025, down 24.8% from $89.0B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net earnings were $25.7B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Mar 2, 2026.
What did Berkshire Hathaway report in its latest quarterly filing?
Revenues were $101.8B in the quarter ended Jun 30, 2026, up 10.0% from $92.5B a year earlier. Net earnings were $25.7B, up 107.5% from $12.4B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 10, 2026.
What are the main risks Berkshire Hathaway lists?
Berkshire Hathaway's 10-K for fiscal 2025, filed Mar 2, 2026, lists its risk factors in Item 1A. We group them into 7 areas: Key people; concentrated investments; insurance losses; cyber and terrorism; economy and world events; competition and technology; regulation and climate. The first: It depends on a few people for major investment and capital-allocation decisions. Source: 10-K, Item 1A Risk Factors.
Where do these Berkshire Hathaway numbers come from?
From Berkshire Hathaway's own SEC filings: the 10-K for fiscal 2025 (filed Mar 2, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 10, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in BRK.B
- The editor holds no position in Berkshire Hathaway (BRK.B). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell BRK.B from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold BRK.B, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Berkshire HathawayBRK.B | FY2025 | $371.4B | +0.0% | $67.0B |
| JPMorgan ChaseJPM | FY2025 | $182.4B | +2.8% | $57.0B |
| AppleAAPL | FY2025 | $416.2B | +6.4% | $112.0B |
| Coca-ColaKO | FY2025 | $47.9B | +1.9% | $13.1B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.