Berkshire Hathaway

Financials

What the filings say

Berkshire Hathaway's annual statements as filed with the SEC, read backwards: from the reported figures to what the business did, to whether it will persist. Every number links to the filing it came from.

19 fiscal years2007–2025 on fileBRK-B ticker

FY2025 · period ending 2025-12-31

$371.4B

Revenue

—

Gross margin

—

Operating margin

9.8%

Return on equity

Insurance float and investment gains dominate; margin lines are not comparable to operating companies.

Changes in the reported figures

Revenue increased 0.0% between FY2024 and FY2025.

Operating cash flow less reported capital expenditures was $25.0B in FY2025. This calculation excludes acquisitions and financing flows.

Reported financial changes between FY2024 · 2024-12-31 and FY2025 · 2025-12-31
Measure	FY2024 · 2024-12-31	FY2025 · 2025-12-31	Change
Revenue	$371.4B	$371.4B	$11M
Operating margin	—	—	Not available
Net income	$89.0B	$67.0B	−$22.0B
Operating cash flow	$30.6B	$46.0B	$15.4B
Capital expenditures	$19.0B	$20.9B	$2.0B

Calculated from the filing snapshot; changes in accounting, acquisitions, or reporting scope can affect comparisons. Currency: USD. Insurance float and investment gains dominate; margin lines are not comparable to operating companies.

The lens

A company-specific financial interpretation is still pending. The comparison above establishes the reported changes; the revenue mix, cost classification, and capital requirements need to be reconciled before attributing those changes to strategy.

Where it sits among the set

Different business models and fiscal years; these positions are not a like-for-like performance ranking.

Each dot is one SEC-filing company in the Acquired set at its latest fiscal year on file; the large dot is Berkshire Hathaway, ranked from the top. Banks, insurers, and card networks report no cost of revenue, so they have no dot on the margin rows. A value past the end of a scale is pinned at the edge and says so on hover.

The shape of a revenue dollar

Other operating costsOperating incomeNet margin

Each column is one fiscal year scaled to 100% of revenue, so the shape is comparable even as revenue grows. The bottom band is what survives as operating income; the line is net margin after interest and tax. This company reports no cost-of-revenue line, so the column has two bands.

Return on equity, taken apart

ROE is net margin times asset turnover times leverage. The three shaded rows multiply to the row below them, so a change in ROE can be traced to pricing and cost (margin), to how hard the asset base works (turnover), or to how much of it is financed by debt (leverage). Averages use the prior year-end balance, so the first year on file has no ratio.

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$276.2B	$302.0B	$364.5B	$371.4B	$371.4B
Revenue growth	12.5%	9.4%	20.7%	1.9%	0.0%
Net income	$89.9B	−$22.8B	$96.2B	$89.0B	$67.0B
Net margin	32.6%	-7.5%	26.4%	24.0%	18.0%
× Asset turnover	0.30×	0.32×	0.36×	0.33×	0.31×
× Leverage (assets / equity)	1.93×	1.95×	1.95×	1.84×	1.74×
= Return on equity	18.9%	-4.6%	18.6%	14.7%	9.8%
Return on assets	9.8%	-2.4%	9.5%	8.0%	5.6%
Capex / revenue	4.8%	5.1%	5.3%	5.1%	5.6%
Operating cash flow / net income	0.44×	-1.64×	0.51×	0.34×	0.69×

Operating cash flow over net income above 1× means earnings are arriving as cash; well below 1× for several years is the first place to look for earnings that are not. Capex over revenue is how much of each sales dollar goes back into the asset base.

Filing sources and accounting concepts

Provenance

Pulled from the SEC’s XBRL company-facts API. Each line below is the standardized concept that fed it; when a company changed concepts across years (a revenue standard change, a capex relabel), every alias used is listed. Missing concepts are blank, never zero. Values are as reported in the most recently filed annual report covering each period, so restated comparatives win.

Fiscal year	Period end	Form	Filed	Filing
FY2025	2025-12-31	10-K	2026-03-02	0001193125-26-083899
FY2024	2024-12-31	10-K	2026-03-02	0001193125-26-083899
FY2023	2023-12-31	10-K	2026-03-02	0001193125-26-083899
FY2022	2022-12-31	10-K	2025-02-24	0000950170-25-025210
FY2021	2021-12-31	10-K	2024-02-26	0000950170-24-019719

revenue: Revenues
operating income: OperatingIncomeLoss
net income: NetIncomeLoss
total assets: Assets
total equity: StockholdersEquity
operating cash flow: NetCashProvidedByUsedInOperatingActivities · NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
capital expenditures: PaymentsToAcquirePropertyPlantAndEquipment

BERKSHIRE HATHAWAY INC · CIK 0001067983 · us-gaap · snapshot 2026-10-08