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Financials · NYSE: BRK.B

Berkshire Hathaway: how the business works

Berkshire Hathaway owns insurers such as GEICO, the BNSF railroad, utilities, manufacturers and retailers, with revenue of $371.4 billion in FY2025.

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Berkshire Hathaway Inc. · Omaha, Nebraska

Last updated

Revenue, FY2025
$371.4B
Net earnings, FY2025 (incl. investment gains)
$67.0B
Cash and T-bills net of payables, insurance and other businesses, Jun 30, 2026
$359.2B
Employees, end of 2025
About 387,800
Warren Buffett's share of votes, Mar 4, 2026 (proxy)
30.2%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Berkshire Hathaway in 5 points

  1. 1 · What it sells

    Berkshire Hathaway owns insurers such as GEICO, the BNSF railroad, utilities, manufacturers, distributors and retailers, with $371.4 billion of revenue in FY2025.

    More: what it sells

  2. 2 · Who pays it

    In FY2025, insurance customers plus investment income supplied 28.1% of revenue, manufacturing buyers 21.1%, McLane's customers 13.7%, service and retail customers 11.5%, Pilot's customers 11.4%, utility customers 7.1%, BNSF's shippers 6.3% and other 0.8%; no customer split is disclosed.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, including investment gains, Berkshire kept $16.3 as net earnings; operating earnings, its own measure without those gains or $8.3 billion of Kraft Heinz and Occidental write-downs, were $12.0 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Of $51.7 billion of FY2025 pre-tax earnings from its operating businesses, insurance supplied 47.8% (investment income 29.5%, underwriting 18.3%), manufacturing 24.3% and BNSF 13.9%.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Under CEO Greg Abel, insurance and other businesses held $359.2 billion of cash and T-bills net of payables at Jun 30, 2026, before about $6.8 billion was paid for Taylor Morrison in July.

    More: the one thing to watch

Sources: From Berkshire Hathaway's FY2025 10-K and Q2 FY2026 10-Q · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Berkshire Hathaway's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Berkshire Hathaway · FY2025

Receipt for every $100

Where $100 of Berkshire Hathaway's money went in FY2025
Goods, services and leasing$40.9
Insurance claims and underwriting$19.4
Rail, utility and related costs$8.9
Selling and administration$7.2
Interest$1.2
Tax, equity-method losses, noncontrolling holders$6.1
Kept as net earnings$16.3
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025: each line ÷ $410.5 billion (revenue of $371.4 billion plus investment gains of $39.1 billion). The gains include changes in share values, so they are not money from customers. On revenue alone, net earnings were $18.0 per $100 and revenue minus costs was $14.3.

Sources (1)
Next: The business in one line

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02The business in one line

What does Berkshire Hathaway do?

Drivers, shippers, power users, manufacturers' customers and shoppers pay Berkshire Hathaway's businesses; most of the money goes on goods, claims and running costs, and investment gains come on top.

  • In FY2025, insurance was 28.1% of revenue, manufacturing 21.1%, McLane 13.7%, service and retailing 11.5%, Pilot 11.4%, utilities 7.1% and BNSF 6.3%.
  • Investment gains of $39.1 billion sat outside FY2025 revenue, yet they count in net earnings (profit) of $67.0 billion.
Next: Who pays it

03Who pays it

Who pays Berkshire Hathaway?

  • Manufacturing customers

    21%

    of revenue

    Buyers of aerospace parts, chemicals, homes, flooring, RVs, clothing and batteries.

  • McLane's customers

    14%

    of revenue

    Convenience stores, discount retailers, wholesale clubs, drug stores and restaurants.

  • Car owners (GEICO)

    12%

    of revenue

    Individuals paying GEICO premiums, mainly for private passenger car insurance.

  • Service and retail customers

    12%

    of revenue

    Private jet owners, pilots in training, car buyers and shoppers.

  • Pilot's customers

    11%

    of revenue

    Consumers, travelers and professional truck drivers, plus wholesale fuel buyers.

  • Utility and energy customers

    7%

    of revenue

    Homes and businesses buying power and gas, and users of its pipelines.

  • Other insurers (reinsurance)

    7%

    of revenue

    Insurers and reinsurers paying Berkshire to take on part of their risk.

  • Freight shippers (BNSF)

    6%

    of revenue

    Companies paying to move manufactured, farm and natural-resource goods by rail.

  • Commercial insurance buyers (BH Primary)

    5%

    of revenue

    Policyholders, mainly US businesses, buying liability, workers' compensation and other cover.

  • Insurance investment income

    4%

    of revenue

    Interest and dividends earned on money the insurers hold, not paid by customers.

  • Corporate, eliminations and other

    1%

    of revenue

    Items outside the operating businesses.

  • Manufacturing customers21%
  • McLane's customers14%
  • Car owners (GEICO)12%
  • Service and retail customers12%
  • Pilot's customers11%
  • Utility and energy customers7%
  • Other insurers (reinsurance)7%
  • Freight shippers (BNSF)6%
  • Commercial insurance buyers (BH Primary)5%
  • Insurance investment income4%
  • Corporate, eliminations and other1%

How spread out the customers are

Shares above are revenue by business (Cityfort calculation from FY2025 10-K); Berkshire gives no customer split for the whole company. Within McLane, Walmart was about 17.2% of McLane's revenue, 7-Eleven 13.3% and Yum! Brands 13.3%. Precision Castparts names Boeing, Airbus, GE Aerospace, Rolls-Royce and Pratt & Whitney as significant customers.

Sources (1)
Next: Why it makes money

04Why it makes money

Why does Berkshire Hathaway make money?

Insurance customers pay first and claims come later, so Berkshire can invest the money in between.

Premiums arrive before claims are paid, and that money is called float. Berkshire says the average cost of float was negative in each of the three years to 2025, because underwriting made a profit. Cash from the railroad, utilities and manufacturers adds to what it can invest.

Revenue minus costs per $100 of revenue (Cityfort calculation from FY2023 and FY2025 10-Ks)

$11.7$14.3

FY2021 to FY2025

  1. Customers pay insurance premiums up front
  2. Berkshire holds that float until claims come due
  3. It invests float and its own capital in T-bills, shares and whole companies
  4. Owned businesses add their earnings
  5. No cash dividend since 1967, so earnings stay in the company
  6. More capital goes into new investments and businesses

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025

Which businesses make up Berkshire Hathaway?

  • Insurance underwriting

    24%

    Premiums from GEICO ($44.5 billion), reinsurance ($25.7 billion) and BH Primary ($18.7 billion). Profit shown is pre-tax, for every segment here; this is 18.3% of the operating businesses' pre-tax total of $51.7 billion. Shares of that total are Cityfort calculations from FY2025 10-K.

    Revenue $88.9B · Operating profit $9.5B

  • Insurance investment income

    4%

    Interest and dividends on insurers' money: 29.5% of the pre-tax total, the largest single share.

    Revenue $15.3B · Operating profit $15.3B

  • Manufacturing

    21%

    Industrial, building and consumer products: 24.3% of the pre-tax total.

    Revenue $78.5B · Operating profit $12.6B

  • McLane

    14%

    Wholesale distribution: $676 million before tax on $51.0 billion of revenue, 1.3% of the pre-tax total.

    Revenue $51.0B · Operating profit $676M

  • Service and retailing

    12%

    Aviation, logistics, franchising, car dealerships and stores: 7.8% of the pre-tax total.

    Revenue $42.6B · Operating profit $4.0B

  • Pilot

    11%

    Travel centers and wholesale fuel, consolidated since Feb 2023: 0.4% of the pre-tax total.

    Revenue $42.2B · Operating profit $190M

  • Berkshire Hathaway Energy

    7%

    Utilities and pipelines: 4.5% of the pre-tax total. After-tax earnings were higher, $3,979 million, because of production tax credits.

    Revenue $26.3B · Operating profit $2.3B

  • BNSF

    6%

    Freight rail: 13.9% of the pre-tax total on 6.3% of revenue.

    Revenue $23.5B · Operating profit $7.2B

  • Corporate, eliminations and other

    1%

    The gap between the operating businesses' $368.4 billion and consolidated revenue of $371.4 billion.

    Revenue $3.1B

How the mix changed

  • Insurance underwriting
  • Insurance investment income
  • Manufacturing
  • McLane
  • Service and retailing
  • Pilot
  • Berkshire Hathaway Energy
  • BNSF
  • Corporate, eliminations and other

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearInsurance underwritingInsurance investment incomeManufacturingMcLaneService and retailingPilotBerkshire Hathaway EnergyBNSFCorporate, eliminations and other
FY2021$69.5B$5.7B$68.7B$49.5B$34.8B–$25.1B$23.3B–
FY2022$74.6B$7.7B$75.8B$53.2B$38.3B–$26.4B$25.9B–
FY2023$83.4B$11.6B$75.4B$52.6B$40.0B$51.7B$26.0B$23.9B–
FY2024$88.3B$16.8B$77.2B$51.9B$39.9B$46.9B$26.3B$23.6B–
FY2025$88.9B$15.3B$78.5B$51.0B$42.6B$42.2B$26.3B$23.5B–
Sources (2)
Next: How has it done

06The numbers · Consolidated · US$

How has Berkshire Hathaway done?

Revenue

$371.4BFY2025

Revenue grew from $276.2 billion in FY2021 to $371.4 billion in FY2025, with Pilot added from Feb 2023; Q4 revenue is the full year minus nine months (Cityfort calculation from the FY2024 and FY2025 10-Ks and Q3 10-Qs).

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$276.2B
FY2022$302.0B
FY2023$364.5B
FY2024$371.4B
FY2025$371.4B
Q3 FY2024$93.0B
Q4 FY2024$94.9B
Q1 FY2025$89.7B
Q2 FY2025$92.5B
Q3 FY2025$95.0B
Q4 FY2025$94.2B
Q1 FY2026$93.7B
Q2 FY2026$101.8B

Net profit

$67.0BFY2025

Net earnings include swings in share values, ranging from a $22.8 billion loss in FY2022 to $96.2 billion in FY2023, and were $67.0 billion in FY2025; EPS is per average equivalent Class B share.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$89.9B$39.70
FY2022−$22.8B−$10.33
FY2023$96.2B$44.27
FY2024$89.0B$41.27
FY2025$67.0B$31.04
Q3 FY2024$26.3B$12.18
Q4 FY2024$19.7B$9.13
Q1 FY2025$4.6B$2.13
Q2 FY2025$12.4B$5.73
Q3 FY2025$30.8B$14.28
Q4 FY2025$19.2B$8.90
Q1 FY2026$10.1B$4.68
Q2 FY2026$25.7B$11.91

Profit kept per $100 of revenue

$18.0FY2025

Net earnings were $18.0 per $100 of revenue in FY2025 and operating earnings, Berkshire's own measure, $12.0; Berkshire reports no operating income line, so EBITDA stays blank.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202132.6%–
FY2022−7.5%–
FY202326.4%–
FY202424.0%–
FY202518.0%–

Free cash flow

$25.0BFY2025

Free cash flow was $25.0 billion in FY2025, up from $11.6 billion in FY2024; $12.0 billion of T-bill income in FY2025 earnings is collected in investing cash flow, not operating cash flow.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$39.4B$13.3B$26.2B
FY2022$37.4B$15.5B$21.9B
FY2023$49.2B$19.4B$29.8B
FY2024$30.6B$19.0B$11.6B
FY2025$46.0B$20.9B$25.0B
See all yearly numbers
Berkshire Hathaway annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021 (restated)$276.2B–$89.9B$39.70$39.4B$13.3B$26.2B
FY2022 (restated)$302.0B–−$22.8B−$10.33$37.4B$15.5B$21.9B
FY2023$364.5B–$96.2B$44.27$49.2B$19.4B$29.8B
FY2024$371.4B–$89.0B$41.27$30.6B$19.0B$11.6B
FY2025$371.4B–$67.0B$31.04$46.0B$20.9B$25.0B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Berkshire Hathaway's fiscal year is the calendar year, so Q2 FY2026 is April to June 2026). Net profit is the share belonging to the company's owners.

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained

Sources (17)
Next: What they said, and what happened

07Who runs it

Who runs Berkshire Hathaway, and did they deliver?

  • Greg Abel

    President and Chief Executive Officer · since 2026

    Age 63 in the 2026 proxy. Director since 2018 and earlier CEO of Berkshire Hathaway Energy. FY2025 pay was $22,017,500.

  • Warren E. Buffett

    Chairman · since 1970

    Age 95 in the 2026 proxy. He was CEO from 1970 through 2025. FY2025 pay was $389,488, including a $100,000 salary and no bonus or equity.

  • Ajit Jain

    Vice Chairman, insurance

    Age 74 in the 2026 proxy. FY2025 pay was $22,017,500.

  • Charles Chang

    Chief Financial Officer · since 2026

    Took over from Marc Hamburg on Jun 1, 2026, with a salary of $8,000,000.

  • Nancy Pierce

    CEO, GEICO · since 2025

    Appointed in December 2025 after Todd Combs left for JPMorgan. She joined GEICO in 1986.

  • Susan Decker

    Lead independent director

What they said, and what happened

2 delivered · 3 too early to tell

  1. Said on May 8, 2025

    Berkshire said on May 8, 2025 that Greg Abel would become President and CEO on Jan 1, 2026.

    What happened

    The 2026 proxy confirms Abel became CEO on Jan 1, 2026; Buffett remains Chairman.

    Delivered

  2. Said on Feb 24, 2025

    Berkshire's FY2024 10-K forecast about $14.0 billion of 2025 capital spending at BNSF and Berkshire Hathaway Energy.

    What happened

    The FY2025 10-K reports $14.4 billion for 2025.

    Delivered

  3. Said on Mar 2, 2026

    Berkshire's FY2025 10-K forecast about $15 billion of 2026 capital spending at BNSF and Berkshire Hathaway Energy.

    What happened

    They spent $6.7 billion in the first half of 2026. The Q2 FY2026 10-Q forecasts about $8.6 billion for the rest of the year.

    Too early to tell

  4. Said on Feb 28, 2026

    Abel's letter said Berkshire would be disappointed without a substantial improvement in BNSF's operating margin, 34.5% in 2025, over the next few years.

    What happened

    BNSF's pre-tax earnings were $3,881 million in the first half of 2026, up from $3,412 million. The full-year 2026 margin is not out yet.

    Too early to tell

  5. Said on Feb 28, 2026

    Abel's letter said GEICO's rate rises cost it customer retention and that competitors' rate cuts could extend that pressure into 2026.

    What happened

    GEICO's pre-tax underwriting earnings were $2,410 million in the first half of 2026, down from $3,994 million; its loss ratio rose 4.9 points to 75.3%.

    Too early to tell
Sources (8)
Next: What could go wrong

08What could go wrong

What could go wrong for Berkshire Hathaway?

  • Other

    Net earnings move with share prices

    US accounting rules put unrealized gains and losses on shares into earnings. FY2022 showed a $22.8 billion net loss with $30.9 billion of operating earnings. Quarterly net earnings ranged from $4.6 billion to $30.8 billion in FY2025.

    Watch The investment gains (losses) line next to operating earnings in each release.

  • Concentration

    Concentrated stock holdings

    The 10-K calls the portfolio unusually concentrated. Five companies were 66% of equity securities at Jun 30, 2026. Berkshire's illustration: a 30% fall in equity prices at Dec 31, 2025 would have taken the portfolio to $210.9 billion.

    Watch The five largest holdings' share of equity securities in each 10-Q and 10-K.

  • Governance

    Voting control and a new CEO

    Class A shares have one vote; Class B shares have 1/10,000. Warren Buffett, 95 in the proxy, held 30.2% of votes at Mar 4, 2026. Greg Abel became CEO on Jan 1, 2026. The 10-K says capital allocation depends on a few key people. Buffett believes a family member should chair after him; the Board decides.

    Watch Board changes in each proxy, and how capital is used under Abel.

  • Legal

    PacifiCorp wildfire lawsuits

    Estimated probable losses reached about $2.85 billion through Jun 30, 2026, with about $2.3 billion paid and $572 million unpaid. At Dec 31, 2025, remaining complaints sought about $50 billion before doubling, trebling or punitive damages; that is what plaintiffs ask for, not a loss estimate. No further insurance recoveries are expected.

    Watch The Oregon Supreme Court's decision in James and the wildfire note in each 10-Q.

  • Execution

    Insurance underwriting losses

    The 10-K says that, when properly paid for the risk, Berkshire is "willing to assume more risk from a single event than any other insurer has knowingly assumed." GEICO's loss ratio rose 4.9 points to 75.3% in the first half of 2026 on more frequent and costlier claims.

    Watch GEICO's loss ratio and catastrophe losses in each 10-Q.

  • Debt

    Large spending at BNSF and the utilities

    BNSF and Berkshire Hathaway Energy spent $14.4 billion on capital projects in FY2025. At Jun 30, 2026, BNSF owed $23.5 billion and Berkshire Hathaway Energy $61.8 billion; Berkshire does not guarantee that debt.

    Watch Capital spending forecasts and debt by issuer in each 10-Q.

  • Regulation

    Rail and utility regulation

    The 10-K names regulation of rail rates and utility rate-making, plus emissions rules, as risks. It also names BNSF's exposure to energy commodities, including coal.

    Watch Surface Transportation Board decisions and state utility rate cases.

  • Legal

    Real estate commission lawsuits

    Plaintiffs allege HomeServices conspired to inflate commissions. The final Burnett settlement is $250 million over four years and is on appeal to the Eighth Circuit. The Q2 FY2026 10-Q shows $130 million paid into escrow to date. Several other antitrust cases continue.

    Watch The legal note on HomeServices in each 10-K.

Sources (6)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Operating earnings, Berkshire's own measure, rose from $30.9 billion in FY2022 to $44.5 billion in FY2025; net earnings were a $22.8 billion loss and $67.0 billion.
  • The property and casualty combined ratio was 87.1% in 2025, against a five-year average of 90.7%, per Abel's letter.
  • Berkshire states $359.2 billion of cash and T-bills, net of payables, for insurance and other businesses at Jun 30, 2026; total debt was $128.6 billion.
  • Float rose from about $169 billion at the end of 2023 to $177.5 billion at Jun 30, 2026, and Berkshire reports negative average cost of float in each of the three years to 2025.
  • BNSF's operating margin was 34.5% in 2025, up from 32.0% in 2024, per Abel's letter.

What critics point to

  • GEICO's pre-tax underwriting earnings fell to $2.4 billion in the first half of 2026 from $4.0 billion a year earlier.
  • Five companies were 66% of equity securities at Jun 30, 2026.
  • FY2025 included $8.3 billion of after-tax impairments on Kraft Heinz and Occidental.
  • Warren Buffett, 95 in the 2026 proxy, had 30.2% of votes at Mar 4, 2026, and two other directors are his children.
  • No earnings call transcripts or investor presentations were found on Berkshire's filings or site.
Next: What to watch next

10What to watch next

What should you watch next at Berkshire Hathaway?

Next event

Q3 FY2026 results

Date not announced yet.

  • How the cash gets used

    Cash and T-bills net of payables were $359.2 billion for insurance and other businesses at Jun 30, 2026. Taylor Morrison, about $6.8 billion in cash, closed on Jul 24 and first appears in the Q3 10-Q.

  • GEICO's loss ratio

    It was 76.6% in Q2 FY2026, up 4.8 points from a year earlier, and pre-tax underwriting earnings fell to $994 million.

  • The Oregon Supreme Court in James

    Argument was set for Nov 3, 2026. No filing reports the outcome yet, and a trial for 21 plaintiffs is set from September 2027.

Next: Key facts

11Key facts

Key facts about Berkshire Hathaway

What does Berkshire Hathaway do?
Berkshire Hathaway is a holding company based in Omaha that owns GEICO and other insurers, the BNSF railroad, utilities, manufacturers, distributors and retailers. Its revenue was $371.4 billion in FY2025, and it had about 387,800 employees at the end of 2025.
How does Berkshire Hathaway make money?
Berkshire Hathaway's business model is to own many operating companies and invest insurance money. Its operating businesses earned $51.7 billion before tax in FY2025: insurance 47.8% (investment income 29.5%, underwriting 18.3%), manufacturing 24.3%, BNSF 13.9%, service and retailing 7.8%, utilities 4.5%, McLane 1.3% and Pilot 0.4%.
Is Berkshire Hathaway profitable?
Berkshire Hathaway's net earnings were $67.0 billion in FY2025, or $16.3 per $100 of revenue plus investment gains. Those earnings include investment gains. Operating earnings, its own measure without those gains or $8.3 billion of Kraft Heinz and Occidental write-downs, were $44.5 billion. In FY2022 it had a net loss of $22.8 billion, with operating earnings of $30.9 billion.
What is Berkshire Hathaway's revenue by segment?
Of Berkshire Hathaway's $371.4 billion of FY2025 revenue, insurance was $104.2 billion, manufacturing $78.5 billion, McLane $51.0 billion, service and retailing $42.6 billion, Pilot $42.2 billion, utilities and energy $26.3 billion and BNSF $23.5 billion.
Who owns Berkshire Hathaway?
Berkshire Hathaway's 2026 proxy shows Warren Buffett with 30.2% of votes and 13.7% of the economic interest at Mar 4, 2026. It lists Vanguard with 11.4%, BlackRock with 8.8% and State Street with 5.3% of Class B shares, from Forms 13F for Dec 31, 2025. Each Class A share has one vote; each Class B share has 1/10,000 of a vote.
Who are Berkshire Hathaway's customers?
Berkshire Hathaway's customers include car owners, businesses buying insurance, other insurers, freight shippers, utility customers, retailers and restaurants. It gives no customer split for the whole company. In FY2025, 87% of its $209.6 billion of sales, service and leasing revenue came from the US.
How big is GEICO within Berkshire Hathaway?
GEICO brought Berkshire Hathaway $44.5 billion of insurance premiums and $6.8 billion of pre-tax underwriting earnings in FY2025. A.M. Best data for 2024, quoted in the FY2025 10-K, puts GEICO third among US private passenger car insurers, with about 11.6% of the market.
How much does BNSF earn for Berkshire Hathaway?
BNSF, Berkshire Hathaway's freight railroad, had revenue of $23.5 billion and pre-tax earnings of $7.2 billion in FY2025, compared with $23.6 billion and $6.6 billion in FY2024.
What does Berkshire Hathaway Energy contribute?
Berkshire Hathaway Energy had revenue of $26.3 billion and pre-tax earnings of $2.3 billion in FY2025. Its after-tax earnings of $4.0 billion were higher because production tax credits gave it a tax benefit. Its US utilities have about 5.4 million retail customers.
How big are Berkshire Hathaway's manufacturing and retail businesses?
In FY2025, Berkshire Hathaway's manufacturing businesses had revenue of $78.5 billion and pre-tax earnings of $12.6 billion. Service and retailing had $42.6 billion and $4.0 billion, McLane $51.0 billion and $676 million, and Pilot $42.2 billion and $190 million.
Sources (5)
Next: Go deeper

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Berkshire Hathaway sell?

Berkshire Hathaway is one listed company that owns many separate businesses. They sell car insurance, move freight, supply power, make goods and run stores and truck stops.

  • Insurance ($104.2B in FY2025)

    GEICO sells car insurance to individuals in all 50 states. BH Primary sells mainly commercial cover. The reinsurance group insures other insurers. This total includes $15.3 billion of investment income.

  • Manufacturing ($78.5B)

    Aerospace parts (Precision Castparts), chemicals (Lubrizol), factory-built homes (Clayton), flooring (Shaw), RVs (Forest River), Fruit of the Loom clothing and Duracell batteries.

  • McLane ($51.0B)

    Wholesale delivery of groceries and other goods to convenience stores, discount retailers, wholesale clubs, drug stores and restaurants in all 50 states.

  • Service and retailing ($42.6B)

    Private jets (NetJets), pilot training (FlightSafety), Dairy Queen franchising, car dealerships (Berkshire Hathaway Automotive) and See's Candies.

  • Pilot ($42.2B)

    675 travel centers and 82 fuel-only sites in the US and Canada, mainly under the Pilot and Flying J names. It sold about 10.9 billion gallons of fuel in 2025.

  • Berkshire Hathaway Energy ($26.3B)

    Four regulated US utility companies with about 5.4 million retail customers, plus about 20,900 miles of interstate gas pipelines.

  • BNSF ($23.5B)

    One of North America's largest freight rail systems, carrying manufactured, farm and natural-resource goods, mainly across the western and southern US.

What it does

  • Does: Owns whole businesses and runs them with few shared head-office functions
  • Does: Collects insurance premiums and invests the money until claims are paid
  • Does: Holds cash in T-bills (short-term US government debt) and stakes in other listed companies

What it does not do

  • Does not: Has paid no cash dividend since 1967
  • Does not: Does not count investment gains in revenue
  • Does not: Does not report an operating income line for the whole company
  • Does not: No earnings call transcripts or presentations were found on its filings or site
Sources (1)
13How the money flows

13How the money flows · FY2025

How does money flow through Berkshire Hathaway?

Money in

  • Sales and services$199.5B
  • Insurance premiums$88.9B
  • Railroad revenue$23.3B
  • Interest, dividends and other investment income$23.3B
  • Utility and energy revenue$21.9B
  • Leasing and other services$14.6B
  • Investment gains (outside revenue)$39.1B

The company

Berkshire Hathaway

$410.5B came in

Money out

  • Cost of goods, services and leasing$167.7B
  • Insurance claims, benefits and underwriting costs$79.4B
  • Rail, utility and related running costs$36.5B
  • Selling, general and administrative costs$29.7B
  • Interest expense$5.1B
  • Tax, equity-method losses and noncontrolling interests$25.1B
  • Net earnings to Berkshire shareholders$67.0B
  1. Customers, plus interest and dividends, brought in $371.4 billion of revenue in FY2025.
  2. Total costs, including $5.1 billion of interest, took $318.5 billion of that.
  3. Investment gains of $39.1 billion came on top; they sit outside revenue and include changes in share values.
  4. Equity-method losses of $9.6 billion, which include Kraft Heinz and Occidental write-downs, came off, as did $15.2 billion of tax.
  5. After $292 million for noncontrolling holders, $67.0 billion was left as net earnings.
Sources (1)
14What it needs to run

14What it needs to run

What does Berkshire Hathaway need to run?

  • Insurance float

    Float is policyholder money held until claims are paid. Berkshire puts it at about $176 billion at Dec 31, 2025 and $177.5 billion at Jun 30, 2026.

  • Stock holdings

    Equity securities were $323.8 billion at Jun 30, 2026, after first-half purchases of $39.4 billion and sales of $27.8 billion. Five companies made up 66% of the value.

  • What it held on Jun 30, 2026

    Its Form 13F, a dated filing, lists Apple ($66.0 billion), American Express ($51.3 billion), Alphabet ($37.8 billion), Coca-Cola ($32.5 billion) and Bank of America ($27.5 billion) as its largest positions.

  • Rails, power lines and pipelines

    Capital spending was $20.9 billion in FY2025. BNSF and Berkshire Hathaway Energy accounted for $14.4 billion of it.

  • People

    About 387,800 employees at the end of 2025. About 80% were in the US and 19% were represented by unions.

Sources (3)
15Competitors and what protects it

15Competitors and what protects it

Who does Berkshire Hathaway compete with?

Berkshire Hathaway competes business by business. Its FY2025 10-K names rivals in car insurance, freight rail and travel centers.

  • State Farm

    Named with Progressive, Allstate and USAA as a GEICO competitor. A.M. Best data for 2024, quoted in the 10-K, gives the five largest car insurers about 63.6% of the market.

  • Progressive

    Named in the FY2025 10-K as a GEICO competitor for private passenger car insurance.

  • Allstate

    Named in the FY2025 10-K as a GEICO competitor for private passenger car insurance.

  • Union Pacific Railroad

    The 10-K calls it BNSF's primary rail competitor in the western US. Abel's Feb 28, 2026 letter names its proposed merger with Norfolk Southern.

  • Love's Travel Stops

    Named with TravelCenters of America among the large travel center operators that compete with Pilot.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Insurance capital5 of 5

    Statutory surplus of its US insurers was about $333 billion at Dec 31, 2025, and the 10-K says its major insurers are rated AA+ by S&P and A++ by A.M. Best.

  • Low-cost insurance money4 of 5

    Float was about $176 billion at Dec 31, 2025, and Berkshire reports negative average cost of float in each of the three years to 2025. Abel's letter gives a 2025 combined ratio of 87.1%.

  • Spread of businesses4 of 5

    No single group passed 28.1% of FY2025 revenue, and all seven groups earned pre-tax profit that year.

  • Rail network3 of 5

    BNSF earned $7.2 billion before tax in FY2025 on $23.5 billion of revenue, but the 10-K calls its market highly competitive, with trucks, other railroads, barges and pipelines.

Weak spot

Concentrated stock holdings

Five companies were 66% of equity securities at Jun 30, 2026. Berkshire's own illustration: a 30% fall in equity prices at Dec 31, 2025 would have cut net earnings by $68.6 billion after tax.

Sources (3)
16Where growth could come from

16Where growth could come from

Where could Berkshire Hathaway's growth come from?

Berkshire Hathaway gives no quarterly guidance in the filings behind this page. CEO Greg Abel's letter dated Feb 28, 2026 said cash and T-bills then exceeded $370 billion, and: "We will always aim for ownership of productive businesses over U.S. Treasuries."
Management statement, Feb 28, 2026. Reported as a statement, not our forecast.

  • Buying businesses

    New

    About $9.4B and $6.8B

    OxyChem, a chemicals maker, joined on Jan 2, 2026 for about $9.4 billion after adjustments. Homebuilder Taylor Morrison joined on Jul 24, 2026 for about $6.8 billion in cash.

    Status: New, recently announced.

  • BNSF margins

    Working

    34.5% in 2025

    Abel's letter gives a BNSF operating margin of 34.5% in 2025, up from 32.0%. In Q2 FY2026, BNSF revenue rose 14.6%, with car and unit volume up 6.5%.

    Status: Working, on track against what the company said.

  • GEICO

    Mixed

    Loss ratio 76.6% in Q2 FY2026

    GEICO premiums rose to $11.3 billion in Q2 FY2026 from $11.1 billion. Pre-tax underwriting earnings fell to $994 million from $1,821 million as claims costs rose.

    Status: Mixed, partly on track.

  • Manufacturing

    Working

    $22.6B in Q2 FY2026

    Revenue was $22.6 billion in Q2 FY2026, up from $20.0 billion, including $1.4 billion from OxyChem. Pre-tax earnings rose to $4,117 million from $3,247 million.

    Status: Working, on track against what the company said.

  • Reinsurance with Tokio Marine

    New

    $483M of premiums written

    A 10-year whole-account reinsurance agreement began on Apr 1, 2026, per the Q2 FY2026 10-Q.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (2)
17The company's own measures (non-GAAP)

17The company's own measures · FY2025 and Q2 FY2026

What do Berkshire Hathaway's own measures show?

These are Berkshire Hathaway's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Net earnings to Berkshire shareholders, FY2025

    $67.0B

    Company's own measure: Operating earnings, FY2025

    $44.5B

    Berkshire's measure, after tax. It leaves out investment gains and losses, impairments of goodwill and intangible assets, and other-than-temporary impairment of equity-method investmentsProfits or losses from companies it partly owns, counted in proportion to its stake.. Berkshire calls period investment gains of little use for judging its results.

  • Official (GAAP): Net earnings to Berkshire shareholders, Q2 FY2026

    $25.7B

    Company's own measure: Operating earnings, Q2 FY2026

    $13.0B

    Same definition. Q2 FY2025 operating earnings were $11,160 million. Q2 FY2026 net earnings include $10.9 billion of after-tax gains from changes in unrealized gains on share holdings.

  • Official (GAAP): Unpaid losses and loss adjustment expenses, incl. retroactive reinsurance, Dec 31, 2025

    $151.8B

    Company's own measure: Insurance float, Dec 31, 2025

    $176.0B

    Float is approximately the net policyholder funds held for investment: about $176 billion at Dec 31, 2025 and $177.5 billion at Jun 30, 2026. Unpaid losses are one major part of it.

  • Official (GAAP)

    No official figure measures this; it is the company's own operating measure.

    Company's own measure: Combined ratio, property and casualty, 2025

    87.1%

    Claims and costs per $100 of premiums, as stated in Abel's Feb 28, 2026 letter. Its five-year average is 90.7%. Retroactive reinsurance is left out.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (5)
18Financial strength and debt

18Financial strength · Jun 30, 2026

How much debt does Berkshire Hathaway have?

At Jun 30, 2026, Berkshire Hathaway held $365.5 billion of cash and T-bills against $128.6 billion of borrowings. Part of that money is held for its insurance businesses.
  • Total debt$128.6B
  • Cash and investments$365.5B
  • Net cash (cash minus debt)$236.9B
  • Net worth (shareholders' money)$747.9B
Debt to equity
0.17×
$ of debt for every $1 of shareholders' money
  • Net cash and debt to equity are Cityfort calculations from Q2 FY2026 10-Q. Net cash = cash and T-bills of all businesses ($365.5 billion) minus notes payable of all businesses ($128.6 billion). It does not subtract $771 million owed for T-bill purchases.
  • Berkshire states its own figure for insurance and other businesses: $359.2 billion of cash and T-bills net of payables at Jun 30, 2026, against $369.0 billion at Dec 31, 2025.
  • Debt at Jun 30, 2026: Berkshire $20.4 billion, its finance subsidiary $18.2 billion, BNSF $23.5 billion and Berkshire Hathaway Energy $61.8 billion. Berkshire does not guarantee the BNSF or Berkshire Hathaway Energy debt.
  • Taylor Morrison's cash price of about $6.8 billion was paid in July 2026, after these balances. Operating lease liabilities, $6.3 billion at Dec 31, 2025, are not counted as debt.
  • Cash and T-bills of all businesses rose from $146.7 billion at Dec 31, 2021 to $373.3 billion at Dec 31, 2025 (Cityfort calculation from FY2022 and FY2025 10-Ks).
Sources (4)
19Who owns it

19Who owns it · ownership as of Mar 4, 2026

Who owns Berkshire Hathaway?

Votes and economic interest differ here. At Mar 4, 2026, directors and officers as a group held 30.4% of votes and 13.9% of the economic interest, nearly all of it Warren Buffett's.
Officers and directors (as a group), shares
13.9%
Officers and directors (as a group), votes
30.4%
Share classes
Berkshire Hathaway share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (BRK.A) (488,450 shares on Jul 29, 2026, per the Q2 FY2026 10-Q cover: 77.6% of votes and 34.2% of economic interest (Cityfort calculation from Q2 FY2026 10-Q). Each converts into 1,500 Class B shares)0.51–––Yes
Class B common stock (BRK.B) (1,408,035,161 shares on Jul 29, 2026, per the Q2 FY2026 10-Q cover: 22.4% of votes and 65.8% of economic interest (Cityfort calculation from Q2 FY2026 10-Q). Each has 1/1,500 of a Class A share's dividend and distribution rights)1,408See note: 1/10,000 of a vote per share–––Yes
Holders of 5% or more
Berkshire Hathaway holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Warren E. Buffett (Chairman)13.7%30.2%Mar 4, 2026S21Proxy: 196,317 Class A shares (38.4% of the class) and 1,114 Class B shares. The 13.7% is economic interest. A voting agreement has him vote any power above 49.9% in proportion to other holders.
The Vanguard Group11.4%–Dec 31, 2025S21% of Class B only: 157,103,196 shares, as the proxy reports from Forms 13F for Dec 31, 2025.
BlackRock8.8%–Dec 31, 2025S21% of Class B only: 121,286,101 shares, as the proxy reports from Forms 13F for Dec 31, 2025.
State Street5.3%–Dec 31, 2025S21% of Class B only: 73,925,068 shares, as the proxy reports from Forms 13F for Dec 31, 2025.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (3)
20What it does with profit

20What it does with profit

What does Berkshire Hathaway do with its profit?

Berkshire Hathaway has paid no cash dividend since 1967. Abel's Feb 28, 2026 letter says the Board reviews this each year and keeps earnings while each dollar kept is reasonably likely to create more than a dollar of market value.

  • Buyback · Dec 31, 2021

    Shares bought back in FY2021

    $27.1B

  • Buyback · Dec 31, 2022

    Shares bought back in FY2022

    $7.9B

  • Buyback · Dec 31, 2023

    Shares bought back in FY2023

    $9.2B

  • Buyback · Dec 31, 2024

    Shares bought back in FY2024

    $2.9B

  • Buyback · Dec 31, 2025

    No shares bought back in FY2025

  • Buyback · Jun 30, 2026

    First half of 2026: 511 Class A and 9,029,655 Class B shares, after buybacks restarted on Mar 4, 2026. The 10-Q states $4.8 billion of treasury stock; cash paid was $4,444 million.

    $4.8B

  • Money raised · Apr 16, 2026

    Sold ¥272.3 billion of yen notes, about $1.7 billion, at a weighted average rate of 2.4%.

    $1.7B

Sources (5)
21Governance signals

21Governance signals

What do Berkshire Hathaway's governance filings show?

Auditor
Deloitte & Touche LLP, since 1985
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy's related-persons section describes how the Audit Committee approves such transactions and names none. Directors Howard G. Buffett and Susan A. Buffett are Warren Buffett's children.
Credit rating
S&P and A.M. Best (major insurance subsidiaries, as stated in the FY2025 10-K) AA+ (S&P) / A++ (A.M. Best) (outlook not stated in the filing), Mar 2, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • disclosure

    Thin public commentary

    No earnings call transcripts or investor presentations were found on Berkshire's filings or site. Its filings give no quarterly guidance, no customer split for the whole company and no consolidated operating income line.

  • other

    Family and voting power on the board

    Warren Buffett held 30.2% of votes at Mar 4, 2026. Three of the directors are Buffetts: Warren, Howard and Susan. The company does not provide directors and officers liability insurance to its directors.

  • regulatory

    PacifiCorp wildfire cases

    A jury in June 2023 found PacifiCorp, part of Berkshire Hathaway Energy, grossly negligent, reckless and willful. The Oregon Court of Appeals reversed that finding in April 2026. The Oregon Supreme Court allowed review, with argument set for Nov 3, 2026. No filing yet reports the outcome.

  • regulatory

    HomeServices antitrust cases

    Plaintiffs allege HomeServices, owned by Berkshire Hathaway Energy, conspired to inflate real estate commissions. A jury found for the plaintiffs in the Burnett case on Oct 31, 2023. A $250 million settlement is on appeal to the Eighth Circuit.

Sources (3)
22What the market paid

22What the market paid · price as of Nov 4, 2026

What did the market pay for Berkshire Hathaway on Nov 4, 2026?

Price as of Nov 4, 2026 (shown for education; prices change daily).

Price as of Nov 4, 2026: Class B closed at $579.09 and Class A at $869,300.76, from Nasdaq's historical price tables. Berkshire's shares trade on the NYSE. Market value of about $1,240.0 billion (Cityfort calculation from the Nov 4, 2026 closing prices and Q2 FY2026 10-Q) = 488,450 Class A shares × $869,300.76 + 1,408,035,161 Class B shares × $579.09, using share counts from Jul 29, 2026. P/E is price ÷ earnings per share: 14.6 on Class B earnings of $39.77 for the four quarters to Jun 30, 2026, which include investment gains (Cityfort calculation from the Q3 FY2025 to Q2 FY2026 earnings releases). P/B = market value ÷ shareholders' equity of $747.9 billion on Jun 30, 2026 (Cityfort calculation from the same closing prices and Q2 FY2026 10-Q). EV/EBITDA is blank because Berkshire reports no operating income line.

Share price
$579.09
Market value (market cap)
$1.24T
P/E
14.6×
P/B
1.7×

Source: BRK/B historical prices, Oct 28 to Nov 4, 2026 (close Nov 4, 2026: $579.09); BRK/A historical prices, Oct 28 to Nov 4, 2026 (close Nov 4, 2026: $869,300.76); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) and 4 more

Sources (7)
23How it got here

23How it got here

How did Berkshire Hathaway get here?

  1. 1965

    Business-model change

    Warren Buffett takes control

    Buffett became a director and controlling shareholder in 1965, and Chairman in 1970.

  2. 1967

    Milestone

    Into insurance, and the last dividend

    Berkshire bought National Indemnity and paid its last cash dividend in 1967.

  3. 2010

    Business-model change

    BNSF bought

    Berkshire acquired the BNSF railroad, with an equity value of $34.5 billion.

  4. 2022

    Crisis

    Net loss on share prices

    Berkshire reported a $22.8 billion net loss in FY2022, with $30.9 billion of operating earnings.

  5. 2023

    Business-model change

    Pilot consolidated

    Berkshire took control of Pilot at 80% on Jan 31, 2023, and bought the rest in January 2024 for $2.6 billion.

  6. 2024

    Business-model change

    Large share sales

    Berkshire sold $143.4 billion of equity securities in FY2024; T-bills reached $286.5 billion at Dec 31, 2024.

  7. 2025

    Crisis

    Kraft Heinz and Occidental write-downs

    FY2025 included after-tax impairments of $3.76 billion on Kraft Heinz and $4.50 billion on Occidental.

  8. 2026

    Business-model change

    Greg Abel becomes CEO

    Abel took over on Jan 1, 2026; Buffett stayed as Chairman.

  9. 2026

    Milestone

    Buybacks restart

    Share repurchases began again on Mar 4, 2026, after none in 2025.

  10. 2026

    Milestone

    OxyChem and Taylor Morrison

    OxyChem joined on Jan 2 for about $9.4 billion; Taylor Morrison on Jul 24 for about $6.8 billion in cash.

Sources (8)

24Sources and changes

Where every number on this page comes from

Sources (29 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2025
  3. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2024
  4. S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2023
  5. S6Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 10, 2026
  6. S7Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 4, 2026
  7. S8Form 10-Q, Q3 FY2025 (quarter ended Sep 30, 2025) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2025
  8. S9Form 10-Q, Q2 FY2025 (quarter ended Jun 30, 2025) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2025
  9. S10Form 10-Q, Q1 FY2025 (quarter ended Mar 31, 2025) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2025
  10. S11Form 10-Q, Q3 FY2024 (quarter ended Sep 30, 2024) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2024
  11. S12Earnings release, Q2 FY2026 (8-K Item 2.02, Ex. 99.1, dated Aug 8, 2026) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 11, 2026
  12. S13Earnings release, Q1 FY2026 (8-K Item 2.02, Ex. 99.1) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
  13. S14Earnings release, Q4 and full year FY2025 (8-K Item 2.02, Ex. 99.1) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
  14. S15Earnings release, Q3 FY2025 (8-K Item 2.02, Ex. 99.1) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2025
  15. S16Earnings release, Q2 FY2025 (8-K Item 2.02, Ex. 99.1) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2025
  16. S17Earnings release, Q1 FY2025 (8-K Item 2.02, Ex. 99.1) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2025
  17. S18Earnings release, Q4 and full year FY2024 (8-K Item 2.02, Ex. 99.1) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2025
  18. S19Earnings release, Q3 FY2024 (8-K Item 2.02, Ex. 99.1) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2024
  19. S20Earnings release, Q4 and full year FY2023 (8-K Item 2.02, Ex. 99.1) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2024
  20. S21Proxy statement (DEF 14A) for the May 2, 2026 annual meeting · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 13, 2026
  21. S228-K Item 5.02 filed May 8, 2025: Greg Abel appointed President and CEO effective Jan 1, 2026 · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2025
  22. S238-K Item 5.02 filed Dec 11, 2025: leadership appointments (GEICO CEO, CFO succession) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 11, 2025
  23. S248-K Item 8.01 filed Mar 5, 2026: share repurchases commenced Mar 4, 2026 · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 5, 2026
  24. S258-K filed May 7, 2026: CFO succession and pay, by-laws, annual-meeting votes · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
  25. S268-K Item 8.01 filed Apr 16, 2026: senior notes denominated in yen · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 16, 2026
  26. S27Form 13F-HR for the quarter ended Jun 30, 2026 (information table) · Berkshire Hathaway Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
  27. S29Letter to shareholders from Greg Abel, dated Feb 28, 2026 · Berkshire Hathaway Inc. · Tier 1: company or exchange filing · Feb 28, 2026
  28. S30BRK/B historical prices, Oct 28 to Nov 4, 2026 (close Nov 4, 2026: $579.09) · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
  29. S31BRK/A historical prices, Oct 28 to Nov 4, 2026 (close Nov 4, 2026: $869,300.76) · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 5, 2026)
  1. v1 · Nov 5, 2026First version, through Q2 FY2026 (quarter ended Jun 30, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.