Powerpack

Unlock full stockrow access for only $9.90/month and boost yourself as an investor.

  • Full quarterly history

    Every quarter and TTM period we hold, not just the last 12.

  • Analyst estimates

    Three years of forward estimates and dividend forecasts.

  • Unlimited screener

    All results, unlimited saved screens, email when a screen changes.

  • Unlimited Excel

    Full workbooks and screener exports.

  • Unlimited follows

See Powerpack
Screener Weekly Summary Pricing

Berkshire Hathaway Inc. BRK.B

Financial  —  Insurance Diversified
505.48 0.30 0.06% as of 25 Sep
Market cap
$974.3B
P/E
12.7×
S&P 500 Member Insider Buys (last 12m)
Indexes indicate stock being part of an index,
Insider Buys alert about insiders buying in the last 12 month
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Berkshire Hathaway Inc. (BRK.B) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Berkshire Hathaway generated revenue of $371.4 billion in FY2025, the same level as FY2024, and reported net income of $67.3 billion in FY2025. Diluted EPS was $31.04 in FY2025, while free cash flow was $25.0 billion in FY2025.

In Q2 FY2026, revenue was $101.8 billion, gross profit was $81.5 billion, operating income was $34.3 billion, and net income was $25.8 billion. Diluted EPS was $11.91 in Q2 FY2026. As of September 24, 2026, market capitalisation was $1.09 trillion.

Growth

Revenue was $371.4 billion in FY2025, with revenue growth of 0.00% in FY2025 against FY2024. Revenue compound annual growth was 7.14% in FY2022–FY2025 and 8.63% in FY2020–FY2025. Diluted EPS was $31.04 in FY2025, down −24.8% in FY2025 against FY2024; its five-year compound annual growth was 11.8% in FY2020–FY2025.

Free cash flow was $25.0 billion in FY2025, up 115.6% in FY2025 against FY2024. In Q2 FY2026, revenue was $101.8 billion, up 10.0% against Q2 FY2025, while diluted EPS was $11.91, up 107.9% against Q2 FY2025. Free cash flow was $5.6 billion in Q2 FY2026, up 6.56% against Q2 FY2025.

Profitability

Gross margin was 78.6% in FY2025, a change of −0.7 percentage points in FY2024–FY2025 and an increase of 4.1 percentage points in FY2020–FY2025. Operating margin was 27.3% in FY2025, declining by −4.5 percentage points in FY2024–FY2025 and by −3.1 percentage points in FY2020–FY2025. Net margin was 18.1% in FY2025, declining by −6.0 percentage points in FY2024–FY2025 while remaining 0.5 percentage points above FY2020.

Return on equity was 9.77% in FY2025, return on assets was 5.64% in FY2025, and return on invested capital was 7.94% in FY2025. Each was below its FY2024 level. Industry-median profitability comparisons are not reported.

Balance sheet

Total debt was $129.1 billion in FY2025, compared with $124.8 billion in FY2024. Cash and short-term investments were $51.9 billion in FY2025, compared with $47.7 billion in FY2024. Net debt was $77.2 billion in FY2025, broadly similar to $77.0 billion in FY2024.

Shareholders’ equity was $719.7 billion in FY2025, above $651.7 billion in FY2024, and book value per share was $333.39 in FY2025. Working capital was −$256.9 billion in FY2025. At Q2 FY2026, the current ratio was 0.3× and debt to equity was 0.2×. Net debt was $88.0 billion in Q2 FY2026.

Cash flow & capital return

Operating cash flow was $46.0 billion in FY2025, up 50.3% in FY2025 against FY2024. Capital expenditure was $20.9 billion in FY2025, compared with $19.0 billion in FY2024. Free cash flow was $25.0 billion in FY2025, up 115.6% in FY2025 against FY2024, and represented 37.2% of net income in FY2025.

Net share repurchases were $2.9 billion in FY2024. Weighted average shares were 2.2 billion shares in FY2025, unchanged from FY2024, and the share count changed by −9.80% in FY2020–FY2025. Dividend figures are not reported.

Valuation

As of September 24, 2026, P/E was 12.7×, above the five-year median of 11.0× over the five fiscal years to FY2025; the relative multiple was 1.2× as of September 24, 2026. P/S was 2.8× as of September 24, 2026, above the five-year median of 2.5× and ten-year median of 2.2× over the respective fiscal-year periods to FY2025.

P/B was 1.5× as of September 24, 2026, above the five-year and ten-year medians of 1.4× over the respective fiscal-year periods to FY2025. EV/Cash flow was 48.6× as of September 24, 2026, above the five-year median of 35.2× and ten-year median of 26.6×. Industry-median valuation comparisons are not reported.

What changed since last quarter

Revenue was $101.8 billion in Q2 FY2026, increasing 8.68% against Q1 FY2026 and 10.0% against Q2 FY2025. Diluted EPS was $11.91 in Q2 FY2026, increasing 154.5% against Q1 FY2026 and 107.9% against Q2 FY2025. Free cash flow was $5.6 billion in Q2 FY2026, increasing 2.16% against Q1 FY2026 and 6.56% against Q2 FY2025.

Gross margin was 80.1% in Q2 FY2026, up 1.1 percentage points against Q1 FY2026 and 1.3 percentage points against Q2 FY2025. Operating margin was 33.7% in Q2 FY2026, up 18.5 percentage points against Q1 FY2026 and 10.1 percentage points against Q2 FY2025. Net debt was $88.0 billion in Q2 FY2026.

Open questions

  • What factors drove the change in net debt during the latest quarter?
  • What explains the movements in operating income and net income between quarters?
  • How are capital expenditure and free cash flow distributed across the company’s operations?
  • What factors account for the changes in profitability measures over recent years?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.