Berkshire Hathaway (BRK-B) financial statements
Berkshire Hathaway reported revenue of $371.4B in fiscal 2025, up 6.3% a year over 9 years.
Net income was $67.0B and the operating margin 14.3%, against 11.3% in 2016.
Free cash flow was $25.0B.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Berkshire Hathaway's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $215.1B | $239.9B | $175.4B | $176.5B | $166.7B | $276.2B | $302.0B | $364.5B | $371.4B | $371.4B |
| Operating income | $24.3B | $18.7B | -$43.8B | -$49.2B | -$64.6B | $32.4B | $35.5B | $43.3B | $55.7B | $53.0B |
| Interest expense | $3.7B | $4.4B | $3.9B | $4.0B | $4.1B | $4.2B | $4.4B | $5.0B | $5.2B | $5.1B |
| Pre-tax income | $33.7B | $23.8B | $4.0B | $102.7B | $55.7B | $111.9B | -$30.5B | $120.2B | $110.4B | $82.5B |
| Income tax | $9.2B | -$21.5B | -$321M | $20.9B | $12.4B | $20.9B | -$8.5B | $23.0B | $20.8B | $15.2B |
| Net income | $24.1B | $44.9B | $4.0B | $81.4B | $42.5B | $89.9B | -$22.8B | $96.2B | $89.0B | $67.0B |
| Operating margin | 11.3% | 7.8% | -24.9% | -27.9% | -38.7% | 11.7% | 11.8% | 11.9% | 15.0% | 14.3% |
| Net margin | 11.2% | 18.7% | 2.3% | 46.1% | 25.5% | 32.6% | -7.5% | 26.4% | 24.0% | 18.0% |
Balance sheet
Fiscal years, from Berkshire Hathaway's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $28.0B | $31.6B | $30.8B | $64.6B | $48.4B | $88.7B | $36.4B | $38.6B | $48.4B | $52.6B |
| Inventory | $15.7B | $17.4B | $19.1B | $19.9B | $19.2B | $21.0B | $25.4B | $25.9B | $24.0B | $24.4B |
| Goodwill | $79.5B | $81.3B | $81.0B | $81.9B | $73.7B | $73.9B | $78.1B | $84.6B | $83.9B | $83.1B |
| Total assets | $620.9B | $702.1B | $707.8B | $817.7B | $873.7B | $959.4B | $948.5B | $1.07T | $1.15T | $1.22T |
| Total liabilities | $335.4B | $350.1B | $355.3B | $389.2B | $422.4B | $448.5B | $466.8B | $499.2B | $502.2B | $502.5B |
| Shareholders' equity | $282.1B | $348.3B | $348.7B | $424.8B | $443.2B | $506.2B | $473.4B | $561.3B | $649.4B | $717.4B |
| Net debt | -$28.0B | -$31.6B | -$30.8B | -$64.6B | -$48.4B | -$88.7B | -$36.4B | -$38.6B | -$48.4B | -$52.6B |
Cash flow
Fiscal years, from Berkshire Hathaway's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $32.6B | $45.7B | $37.4B | $38.7B | $39.8B | $39.4B | $37.4B | $49.2B | $30.6B | $46.0B |
| Capital spending | $13.0B | $11.7B | $14.5B | $16.0B | $13.0B | $13.3B | $15.5B | $19.4B | $19.0B | $20.9B |
| Free cash flow | $19.7B | $34.0B | $22.9B | $22.7B | $26.8B | $26.2B | $21.9B | $29.8B | $11.6B | $25.0B |
| Share buybacks (net) | — | — | -$1.3B | -$4.8B | -$24.7B | -$27.1B | -$7.9B | -$9.2B | -$2.9B | — |
| Net borrowing | $130M | $2.1B | -$1.9B | $266M | -$1.1B | -$624M | -$596M | $2.4B | -$3.1B | $878M |
| Free cash flow margin | 9.2% | 14.2% | 13.0% | 12.9% | 16.1% | 9.5% | 7.2% | 8.2% | 3.1% | 6.7% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for BRK-B.
Open BRK-B in InvestinglyQuestions
What was Berkshire Hathaway's revenue in 2025?
$371.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Berkshire Hathaway generate?
$25.0B in fiscal 2025 (operating cash flow minus capital spending).
From Berkshire Hathaway's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.