Berkshire Hathaway Inc.
- Growing?
- Yes: revenue up 11% on a year earlier (quarter ended Sep 2026).
- Expensive?
- P/E (trailing) 16.5×. Priced 80% above the peer median of 9.2x.
- Analysts?
- 50% of 4 say buy; average 12-month target $556, 6% below today's price.
- Risky?
- Calmer than most large companies: its price swung 15% over the past year (the S&P 500's 14%), and it fell as much as 27% since Nov 2021.
Berkshire Hathaway Inc. is a diversified holding company with major operations in insurance (including GEICO and reinsurance), freight rail (BNSF Railway), and regulated utilities/energy (Berkshire Hathaway Energy), plus numerous manufacturing, service, and retail businesses.
More about Berkshire Hathaway
It generates cash flow from subsidiary operating earnings and insurance underwriting, and invests insurance float and excess cash into public equities and other assets.
Market Position
Berkshire is one of the largest U.S. conglomerates and a leading operator in several categories through scale businesses (notably GEICO, BNSF, and Berkshire Hathaway Energy). Key differentiators include long-duration insurance float, a decentralized ownership model, and a large balance sheet that supports sizable investments and acquisitions.
Key Segments
Major segments include Insurance, BNSF Railway, Berkshire Hathaway Energy, and Manufacturing, Service and Retailing, alongside a large equity securities and cash portfolio that contributes investment income and market-value-driven GAAP volatility.
How has the stock done?
Over the past month BRK-B rose 14.0%; the financials ETF (XLF) rose 5.7% and the S&P 500 fell 2.7%.
Over the past six months BRK-B rose 21.6%; the financials ETF (XLF) rose 12.9% and the S&P 500 rose 2.6%.
Over the past year BRK-B rose 17.4%; the financials ETF (XLF) rose 8.5% and the S&P 500 rose 10.8%.
Over five years BRK-B rose 106.2%; the financials ETF (XLF) rose 45.0% and the S&P 500 rose 62.0%.
From Mar 28, 2022 to Oct 12, 2022, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.1% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Nov 9, 2026 | ended Sep 2026 | $105.6B (+11% vs a year earlier) | $5.94 vs $6.14 (missed) | +2.2% | — |
| Aug 11, 2026 | ended Jun 2026 | $101.8B (+10% vs a year earlier) | $6.03 vs $5.13 (beat) | −3.7% | −5.0% |
| May 7, 2026 | ended Mar 2026 | $93.7B (+4% vs a year earlier) | $5.26 vs $5.05 (beat) | +1.3% | +3.0% |
| Mar 2, 2026 | ended Dec 2025 | $94.2B (−1% vs a year earlier) | $4.73 vs $5.17 (missed) | −4.7% | −1.5% |
| Nov 3, 2025 | ended Sep 2025 | $95.0B (+2% vs a year earlier) | — | +2.1% | +4.1% |
| Aug 4, 2025 | ended Jun 2025 | $92.5B (−1% vs a year earlier) | — | −1.8% | −1.7% |
| May 6, 2025 | ended Mar 2025 | $89.7B (0% vs a year earlier) | — | +1.2% | −0.1% |
| Feb 24, 2025 | ended Dec 2024 | $94.9B (+2% vs a year earlier) | — | +4.4% | +6.5% |
| Nov 4, 2024 | ended Sep 2024 | $93.0B (0% vs a year earlier) | — | −1.6% | +3.4% |
| Aug 5, 2024 | ended Jun 2024 | $93.7B (+1% vs a year earlier) | — | −1.5% | +0.5% |
| May 7, 2024 | ended Mar 2024 | $89.9B (+5% vs a year earlier) | — | +0.4% | +1.3% |
| Feb 26, 2024 | ended Dec 2023 | $93.4B (+20% vs a year earlier) | — | −2.0% | −3.3% |
| Nov 7, 2023 | ended Sep 2023 | $93.2B (+21% vs a year earlier) | — | −0.1% | +2.2% |
| Aug 7, 2023 | ended Jun 2023 | $92.5B (+21% vs a year earlier) | — | +3.9% | +2.4% |
| May 10, 2023 | ended Mar 2023 | $85.4B (+21% vs a year earlier) | — | −0.7% | +0.8% |
| Mar 1, 2023 | ended Dec 2022 | $78.1B (+9% vs a year earlier) | — | +0.8% | +2.0% |
| Nov 8, 2022 | ended Sep 2022 | $76.9B (+9% vs a year earlier) | — | −0.5% | +6.8% |
| May 4, 2022 | ended Mar 2022 | $70.8B (+10% vs a year earlier) | — | −0.1% | −2.3% |
| Mar 1, 2022 | ended Dec 2021 | $71.8B (+12% vs a year earlier) | — | +0.7% | −0.9% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $105.6B in the quarter ended Sep 2026, up 11% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $78.1B | +9% |
| Mar 2023 | $85.4B | +21% |
| Jun 2023 | $92.5B | +21% |
| Sep 2023 | $93.2B | +21% |
| Dec 2023 | $93.4B | +20% |
| Mar 2024 | $89.9B | +5% |
| Jun 2024 | $93.7B | +1% |
| Sep 2024 | $93.0B | 0% |
| Dec 2024 | $94.9B | +2% |
| Mar 2025 | $89.7B | 0% |
| Jun 2025 | $92.5B | −1% |
| Sep 2025 | $95.0B | +2% |
| Dec 2025 | $94.2B | −1% |
| Mar 2026 | $93.7B | +4% |
| Jun 2026 | $101.8B | +10% |
| Sep 2026 | $105.6B | +11% |
Revenue went from $302.0B in FY22 to $371.4B in FY25; net income from −$22.8B to $67.0B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $302.0B | −$22.8B |
| FY23 | $364.5B | $96.2B |
| FY24 | $371.4B | $89.0B |
| FY25 | $371.4B | $67.0B |
In the fiscal year to Dec 2025, Other Retail and Wholesale Distribution was 16% and Service was 10% of revenue; 33% was revenue not from contracts with customers, which this breakdown does not split; Other Retail and Wholesale Distribution fell from 19% in the fiscal year to Dec 2023.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | Other Retail and Wholesale Distribution | $70.8B | 19% |
| FY2023 | Service | $36.1B | 10% |
| FY2023 | Grocery and Convenience Store Distribution | $31.5B | 9% |
| FY2023 | Manufactured Industrial and Commercial Products | $28.3B | 8% |
| FY2023 | Electricity and Natural Gas | $20.6B | 6% |
| FY2023 | Other (non-contract revenue) | $109.6B | 30% |
| FY2023 | Other | $67.6B | 19% |
| FY2024 | Other Retail and Wholesale Distribution | $64.9B | 17% |
| FY2024 | Service | $35.9B | 10% |
| FY2024 | Grocery and Convenience Store Distribution | $31.8B | 9% |
| FY2024 | Manufactured Industrial and Commercial Products | $29.1B | 8% |
| FY2024 | Electricity and Natural Gas | $21.0B | 6% |
| FY2024 | Other (non-contract revenue) | $121.7B | 33% |
| FY2024 | Other | $67.0B | 18% |
| FY2025 | Other Retail and Wholesale Distribution | $60.6B | 16% |
| FY2025 | Service | $36.9B | 10% |
| FY2025 | Grocery and Convenience Store Distribution | $30.7B | 8% |
| FY2025 | Manufactured Industrial and Commercial Products | $30.3B | 8% |
| FY2025 | Electricity and Natural Gas | $21.3B | 6% |
| FY2025 | Other (non-contract revenue) | $124.2B | 33% |
| FY2025 | Other | $67.4B | 18% |
Quarters: Berkshire Hathaway Inc.'s SEC filings, named by the month they end. Fiscal years: Berkshire Hathaway Inc.'s annual reports to the SEC.
How it makes money
Margins over the past years, from the annual income statement.
+25.6 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Berkshire Hathaway Inc.'s annual reports to the SEC.
Customers and suppliers
In its latest annual report Berkshire Hathaway buys from Toyota, General Motors, Ford and 2 more; sells to IAG, Boeing, Airbus and 7 more.
Their suppliers
Suppliers
Customers
Their customers
Partners
Occidental Petroleum OXYBerkshire Hathaway invested in it · Common and preferred stock investments26.9% of outstanding common stock at December 31, 2025; approximately $8.5 billion preferred stock liquidation value at December 31, 2025
American Express AXPBerkshire Hathaway invested in it · Common stock investment151.6 million shares; 22.1% of outstanding common stock at December 31, 2025
Apple AAPLBerkshire Hathaway invested in it · Equity securities investment
Bank of America BACBerkshire Hathaway invested in it · Equity securities investment
Coca-Cola KOBerkshire Hathaway invested in it · Equity securities investment
Chevron CVXBerkshire Hathaway invested in it · Equity securities investmentAceCarries specified Benjamin Moore paint products
General Motors GMDevelops nationwide electric vehicle fast charger networkUp to 2,000 charging stalls in up to 500 U.S. locations
Jefferies JEFCo-owns Berkadia50% ownership interest in BerkadiaChanges since the previous annual report (10-K filed Feb 24, 2025)
Textron TXTNo longer named (was a partner)Occidental Petroleum OXYPartner, share28.2% → 26.9%Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| IAG | customer | “A significant portion of the NICO Group’s annual reinsurance premium currently derives from a 20% quota-share agreement with Insurance Australia Group Limited (“IAG”) that expires on December 31, 2029.” |
| Boeing | customer | “PCC has several significant customers, including aerospace original equipment manufacturers (“OEMs”) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney).” |
| Airbus | customer | “PCC has several significant customers, including aerospace original equipment manufacturers (“OEMs”) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney).” |
| GE Aerospace | customer | “PCC has several significant customers, including aerospace original equipment manufacturers (“OEMs”) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney).” |
| Rolls Royce | customer | “PCC has several significant customers, including aerospace original equipment manufacturers (“OEMs”) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney).” |
| RTX | customer | “PCC has several significant customers, including aerospace original equipment manufacturers (“OEMs”) (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney).” |
| Ace | customer | “Benjamin Moore is the preferred paint supplier for Ace stores through an agreement which permits Ace stores to carry specified Benjamin Moore products. Additionally, Benjamin Moore manufactures Clark+Kensington® and Royal® brands, as well as the balance of Ace’s private label paint brands.” |
| Ace | partner · distribution deal with it | “Benjamin Moore is the preferred paint supplier for Ace stores through an agreement which permits Ace stores to carry specified Benjamin Moore products.” |
| Walmart | customer | “McLane’s major customers during 2025 included Walmart (approximately 17.2% of revenues); 7-Eleven (approximately 13.3% of revenues); and Yum! Brands (approximately 13.3% of revenues).” |
| 7-Eleven | customer | “McLane’s major customers during 2025 included Walmart (approximately 17.2% of revenues); 7-Eleven (approximately 13.3% of revenues); and Yum! Brands (approximately 13.3% of revenues).” |
| Yum! Brands | customer | “McLane’s major customers during 2025 included Walmart (approximately 17.2% of revenues); 7-Eleven (approximately 13.3% of revenues); and Yum! Brands (approximately 13.3% of revenues).” |
| Toyota | supplier | “BHA maintains franchise agreements with 26 different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura brands.” |
| General Motors | supplier | “BHA maintains franchise agreements with 26 different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura brands.” |
| Ford | supplier | “BHA maintains franchise agreements with 26 different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura brands.” |
| Nissan/Infiniti | supplier | “BHA maintains franchise agreements with 26 different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura brands.” |
| Honda/Acura | supplier | “BHA maintains franchise agreements with 26 different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura brands.” |
| General Motors | partner · co-develops with it | “Additionally, Pilot provides charging stations for electric vehicles at approximately 245 travel centers in connection with an agreement with General Motors to develop a nationwide electric vehicle fast charger network of up to 2,000 charging stalls in up to 500 U.S. locations.” |
| Kraft Heinz | partner · Berkshire Hathaway invested in it | “Berkshire and its subsidiaries hold investments that are accounted for pursuant to the equity method. The most significant of these are our investments in the common stock of The Kraft Heinz Company (“Kraft Heinz”) and Occidental....As of December 31, 2025, we owned 27.5% of the outstanding Kraft Heinz common stock and 26.9% of the outstanding Occidental common stock, which excludes the potential effect of the exercise of Occidental’s outstanding common stock warrants.” |
| Occidental Petroleum | partner · Berkshire Hathaway invested in it | “As of December 31, 2025, our investment in Occidental preferred stock had an aggregate liquidation value of approximately $8.5 billion....As of December 31, 2025, we owned 27.5% of the outstanding Kraft Heinz common stock and 26.9% of the outstanding Occidental common stock, which excludes the potential effect of the exercise of Occidental’s outstanding common stock warrants.” |
| American Express | partner · Berkshire Hathaway invested in it | “As of December 31, 2025, we owned 151.6 million shares of American Express Company (“American Express”) common stock representing 22.1% of the outstanding common stock of American Express.” |
| Apple | partner · Berkshire Hathaway invested in it | “The five largest holdings at each date were American Express Company, Apple Inc., Bank of America Corporation, The Coca-Cola Company and Chevron Corporation.” |
| Bank of America | partner · Berkshire Hathaway invested in it | “The five largest holdings at each date were American Express Company, Apple Inc., Bank of America Corporation, The Coca-Cola Company and Chevron Corporation.” |
| Coca-Cola | partner · Berkshire Hathaway invested in it | “The five largest holdings at each date were American Express Company, Apple Inc., Bank of America Corporation, The Coca-Cola Company and Chevron Corporation.” |
| Chevron | partner · Berkshire Hathaway invested in it | “The five largest holdings at each date were American Express Company, Apple Inc., Bank of America Corporation, The Coca-Cola Company and Chevron Corporation.” |
| Berkadia | partner · joint venture with it | “We also own a 50% interest in Berkadia Commercial Mortgage LLC (“Berkadia”).” |
| Jefferies | partner · joint venture with it | “We also own a 50% interest in Berkadia Commercial Mortgage LLC (“Berkadia”). Jefferies Financial Group Inc. (“Jefferies”) owns the other 50% interest.” |
| Occidental Petroleum (10-K filed Feb 18, 2026) | calls it a supplier | “The Company has, from time to time, contracted with Berkshire Hathaway for the provision of electricity and insurance.” |
Only the companies Berkshire Hathaway names in its 10-K filed Mar 2, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 16.5x, above the peer median of 9.2x, and earnings are expected to fall, so use caution.
Priced 80% above the peer median of 9.2x.
Show the data
| Company | P/E (trailing) |
|---|---|
| BRK-B · Berkshire Hathaway Inc. | 16.5× |
| AIG · American International Group, Inc. | 13.5× |
| HIG · The Hartford Insurance Group, Inc. | 9.2× |
| ACGL · Arch Capital Group Ltd. | 8.9× |
What analysts expect
The average analyst price target is $556, 6% below the current price; 50% of 4 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.
Buy or Strong Buy: 2 analysts (50%). Sell or Strong Sell: 0.
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $5.17 | $4.73 | −8.5% |
| Mar ’26 | $5.05 | $5.26 | +4.2% |
| Jun ’26 | $5.13 | $6.03 | +17.5% |
| Sep ’26 | $6.14 | $5.94 | −3.3% |
The day after each of these reports the stock moved −4.7% (Dec 2025, missed); +1.3% (Mar 2026, beat); −3.7% (Jun 2026, beat); +2.2% (Sep 2026, missed).
For the quarter ending Dec 2026, analysts expect adjusted earnings of $5.91 a share, 25% more than the $4.73 of a year earlier, and revenue of $104.0B, up 10% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $22.47 a share, 3% less than the year before's estimate of $23.15, and revenue of $415.3B, up 6% on the year before's estimate.
Adjusted. Dec 2025: $4.73; range $5.91 to $5.91; 1 analysts
Dec 2025: $94.2B; range $104.0B to $104.0B; 1 analysts
Adjusted. The year to Dec 2026: $23.15 expected; range $21.32 to $23.22; 3 analysts
The year to Dec 2026: $390.3B expected; range $396.4B to $426.3B; 3 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | $5.91 | $5.91 to $5.91 | 1 | $4.73 (Dec 2025) | +25% |
| Quarter ending Dec 2026 | Revenue | $104.0B | $104.0B to $104.0B | 1 | $94.2B (Dec 2025) | +10% |
| Quarter ending Mar 2027 | EPS (adjusted) | $5.27 | $5.27 to $5.27 | 1 | $5.26 (Mar 2026) | 0% |
| Quarter ending Mar 2027 | Revenue | $102.8B | $102.8B to $102.8B | 1 | $93.7B (Mar 2026) | +10% |
| Year ending Dec 2026 | EPS (adjusted) | $23.15 | $23.15 to $23.15 | 1 | — | — |
| Year ending Dec 2026 | Revenue | $390.3B | $388.7B to $391.8B | 2 | $371.4B (year to Dec 2025) | +5% |
| Year ending Dec 2027 | EPS (adjusted) | $22.47 | $21.32 to $23.22 | 3 | $23.15 (expected, year to Dec 2026) | −3% |
| Year ending Dec 2027 | Revenue | $415.3B | $396.4B to $426.3B | 3 | $390.3B (expected, year to Dec 2026) | +6% |
Targets, ratings and earnings estimates: Yahoo Finance. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $22.8B in free cash flow over the year, of which $13.8B went back to shareholders (dividends plus buybacks), leaving $9.0B in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $45.1B |
| Capex | −$22.3B |
| Free cash flow | $22.8B |
| Dividends | — |
| Buybacks | −$13.8B |
| Cash retained | $9.0B |
For every $100 of market cap, the company generates about $1.8 in free cash flow a year.
No dividend today; cash goes to growth and share buybacks.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $1.1 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | $8.7B | — | $2.2B |
| Mar 2024 | $6.2B | — | $2.6B |
| Jun 2024 | $9.1B | — | $356M |
| Sep 2024 | −$2.9B | — | $0 |
| Dec 2024 | −$726M | — | $0 |
| Mar 2025 | $6.6B | — | — |
| Jun 2025 | $5.2B | — | — |
| Sep 2025 | $8.2B | — | — |
| Dec 2025 | $5.0B | — | — |
| Mar 2026 | $5.5B | — | $235M |
| Jun 2026 | $5.6B | — | $4.2B |
| Sep 2026 | $6.8B | — | $9.3B |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.
Financial health
debt-to-equity 0.2, debt is very low and the balance sheet is solid.
For every $1 of shareholder funds, there is $0.2 of debt. The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $373.3B against debt of $129.1B. It also holds $657.0B of long-term investments, which can be stakes in other companies rather than cash.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 3 members of Congress and 7 funds whose copy leaves BRK-B out (not traded on the exchange): Himalaya Capital Management, Katherine Clark, Rob Bresnahan, Jared Moskowitz, Swiss National Bank, Canada Pension Plan Investment Board and 4 more.