Berkshire Hathaway Inc. (BRKB) financials
NYSE · Financial Services · Insurance - Diversified · 387,815 employees · CEO Gregory Edward Abel
- Price
- $542.49 +0.10%
- Market cap
- $1.16T
- Enterprise value
- $1.25T
- Last report
- Q2 '26 filed 2026-08-10
- Next report
- 2026-11-07 EPS est. $5.88
Revenue (TTM)$385B+3.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)16.3%+0.7 pp vs a year agoOperating income $62.5B
Net income (TTM)$85.8B+36.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$24.2B+194.4% vs a year agoCapex $22.4B
Diluted EPS (TTM)$59,656.22+36.3% vs a year agoSum of the last 4 quarters
Net cash$236B+8.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $1.16T EV $1.25T
- Revenue
- $385B Trailing 12 months
- Revenue growth
- +9% FY2026 consensus
- Profit margin
- 22.3% Net income / revenue, TTM
- P/E
- 13.7× Forward 24.3× (FY2026)
- P/S
- 3.0× Price / sales, TTM
- EV / EBITDA
- 16.4× TTM
- Free cash flow
- $24.2B Trailing 12 months
- Net income
- $85.8B Trailing 12 months
- Revenue estimate
- $404B FY2026 consensus
- Earnings
- 2026-11-07 Revenue est. $101B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-08): revenue beat by 5.5%, EPS beat by 17.3%Revenue $102B vs $96.5B expected (+5.5%); EPS $6.02 vs $5.13 (+17.3%).
- Revenue growth accelerating: 10.0% year on yearQ2 '26 revenue $102B, against an average of 1.1% over the four quarters before.
- Operating margin 16.3% (TTM), +0.7 pp on a year agoOperating income grew 8.4% while revenue grew 3.9%.
- 41.5% of pre-tax profit is non-operatingPre-tax income $107B vs operating income $62.5B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 5.8% of revenue (a year ago 5.2%)$22.4B invested in the last 4 quarters (+16.8% on a year earlier). Free cash flow $24.2B = 28.2% of net income.
- Returned $4.44B to shareholders = 18.4% of free cash flowBuybacks $4.44B (a year earlier -$2.92B), dividends $0, stock-based pay $0 (TTM).
- Diluted share count down 0.1% in a year1.44M diluted shares in Q2 '26, 1.44M a year earlier.
- Net cash $236BCash + short-term investments $366B, debt incl. leases $129B; a year ago net cash $217B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $102B | $92.5B | +10.0% |
| Gross margin | 23.4% | 24.1% | -0.7 pp |
| Operating income | $17.5B | $15.6B | +12.2% |
| Operating margin | 17.2% | 16.8% | +0.3 pp |
| Net income | $25.7B | $12.4B | +107.5% |
| Diluted EPS | $17,868.00 | $8,601.00 | +107.7% |
| Operating cash flow | $11.2B | $10.1B | +11.2% |
| Capex | $5.65B | $4.86B | +16.2% |
| Free cash flow | $5.57B | $5.23B | +6.6% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-08-08| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $102B | $96.5B | +5.5% |
| EPS (as estimated) | $6.02 | $5.13 | +17.3% |
From the report of 2026-08-08 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Service And Retailing Businesses | $11.9B | +11.2% | 11.8% | $54.8B | – | |
| Berkshire Hathaway Insurance Group | $26.2B | -0.3% | 25.9% | $104B | -1.8% | |
| Manufacturing Businesses | $22.6B | +13.0% | 22.3% | $83B | +7.0% | |
| Pilot Travel Centers ("Pilot) | $14.9B | +47.7% | 14.8% | $58.3B | – | |
| Mc Lane Company | $12.1B | -3.8% | 12.0% | $50.3B | -2.8% | |
| Berkshire Hathaway Energy Company | $6.74B | +4.9% | 6.7% | $33.3B | – | |
| Burlington Northern Santa Fe Corporation | $6.6B | +14.4% | 6.5% | $24.6B | +4.4% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q2 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Manufacturing Businesses | $22.5B | +12.9% | – | – | – | – | – |
| Pilot Travel Centers LLC | $14.9B | +47.8% | – | – | – | – | – |
| Mc Lane Company | $11.9B | -4.1% | – | – | – | – | – |
| Service And Retailing Businesses | $11.9B | +11.1% | – | – | – | – | – |
| Berkshire Hathaway Energy Company | $6.73B | +5.1% | – | – | – | – | – |
| Burlington Northern Santa Fe Corporation | $6.58B | +14.5% | – | – | – | – | – |
| Berkshire Hathaway Insurance Group | – | – | – | – | – | – | – |
| Corporate Reconciling Items And Eliminations | – | – | $1.36B | +651.4% | – | – | $4.41B |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $46.6B
- Capex
- -$22.4B
- Buybacks
- -$4.44B
- Dividends
- $0
- Acquisitions
- -$10.8B
- Net debt issued
- $3.88B
- Stock-based compensation
- $0
- Free cash flow
- $24.2B
- Returned to shareholders / FCF
- 18.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 13.7× | 10.7× 4 of 5 years | 7.6× – 16.2× |
| EV / EBITDA | 16.4× | 15.2× | 14.5× – 16.2× |
| EV / Sales | 3.3× | 2.7× | 2.4× – 3.2× |
| Price / FCF | 48.1× | 42.3× | 26.0× – 84.3× |
| Price / Book | 1.6× | 1.4× | 1.3× – 1.5× |
| FCF yield | 2.1% | 2.9% | 1.2% – 3.8% |
| Return on invested capital | 4.2% | 3.8% | 3.1% – 4.4% |
| Return on equity | 11.9% | 10.6% | -4.8% – 17.8% |
Analysts
Consensus target $628.00 (+15.8%)
range $628.00 – $628.00 · rating Hold
Strong buy0
Buy4
Hold6
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $404B | +8.6% | $22.35 | -100.0% | 24.3× | 3 |
| FY2027 | $410B | +1.6% | $22.33 | -0.1% | 24.3× | 3 |
| FY2028 | $422B | +2.9% | $22.91 | +2.6% | 23.7× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 202 figures Berkshire Hathaway Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Receivable, Credit Loss Expense (Reversal) | $140M | $121M | +15.7% | $530M | $469M | +13.0% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $3.05B | $3.04B | +0.3% | $12B | $11.3B | +5.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2.97B | -$1.9B | -56.8% | -$2.45B | -$3.58B | +31.7% |
| Additional Paid in Capital, Common Stock | $35.6B | $35.6B | 0.0% | $35.6B | $35.7B | -0.1% |
| Adjustments to Additional Paid in Capital, Other | – | – | – | $891M2024-12-31 | -$667M | +233.6% |
| Amortization of Intangible Assets | $452M | $419M | +7.9% | $1.7B | $1.8B | -5.6% |
| Assets | $1.26T | $1.16T | +8.5% | $1.22T | $1.15T | +5.9% |
| Assets Held by Insurance Regulators | $5.5B2025-12-31 | $5.6B | -1.8% | $5.5B | $5.6B | -1.8% |
| Cash Equivalents, at Carrying Value | $3.2B | $67B | -95.2% | $17.6B | $14.4B | +22.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $41.4B | $101B | -59.1% | $52.6B | $48.4B | +8.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$17.5B | $58.4B | -129.9% | $4.19B | $9.73B | -56.9% |
| Common Stock, Value, Issued | $8M | $8M | 0.0% | $8M | $8M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $102M | $97M | +5.2% | $302M | $557M | -45.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $25.2B | $13.6B | +85.9% | $68.1B | $89.2B | -23.6% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $25.3B | $13.7B | +85.3% | $68.4B | $89.7B | -23.8% |
| Costs and Expenses | $86.1B | $79.4B | +8.4% | $318B | $316B | +0.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $13.3B | $30.5B | -56.2% |
| Debt Securities, Available-for-sale | $17B | $15.1B | +12.9% | $17.8B | $15.4B | +16.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $232M | $336M | -31.0% | $304M | $257M | +18.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $78M | $28M | +178.6% | $13M | $107M | -87.9% |
| Debt Securities, Available-for-sale, Amortized Cost | $16.9B | $14.8B | +14.2% | $17.5B | $15.2B | +15.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | $92M | $116M | -20.7% | $100M | $123M | -18.7% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | $102M | $127M | -19.7% | $110M | $133M | -17.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | $314M | $586M | -46.4% | $406M | $532M | -23.7% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | $396M | $779M | -49.2% | $558M | $718M | -22.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | $4.06B | $2.81B | +44.3% | $4.04B | $4.2B | -3.9% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | $4.16B | $2.79B | +49.2% | $4.08B | $4.27B | -4.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $12.3B | $11.1B | +10.5% | $12.9B | $10.2B | +25.9% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $12.3B | $11.3B | +9.0% | $12.9B | $10.1B | +28.1% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | $94M | $115M | -18.3% | $104M | $129M | -19.4% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $103M | $128M | -19.5% | $116M | $139M | -16.5% |
| Debt Securities, Available-for-sale, Realized Gain | $29M | $8M | +262.5% | $53M | $28M | +89.3% |
| Debt Securities, Available-for-sale, Realized Loss | $6M | $8M | -25.0% | $83M | $71M | +16.9% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $1.87B | -$9.65B | +119.3% |
| Deferred Income Tax Liabilities, Net | $85.6B2025-12-31 | $83.6B | +2.4% | $85.6B | $83.6B | +2.4% |
| Deferred Tax Assets, Deferred Income | $2.92B2025-12-31 | $2.54B | +14.8% | $2.92B | $2.54B | +14.8% |
| Deferred Tax Assets, Net of Valuation Allowance | $11.3B2025-12-31 | $11.6B | -2.6% | $11.3B | $11.6B | -2.6% |
| Deferred Tax Assets, Other | $1.85B2025-12-31 | $2.45B | -24.6% | $1.85B | $2.45B | -24.6% |
| Deferred Tax Assets, Regulatory Assets and Liabilities | $1.39B2025-12-31 | $1.36B | +1.8% | $1.39B | $1.36B | +1.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $2.54B2025-12-31 | $2.71B | -6.6% | $2.54B | $2.71B | -6.6% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Loss Reserves | $1.27B2025-12-31 | $1.23B | +3.6% | $1.27B | $1.23B | +3.6% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Unearned Premiums Reserve | $1.32B2025-12-31 | $1.28B | +3.0% | $1.32B | $1.28B | +3.0% |
| Deferred Tax Liabilities, Goodwill and Intangible Assets | $7.4B2025-12-31 | $7.5B | -1.3% | $7.4B | $7.5B | -1.3% |
| Deferred Tax Liabilities, Gross | $96.9B2025-12-31 | $95.1B | +1.8% | $96.9B | $95.1B | +1.8% |
| Deferred Tax Liabilities, Other | $4.53B2025-12-31 | $5.04B | -10.2% | $4.53B | $5.04B | -10.2% |
| Depreciation, Depletion and Amortization | $3.61B | $3.33B | +8.3% | $13.5B | $12.9B | +4.8% |
| DepreciationExcludingLessorAssetUnderOperatingLease | $2.78B | $2.53B | +9.8% | $10.1B | $9.63B | +5.3% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | -$46M | $96M | -147.9% | $478M | -$212M | +325.5% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $17.3B | $23.2B | -25.3% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Deduction, Dividend, Percent | – | – | – | 0.6% | 0.4% | +50.0% |
| Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | – | – | – | $460M | $491M | -6.3% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | – | – | – | $257M | -$38M | +776.3% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | – | – | – | 0.3% | 0.0% | – |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | – | – | – | -$2M | $134M | -101.5% |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | – | – | – | 0.0% | 0.1% | -100.0% |
| Effective Income Tax Rate Reconciliation, Percent | 19.6% | 15.5% | +26.5% | 18.4% | 18.9% | -2.6% |
| Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | – | – | – | $769M | $606M | +26.9% |
| Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | – | – | – | 0.9% | 0.5% | +80.0% |
| Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | – | – | – | $597M | $536M | +11.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01