Berkshire Hathaway Inc. (BRKB)财务
NYSE · Financial Services · Insurance - Diversified · 员工387,815人 · CEO Gregory Edward Abel
- 股价
- $542.49 +0.10%
- 市值
- $1.16万亿
- 企业价值
- $1.25万亿
- 最近财报
- Q2 '26 2026-08-10提交
- 下次财报
- 2026-11-07 EPS预期 $5.88
营收(TTM)$3850亿+3.9% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)16.3%+0.7 百分点 对比去年同期营业利润 $625亿
净利润(TTM)$858亿+36.3% 对比去年同期税后,含营业外收益
自由现金流(TTM)$242亿+194.4% 对比去年同期资本支出 $224亿
稀释EPS(TTM)$59,656.22+36.3% 对比去年同期最近4个季度之和
净现金$2360亿+8.8% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1.16万亿 EV $1.25万亿
- 营收
- $3850亿 过去12个月
- 营收增速
- +9% FY2026年一致预期
- 净利润率
- 22.3% 净利润 / 营收,TTM
- P/E
- 13.7× 预期 24.3×(FY2026)
- P/S
- 3.0× 股价 / 营收,TTM
- EV / EBITDA
- 16.4× TTM
- 自由现金流
- $242亿 过去12个月
- 净利润
- $858亿 过去12个月
- 营收预期
- $4040亿 FY2026年一致预期
- 盈利
- 2026-11-07 营收预期 $1010亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-08):营收超预期5.5%,EPS 超预期17.3%营收$1020亿,预期$965亿(+5.5%);EPS $6.02,预期$5.13(+17.3%)。
- 营收增长加速:同比10.0%Q2 '26营收$1020亿,此前四个季度的平均值为1.1%。
- 营业利润率16.3%(TTM),较去年同期+0.7 百分点营收增长3.9%,营业利润增长8.4%。
- 税前利润的41.5%来自营业外收益税前利润$1070亿,营业利润$625亿(TTM)。股权投资收益等一次性项目推高了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的5.8%(去年为5.2%)最近4个季度投入$224亿(同比+16.8%)。自由现金流$242亿,相当于净利润的28.2%。
- 股东回报$44.4亿 = 自由现金流的18.4%回购$44.4亿(去年为-$29.2亿),股息$0,股权激励$0(TTM)。
- 稀释股数一年内减少0.1%Q2 '26稀释股数144万,一年前为144万。
- 净现金 $2360亿现金 + 短期投资 $3660亿,含租赁债务 $1290亿;一年前净现金 $2170亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $1020亿 | $925亿 | +10.0% |
| 毛利率 | 23.4% | 24.1% | -0.7 百分点 |
| 营业利润 | $175亿 | $156亿 | +12.2% |
| 营业利润率 | 17.2% | 16.8% | +0.3 百分点 |
| 净利润 | $257亿 | $124亿 | +107.5% |
| 稀释EPS | $17,868.00 | $8,601.00 | +107.7% |
| 经营现金流 | $112亿 | $101亿 | +11.2% |
| 资本支出 | $56.5亿 | $48.6亿 | +16.2% |
| 自由现金流 | $55.7亿 | $52.3亿 | +6.6% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $0 | – |
实际 vs 一致预期
2026-08-08| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $1020亿 | $965亿 | +5.5% |
| EPS(一致预期口径) | $6.02 | $5.13 | +17.3% |
来自2026-08-08发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Service And Retailing Businesses | $119亿 | +11.2% | 11.8% | $548亿 | – | |
| Berkshire Hathaway Insurance Group | $262亿 | -0.3% | 25.9% | $1040亿 | -1.8% | |
| Manufacturing Businesses | $226亿 | +13.0% | 22.3% | $830亿 | +7.0% | |
| Pilot Travel Centers ("Pilot) | $149亿 | +47.7% | 14.8% | $583亿 | – | |
| Mc Lane Company | $121亿 | -3.8% | 12.0% | $503亿 | -2.8% | |
| Berkshire Hathaway Energy Company | $67.4亿 | +4.9% | 6.7% | $333亿 | – | |
| Burlington Northern Santa Fe Corporation | $66亿 | +14.4% | 6.5% | $246亿 | +4.4% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q2 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Manufacturing Businesses | $225亿 | +12.9% | – | – | – | – | – |
| Pilot Travel Centers LLC | $149亿 | +47.8% | – | – | – | – | – |
| Mc Lane Company | $119亿 | -4.1% | – | – | – | – | – |
| Service And Retailing Businesses | $119亿 | +11.1% | – | – | – | – | – |
| Berkshire Hathaway Energy Company | $67.3亿 | +5.1% | – | – | – | – | – |
| Burlington Northern Santa Fe Corporation | $65.8亿 | +14.5% | – | – | – | – | – |
| Berkshire Hathaway Insurance Group | – | – | – | – | – | – | – |
| Corporate Reconciling Items And Eliminations | – | – | $13.6亿 | +651.4% | – | – | $44.1亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $466亿
- 资本支出
- -$224亿
- 股票回购
- -$44.4亿
- 股息
- $0
- 收购
- -$108亿
- 债务净发行
- $38.8亿
- 股权激励费用
- $0
- 自由现金流
- $242亿
- 股东回报 / FCF
- 18.4%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 13.7× | 10.7× 5年中的4年 | 7.6× – 16.2× |
| EV / EBITDA | 16.4× | 15.2× | 14.5× – 16.2× |
| EV / 营收 | 3.3× | 2.7× | 2.4× – 3.2× |
| 股价 / FCF | 48.1× | 42.3× | 26.0× – 84.3× |
| 股价 / 净资产 | 1.6× | 1.4× | 1.3× – 1.5× |
| FCF收益率 | 2.1% | 2.9% | 1.2% – 3.8% |
| 投入资本回报率 | 4.2% | 3.8% | 3.1% – 4.4% |
| 净资产收益率 | 11.9% | 10.6% | -4.8% – 17.8% |
分析师
一致目标价 $628.00 (+15.8%)
区间 $628.00 – $628.00 · 评级 Hold
强烈买入0
买入4
持有6
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $4040亿 | +8.6% | $22.35 | -100.0% | 24.3× | 3 |
| FY2027 | $4100亿 | +1.6% | $22.33 | -0.1% | 24.3× | 3 |
| FY2028 | $4220亿 | +2.9% | $22.91 | +2.6% | 23.7× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Berkshire Hathaway Inc.在近期10-Q / 10-K文件中标记的全部202项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Receivable, Credit Loss Expense (Reversal) | $1.4亿 | $1.21亿 | +15.7% | $5.3亿 | $4.69亿 | +13.0% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $30.5亿 | $30.4亿 | +0.3% | $120亿 | $113亿 | +5.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$29.7亿 | -$19亿 | -56.8% | -$24.5亿 | -$35.8亿 | +31.7% |
| Additional Paid in Capital, Common Stock | $356亿 | $356亿 | 0.0% | $356亿 | $357亿 | -0.1% |
| Adjustments to Additional Paid in Capital, Other | – | – | – | $8.91亿2024-12-31 | -$6.67亿 | +233.6% |
| Amortization of Intangible Assets | $4.52亿 | $4.19亿 | +7.9% | $17亿 | $18亿 | -5.6% |
| Assets | $1.26万亿 | $1.16万亿 | +8.5% | $1.22万亿 | $1.15万亿 | +5.9% |
| Assets Held by Insurance Regulators | $55亿2025-12-31 | $56亿 | -1.8% | $55亿 | $56亿 | -1.8% |
| Cash Equivalents, at Carrying Value | $32亿 | $670亿 | -95.2% | $176亿 | $144亿 | +22.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $414亿 | $1010亿 | -59.1% | $526亿 | $484亿 | +8.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$175亿 | $584亿 | -129.9% | $41.9亿 | $97.3亿 | -56.9% |
| Common Stock, Value, Issued | $800万 | $800万 | 0.0% | $800万 | $800万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $1.02亿 | $9700万 | +5.2% | $3.02亿 | $5.57亿 | -45.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $252亿 | $136亿 | +85.9% | $681亿 | $892亿 | -23.6% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $253亿 | $137亿 | +85.3% | $684亿 | $897亿 | -23.8% |
| Costs and Expenses | $861亿 | $794亿 | +8.4% | $3180亿 | $3160亿 | +0.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $133亿 | $305亿 | -56.2% |
| Debt Securities, Available-for-sale | $170亿 | $151亿 | +12.9% | $178亿 | $154亿 | +16.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $2.32亿 | $3.36亿 | -31.0% | $3.04亿 | $2.57亿 | +18.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $7800万 | $2800万 | +178.6% | $1300万 | $1.07亿 | -87.9% |
| Debt Securities, Available-for-sale, Amortized Cost | $169亿 | $148亿 | +14.2% | $175亿 | $152亿 | +15.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | $9200万 | $1.16亿 | -20.7% | $1亿 | $1.23亿 | -18.7% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | $1.02亿 | $1.27亿 | -19.7% | $1.1亿 | $1.33亿 | -17.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | $3.14亿 | $5.86亿 | -46.4% | $4.06亿 | $5.32亿 | -23.7% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | $3.96亿 | $7.79亿 | -49.2% | $5.58亿 | $7.18亿 | -22.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | $40.6亿 | $28.1亿 | +44.3% | $40.4亿 | $42亿 | -3.9% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | $41.6亿 | $27.9亿 | +49.2% | $40.8亿 | $42.7亿 | -4.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $123亿 | $111亿 | +10.5% | $129亿 | $102亿 | +25.9% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $123亿 | $113亿 | +9.0% | $129亿 | $101亿 | +28.1% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | $9400万 | $1.15亿 | -18.3% | $1.04亿 | $1.29亿 | -19.4% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $1.03亿 | $1.28亿 | -19.5% | $1.16亿 | $1.39亿 | -16.5% |
| Debt Securities, Available-for-sale, Realized Gain | $2900万 | $800万 | +262.5% | $5300万 | $2800万 | +89.3% |
| Debt Securities, Available-for-sale, Realized Loss | $600万 | $800万 | -25.0% | $8300万 | $7100万 | +16.9% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $18.7亿 | -$96.5亿 | +119.3% |
| Deferred Income Tax Liabilities, Net | $856亿2025-12-31 | $836亿 | +2.4% | $856亿 | $836亿 | +2.4% |
| Deferred Tax Assets, Deferred Income | $29.2亿2025-12-31 | $25.4亿 | +14.8% | $29.2亿 | $25.4亿 | +14.8% |
| Deferred Tax Assets, Net of Valuation Allowance | $113亿2025-12-31 | $116亿 | -2.6% | $113亿 | $116亿 | -2.6% |
| Deferred Tax Assets, Other | $18.5亿2025-12-31 | $24.5亿 | -24.6% | $18.5亿 | $24.5亿 | -24.6% |
| Deferred Tax Assets, Regulatory Assets and Liabilities | $13.9亿2025-12-31 | $13.6亿 | +1.8% | $13.9亿 | $13.6亿 | +1.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $25.4亿2025-12-31 | $27.1亿 | -6.6% | $25.4亿 | $27.1亿 | -6.6% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Loss Reserves | $12.7亿2025-12-31 | $12.3亿 | +3.6% | $12.7亿 | $12.3亿 | +3.6% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Unearned Premiums Reserve | $13.2亿2025-12-31 | $12.8亿 | +3.0% | $13.2亿 | $12.8亿 | +3.0% |
| Deferred Tax Liabilities, Goodwill and Intangible Assets | $74亿2025-12-31 | $75亿 | -1.3% | $74亿 | $75亿 | -1.3% |
| Deferred Tax Liabilities, Gross | $969亿2025-12-31 | $951亿 | +1.8% | $969亿 | $951亿 | +1.8% |
| Deferred Tax Liabilities, Other | $45.3亿2025-12-31 | $50.4亿 | -10.2% | $45.3亿 | $50.4亿 | -10.2% |
| Depreciation, Depletion and Amortization | $36.1亿 | $33.3亿 | +8.3% | $135亿 | $129亿 | +4.8% |
| DepreciationExcludingLessorAssetUnderOperatingLease | $27.8亿 | $25.3亿 | +9.8% | $101亿 | $96.3亿 | +5.3% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | -$4600万 | $9600万 | -147.9% | $4.78亿 | -$2.12亿 | +325.5% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $173亿 | $232亿 | -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 | – | – | – | $4.6亿 | $4.91亿 | -6.3% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | – | – | – | $2.57亿 | -$3800万 | +776.3% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | – | – | – | 0.3% | 0.0% | – |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | – | – | – | -$200万 | $1.34亿 | -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 | – | – | – | $7.69亿 | $6.06亿 | +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 | – | – | – | $5.97亿 | $5.36亿 | +11.4% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01