At a glance
Berkshire Hathaway Inc. is worth $1.20T, about 18 times its fiscal 2025 earnings. Revenue was flat at $371.44B in fiscal 2025, with 18.0% kept as profit; over 5 years it has grown 8.6% a year. It pays no dividend; it spent $47.00B buying back its shares over FY2021–FY2025. The stock returned +16.5% over the past year with dividends reinvested and +14.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.3% in the 2020 crash (S&P 500: 33.7%) and 26.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 10 months after the lows.
The business in plain English
Berkshire Hathaway is a holding company that owns many businesses. Its annual report (Form 10-K) for fiscal 2025 names three as most important: insurance, a freight railroad, and a group of utility and energy businesses that generate and distribute energy. It also owns many manufacturing, service and retail companies. Based in Omaha, Nebraska, Berkshire runs its subsidiaries on an unusually decentralized basis, with few central functions; the chief executive makes the big decisions on investments and where to put capital.
Berkshire's insurers cover people and organizations directly (primary insurance) and take on portions of risks other insurers have written (reinsurance), across property, casualty (liability), life and health lines worldwide. Its three underwriting groups are GEICO, Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group. Insurers collect premiums before paying claims; Berkshire invests that money, called float, and aims for an underwriting profit, meaning premiums exceed claims and expenses over time. Its U.S. insurers held about $333 billion of statutory surplus, a regulatory measure of capital, at December 31, 2025.
Revenue was $371.4 billion in fiscal 2025, about flat with fiscal 2024. The 10-K splits it broadly: 86.6% sits in one “insurance and other” line, with rail and utility revenue not shown separately. Manufactured building products made up 5.3%, food and beverage 5% and auto sales 3%.
Price history
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BRK.B +16.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Insurance And Other | $321.72B | 86.6% |
| Manufactured Building Products | $19.61B | 5.3% |
| Food And Beverage | $18.59B | 5% |
| Auto Sales | $11.28B | 3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $101.81B, up 10% from a year earlier, and net income was $25.67B (+107.5%).
- For fiscal 2025, revenue was $371.44B (0.0% year over year; +8.6% a year from FY2020 to FY2025) with a 18% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.6% good |
|---|---|
| Free cash flow margin | 6.7% watch |
| Return on equity (FY2025) | 9.3% watch |
| Return on assets (FY2025) | 5.5% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $245.58B | $42.52B | $26.76B |
| FY2021 | $276.19B | $89.94B | $26.15B |
| FY2022 | $302.02B | $-22.76B | $21.89B |
| FY2023 | $364.48B | $96.22B | $29.79B |
| FY2024 | $371.43B | $89.00B | $11.62B |
| FY2025 | $371.44B | $66.97B | $25.04B |
Valuation snapshot
| Market value | $1.20T |
|---|---|
| P/E ratio | 17.9 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BRK.B price data to Nov 2, 2026 | +10.6% | +16.5% | +16.8% | +14.1% | +14.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.6% |
| 2025 | +10.9% |
| 2024 | +27.1% |
| 2023 | +15.5% |
| 2022 | +3.3% |
| 2021 | +28.9% |
| 2020 | +2.4% |
| 2019 | +10.9% |
| 2018 | +3.0% |
| 2017 | +21.6% |
| 2016 | +23.4% |
| 2015 | -12.1% |
| 2014 | +26.6% |
| 2013 | +32.2% |
| 2012 | +17.6% |
| 2011 | -4.8% |
| 2010 | +21.9% |
| 2009 | +2.2% |
| 2008 | -32.1% |
| 2007 | +29.2% |
| 2006 | +24.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 43.5% over that stretch · deepest drop along the way 53.9%, back to its old high 47.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.3% over that stretch · deepest drop along the way 29.3%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.2% over that stretch · deepest drop along the way 26.6%, back to its old high 9.8 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (16 read): 5 open-market purchases ($501K) and 1 sales ($20.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 28, 2026 | Ajit Jain Vice Chairman, Director | sell | $20.0M |
| May 6, 2026 | Michael J. O'Sullivan See Remarks | buy | $226K |
| Aug 12, 2026 | Michael J. O'Sullivan See Remarks | buy | $205K |
| May 6, 2026 | Michael J. O'Sullivan See Remarks | buy | $25K |
| Aug 12, 2026 | Michael J. O'Sullivan See Remarks | buy | $23K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 9.65% | Mar 31, 2026 |
| FMR LLC | 4.7% | Dec 31, 2025 |
ETFs with the most weight in BRK.B
| IYG iShares U.S. Financial Services ETF | 16.93% |
| XLF Financial Select Sector SPDR Fund | 14.41% |
| IYF iShares U.S. Financials ETF | 14.03% |
| ABEQ Absolute Select Value ETF | 12.69% |
| FNCL Fidelity MSCI Financials Index ETF | 9.37% |
| DUSA Davis Select U.S. Equity ETF | 8.79% |
| IXG iShares Global Financials ETF | 8.33% |
| VFH Vanguard Financials ETF | 8.23% |
What could go wrong
- Leadership change after Warren Buffett. Gregory Abel succeeded Warren Buffett as chief executive effective January 1, 2026, taking charge of major decisions on where Berkshire puts its money. Berkshire warns that losing key people could materially hurt its operations.
- Willingness to take big insurance risks. Berkshire's insurers accept large risks, and the company warns this tolerance could cause significant underwriting losses, where claims and expenses exceed premiums. A single major catastrophe could produce such a loss.
- Investments concentrated in stocks. Berkshire says its investments are unusually concentrated in stocks. A falling market can sharply cut the value of these holdings, reducing reported profit and the capital its insurers rely on.
- Regulators can limit profits and capital moves. State regulators set minimum capital for Berkshire's insurers and regulate the dividends they pay to the parent. Rule changes could cut profits or limit how freely Berkshire moves money between businesses.
- Climate change and emissions rules. Berkshire flags climate change and greenhouse gas regulation as risks. Its utility and energy generation businesses could face stricter emissions rules, and its insurers could face costlier weather-related claims.
- Rivals and technology could erode advantages. Berkshire warns that rivals and new technology may wear down the advantages of its businesses. In insurance, for example, Berkshire notes there are virtually no barriers to entry apart from regulation.
Recent events
- Quarterly results released
- Quarterly results released; Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Other company announcement
- Other company announcement
- Quarterly results released
- Executive or board change
- Other company announcement
- Quarterly results released
For income and retirement investors
Berkshire Hathaway paid no dividends from fiscal 2021 through fiscal 2025, and the stock had no dividend yield as of October 28, 2026. That leaves no record of increases and no payout ratio (the share of profit paid out) to track, and an income investor would have to trim shares to raise cash. Berkshire returned money through buybacks instead (repurchasing its own stock): about $47.0 billion from fiscal 2021 to 2025. Yearly buybacks shrank from $27.1 billion in fiscal 2021 to $2.9 billion in fiscal 2024.
The shares have fallen hard in downturns. In the 2008 financial crisis they dropped 53.9% from December 2007 to March 2009 and did not regain their peak until February 2013. In the 2020 COVID crash they fell 29.3% and recovered by mid-November 2020. In 2022 they fell 26.6% between late March and mid-October, recovering in August 2023. Any single stock, Berkshire included, carries more risk than a diversified fund.
Questions investors ask
How does Berkshire Hathaway make money?
Mainly through insurance, plus a freight railroad, utility and energy businesses, and many manufacturing, service and retail companies. Its insurers, including GEICO, collect premiums up front and pay claims later, investing that money, called float, in the meantime. Revenue was $371.4 billion in fiscal 2025 and net income $67.0 billion, about 18 cents of profit per dollar of revenue. Its annual report places 86.6% of revenue in a broad “insurance and other” category, with building products, food and beverage, and auto sales making up the rest.
Does Berkshire Hathaway pay a dividend?
No. Berkshire Hathaway paid no dividends from fiscal 2021 through fiscal 2025, and the stock had no dividend yield as of October 28, 2026. It returned cash through share buybacks (repurchasing its own stock) instead, about $47.0 billion over those five years, though the yearly amount fell from $27.1 billion in fiscal 2021 to $2.9 billion in fiscal 2024. Retirees who need regular income from this holding would have to trim shares, at whatever price the market offers.
Who runs Berkshire Hathaway after Warren Buffett?
Gregory Abel. Berkshire's board appointed him in May 2025 to succeed Warren Buffett as chief executive, effective January 1, 2026. He is responsible for major investment and capital allocation decisions (choosing where Berkshire's money goes). According to the annual report filed March 2, 2026, Ajit Jain, Vice Chairman of the insurance operations, and Adam Johnson, President of the Consumer Products, Service and Retailing operations, report directly to him. Berkshire lists reliance on a few key people as a risk.
How has Berkshire Hathaway stock performed over the long term?
The Class B shares gained 14.1% a year over the 10 years to October 28, 2026, a cumulative 275%, and 13.3% a year over five years. These are price returns; Berkshire paid no dividends in fiscal 2021 through 2025. The path was bumpy. Calendar-year returns ranged from a 32.1% loss in 2008 to a 32.2% gain in 2013, and the shares fell 53.9% from peak to trough during the 2008 financial crisis.
Why do Berkshire Hathaway's earnings swing so much?
Swings in the stock market can move Berkshire's reported profit sharply. Its annual report says its investments are unusually concentrated in stocks, and under U.S. accounting rules, changes in the market value of stocks a company holds generally run through net income. Net income was $89.9 billion in fiscal 2021, a loss of $22.8 billion in fiscal 2022 and $96.2 billion in fiscal 2023, even as revenue rose each year. Fiscal 2025 net income fell 24.8% to $67.0 billion on flat revenue.