Berkshire Hathaway (BRK-B)
Market Price (8/5/2026): $516.98 | Market Cap: $1.1 TrilInvestor Relations Sector: Financials | Industry: Multi-Sector Holdings
Berkshire Hathaway (BRK-B)
Market Price (8/5/2026): $516.98Market Cap: $1.1 TrilSector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -24% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 46 Bil, FCF LTM is 24 Bil Stock buyback supportStock Buyback 3Y Total is 7.9 Bil Low stock price volatilityVol 12M is 15% | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is -4.2% Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -21% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 25x |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -24% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 46 Bil, FCF LTM is 24 Bil |
| Stock buyback supportStock Buyback 3Y Total is 7.9 Bil |
| Low stock price volatilityVol 12M is 15% |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is -4.2% |
| Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -21% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 25x |
Qualitative Assessment
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Berkshire Hathaway (BRK-B) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Berkshire Hathaway executed substantial share buybacks in fiscal Q2 2026.
A Barron's analysis indicated that Berkshire Hathaway's Class A share count declined significantly between April 14 and July 14, 2026, suggesting potential share repurchases as high as $11 billion in fiscal Q2 2026. This would represent the largest quarterly buyback in the company's history and signaled strong management confidence in the company's intrinsic value, a key driver for the stock's appreciation.
2. The company completed a notable strategic acquisition during the period.
Berkshire Hathaway announced its intent to acquire Taylor Morrison Home Corporation for $8.5 billion on May 31, 2026, and subsequently completed the acquisition for $6.8 billion on July 24, 2026. This significant company-specific event expanded Berkshire Hathaway's diverse business portfolio, contributing to investor optimism.
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Berkshire Hathaway (BRK-B) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Berkshire Hathaway executed substantial share buybacks in fiscal Q2 2026.
A Barron's analysis indicated that Berkshire Hathaway's Class A share count declined significantly between April 14 and July 14, 2026, suggesting potential share repurchases as high as $11 billion in fiscal Q2 2026. This would represent the largest quarterly buyback in the company's history and signaled strong management confidence in the company's intrinsic value, a key driver for the stock's appreciation.
2. The company completed a notable strategic acquisition during the period.
Berkshire Hathaway announced its intent to acquire Taylor Morrison Home Corporation for $8.5 billion on May 31, 2026, and subsequently completed the acquisition for $6.8 billion on July 24, 2026. This significant company-specific event expanded Berkshire Hathaway's diverse business portfolio, contributing to investor optimism.
3. Robust fiscal Q1 2026 earnings provided a strong fundamental basis and reinforced investor confidence in the new leadership.
On May 2, 2026, Berkshire Hathaway reported strong fiscal Q1 2026 operating earnings, with EPS of $5.25, surpassing the Zacks Consensus Estimate of $4.82 by 8.92%. Although the stock initially saw a slight dip following the earnings release, the underlying operational strength, coupled with CEO Greg Abel's strategic focus on execution, efficiency, and disciplined capital deployment, and a public endorsement from Warren Buffett, reassured investors about the company's long-term outlook under its new leadership.
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Stock Movement Drivers
Fundamental Drivers
The 9.2% change in BRK-B stock from 4/30/2026 to 8/4/2026 was primarily driven by a 6.0% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 473.60 | 517.22 | 9.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 410,522 | 419,302 | 2.1% |
| Net Income Margin (%) | 16.3% | 17.3% | 6.0% |
| P/E Multiple | 15.3 | 15.4 | 0.9% |
| Shares Outstanding (Mil) | 2,157 | 2,157 | 0.0% |
| Cumulative Contribution | 9.2% |
Market Drivers
4/30/2026 to 8/4/2026| Return | Correlation | |
|---|---|---|
| BRK-B | 9.2% | |
| Market (SPY) | 7.3% | -0.2% |
| Sector (XLF) | 11.0% | 46.1% |
Fundamental Drivers
The 7.6% change in BRK-B stock from 1/31/2026 to 8/4/2026 was primarily driven by a 4.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 480.53 | 517.22 | 7.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 400,548 | 419,302 | 4.7% |
| Net Income Margin (%) | 16.8% | 17.3% | 2.6% |
| P/E Multiple | 15.4 | 15.4 | 0.2% |
| Shares Outstanding (Mil) | 2,157 | 2,157 | 0.0% |
| Cumulative Contribution | 7.6% |
Market Drivers
1/31/2026 to 8/4/2026| Return | Correlation | |
|---|---|---|
| BRK-B | 7.6% | |
| Market (SPY) | 11.8% | 4.0% |
| Sector (XLF) | 8.9% | 36.6% |
Fundamental Drivers
The 9.6% change in BRK-B stock from 7/31/2025 to 8/4/2026 was primarily driven by a 22.3% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 471.88 | 517.22 | 9.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 415,777 | 419,302 | 0.8% |
| Net Income Margin (%) | 19.5% | 17.3% | -11.2% |
| P/E Multiple | 12.6 | 15.4 | 22.3% |
| Shares Outstanding (Mil) | 2,157 | 2,157 | 0.0% |
| Cumulative Contribution | 9.6% |
Market Drivers
7/31/2025 to 8/4/2026| Return | Correlation | |
|---|---|---|
| BRK-B | 9.6% | |
| Market (SPY) | 23.1% | 3.4% |
| Sector (XLF) | 11.8% | 42.5% |
Fundamental Drivers
The 47.0% change in BRK-B stock from 7/31/2023 to 8/4/2026 was primarily driven by a 588.5% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 351.96 | 517.22 | 47.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 285,407 | 419,302 | 46.9% |
| Net Income Margin (%) | 2.5% | 17.3% | 588.5% |
| P/E Multiple | 107.3 | 15.4 | -85.7% |
| Shares Outstanding (Mil) | 2,185 | 2,157 | 1.3% |
| Cumulative Contribution | 47.0% |
Market Drivers
7/31/2023 to 8/4/2026| Return | Correlation | |
|---|---|---|
| BRK-B | 47.0% | |
| Market (SPY) | 74.4% | 41.5% |
| Sector (XLF) | 71.2% | 68.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BRK-B Return | 29% | 3% | 15% | 27% | 11% | 2% | 121% |
| Peers Return | 25% | 12% | 13% | 24% | 9% | 12% | 139% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| BRK-B Win Rate | 67% | 50% | 58% | 58% | 50% | 62% | |
| Peers Win Rate | 50% | 60% | 58% | 58% | 60% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BRK-B Max Drawdown | -7% | -27% | -10% | -8% | -15% | -8% | |
| Peers Max Drawdown | -16% | -21% | -22% | -11% | -17% | -12% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PGR, UNP, AIG, ALL, CB. See BRK-B Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/4/2026 (YTD)
How Low Can It Go
| Event | BRK-B | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -12.2% | -24.5% |
| % Gain to Breakeven | 13.9% | 32.4% |
| Time to Breakeven | 29 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.3% | -33.7% |
| % Gain to Breakeven | 41.4% | 50.9% |
| Time to Breakeven | 238 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.2% | -19.2% |
| % Gain to Breakeven | 15.3% | 23.8% |
| Time to Breakeven | 126 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -12.8% | -12.2% |
| % Gain to Breakeven | 14.7% | 13.9% |
| Time to Breakeven | 52 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -14.3% | -17.9% |
| % Gain to Breakeven | 16.7% | 21.8% |
| Time to Breakeven | 29 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -11.6% | -15.4% |
| % Gain to Breakeven | 13.1% | 18.2% |
| Time to Breakeven | 11 days | 125 days |
In The Past
Berkshire Hathaway's stock fell -1.0% during the 2025 US Tariff Shock. Such a loss loss requires a 1.1% gain to breakeven.
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| Event | BRK-B | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -29.3% | -33.7% |
| % Gain to Breakeven | 41.4% | 50.9% |
| Time to Breakeven | 238 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -49.7% | -53.4% |
| % Gain to Breakeven | 98.7% | 114.4% |
| Time to Breakeven | 1399 days | 1085 days |
In The Past
Berkshire Hathaway's stock fell -1.0% during the 2025 US Tariff Shock. Such a loss loss requires a 1.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Berkshire Hathaway (BRK-B)
Berkshire Hathaway Inc. is a highly diversified conglomerate with significant operations in insurance, freight rail transportation, and utilities. Its extensive insurance group provides property, casualty, life, accident, and health insurance and reinsurance services globally. Additionally, the company operates one of North America's largest freight rail systems and manages a substantial energy portfolio that generates, transmits, stores, and distributes electricity from a variety of sources, alongside natural gas distribution and storage facilities.
Beyond these core sectors, Berkshire Hathaway owns a vast collection of manufacturing and service businesses. This includes the production of consumer goods like boxed chocolates, apparel, and batteries, as well as industrial products such as specialty chemicals, metal cutting tools, aerospace components, and building materials like flooring, roofing, and engineered components. Its service offerings extend to logistics, electronic component distribution, professional aviation training, and franchising and servicing quick-service restaurants.
The company also has a substantial presence in retail, encompassing dealerships for automobiles and recreational vehicles, furniture and home goods stores, electronics outlets, and luxury jewelry retailers. Through this broad array of subsidiaries, Berkshire Hathaway serves a diverse customer base that ranges from individual consumers and small businesses to large corporations across nearly every sector of the global economy.
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Here are 1-2 brief analogies for Berkshire Hathaway:
- Like a modernized, even more diverse version of the historic General Electric, owning everything from insurance companies and railroads to utilities and candy.
- Imagine Procter & Gamble, but instead of just owning many consumer product brands, it owns and operates entire businesses across unrelated industries, like insurance, railroads, and manufacturing.
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- Insurance and Reinsurance: Provides property, casualty, life, accident, and health insurance and reinsurance products globally.
- Freight Rail Transportation: Operates extensive freight rail systems across North America.
- Energy and Utilities: Engages in the generation, transmission, storage, and distribution of electricity and natural gas from various sources.
- Manufactured Products: Produces a wide array of goods including building materials, industrial components, food products, consumer items, and specialty chemicals.
- Retail Operations: Sells diverse goods such as automobiles, home furnishings, electronics, jewelry, and apparel through various retail outlets.
- Diversified Services: Offers services including residential construction, lending, logistics, aviation training, and quick service restaurant franchising.
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Berkshire Hathaway Inc. (BRK-B) sells primarily to other companies through its diverse portfolio of subsidiaries in industries such as freight rail transportation, reinsurance, industrial manufacturing, and distribution.
Major customers include:
- Aerospace & Defense Companies: As customers of its industrial manufacturing subsidiaries like Precision Castparts.
- Boeing (BA)
- Lockheed Martin (LMT)
- Other Insurance Companies: As customers of Berkshire Hathaway's significant reinsurance operations.
- American International Group (AIG)
- Travelers Companies (TRV)
- Large Retailers and Foodservice Providers: As customers of its logistics and distribution businesses like McLane Company.
- Walmart (WMT)
- McDonald's Corporation (MCD)
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Greg Abel, President & CEO
Greg Abel succeeded Warren Buffett as CEO of Berkshire Hathaway at the beginning of 2026. Prior to this role, he was appointed Vice Chairman of Berkshire Hathaway for non-insurance operations in January 2018. Abel joined CalEnergy in 1992, which later became MidAmerican Energy Holdings Company and then Berkshire Hathaway Energy. He became CEO of MidAmerican in 2008 and chairman in 2011, overseeing the expansion of Berkshire Hathaway Energy into one of North America's largest regulated utility groups. He led CalEnergy's acquisition of MidAmerican Energy Holdings in 1999.
Charles Chang, Senior Vice President and Chief Financial Officer
Charles Chang is set to become Senior Vice President and Chief Financial Officer of Berkshire Hathaway, effective June 1, 2026, succeeding Marc Hamburg. He currently serves as Senior Vice President, Chief Financial Officer, and Director of Berkshire Hathaway Energy, a position he has held since October 1, 2024. Before joining Berkshire Hathaway Energy, Chang was a partner at PricewaterhouseCoopers LLP's Energy Practice for over three decades.
Warren Buffett, Chairman
Warren Buffett is the Chairman of Berkshire Hathaway, having previously served as Chairman and CEO from 1970 to 2025. He began acquiring Berkshire Hathaway stock in 1962 and transformed the company from a struggling textile manufacturer into a multinational conglomerate. Buffett founded Buffett Partnership Ltd. in 1956 and is renowned for his value investing philosophy and successful acquisitions of stakes in various companies.
Ajit Jain, Vice Chairman, Insurance Operations
Ajit Jain is the Vice Chairman of Insurance Operations at Berkshire Hathaway, a position he has held since January 2018. He joined Berkshire Hathaway in 1986 and is widely recognized for building and overseeing the company's global reinsurance and insurance activities, transforming a small operation into a significant business. Prior to his time at Berkshire, Jain worked as a salesman for IBM in India from 1973 to 1976 and then as an executive consultant at McKinsey & Co. from 1978 to 1986.
Ted Weschler, Investment Manager
Ted Weschler joined Berkshire Hathaway in 2012 as an investment manager. Before his tenure at Berkshire, he founded and served as the managing partner of his own hedge fund, Peninsula Capital Advisors, which he shuttered in 2011. Weschler also spent ten years as a partner in Quad-C Management, a private equity firm.
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The public company Berkshire Hathaway (symbol: BRK-B) faces several key risks due to its highly diversified business model encompassing insurance, freight rail transportation, utility businesses, manufacturing, and retail operations.
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Catastrophic Events and Climate Change Impacts: Berkshire Hathaway's significant insurance and utility segments are highly vulnerable to catastrophic natural disasters and the increasing impacts of climate change. The insurance operations, including property, casualty, and reinsurance, incur substantial losses from events such as hurricanes and wildfires, which can significantly reduce underwriting profits. Similarly, the utility businesses, particularly those in western states, face billions of dollars in claims and potential liquidity crises due to wildfires linked to their infrastructure. Warren Buffett himself has highlighted that the electric utility sector is not as reliable an investment as it once was due to growing wildfire risks.
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Regulatory and Political Environment: A substantial portion of Berkshire Hathaway's portfolio operates in heavily regulated industries, including insurance, freight rail, and utilities. Changes in regulatory policies, increased political scrutiny, and evolving environmental mandates can lead to higher operating costs, significant capital expenditures, and legal liabilities across these segments. For instance, the freight rail business (BNSF) is exposed to regulatory and labor dynamics, including wage increases mandated by external bodies. The utility businesses are particularly sensitive to regulatory decisions concerning rates and environmental compliance, further exacerbated by liabilities from wildfires. The insurance sector also faces risks from shifts in underwriting cycles and regulations.
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Reliance on Key Personnel for Investment and Capital Allocation Decisions: While not directly an operational risk described in the background, Berkshire Hathaway's historical success as a conglomerate is deeply intertwined with the investment prowess and capital allocation decisions of a few key individuals, notably Warren Buffett and Charlie Munger. Although succession plans are in place with Greg Abel and Ajit Jain, the ongoing ability to identify compelling investment opportunities and allocate capital effectively remains a critical factor for the company's long-term performance and strategic direction. The departure or unavailability of these key executives could impact investor confidence and the company's strategic trajectory.
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1. The development and increasing viability of autonomous trucking technology pose a clear emerging threat to Berkshire Hathaway's freight rail transportation business (BNSF Railway). If widely adopted, autonomous trucks could offer lower operating costs, increased efficiency, and potentially faster delivery times for certain types of cargo, directly competing with and potentially diverting freight volume from rail services.
2. The accelerating adoption of decentralized renewable energy generation (such as rooftop solar) and advanced battery storage solutions represents an emerging threat to Berkshire Hathaway's utility businesses. As consumers and businesses increasingly generate and store their own power, it could reduce demand for electricity from traditional grid sources and impact the revenue and infrastructure requirements for centralized utility operations.
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Here are the addressable market sizes for Berkshire Hathaway's main products and services:
- Insurance: The global insurance market was valued at $9.0 trillion in 2023. The U.S. insurance market size was $3.7 trillion in 2024 and is projected to reach $9.1 trillion by 2032. Another source indicates the global insurance market was valued at USD 6 trillion. In 2023, the U.S. accounted for $3.226 trillion (44.9%) of the $7.186 trillion global direct premiums written worldwide. The U.S. insurance industry net premiums written totaled $1.7 trillion in 2024.
- Freight Rail Transportation: The global rail freight transport market was valued at $1,561.6 billion in 2024 and is projected to reach $2,125.4 billion by 2035. North America leads this market, holding a significant share of $780.0 million. Another report indicates the global rail freight transportation market size was estimated at USD 202,017.31 million in 2026 and is projected to reach USD 281,943 million by 2035. The North America rail freight transportation market size is forecast to increase by $37.53 billion between 2024 and 2029.
- Electric Utilities (Distribution): The global electric distribution utility market was estimated at $439.1 billion in 2025 and is expected to grow to $801.1 billion in 2035. The global electricity transmission and distribution market size was valued at $397.99 billion in 2025 and is projected to reach $580.51 billion by 2034.
- Natural Gas Distribution and Storage: The global natural gas distribution market, estimated at $1 trillion in 2025, is projected to reach $2.1 trillion by 2034. In the U.S., the natural gas distribution market was $225.5 billion in 2026. The U.S. natural gas distribution market was valued at USD 170.0 billion in 2024. The global natural gas storage market size was estimated at 565.2 billion cubic meters (bcm) in 2024 and is projected to reach 742.3 bcm by 2030, with North America dominating this market.
- Confectionery Products: The global confectionery market size was valued at $220.85 billion in 2025 and is projected to grow to $295.06 billion by 2034. Another source states the global confectionery market size was $314.22 billion in 2024 and is projected to reach $443.38 billion by 2033. The U.S. confectionery market is projected to reach an estimated value of $36.09 billion by 2032.
- Flooring Products: The global flooring market size was valued at $331.9 billion in 2023 and is projected to reach $510.7 billion by 2028. Another estimate places the global flooring market size at USD 385.6 billion in 2025 and projected to reach USD 634.8 billion by 2033.
- Automotive Retail: The global automotive retail market size was valued at $714.43 billion in 2025 and is projected to grow to $1,381.99 billion by 2034. North America holds a significant share, accounting for approximately 40% of the global market. The U.S. automotive retail market is projected to reach USD 141.9 billion by 2026. Another source states the global automotive retail market size was valued at USD 3.92 trillion in 2024 and is expected to reach nearly USD 6.81 trillion by 2032.
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Berkshire Hathaway (BRK-B) is anticipated to drive future revenue growth over the next two to three years through several key areas:
- Strategic Acquisitions and Investments leveraging its Cash Reserves: Berkshire Hathaway ended 2025 with substantial cash reserves, exceeding $373 billion. This significant capital provides ample resources for future strategic acquisitions and investments, as exemplified by the $9.7 billion acquisition of Occidental's chemical unit, OxyChem, in early 2026.
- Growth and Efficiency in its Diversified Manufacturing, Service, and Retailing (MSR) Businesses: The company's collection of manufacturing, service, and retailing businesses demonstrated profit growth of 3.3% in the fourth quarter of 2025 and 4.4% for the full year, with strong contributions from segments like Precision Castparts, Marmon, NetJets, FlightSafety, and McLane. These businesses are expected to continue generating significant cash flow and contribute to overall revenue growth.
- Expansion and Improved Performance in Burlington Northern Santa Fe (BNSF) Railway Operations: The BNSF railroad segment saw earnings rise by 5.4% in the fourth quarter of 2025 and 8.8% for the full year. The ongoing trend of "onshoring/near-shoring" manufacturing in North America is expected to act as a significant tailwind for BNSF, increasing domestic freight volumes for industrial components.
- Long-term Opportunities within Berkshire Hathaway Energy (BHE): While BHE experienced some mixed results in 2025, with utilities earnings up but natural gas pipelines and other energy businesses down, the broader energy transition toward renewable sources presents a considerable long-term growth opportunity for the segment, albeit requiring significant capital expenditure.
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Share Repurchases
- Berkshire Hathaway repurchased approximately $60 billion of its shares between 2020 and 2022.
- Share repurchases decreased to $9 billion in 2023, $3 billion in 2024, and were zero for the full year 2025.
- The company restarted its share repurchase program in March 2026, adhering to a policy of buying back shares when they trade below intrinsic value and ensuring consolidated cash and equivalents remain above $30 billion.
Outbound Investments
- Berkshire Hathaway's long-term investments increased consistently, from $553.232 billion in 2023 to $622.386 billion in 2024, and $675.541 billion in 2025.
- As of the first quarter of 2025, the company managed an equity investment portfolio valued at approximately $258 billion.
- Recent portfolio adjustments include fully divesting from Citigroup and significantly increasing its stake in Constellation Brands in Q1 2025. Berkshire also completed the acquisition of Occidental Chemical Corporation for approximately $9.7 billion in early 2026, following an announcement in October 2025.
Capital Expenditures
- Annual capital expenditures were $19.409 billion in 2023 and $18.976 billion in 2024.
- Capital expenditures reached $20.072 billion for the latest twelve months ending September 2025, with expected expenditures for the full year 2025 forecasted at $20.927 billion.
- A primary focus for capital allocation going forward, under CEO Greg Abel, is to enhance efficiency across its core business pillars, including Insurance, BNSF Railway, Berkshire Hathaway Energy, and Manufacturing.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 279.46 |
| Mkt Cap | 128.9 |
| Rev LTM | 64,917 |
| Op Inc LTM | 10,171 |
| FCF LTM | 13,454 |
| FCF 3Y Avg | 11,684 |
| CFO LTM | 13,542 |
| CFO 3Y Avg | 12,202 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.3% |
| Rev Chg 3Y Avg | 9.7% |
| Rev Chg Q | 7.3% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 3.4% |
| Op Inc Chg 3Y Avg | 2.2% |
| Op Mgn LTM | 40.0% |
| Op Mgn 3Y Avg | 39.7% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 17.6% |
| CFO/Rev 3Y Avg | 17.3% |
| FCF/Rev LTM | 17.3% |
| FCF/Rev 3Y Avg | 17.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Insurance | 104,212 | 105,069 | 95,022 | 82,310 | 75,140 |
| Manufacturing | 78,487 | 77,231 | 75,405 | 75,781 | 68,730 |
| McLane | 50,998 | 51,907 | 52,607 | 53,209 | 49,450 |
| Service and retailing | 42,647 | 39,874 | 39,996 | 38,303 | 34,832 |
| Pilot | 42,198 | 46,891 | 51,739 | 0 | |
| Berkshire Hathaway Energy (BHE) | 26,297 | 26,348 | 26,008 | 26,393 | 25,096 |
| Burlington Northern Santa Fe, LLC (BNSF) | 23,533 | 23,572 | 23,876 | 25,888 | 23,282 |
| Corporate, eliminations and other | 3,072 | 541 | -171 | 136 | -327 |
| Equity method earnings (losses) | 0 | ||||
| Investment gains (losses) | 0 | 0 | 0 | 0 | |
| Interest expense, not allocated to segments | 0 | 0 | 0 | ||
| Non-controlled businesses | 0 | 0 | 0 | ||
| Total | 371,444 | 371,433 | 364,482 | 302,020 | 276,203 |
| $ Mil | 2015 | 2014 | 2013 | 2005 | 2004 |
|---|---|---|---|---|---|
| Investment gains (losses) | 10,347 | 4,081 | 6,673 | 5,494 | |
| Burlington Northern Santa Fe | 6,775 | 6,169 | 5,928 | ||
| Insurance group | 6,387 | 7,025 | 7,802 | 3,533 | 4,375 |
| Manufacturing | 4,893 | ||||
| BerkshireHathaway Energy | 2,851 | 2,711 | |||
| Finance and Financial Products | 2,086 | 1,839 | 985 | 822 | 584 |
| Service and retailing | 1,720 | 1,546 | |||
| McLane | 502 | 435 | 486 | 217 | 228 |
| Eliminations and other | -241 | -199 | -1,140 | -204 | |
| Interest expense, excluding interest allocated to operating businesses | -374 | -313 | |||
| Manufacturing businesses | 4,811 | ||||
| Marmon | 1,176 | ||||
| Mid American | 1,806 | ||||
| Other Businesses | 5,080 | 501 | 465 | ||
| Apparel | 348 | 325 | |||
| Building products | 751 | 643 | |||
| Flight Services | 120 | ||||
| Other revenues | 523 | ||||
| Retail Business | 201 | 163 | |||
| Shaw Industries | 485 | ||||
| Aviation Training (Flight Services) | 191 | ||||
| Shaw industries | 466 | ||||
| Total | 34,946 | 28,105 | 28,796 | 12,791 | 7,440 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Insurance | 571,145 | 539,884 | 538,860 | 459,917 | 482,813 |
| Corporate and other | 161,691 | 137,153 | 64,142 | 62,645 | 69,770 |
| Berkshire Hathaway Energy (BHE) | 136,515 | 128,276 | 124,383 | 118,114 | 113,447 |
| Manufacturing | 122,132 | 119,860 | 115,875 | 113,578 | 107,231 |
| Goodwill | 83,074 | 83,880 | 84,626 | 78,119 | 73,875 |
| Burlington Northern Santa Fe, LLC (BNSF) | 82,532 | 80,813 | 79,227 | 77,752 | 76,586 |
| Service and retailing | 39,124 | 37,198 | 34,600 | 31,291 | 28,221 |
| Pilot | 18,828 | 19,652 | 21,404 | 0 | |
| McLane | 7,135 | 7,165 | 6,861 | 7,049 | 6,841 |
| Total | 1,222,176 | 1,153,881 | 1,069,978 | 948,465 | 958,784 |
Price Behavior
| Market Price | $517.22 | |
| Market Cap ($ Bil) | 1,115.7 | |
| First Trading Date | 03/17/1980 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $492.15 | $490.43 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 5.1% | 5.5% |
| 3M | 1YR | |
| Volatility | 14.3% | 14.5% |
| Downside Capture | -28.27 | -7.27 |
| Upside Capture | 21.43 | 7.96 |
| Correlation (SPY) | -2.9% | 3.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.06 | -0.07 | -0.03 | 0.03 | 0.03 | 0.43 |
| Up Beta | -0.57 | 0.11 | 0.14 | 0.30 | 0.19 | 0.56 |
| Down Beta | 0.26 | -0.25 | -0.15 | 0.11 | -0.00 | 0.44 |
| Up Capture | 34% | 19% | 14% | -0% | 2% | 13% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 23 | 32 | 59 | 125 | 395 |
| Down Capture | 1% | -31% | -25% | -23% | -9% | 55% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 20 | 31 | 67 | 127 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRK-B | |
|---|---|---|---|---|
| BRK-B | 9.4% | 14.8% | 0.39 | - |
| Sector ETF (XLF) | 14.0% | 14.7% | 0.68 | 43.0% |
| Equity (SPY) | 25.2% | 12.9% | 1.47 | 3.6% |
| Gold (GLD) | 21.1% | 28.1% | 0.67 | -5.9% |
| Commodities (DBC) | 28.3% | 19.8% | 1.14 | -22.5% |
| Real Estate (VNQ) | 15.6% | 13.8% | 0.81 | 30.6% |
| Bitcoin (BTCUSD) | -44.2% | 43.0% | -1.23 | -8.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRK-B | |
|---|---|---|---|---|
| BRK-B | 13.1% | 17.1% | 0.59 | - |
| Sector ETF (XLF) | 11.5% | 18.4% | 0.48 | 77.3% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 59.4% |
| Gold (GLD) | 17.3% | 18.5% | 0.76 | 1.8% |
| Commodities (DBC) | 8.1% | 19.6% | 0.31 | 9.8% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 53.1% |
| Bitcoin (BTCUSD) | 10.0% | 53.0% | 0.38 | 19.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRK-B | |
|---|---|---|---|---|
| BRK-B | 13.7% | 19.4% | 0.61 | - |
| Sector ETF (XLF) | 13.7% | 22.1% | 0.57 | 84.4% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 72.6% |
| Gold (GLD) | 11.6% | 16.1% | 0.58 | -1.9% |
| Commodities (DBC) | 7.0% | 18.0% | 0.31 | 22.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 59.0% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 15.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 0.2% | 1.9% | 2.5% |
| 3/2/2026 | 0.2% | 3.5% | -0.2% |
| 11/3/2025 | 2.5% | 4.5% | 5.8% |
| 8/4/2025 | 1.1% | 1.2% | 9.2% |
| 5/6/2025 | 1.1% | -0.1% | -4.6% |
| 2/24/2025 | 0.3% | 2.3% | 6.1% |
| 11/4/2024 | -2.2% | 2.5% | 4.0% |
| 8/5/2024 | 2.0% | 4.0% | 15.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 18 | 17 |
| # Negative | 6 | 5 | 6 |
| Median Positive | 0.6% | 2.3% | 3.8% |
| Median Negative | -1.4% | -1.1% | -1.9% |
| Max Positive | 3.2% | 5.9% | 15.7% |
| Max Negative | -2.5% | -4.7% | -4.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 0.2% | 1.9% | 2.5% |
| 3/2/2026 | 0.2% | 3.5% | -0.2% |
| 11/3/2025 | 2.5% | 4.5% | 5.8% |
| 8/4/2025 | 1.1% | 1.2% | 9.2% |
| 5/6/2025 | 1.1% | -0.1% | -4.6% |
| 2/24/2025 | 0.3% | 2.3% | 6.1% |
| 11/4/2024 | -2.2% | 2.5% | 4.0% |
| 8/5/2024 | 2.0% | 4.0% | 15.7% |
| 5/7/2024 | 0.1% | 1.0% | 1.2% |
| 2/26/2024 | -0.1% | -1.4% | 0.6% |
| 11/7/2023 | 0.0% | 2.3% | 1.9% |
| 8/7/2023 | 0.3% | -1.1% | -0.3% |
| 5/10/2023 | -0.1% | 1.4% | 3.8% |
| 3/1/2023 | 1.0% | 2.2% | 0.2% |
| 11/8/2022 | -1.4% | 5.9% | 4.6% |
| 5/4/2022 | -2.5% | -4.7% | -4.9% |
| 3/1/2022 | -1.4% | 0.4% | 10.5% |
| 11/8/2021 | 0.3% | -0.7% | -1.0% |
| 8/9/2021 | 0.6% | 0.8% | -2.7% |
| 5/5/2021 | 2.5% | 0.1% | 3.5% |
| 3/1/2021 | 0.0% | 3.4% | 3.6% |
| 11/9/2020 | 3.2% | 5.2% | 2.7% |
| 8/17/2020 | 0.7% | 2.8% | 6.2% |
| SUMMARY STATS | |||
| # Positive | 17 | 18 | 17 |
| # Negative | 6 | 5 | 6 |
| Median Positive | 0.6% | 2.3% | 3.8% |
| Median Negative | -1.4% | -1.1% | -1.9% |
| Max Positive | 3.2% | 5.9% | 15.7% |
| Max Negative | -2.5% | -4.7% | -4.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/03/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
| 06/30/2019 | 08/05/2019 | 10-Q |
Insider Activity
Updated 8/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | O'Sullivan, Michael J | See Remarks | Trust | Buy | 5062026 | 467.44 | 536 | 250,545 | 309,910 | Form |
| 2 | Jain, Ajit | Vice Chairman | Jain Foundation Inc. (Non-Profit Corporation) | Sell | 9262025 | 0.00 | 15,000 | Form | ||
| 3 | Jain, Ajit | Vice Chairman | Jain Foundation Inc. (Non-Profit Corporation) | Sell | 8082025 | 464.73 | 2,000 | 929,452 | 56,839,708 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | O'Sullivan, Michael J | See Remarks | Trust | Buy | 5062026 | 467.44 | 536 | 250,545 | 309,910 | Form |
| 2 | Jain, Ajit | Vice Chairman | Jain Foundation Inc. (Non-Profit Corporation) | Sell | 9262025 | 0.00 | 15,000 | Form | ||
| 3 | Jain, Ajit | Vice Chairman | Jain Foundation Inc. (Non-Profit Corporation) | Sell | 8082025 | 464.73 | 2,000 | 929,452 | 56,839,708 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Multi-Sector Holdings Resources |
| McKinsey & Company Insights |
| Harvard Business Review |
| ValueWalk |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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