Berkshire Hathaway Inc.
BRK.BFinancial Snapshot
ticker: BRK.B step: 04 generated: 2026-05-11 source: quick-research
Berkshire Hathaway Inc. — Class B (BRK.B) — Financial Snapshot
(Note: Berkshire's GAAP net income is dominated by unrealized investment gains/losses, which Buffett/Abel both caution should be ignored. "Operating earnings" is the management-preferred metric.)
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total Revenue | ~$364B | ~$371B | $371.4B |
| Operating Earnings (ex-investments) | $37.4B | $47.4B | $44.5B |
| Net Income (GAAP, incl. mark-to-market) | $96.2B | $89.0B | $67.0B |
| Insurance Underwriting Profit | $5.4B | $3.4B | $1.6B |
| Insurance Investment Income | $9.6B | $4.1B | $3.1B |
| Cash Flow from Operations | ~$49B | ~$45B | $46B |
Balance Sheet (Q1 2026)
| Metric | Value |
|---|---|
| Cash | $58B |
| US Treasury Bills (short-term) | $339B |
| Total Liquid Assets | $397B (record) |
| Insurance Float | $176B (+$5B YoY) |
| Equity Investment Portfolio (market value) | ~$280–300B |
| Total Assets | ~$1.15T |
| Shareholders' Equity (book value) | ~$650B |
Q1 2026 Snapshot
| Metric | Q1 2026 |
|---|---|
| Revenue | $93.7B |
| Net Income (GAAP) | $10.1B |
| Share Buybacks | $234M (first since May 2024 — 21-month gap) |
Key Ratios (approximate)
- P/B (Price-to-Book): ~1.65x | P/E (on operating earnings): ~24x
- Operating Earnings Yield: ~4%
- Cash + Treasuries / Market Cap: ~35% (essentially a third of Berkshire's value is currently liquid)
- Insurance Float / Equity: ~27%
- No dividend; capital return is via opportunistic buybacks
Growth Profile
Berkshire's structural growth has slowed in the late-Buffett / early-Abel transition. Operating earnings fell ~6% in 2025 driven by 54% decline in insurance underwriting profits (catastrophe losses + GEICO competitive pressure) and lower investment income on the equity portfolio. However, the strategic posture is more important than near-term growth: Berkshire has been a net seller of equities for 13+ consecutive quarters (Buffett era), accumulating ~$300B+ of cash, and Abel resumed share buybacks in March 2026 — the first since May 2024. The market is implicitly underwriting Abel to deploy the cash pile at a major drawdown or large acquisition.
Forward Estimates
Sell-side coverage is limited (no consensus earnings model published widely; Berkshire is followed by relatively few analysts). Implicit framing: operating earnings of ~$45–50B per year is the steady-state, with the $397B cash position serving as embedded optionality worth ~$80–120B of NPV depending on assumed deployment IRR (10–15% over 5 years). Bull case: Abel executes a $50–100B acquisition at distressed cycle valuations; bear case: cash continues to drag returns vs. equities, and Berkshire's relative outperformance vs. S&P 500 ends with the Buffett era.
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $BRK.B.