BERKSHIRE HATHAWAY INCBRK-B
BERKSHIRE HATHAWAY INC Financial Overview 2020–2024
Berkshire Hathaway commands a fortress-like balance sheet, holding a staggering $354.3 billion in cash, cash equivalents, and U.S. Treasury bills as of Q3 2025. This unrivaled liquidity anchors a diversified conglomerate where steady cash flows from insurance, rail, and energy offset the inherent volatility of a massive public equity portfolio. The company’s ability to compound value is evident in its capital base, with shareholders' equity expanding from $443.2 billion in FY2020 to $700.4 billion by the end of Q3 2025. With total assets now surpassing $1.23 trillion, the firm remains a unique stabilizing force capable of executing massive transactions without external financing.
Headline earnings frequently mask underlying operating consistency due to accounting rules requiring the recognition of unrealized investment gains and losses. Consequently, net results swung from a $22.8 billion loss in FY2022 to a $96.2 billion profit in FY2023, driven largely by a $74.9 billion investment gain that year rather than operational shifts. More recently, the company reported $47.8 billion in net earnings for the first nine months of 2025, despite a $3.76 billion non-cash impairment on Kraft Heinz. Core operations remain robust, with revenues reaching $277.2 billion over the same period, supported by improved underwriting at GEICO. Management continues to deploy capital aggressively, agreeing to acquire Occidental Petroleum’s chemicals business for $9.7 billion in late 2025 ahead of the CEO transition to Greg Abel in 2026.
Recent Developments (Q2 and Q3 2025)
Management capitalized on favorable financing conditions by issuing ¥210.1 billion in yen-denominated senior notes in late 2025, further bolstering capital flexibility. For the third quarter alone, the company delivered $30.80 billion in net earnings on $94.97 billion in revenue, driven by strength in manufacturing and services that offset flatter performance elsewhere. Corporate governance continues to evolve beyond the headline CEO handoff; the board announced that Charles Chang will succeed retiring CFO Marc Hamburg in 2026, solidifying the next-generation leadership team. However, the energy division faces ongoing headwinds from PacifiCorp, where wildfire litigation remains a critical risk with probable losses previously estimated at $2.75 billion.
The bull case rests on the seamless execution of the leadership succession plan and the stabilizing power of the insurance float to support opportunistic capital deployment. Conversely, the bear case highlights that escalating legal liabilities in the utilities segment and the challenge of finding needle-moving acquisitions for the massive cash pile could compress future return on equity.
What to watch: PacifiCorp wildfire litigation settlements; margin impacts from the OxyChem integration.
Rev
$371.43B
FY2024
NI
$89.00B
FY2024
EPS$BRK-B
—
OCF
$30.59B
FY2024
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
BERKSHIRE HATHAWAY INC 8-K/A Report, Executive Changes (Jan 6, 2026)
This 8-K/A filing from Berkshire Hathaway Inc. (BRK-B) primarily serves to update information regarding the compensation of its new President and Chief Executive Officer, Greg Abel. Effective January 1, 2026, Mr. Abel's annual cash salary has been set at $25 million. This adjustment reflects his elevated role and responsibilities following his appointment as CEO, a transition that was previously announced. Investors should note that this filing confirms the finalized compensation for the company's top executive and provides transparency on this significant personnel change.
BERKSHIRE HATHAWAY INC 8-K Report, Executive Changes (Dec 11, 2025)
Berkshire Hathaway Inc. has announced a planned leadership transition for its Chief Financial Officer role. Marc D. Hamburg, the current Senior Vice President and CFO, will retire on June 1, 2027, following a year-long transition period where he will step down as CFO on June 1, 2026, to work with his successor. This move signals a deliberate and extended process to ensure continuity in a critical financial leadership position. Mr. Charles C. Chang has been appointed to succeed Mr. Hamburg as Senior Vice President and CFO, effective June 1, 2026. Mr. Chang brings significant experience, having served as Senior Vice President and CFO of Berkshire Hathaway Energy since October 2024 and previously as a partner at PricewaterhouseCoopers for over two decades. Investors should note that compensation details for Mr. Chang are still being finalized and will be disclosed in a future amendment. The company has confirmed no material financial interests or family relationships that would be of concern.
BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Nov 21, 2025)
Berkshire Hathaway Inc. (BRK-B) has filed an 8-K report detailing a significant debt issuance. On November 19, 2025, the company issued an aggregate principal amount of ¥123,700,000,000 of its 1.510% Senior Notes due 2028, ¥53,300,000,000 of its 1.826% Senior Notes due 2030, ¥26,100,000,000 of its 2.422% Senior Notes due 2035, and ¥7,000,000,000 of its 2.810% Senior Notes due 2040. These notes were issued under a previously filed registration statement and an underwriting agreement with Mizuho Securities USA LLC and Merrill Lynch International. This issuance of senior notes in Japanese Yen indicates Berkshire Hathaway's strategy to access diverse funding sources and potentially hedge against currency fluctuations or to finance operations or acquisitions denominated in Yen. The varying interest rates and maturity dates suggest a deliberate approach to managing its debt obligations and capital structure. Investors should note that this issuance increases the company's outstanding debt, although the specific use of proceeds is not detailed in this filing.
BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Nov 3, 2025)
Berkshire Hathaway Inc. (BRK-B) filed an 8-K on November 2, 2025, to report on its financial performance for the third quarter and the first nine months of 2025, ending September 30, 2025. The key takeaway for investors is the release of its unaudited financial results, which were disclosed via a press release on November 1, 2025. This filing serves as the official mechanism to furnish that earnings release to the Securities and Exchange Commission. Investors should refer to the earnings release (Exhibit 99.1) for detailed insights into the company's operational performance, financial condition, and key metrics. While this 8-K itself does not contain the specific figures, it confirms the official release of this critical information. The filing does not indicate any significant changes in accounting principles or unusual events beyond the regular quarterly reporting, but the underlying earnings release will contain the performance data.
BERKSHIRE HATHAWAY INC 8-K Report, Bylaw Amendment (Oct 3, 2025)
Berkshire Hathaway Inc. (BRK-B) has filed an 8-K reporting an amendment to its By-Laws, effective September 30, 2025. This amendment formally separates the roles of Chairman of the Board and Chief Executive Officer. This strategic governance change is being implemented in anticipation of the CEO transition scheduled for January 1, 2026, when Greg Abel is set to assume the CEO position, succeeding Warren Buffett. Warren Buffett will continue to serve as Chairman of the Board following this transition. The amendment adds a new paragraph to the By-Laws concerning the Board of Directors and makes consequential changes to the sections pertaining to Officers and Agents. Investors should note that this governance restructuring is a proactive step to align with the previously announced leadership succession plan, ensuring a clear delineation of responsibilities at the highest levels of the company.
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