$500.50+2.55 (+0.51%)
At close: Oct 1, 2026, 4:00 PM ET
Berkshire Hathaway Inc. · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineSteady: revenue compounds ~7.7%/yr (FY21→FY25), net margin 18.1%; free cash flow runs at 37% of net income. Check the accrual gap.
The four lines that matter · FY21–FY25
Revenue ($B)▲0.0%
371.4
FY21→FY25CAGR +7.7%/yr
Net income ($B)▼24.9%
67.3
one-off year: see footnoteCAGR −7.3%/yr
Free cash flow ($B)▲115.6%
25.0
FY21→FY25CAGR −1.1%/yr
Diluted EPS▼24.8%
31.02
buyback-liftedCAGR −6.0%/yr
What the receipts whisper · what a headline number hides
Share count
−4.8%
2.3bn → 2.2bn diluted shares since FY21. Part of EPS growth is the shrinking denominator. Watch net income too.
Capex
$20.9B
steady at 5.6% of revenue (+10.3% YoY).
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($B)
18¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 28.8% → 30.7%. Net margin 18.1% is below the sector median.
The receipt · income statement · FY21–FY25 USD billions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 384.7 | 371.4 | 371.4 | 364.5 | 302.0 | 276.2 | ▲0.0% | +7.7% |
Cost of revenue | 262.2 | 257.4 | 259.8 | 267.4 | 220.7 | 196.7 | ▼0.9% | +6.9% |
Gross profit | 122.5 | 114.1 | 111.6 | 97.1 | 81.3 | 79.4 | ▲2.2% | +9.5% |
Selling, general & admin | 31.6 | 33.9 | 30.0 | 29.5 | 24.5 | 24.5 | ▲13.0% | +8.5% |
Total operating expenses | 59.4 | 56.0 | 50.7 | 48.8 | 41.4 | 42.8 | ▲10.6% | +6.9% |
Operating incomefeeds ROC rank | 63.1 | 58.0 | 60.9 | 48.3 | 39.9 | 36.6 | ▼4.8% | +12.2% |
Other income, net | 43.6 | 24.4 | 49.4 | 71.8 | −70.4 | 75.3 | — | — |
Pretax income | 106.7 | 82.5 | 110.4 | 120.2 | −30.5 | 111.9 | ▼25.3% | −7.3% |
Income tax | 20.9 | 15.2 | 20.8 | 23.0 | −8.5 | 20.9 | ▼27.0% | −7.7% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 86.1 | 67.3 | 89.6 | 97.1 | −22.0 | 90.9 | ▼24.9% | −7.3% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | — | 31.02c | 41.24c | 44.25c | −10.32c | 39.68c | ▼24.8% | −6.0% |
Diluted shares (bn) | — | 2.16 | 2.16 | 2.17 | 2.20 | 2.27 | ▲0.0% | −1.2% |
| Margins | ||||||||
Gross margin19th pct in Financial Services | 31.8% | 30.7% | 30.0% | 26.6% | 26.9% | 28.8% | ▲0.7pp | +1.9pp |
Operating margin | 16.4% | 15.6% | 16.4% | 13.3% | 13.2% | 13.3% | ▼0.8pp | +2.4pp |
Net margin41st pct in Financial Services | 22.4% | 18.1% | 24.1% | 26.7% | −7.3% | 32.9% | ▼6.0pp | −14.8pp |
† TTM = trailing four quarters through 2026-06-30.FY22 effective tax rate was 28% vs a 19% norm for this window, likely a one-time item; see the filing.c Computed by Tenet. The company's diluted figure is not in our data feed for this period, so this is net income attributable to common shareholders divided by the larger of the weighted basic and diluted share counts.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-03-02 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.