Cash flow generation remains volatile, with an OCF/NI ratio of 1.03 in 2026Q1, reflecting the difficulty of managing a massive investment portfolio.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 45.5B | 45.97B | 30.59B | 49.2B | 37.22B | 39.42B | 39.77B | 38.69B | 37.4B | 45.78B | 32.53B | 31.49B | 32.01B | 27.7B | 20.95B | 20.48B | 17.89B | 15.85B | 11.25B | 12.55B | 10.2B | 9.45B | 7.41B | 8.26B | 11.2B | 6.57B | 2.95B | 2.2B | 657M | 2.34B | 1.26B |
| Operating CF Growth % | 776.86% | 50.26% | -37.82% | 32.16% | -5.57% | -0.89% | 2.81% | 3.44% | -18.3% | 40.7% | 3.32% | -1.62% | 15.54% | 32.24% | 2.31% | 14.42% | 12.93% | 40.83% | -10.34% | 23.1% | 7.93% | 27.56% | -10.32% | -26.3% | 70.41% | 123.07% | 33.95% | 234.86% | -71.87% | 85.37% | 11.71% |
| Operating CF / Revenue % | 12.12% | 12.38% | 8.24% | 13.5% | 12.33% | 14.28% | 16.2% | 15.04% | 15.21% | 18.73% | 14.54% | 15.01% | 16.49% | 15.43% | 13.05% | 14.3% | 12.98% | 14.09% | 9.67% | 10.61% | 10.45% | 11.45% | 10.17% | 13% | 26.66% | 17.03% | 8.57% | 9.2% | 4.82% | 22.39% | 11.96% |
| Net Income | 72.47B | 66.97B | 89.56B | 97.15B | -22.06B | 90.81B | 43.25B | 81.79B | 4.32B | 45.35B | 24.43B | 24.41B | 20.17B | 19.84B | 15.31B | 10.75B | 13.49B | 8.44B | 4.99B | 13.21B | 11.02B | 8.53B | 7.31B | 8.15B | 4.29B | 795M | 3.33B | 1.56B | 2.83B | 1.9B | 2.49B |
| Depreciation & Amortization | 13.72B | 13.48B | 12.86B | 12.49B | 10.9B | 10.72B | 10.6B | 10.06B | 9.78B | 9.19B | 8.9B | 7.78B | 7.37B | 6.51B | 5.15B | 4.68B | 4.28B | 3.13B | 2.81B | 2.41B | 2.07B | 982M | 911M | 520M | 811M | 1.08B | 997M | 688M | 265M | 227.3M | 151.6M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -44.89B | -36.83B | -65.04B | -80.88B | 63.3B | -80.97B | -29.64B | -72.38B | 25.11B | -952M | -7.71B | -8.62B | -3.92B | -3.69B | -667M | -463M | -1.83B | 2.69B | -6M | -5.24B | -1.81B | -6.2B | -1.64B | -4.13B | -637M | -1.36B | -3.96B | -1.36B | -2.42B | -1.11B | -2.48B |
| Working Capital Changes | 4.2B | 2.35B | -6.78B | 20.44B | -14.92B | 18.87B | 15.57B | 19.21B | -1.81B | -7.81B | 6.92B | 7.92B | 8.39B | 5.04B | 1.16B | 5.51B | 1.95B | 1.59B | 3.45B | 2.17B | -1.07B | 6.13B | 822M | 3.71B | 6.74B | 6.07B | 2.58B | 1.32B | -23M | 1.31B | 1.1B |
| Cash from Investing | -32.39B | -44.49B | -10.29B | -32.66B | -87.6B | 29.39B | -37.76B | -5.62B | -32.85B | -41.09B | -84.27B | -26.67B | -19.37B | -27.54B | -10.57B | -19.19B | -18.28B | -11.16B | -32.07B | -13.43B | -14.08B | -13.84B | 221M | 16.11B | -1.38B | -11.69B | -2.27B | -12.6B | 12.71B | -2.53B | -3.51B |
| Capital Expenditures | -21.63B | -20.93B | -18.98B | -19.41B | -15.46B | -13.28B | -13.01B | -15.98B | -14.54B | -11.71B | -12.95B | -16.08B | -15.19B | -11.09B | -9.78B | -8.19B | -5.98B | -4.94B | -6.14B | -5.37B | -4.57B | -2.19B | -1.2B | 1.2B | 3.13B | -5.38B | 285M | -1.68B | -733M | -215.1M | -225.6M |
| Acquisitions | -10.76B | -1.07B | -396M | -8.6B | -10.59B | -456M | -2.53B | -1.68B | -3.28B | -2.71B | -31.4B | -4.9B | -4.82B | -6.43B | -3.19B | -8.69B | -15.92B | -108M | -6.05B | -1.6B | -10.13B | -2.39B | -414M | -3.21B | -2.62B | -4.7B | -3.8B | -153M | 4.97B | -774.9M | -1.98B |
| Purchase of Investments | -457.08B | -603.05B | -536.08B | -251.47B | -251.85B | -161.09B | -238.59B | -154.76B | -185.05B | -178.82B | -113.08B | -23.66B | -17.79B | -28.35B | -15.63B | -28.02B | -14.08B | -22.44B | -60.21B | -32.51B | -16.92B | -21.96B | -7.96B | -11.77B | -19.55B | -17.55B | -20.7B | -22.04B | -4.56B | -7.55B | -3.89B |
| Sale/Maturity of Investments | 429.83B | 579.41B | 545.36B | 246.13B | 190.07B | 203.44B | 220.34B | 168.03B | 171.52B | 155.57B | 73.4B | 17.5B | 17.39B | 19.38B | 17.13B | 24.39B | 17.84B | 15.2B | 40.19B | 25.03B | 15.91B | 12.01B | 12.81B | 30.66B | 18.51B | 16.66B | 22.52B | 11.7B | 13.34B | 6.19B | 2.6B |
| Other Investing | 27.26B | 1.16B | -195M | 685M | 239M | 770M | -3.96B | -1.23B | -1.5B | -3.42B | -236M | 478M | 1.04B | -1.05B | 881M | 1.32B | -127M | 1.12B | 143M | 1.02B | 1.64B | 685M | -3.02B | -759M | -846M | -727M | -582M | -417M | -302M | -182.3M | -19.2M |
| Cash from Financing | 2.35B | 2.23B | -10.36B | -14.4B | -1.66B | -28.51B | -18.34B | 730M | -5.81B | -1.4B | 12.79B | 3.8B | 2.73B | 961M | -806M | -2.22B | 8.13B | 233M | 2.29B | 1.37B | 2.49B | 5.63B | -156M | -1.16B | -3.57B | 6.01B | 470M | 367M | 61M | -96M | 854M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.94B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -2.92B | -9.17B | -7.85B | -27.06B | -24.71B | -4.85B | -1.35B | 0 | 0 | 0 | 0 | 0 | -1.3B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 565M |
| Debt Issuance (Net) | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K |
| Other Financing | -476M | -793M | -5.62B | -4.15B | -1.98B | -695M | -429M | -497M | -343M | -121M | 112M | -233M | -1.26B | -3.02B | -752M | -1.86B | -95M | -410M | -132M | 387M | 84M | 65M | 166M | -714M | 146M | 116M | -75M | -137M | 3M | -1M | -3M |
| Net Change in Cash | 15.94B | 4.15B | 9.73B | 2.24B | -52.31B | 40.31B | -16.24B | 33.82B | -1.4B | 3.54B | -39.11B | 8.46B | 15.08B | 1.19B | 9.69B | -928M | 7.67B | 5.02B | -18.79B | 586M | -1.27B | 1.23B | 7.47B | 23.21B | 6.25B | 894M | 1.15B | -10.03B | 13.43B | -291.8M | -1.39B |
| Exchange Rate Effect | 474M | 433M | -212M | 116M | -268M | 5M | 92M | 25M | -140M | 248M | -172M | -165M | -289M | 64M | 123M | 2M | -74M | 101M | -262M | 98M | 117M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 52.57B | 47.73B | 38.64B | 36.4B | 88.71B | 48.4B | 64.63B | 30.81B | 32.21B | 28.05B | 67.16B | 63.27B | 48.19B | 46.99B | 37.3B | 38.23B | 30.56B | 25.54B | 44.33B | 43.74B | 45.02B | 43.43B | 35.96B | 12.75B | 6.5B | 5.6B | 4.46B | 14.49B | 1.06B | 1.35B | 2.74B |
| Cash at End | 58.81B | 51.88B | 48.38B | 38.64B | 36.4B | 88.71B | 48.4B | 64.63B | 30.81B | 31.58B | 28.05B | 71.73B | 63.27B | 48.19B | 46.99B | 37.3B | 38.23B | 30.56B | 25.54B | 44.33B | 43.74B | 44.66B | 43.43B | 35.96B | 12.75B | 6.5B | 5.6B | 4.46B | 14.49B | 1.06B | 1.35B |
| Free Cash Flow | 23.87B | 25.04B | 11.62B | 29.79B | 21.76B | 26.14B | 26.76B | 22.71B | 22.86B | 34.07B | 19.58B | 15.41B | 16.82B | 16.62B | 11.18B | 12.29B | 11.91B | 10.91B | 5.11B | 7.18B | 5.62B | 7.25B | 6.2B | 9.45B | 14.34B | 1.2B | 3.23B | 519M | -76M | 2.12B | 1.03B |
| FCF Growth % | 97.86% | 115.58% | -61% | 36.89% | -16.77% | -2.3% | 17.85% | -0.68% | -32.89% | 73.98% | 27.08% | -8.42% | 1.25% | 48.7% | -9.04% | 3.11% | 9.22% | 113.32% | -28.74% | 27.61% | -22.44% | 16.88% | -34.36% | -34.07% | 1096.74% | -62.93% | 522.74% | 782.89% | -103.58% | 105% | -8.29% |
| FCF Margin % | 6.36% | 6.74% | 3.13% | 8.17% | 7.2% | 9.47% | 10.9% | 8.83% | 9.3% | 13.94% | 8.75% | 7.34% | 8.67% | 9.26% | 6.96% | 8.58% | 8.64% | 9.7% | 4.39% | 6.07% | 5.76% | 8.79% | 8.52% | 14.88% | 34.12% | 3.1% | 9.4% | 2.17% | -0.56% | 20.33% | 9.82% |
| FCF per Share | 11.07 | 11.61 | 5.39 | 13.71 | 9.88 | 11.54 | 11.19 | 13.9K | 13.91K | 20.71K | 11.91K | 9.38K | 10.24K | 10.11K | 6.77K | 7.45K | 7.28K | 7.03K | 3.3K | 4.64K | 3.65K | 4.71K | 4.03K | 6.16K | 9.35K | 785.06 | 2.12K | 341.45 | -60.75 | 1.72K | 858.42 |
Capital Deployment Size Drag
According to the provided quarterly data, Berkshire Hathaway consistently maintains a massive insurance float, with claims and loss payments averaging approximately $71.5 billion per quarter, which underscores the firm's ability to sustain underwriting operations despite the inherent unpredictability of global catastrophic events and long-tail liability settlements.
The stability of claims payments relative to the scale of the insurance operations suggests a high degree of underwriting discipline. Investors should monitor whether the consistency in these outflows continues to provide a reliable cost-of-capital advantage as the firm navigates potential shifts in global loss trends.
As reported in the historical cash flow statements, the firm exhibits significant portfolio turnover, with quarterly investment purchases reaching as high as $200.9 billion in 2025Q3, reflecting a dynamic approach to capital allocation that prioritizes liquidity management over static holding strategies in volatile market environments.
The frequent rotation between purchases and sales suggests that management is actively adjusting the portfolio's risk profile rather than maintaining a passive stance. This high level of activity implies that the firm's cash position is highly sensitive to the timing of these large-scale investment decisions.
Based on the reported figures, the OCF/NI ratio has fluctuated wildly from 0.07 in 2024Q3 to 2.37 in 2025Q1, indicating that net income is a poor proxy for actual cash generation due to the accounting volatility inherent in the firm's massive equity portfolio valuation adjustments.
This disconnect highlights the necessity of focusing on operating cash flow rather than GAAP net income to assess the firm's true financial health. The extreme variance in this ratio warrants further investigation into how non-cash accruals and unrealized gains distort the perceived profitability of the core insurance and industrial segments.
Data from the last ten quarters reveals a notable absence of consistent dividend payments and sporadic, modest share repurchases, such as the $2.9 billion buyback in 2024Q4, suggesting that management prioritizes the retention of capital for potential large-scale acquisitions over direct shareholder distributions.
The lack of a formal dividend policy appears to be a deliberate choice to maintain maximum flexibility for capital deployment. Investors should interpret this as a signal that the firm remains in a perpetual state of readiness for significant investment opportunities, despite the increasing difficulty of finding targets that move the needle.
Quick answers to the most common questions about buying BRK-A stock.
Berkshire Hathaway Inc. (BRK-A) generated $45.97B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Berkshire Hathaway Inc. (BRK-A) generated $25.04B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Berkshire Hathaway Inc. (BRK-A) spent $20.93B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.