Revenue growth remains stagnant at 4.4% in 2026Q1, though underwriting discipline persists as evidenced by a 87.0% combined ratio.
| 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 |
|---|
| Revenue | 375.39B | 371.44B | 371.43B | 364.48B | 302.02B | 276.09B | 245.51B | 257.24B | 245.86B | 244.36B | 223.78B | 209.85B | 194.17B | 179.54B | 160.5B | 143.15B | 137.9B | 112.49B | 116.42B | 118.33B | 97.6B | 82.51B | 72.78B | 63.51B | 42.02B | 38.59B | 34.4B | 23.9B | 13.62B | 10.43B | 10.54B |
| Revenue Growth % | 1.11% | 0% | 1.91% | 20.68% | 9.39% | 12.46% | -4.56% | 4.63% | 0.62% | 9.2% | 6.64% | 8.08% | 8.15% | 11.86% | 12.12% | 3.81% | 22.58% | -3.37% | -1.62% | 21.24% | 18.3% | 13.36% | 14.6% | 51.15% | 8.87% | 12.19% | 43.91% | 75.5% | 30.58% | -1.02% | 187.54% |
| Medical Costs & Claims | 285.55B | 283.67B | 284.86B | 293.54B | 242.63B | 220.93B | 196.73B | 156.48B | 151.69B | 158.85B | 133.9B | 118.97B | 110.46B | 102.3B | 91.65B | 145.39B | 78.13B | 125.48B | 76.94B | 75.89B | 57.1B | 55.4B | 55.42B | 40.66B | 27.23B | 28.73B | 30.72B | 16.58B | 7.06B | 7.79B | 7.13B |
| Medical Cost Ratio % | 76.07% | 76.37% | 76.69% | 80.54% | 80.33% | 80.02% | 80.13% | 60.83% | 61.7% | 65.01% | 59.84% | 56.69% | 56.89% | 56.98% | 57.1% | 101.56% | 56.65% | 111.55% | 66.09% | 64.13% | 58.51% | 67.15% | 76.14% | 64.03% | 64.8% | 74.43% | 89.3% | 69.38% | 51.82% | 74.73% | 67.7% |
| Gross Profit | 89.84B | 87.78B | 86.58B | 70.95B | 59.39B | 55.16B | 48.78B | 100.75B | 94.17B | 85.5B | 89.87B | 90.88B | 83.71B | 77.24B | 68.85B | -2.23B | 59.77B | -12.99B | 39.48B | 42.45B | 40.5B | 27.1B | 17.37B | 22.84B | 14.79B | 9.87B | 3.68B | 7.32B | 6.56B | 2.64B | 3.4B |
| Gross Margin % | 23.93% | 23.63% | 23.31% | 19.46% | 19.67% | 19.98% | 19.87% | 39.17% | 38.3% | 34.99% | 40.16% | 43.31% | 43.11% | 43.02% | 42.9% | -1.56% | 43.35% | -11.55% | 33.91% | 35.87% | 41.49% | 32.85% | 23.86% | 35.97% | 35.2% | 25.57% | 10.7% | 30.62% | 48.18% | 25.27% | 32.3% |
| Gross Profit Growth % | - | 1.38% | 22.03% | 19.45% | 7.67% | 13.08% | -51.58% | 6.99% | 10.14% | -4.86% | -1.11% | 8.57% | 8.37% | 12.18% | 3184.86% | -103.73% | 560.17% | -132.9% | -6.99% | 4.81% | 49.43% | 56.05% | -23.97% | 54.47% | 49.87% | 168.23% | -49.74% | 11.55% | 148.93% | -22.55% | 871.11% |
| Operating Expenses | 32.47B | 28.89B | 27.14B | 22.82B | 17.81B | 20.14B | 18.81B | -765M | 88.01B | 64.68B | 57.31B | 55.81B | 55.58B | 48.45B | 46.62B | -17.55B | 40.72B | -24.54B | 31.91B | 22.29B | 23.72B | 14.83B | 6.67B | 11.25B | 8.79B | 8.43B | -1.84B | 4.87B | 2.25B | -190.9M | -302.2M |
| OpEx / Revenue % | 8.65% | 7.78% | 7.31% | 6.26% | 5.9% | 7.3% | 7.66% | -0.3% | 35.79% | 26.47% | 25.61% | 26.6% | 28.62% | 26.98% | 29.05% | -12.26% | 29.53% | -21.82% | 27.41% | 18.83% | 24.3% | 17.98% | 9.16% | 17.72% | 20.92% | 21.84% | -5.35% | 20.37% | 16.51% | -1.83% | -2.87% |
| 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 | 6.15B | 5.49B | 4.28B | 3.13B | 2.81B | 2.41B | 2.07B | 982M | 941M | 849M | 679M | 945M | 997M | 688M | 265M | 227M | 151.6M |
| Combined Ratio % | 84.72% | 84.15% | 84% | 86.8% | 86.23% | 87.32% | 87.79% | 60.53% | 97.49% | 91.48% | 85.45% | 83.29% | 85.51% | 83.96% | 86.15% | 89.3% | 86.18% | 89.73% | 93.49% | 82.96% | 82.81% | 85.13% | 85.3% | 81.75% | 85.72% | 96.27% | 83.95% | 89.75% | 68.33% | 72.9% | 64.83% |
| Operating Income | 57.38B | 58.88B | 59.44B | 48.12B | 41.59B | 35.02B | 29.98B | 101.52B | 6.17B | 20.82B | 32.56B | 35.07B | 28.13B | 28.8B | 22.24B | 15.31B | 19.05B | 11.55B | 7.57B | 20.16B | 16.78B | 12.27B | 10.7B | 11.59B | 6B | 1.44B | 5.52B | 2.45B | 4.31B | 2.83B | 3.71B |
| Operating Margin % | 15.28% | 15.85% | 16% | 13.2% | 13.77% | 12.68% | 12.21% | 39.47% | 2.51% | 8.52% | 14.55% | 16.71% | 14.49% | 16.04% | 13.85% | 10.7% | 13.82% | 10.27% | 6.51% | 17.04% | 17.19% | 14.87% | 14.7% | 18.25% | 14.28% | 3.73% | 16.05% | 10.25% | 31.67% | 27.1% | 35.17% |
| Operating Income Growth % | - | -0.94% | 23.51% | 15.72% | 18.75% | 16.83% | -70.47% | 1545.91% | -70.38% | -36.04% | -7.16% | 24.66% | -2.31% | 29.5% | 45.2% | -19.62% | 64.92% | 52.52% | -62.43% | 20.16% | 36.76% | 14.66% | -7.7% | 93.18% | 317.25% | -73.95% | 125.35% | -43.21% | 52.6% | -23.72% | 30.24% |
| EBITDA | 71.1B | 72.36B | 72.29B | 60.61B | 52.49B | 45.74B | 40.57B | 111.58B | 15.95B | 30.01B | 41.46B | 42.85B | 35.5B | 35.3B | 28.39B | 20.81B | 23.33B | 14.68B | 10.38B | 22.57B | 18.84B | 13.25B | 11.64B | 12.44B | 6.68B | 2.38B | 6.52B | 3.14B | 4.58B | 3.05B | 3.86B |
| EBITDA Margin % | 18.94% | 19.48% | 19.46% | 16.63% | 17.38% | 16.57% | 16.53% | 43.38% | 6.49% | 12.28% | 18.53% | 20.42% | 18.28% | 19.66% | 17.69% | 14.53% | 16.92% | 13.05% | 8.92% | 19.07% | 19.31% | 16.06% | 15.99% | 19.59% | 15.9% | 6.17% | 18.95% | 13.13% | 33.62% | 29.28% | 36.61% |
| Interest Expense | 4.18B | 5.07B | 5.2B | 5B | 4.35B | 4.17B | 4.08B | 3.96B | 3.85B | 4.39B | 3.74B | 3.52B | 3.25B | 2.8B | 2.74B | 2.66B | 2.56B | 1.99B | 1.96B | 1.91B | 1.72B | 723M | 721M | 472M | 725M | 968M | 916M | 134M | 109M | 112M | 99.7M |
| Non-Operating Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.14B | -1.69B | -7.4B | -4.85B | -3.39B | -3.23B | -2.8B | -2.74B | -2.66B | -2.56B | -1.99B | -1.96B | -1.91B | -1.72B | -1.25B | -958M | -901M | -1.08B | -968M | -982M | -134M | -109M | -112M | -99.7M |
| Pretax Income | 89.63B | 82.46B | 110.38B | 120.17B | -30.5B | 111.86B | 55.69B | 102.7B | 4B | 23.84B | 33.67B | 34.95B | 28.11B | 28.8B | 22.24B | 15.31B | 19.05B | 11.55B | 7.57B | 20.16B | 16.78B | 12.79B | 10.94B | 12.02B | 6.36B | 1.44B | 5.59B | 2.45B | 4.31B | 2.83B | 3.71B |
| Pretax Margin % | 23.88% | 22.2% | 29.72% | 32.97% | -10.1% | 40.52% | 22.68% | 39.92% | 1.63% | 9.76% | 15.04% | 16.65% | 14.47% | 16.04% | 13.85% | 10.7% | 13.82% | 10.27% | 6.51% | 17.04% | 17.19% | 15.5% | 15.03% | 18.93% | 15.13% | 3.73% | 16.24% | 10.25% | 31.67% | 27.1% | 35.17% |
| Income Tax | 16.86B | 15.2B | 20.82B | 23.02B | -8.5B | 20.91B | 12.44B | 20.9B | -321M | -21.52B | 9.24B | 10.53B | 7.93B | 8.95B | 6.92B | 4.57B | 5.61B | 3.54B | 1.98B | 6.59B | 5.5B | 4.16B | 3.57B | 3.81B | 2.06B | 590M | 2.02B | 852M | 1.46B | 898M | 1.2B |
| Effective Tax Rate % | 18.81% | 18.43% | 18.86% | 19.16% | 27.88% | 18.69% | 22.34% | 20.36% | -8.02% | -90.26% | 27.45% | 30.14% | 28.23% | 31.08% | 31.14% | 29.83% | 29.43% | 30.63% | 26.12% | 32.71% | 32.81% | 32.52% | 32.64% | 31.66% | 32.38% | 41.03% | 36.12% | 34.78% | 33.77% | 31.77% | 32.29% |
| Net Income | 72.47B | 66.97B | 89B | 96.22B | -22.76B | 89.94B | 42.52B | 81.42B | 4.02B | 44.94B | 24.07B | 24.08B | 19.87B | 19.48B | 14.82B | 10.25B | 12.97B | 8.05B | 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 |
| Net Margin % | 19.31% | 18.03% | 23.96% | 26.4% | -7.54% | 32.57% | 17.32% | 31.65% | 1.64% | 18.39% | 10.76% | 11.48% | 10.23% | 10.85% | 9.24% | 7.16% | 9.4% | 7.16% | 4.29% | 11.17% | 11.29% | 10.34% | 10.04% | 12.83% | 10.2% | 2.06% | 9.67% | 6.51% | 20.78% | 18.23% | 23.62% |
| Net Income Growth % | -10.41% | -24.75% | -7.51% | 522.79% | -125.31% | 111.51% | -47.77% | 1924.79% | -91.05% | 86.67% | -0.04% | 21.19% | 2.03% | 31.38% | 44.57% | -20.92% | 60.98% | 61.29% | -62.2% | 19.95% | 29.16% | 16.69% | -10.34% | 90.18% | 439.12% | -76.11% | 113.74% | -44.98% | 48.87% | -23.61% | 213.07% |
| EPS (Diluted) | 33.60 | 31.04 | 41.27 | 44.27 | -10.36 | 39.64 | 17.78 | 49830.00 | 2445.00 | 27330.00 | 14640.00 | 14655.00 | 12090.00 | 11850.00 | 8970.00 | 6210.00 | 7935.00 | 5190.00 | 3225.00 | 8550.00 | 7140.00 | 5535.00 | 4755.00 | 5310.00 | 2790.00 | 0.01 | 2190.00 | 1020.00 | 2265.00 | 1545.00 | 2070.00 |
| EPS Growth % | -10.47% | -24.79% | -6.78% | 527.32% | -126.14% | 122.95% | -99.96% | 1938.04% | -91.05% | 86.68% | -0.1% | 21.22% | 2.03% | 32.11% | 44.44% | -21.74% | 52.89% | 60.93% | -62.28% | 19.75% | 29% | 16.4% | -10.45% | 90.32% | - | -100% | 114.71% | -54.97% | 46.6% | -25.36% | 206.67% |
| EPS (Basic) | - | 31.04 | 41.27 | 44.27 | -10.36 | 39.64 | 17.78 | 49830.00 | 2445.00 | 27330.00 | 14640.00 | 14655.00 | 12090.00 | 11850.00 | 8970.00 | 6210.00 | 7935.00 | 5190.00 | 3225.00 | 8550.00 | 7140.00 | 5535.00 | 4755.00 | 5310.00 | 2790.00 | 0.01 | 2190.00 | 1020.00 | 2265.00 | 1545.00 | 2070.00 |
| Diluted Shares Outstanding | 2.16B | 2.16B | 2.16B | 2.17B | 2.2B | 2.27B | 2.39B | 1.63M | 1.64M | 1.65M | 1.64M | 1.64M | 1.64M | 1.64M | 1.65M | 1.65M | 1.64M | 1.55M | 1.55M | 1.55M | 1.54M | 1.54M | 1.54M | 1.53M | 1.53M | 1.53M | 1.52M | 1.52M | 1.25M | 1.23M | 1.21M |
Capital Deployment Size Drag
As reported in recent financial filings, Berkshire Hathaway's quarterly revenue growth has fluctuated significantly, with the most recent 2026Q1 figure of 4.4% following a period of inconsistent performance, suggesting that the conglomerate's massive scale may be limiting its ability to achieve sustained, high-single-digit organic expansion.
The lack of consistent revenue momentum across the last ten quarters indicates that the firm's diverse industrial and retail subsidiaries are struggling to outpace broader economic headwinds. Investors should monitor whether this stagnation reflects a deliberate shift toward capital preservation or an inability to find meaningful growth opportunities within the current interest rate environment.
Based on the provided income statement data, the company maintained a combined ratio of 87.0% in 2026Q1, demonstrating that the insurance segment continues to generate significant underwriting profit despite the inherent volatility of global catastrophic loss events that periodically impact the broader insurance industry.
The consistent ability to keep the combined ratio well below the 100% threshold suggests that the firm's decentralized underwriting model remains highly effective at pricing risk. This underwriting margin provides a stable foundation for the firm's broader capital recycling strategy, effectively insulating the bottom line from the cyclicality of its non-insurance industrial segments.
According to the historical income statement data, net income has experienced extreme swings, such as the $30.8B reported in 2025Q3 compared to $4.6B in 2025Q1, which appears to be primarily driven by accounting requirements for unrealized investment gains rather than underlying operational performance shifts.
The divergence between operating income and net income highlights the necessity of focusing on core underwriting and subsidiary performance rather than headline earnings. Analysts should interpret these fluctuations as a byproduct of the firm's equity portfolio accounting, which may obscure the actual health of the underlying insurance and industrial businesses.
Based on the recent accumulation of cash and equivalents, the firm appears to be facing a structural challenge in deploying capital, as evidenced by the lack of significant revenue growth and the increasing difficulty of finding acquisitions that can move the needle for a company of this magnitude.
The current cash position warrants further investigation into whether the firm is entering a defensive posture due to a lack of attractive market opportunities. This potential 'size drag' suggests that future returns may be increasingly constrained by the sheer volume of capital that must be deployed to achieve meaningful growth.
Quick answers to the most common questions about buying BRK-A stock.
For fiscal year 2025, Berkshire Hathaway Inc. (BRK-A) reported total revenue of $371.44B. This represents a 3424.8% increase compared to $10.54B in 1996.
Berkshire Hathaway Inc. (BRK-A) is profitable, generating $66.97B in net income for the fiscal year ending 2025 with a net profit margin of 18.0%.
Berkshire Hathaway Inc. (BRK-A) reported an operating income of $58.88B, resulting in an operating profit margin of 15.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Berkshire Hathaway Inc. (BRK-A) generated $87.78B in gross profit for the year, representing a gross profit margin of 23.6%. This demonstrates the company's core pricing power and production efficiency.