The company maintains strong underwriting discipline with a 83.9% combined ratio in 2026Q1, though revenue growth remains stagnant at a modest 4.4% year-over-year increase.
| 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 | 254.62B | 247.84B | 239.93B | 215.38B | 200.62B | 194.86B | 179.77B | 160.84B | 146.7B | 137.9B | 112.02B | 116.42B | 118.33B | 97.86B | 82.56B | 74.38B | 63.86B | 42.23B | 38.59B | 34.89B | 23.9B | 13.62B | 10.43B | 10.54B |
| Revenue Growth % | 1.11% | 0% | 1.91% | 20.68% | 9.39% | 12.46% | -3.58% | 2.74% | 3.29% | 11.4% | 7.36% | 2.95% | 8.4% | 11.77% | 9.64% | 6.38% | 23.1% | -3.78% | -1.62% | 20.93% | 18.52% | 11% | 16.48% | 51.2% | 9.44% | 10.62% | 45.96% | 75.5% | 30.58% | -1.02% | 187.54% |
| Medical Costs & Claims | 281.04B | 283.67B | 284.86B | 293.54B | 242.63B | 220.93B | 196.73B | 202.42B | 197.12B | 197.66B | 169.15B | 157.05B | 149.59B | 138.64B | 126.98B | 117.04B | 106.87B | 90.83B | 90.2B | 89.08B | 74.11B | 63.34B | 55.4B | 40.66B | 27.23B | 28.73B | 30.72B | 16.58B | 7.06B | 7.79B | 7.13B |
| Medical Cost Ratio % | 74.86% | 76.37% | 76.69% | 80.54% | 80.33% | 80.02% | 80.13% | 79.5% | 79.54% | 82.38% | 78.53% | 78.28% | 76.77% | 77.12% | 78.95% | 79.78% | 77.5% | 81.08% | 77.48% | 75.28% | 75.73% | 76.72% | 74.48% | 63.68% | 64.47% | 74.43% | 88.05% | 69.38% | 51.82% | 74.73% | 67.7% |
| Gross Profit | 94.36B | 87.78B | 86.58B | 70.95B | 59.39B | 55.16B | 48.78B | 52.2B | 50.71B | 42.27B | 46.24B | 43.57B | 45.27B | 41.13B | 33.86B | 29.66B | 31.02B | 21.19B | 26.22B | 29.26B | 23.75B | 19.22B | 18.98B | 23.2B | 15.01B | 9.87B | 4.17B | 7.32B | 6.56B | 2.64B | 3.4B |
| Gross Margin % | 25.14% | 23.63% | 23.31% | 19.46% | 19.67% | 19.98% | 19.87% | 20.5% | 20.46% | 17.62% | 21.47% | 21.72% | 23.23% | 22.88% | 21.05% | 20.22% | 22.5% | 18.92% | 22.52% | 24.72% | 24.27% | 23.28% | 25.52% | 36.32% | 35.53% | 25.57% | 11.95% | 30.62% | 48.18% | 25.27% | 32.3% |
| Gross Profit Growth % | - | 1.38% | 22.03% | 19.45% | 7.67% | 13.08% | -6.54% | 2.92% | 19.97% | -8.58% | 6.12% | -3.75% | 10.05% | 21.49% | 14.15% | -4.4% | 46.4% | -19.19% | -10.37% | 23.18% | 23.57% | 1.24% | -18.15% | 54.55% | 52.09% | 136.7% | -43.05% | 11.55% | 148.93% | -22.55% | 871.11% |
| Operating Expenses | 34.08B | 28.89B | 27.14B | 22.82B | 17.81B | 20.14B | 18.81B | 19.51B | 18.6B | 18.2B | 18.22B | 15.31B | 13.72B | 11.92B | 10.5B | 8.67B | 7.7B | 8.12B | 8.05B | 7.1B | 5.93B | 5.33B | 4.99B | 11.18B | 8.65B | 8.43B | -1.42B | 4.87B | 2.25B | -190.9M | -302.2M |
| OpEx / Revenue % | 9.08% | 7.78% | 7.31% | 6.26% | 5.9% | 7.3% | 7.66% | 7.66% | 7.51% | 7.59% | 8.46% | 7.63% | 7.04% | 6.63% | 6.53% | 5.91% | 5.59% | 7.25% | 6.92% | 6% | 6.06% | 6.45% | 6.71% | 17.5% | 20.48% | 21.84% | -4.06% | 20.37% | 16.51% | -1.83% | -2.87% |
| Depreciation & Amortization | 10.21B | 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 % | 83.94% | 84.15% | 84% | 86.8% | 86.23% | 87.32% | 87.79% | 87.16% | 87.04% | 89.97% | 86.99% | 85.91% | 83.81% | 83.75% | 85.48% | 85.69% | 83.09% | 88.33% | 84.39% | 81.27% | 81.79% | 83.17% | 81.18% | 81.18% | 84.94% | 96.27% | 83.99% | 89.75% | 68.33% | 72.9% | 64.83% |
| Operating Income | 60.28B | 58.88B | 59.44B | 48.12B | 41.59B | 35.02B | 29.98B | 32.68B | 32.11B | 24.07B | 28.02B | 28.26B | 31.55B | 29.22B | 23.35B | 20.99B | 23.32B | 13.07B | 18.17B | 22.16B | 17.82B | 13.89B | 14B | 12.02B | 6.36B | 1.44B | 5.59B | 2.45B | 4.31B | 2.83B | 3.71B |
| Operating Margin % | 16.06% | 15.85% | 16% | 13.2% | 13.77% | 12.68% | 12.21% | 12.84% | 12.96% | 10.03% | 13.01% | 14.09% | 16.19% | 16.25% | 14.52% | 14.31% | 16.91% | 11.67% | 15.61% | 18.73% | 18.21% | 16.83% | 18.82% | 18.82% | 15.06% | 3.73% | 16.01% | 10.25% | 31.67% | 27.1% | 35.17% |
| Operating Income Growth % | - | -0.94% | 23.51% | 15.72% | 18.75% | 16.83% | -8.28% | 1.78% | 33.39% | -14.09% | -0.86% | -10.42% | 7.98% | 25.1% | 11.26% | -10% | 78.36% | -28.04% | -18% | 24.35% | 28.27% | -0.74% | 16.44% | 89.02% | 342.21% | -74.26% | 128.04% | -43.21% | 52.6% | -23.72% | 30.24% |
| EBITDA | 71.92B | 72.36B | 72.29B | 60.61B | 52.49B | 45.74B | 40.57B | 42.75B | 41.89B | 33.26B | 36.92B | 36.04B | 38.92B | 35.73B | 29.51B | 26.48B | 27.6B | 16.2B | 20.98B | 24.57B | 19.89B | 14.88B | 14.94B | 12.87B | 7.04B | 2.38B | 6.58B | 3.14B | 4.58B | 3.05B | 3.86B |
| EBITDA Margin % | 19.16% | 19.48% | 19.46% | 16.63% | 17.38% | 16.57% | 16.53% | 16.79% | 16.9% | 13.86% | 17.14% | 17.96% | 19.97% | 19.87% | 18.35% | 18.05% | 20.01% | 14.46% | 18.02% | 20.76% | 20.32% | 18.02% | 20.08% | 20.15% | 16.66% | 6.17% | 18.87% | 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 | -1.43B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.34B | -472M | -725M | -968M | -916M | -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% | 40.33% | 1.61% | 9.94% | 15.63% | 17.42% | 14.42% | 16.02% | 13.83% | 10.44% | 13.82% | 10.31% | 6.51% | 17.04% | 17.15% | 15.49% | 14.7% | 18.82% | 15.06% | 3.73% | 16.01% | 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 | 72.54B | 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 % | 19.32% | 18.03% | 23.96% | 26.4% | -7.54% | 32.57% | 17.32% | 31.98% | 1.62% | 18.73% | 11.18% | 12% | 10.2% | 10.83% | 9.22% | 6.99% | 9.4% | 7.19% | 4.29% | 11.17% | 11.26% | 10.33% | 9.82% | 12.76% | 10.15% | 2.06% | 9.54% | 6.51% | 20.78% | 18.23% | 23.62% |
| Net Income Growth % | -10.32% | -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) | 33.63 | 31.04 | 41.27 | 44.27 | -10.36 | 39.64 | 17.78 | 33.22 | 1.63 | 18.22 | 9.76 | 9.77 | 8.06 | 7.90 | 5.98 | 4.14 | 5.29 | 3.46 | 2.15 | 5.70 | 4.76 | 3.69 | 3.17 | 3.54 | 1.86 | 0.35 | 1.46 | 0.68 | 1.51 | 1.03 | 1.38 |
| EPS Growth % | -22.95% | -24.79% | -6.78% | 527.32% | -126.14% | 122.95% | -46.48% | 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% | 431.43% | -76.03% | 114.71% | -54.97% | 46.6% | -25.36% | 206.67% |
| EPS (Basic) | - | 31.04 | 41.27 | 44.27 | -10.36 | 39.64 | 17.78 | 33.22 | 1.63 | 18.22 | 9.76 | 9.77 | 8.06 | 7.90 | 5.98 | 4.14 | 5.29 | 3.46 | 2.15 | 5.70 | 4.76 | 3.69 | 3.17 | 3.54 | 1.86 | 0.35 | 1.46 | 0.68 | 1.51 | 1.03 | 1.38 |
| Diluted Shares Outstanding | 2.16B | 2.16B | 2.16B | 2.17B | 2.2B | 2.27B | 2.39B | 2.45B | 2.47B | 2.47B | 2.47B | 2.46B | 2.47B | 2.47B | 2.48B | 2.47B | 2.45B | 2.33B | 2.32B | 2.32B | 2.31B | 2.31B | 2.31B | 2.3B | 2.3B | 2.29B | 2.28B | 2.28B | 1.88B | 1.85B | 1.81B |
Catastrophic loss reserve volatility
As reported in the latest quarterly filings, the company achieved a combined ratio of 83.9% in 2026Q1, demonstrating significant underwriting discipline that consistently keeps the firm well below the 100% threshold required to generate an underwriting profit regardless of broader market conditions or investment portfolio volatility.
The sustained ability to maintain a combined ratio in the low-to-mid 80s suggests that the insurance operations remain a powerful engine for generating low-cost float. This underwriting efficiency appears to provide a structural buffer against the inherent volatility of the firm's equity-heavy investment portfolio.
Based on the provided financial data, the company recorded a 4.4% revenue increase in 2026Q1, yet the broader trend remains largely flat, suggesting that the conglomerate's massive scale may be creating a size-related drag that limits the potential for meaningful top-line expansion in the current environment.
The lack of consistent revenue growth across the last ten quarters indicates that the core operating segments, particularly the manufacturing and rail units, are struggling to find new catalysts for expansion. Investors should monitor whether this stagnation reflects a strategic pivot toward capital preservation or a genuine exhaustion of growth opportunities.
According to the historical income statement data, the company's claims and loss expenses fluctuated significantly, reaching a peak of $75.6B in 2023Q4, which highlights the inherent difficulty in predicting long-tail liabilities and the potential for actuarial revisions to materially impact quarterly net income figures.
The variability in loss expenses suggests that the company's reported earnings are highly sensitive to the adequacy of prior-year reserves. Analysts should remain cautious, as any future adverse development in these long-tail liabilities could quickly erode the underwriting margins that currently support the firm's profitability.
As indicated by the wide swings in net income, which reached $37.6B in 2023Q4 before dropping to $4.6B in 2025Q1, the company's reliance on GAAP-mandated equity portfolio accounting may be masking the underlying operational performance of its diverse insurance and industrial subsidiaries for the average investor.
The disconnect between operating income and net income warrants further investigation into the quality of earnings, as the latter is heavily influenced by unrealized gains and losses. This structural complexity may lead to a persistent valuation discount if the market continues to struggle with separating investment volatility from core business health.
Quick answers to the most common questions about buying BRK-B stock.
For fiscal year 2025, Berkshire Hathaway Inc. (BRK-B) reported total revenue of $371.44B. This represents a 3424.8% increase compared to $10.54B in 1996.
Berkshire Hathaway Inc. (BRK-B) 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-B) 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-B) 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.