Berkshire Hathaway
A decentralized holding company built around insurance float, a western U.S. freight railroad, regulated utilities and a wide spread of manufacturing, service and retail businesses, now in its first year under a new CEO.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
Share repurchases become a standing capital-return channel under the new CEO, rather than an occasional one.
- Q4 2026 and 2027 repurchase totals in earnings releases
- Class A equivalent share count
- Cash and Treasury Bill balances in the 10-K
- GEICO keeps funding policy growth with higher advertising and acquisition spending, accepting a higher expense ratio, while pushing rates to offset rising bodily injury severity.Medium confidence
- The reinsurance group keeps shrinking property business and redirects capacity to casualty, life/health or large one-off transactions rather than meeting softer pricing.Medium confidence
- A more conventional corporate executive structure and pay framework emerges after the CEO transition.Medium confidence
- Berkshire keeps using yen-denominated debt as a recurring funding source and extends its maturities.Medium confidence
- BHE reshapes its renewable buildout and capital plans around the OBBBA's faster tax credit phase-out, with growing attention to large-load customers such as data storage in Iowa.Low confidence
- BNSF keeps improving its operating ratio while preparing for a more consolidated rail industry.Low confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2021-12 | FY 2022-12 | FY 2023-12 | FY 2024-12 | FY 2025-12 |
|---|---|---|---|---|---|
| Revenue | $191.3B | $207.8B | $254.9B | $249.7B | $247.2B |
| Net income | $89.9B | -$22.8B | $96.2B | $89.0B | $67.0B |
| Operating cash flow | $39.4B | $37.4B | $49.2B | $30.6B | $46.0B |
| Capital expenditure | $13.3B | $15.5B | $19.4B | $19.0B | $20.9B |
| Free cash flow | $26.2B | $21.9B | $29.8B | $11.6B | $25.0B |
| Buybacks | $27.1B | $7.9B | $9.2B | $2.9B | — |
| Cash | $88.7B | $36.4B | $38.6B | $48.4B | $52.6B |
| Equity | $506.2B | $473.4B | $561.3B | $649.4B | $717.4B |
Built from the company's disclosures: 10-K (2026-03-02), 8-K (2026-11-09), 8-K (2026-08-11), 8-K (2026-05-07), 8-K (2026-04-16), DEF 14A (2026-03-13).
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