Berkshire Hathaway Inc (BRK-A) FY2024 10-K Annual Report
Berkshire Hathaway Inc (BRK-A) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 24, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Berkshire Hathaway Inc FY2024 10-K Analysis
Business Overview
- • Holding company with decentralized management owning insurance, freight rail, utilities, manufacturing, services, and retail subsidiaries
- • Acquired Alleghany Corporation in October 2022, expanding property and casualty insurance and reinsurance operations under Berkshire Hathaway Primary and Reinsurance Groups
- • Insurance segment's combined statutory surplus $310 billion as of Dec 31, 2024, with AA+ and A++ financial strength ratings
- • U.S. workforce approximately 392,400 employees at end of 2024, 80% U.S.-based and 20% union represented
- • Insurance float grew to approximately $171 billion at end of 2024 from $129 billion in 2019, reflecting significant capital available for investment
Management Discussion & Analysis
- • Revenue: Insurance underwriting earnings $9.0B in 2024 vs $5.4B in 2023; insurance investment income $13.7B in 2024 vs $9.6B in 2023; total net earnings $89.0B in 2024 vs $96.2B in 2023
- • Profitability: GEICO loss ratio improved to 71.8% in 2024 from 81.0% in 2023; BH Primary loss ratio increased to 95.4% in 2024 from 92.0% in 2023; BHRG property/casualty loss ratio improved to 82.9% in 2024 from 84.0% in 2023
- • Best segment: Investment gains $41.6B in 2024, still high but down from $58.9B in 2023; Worst segment: Manufacturing, service and retailing earnings declined 2.2% in 2024 to $13.1B
- • Cash flow/capital allocation: Cash, equivalents & UST Bills increased to $212.6B in 2024 from $121.8B; Equity securities declined to $263.4B from $345.7B; no specific capex, buyback, dividend amounts reported here
- • Outlook/risks: Insurance underwriting exposed to catastrophe risk with $1.3B estimated wildfire losses in Jan 2025; management notes ongoing macroeconomic, geopolitical and industry uncertainties impacting future results
Risk Factors
- • Regulatory exposure to U.S. state and international insurance regulators developing group capital, liquidity, governance rules impacting Berkshire’s insurance subsidiaries
- • Geopolitical risk from armed/diplomatic conflicts and U.S. trade policies potentially causing supply chain restrictions and losses in securities values
- • Operational risk from reliance on Warren Buffett (age 94) for major investment decisions and potential impact of his unavailability despite succession plan
- • Competitive pressure and technology risk threatening operating business franchises if unable to maintain competitive advantages under evolving market conditions
- • Financial risk from large unpaid insurance loss liabilities of $147.6 billion, with small percentage increase materially reducing reported earnings
Berkshire Hathaway Inc FY2024 Key Financial MetricsXBRL
Revenue
$249.7B
▼ -2.0% YoY
Net Income
$89.0B
▼ -7.5% YoY
Net Margin
35.6%
▼ -211bp YoY
ROE
13.7%
▼ -344bp YoY
Total Assets
$1.15T
▲ +7.8% YoY
Operating Cash Flow
$30.6B
▼ -37.8% YoY
Source: XBRL data from Berkshire Hathaway Inc FY2024 10-K filing on SEC EDGAR. All figures in USD.
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