Short answer
Berkshire Hathaway Inc (BRK-A) filed its fiscal 2024 10-K annual report with the SEC on Feb 24, 2025. It reported revenue of $249.7B (−2.0% year over year) and net income of $89.0B.
- Top risk flagged: Regulatory exposure to U.S. state and international insurance regulators developing group capital, liquidity, governance rules impacting Berkshire’s insurance subsidiaries
FY2024 key financial metrics · XBRL
- Revenue
- $249.7B
- −2.0% YoY
- Net income
- $89.0B
- −7.5% YoY
- ROE
- 13.7%
- −3.4 pp YoY
- Operating cash flow
- $30.6B
- −37.8% YoY
Source: XBRL data from the Berkshire Hathaway Inc (BRK-A) FY2024 10-K on SEC EDGAR. USD.
Berkshire Hathaway Inc FY2024 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
Other Berkshire Hathaway Inc annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.