Short answer
Berkshire Hathaway Inc (BRK-A) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $247.2B (−1.0% year over year) and net income of $67.0B.
- Top risk flagged: Key-person risk: Warren Buffett stepping down; Gregory Abel assumes CEO role January 1, 2026, with full capital allocation responsibility
FY2025 key financial metrics · XBRL
- Revenue
- $247.2B
- −1.0% YoY
- Net income
- $67.0B
- −24.8% YoY
- ROE
- 9.3%
- −4.4 pp YoY
- Operating cash flow
- $46.0B
- +50.3% YoY
Source: XBRL data from the Berkshire Hathaway Inc (BRK-A) FY2025 10-K on SEC EDGAR. USD.
Berkshire Hathaway Inc FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Diversified holding company; insurance (GEICO, BH Reinsurance, BH Primary), BNSF rail, BHE energy, and manufacturing/retail subsidiaries managed on decentralized basis
- Two notable acquisitions: Bell Laboratories (rodenticides, July 31, 2025) and OxyChem from Occidental Petroleum (closed Jan 2, 2026), adding ~4,000 employees and 21 U.S. manufacturing plants
- U.S. withdrew from Paris Agreement again (Jan 2025); EPA rescinded 2009 GHG Endangerment Finding (Feb 2026), materially shifting BHE's regulatory environment for coal/gas generation
- Insurance float grew from ~$138B (end-2020) to ~$176B (end-2025); combined statutory surplus of U.S.-based insurers ~$333B; GEICO held third-largest auto insurance market share at ~11.6%
- Total workforce ~387,800; Forest River held ~36% RV market share vs largest competitor's ~39%, nearly matching industry leader
Management Discussion & Analysis
- Net earnings $67.0B in 2025 vs $89.0B in 2024, decline driven by lower investment gains ($30.7B vs $41.6B) and $8.3B impairment losses on Kraft Heinz and Occidental
- Operating margin (pre-tax earnings as % of revenues) in Manufacturing, Service & Retailing 8.2% vs 7.8% in 2024; BNSF operating ratio improved to 65.5% from 68.0%
- Best segment: Manufacturing pre-tax earnings $12.6B, up 5.7% YoY; industrial products margin 18.3% vs 16.8%, Worst: Pilot pre-tax earnings down 69.1% ($424M decline) on lower fuel volumes
- Operating cash flow $46.0B; capex $20.9B (BNSF + BHE $14.4B); no share repurchases in 2025; cash/T-Bills held $369.0B
- Key risks: tariff/trade policy uncertainty, rising GEICO claim severities (bodily injury up 12–14%), OBBBA accelerating phase-out of renewable energy tax credits impacting BHE future capex
Risk Factors
- Key-person risk: Warren Buffett stepping down; Gregory Abel assumes CEO role January 1, 2026, with full capital allocation responsibility
- Equity portfolio concentration in few issuers; major decline could impair insurance statutory surplus and claims-paying ratings
- Unpaid loss reserves $151.8B at December 31, 2025; small percentage increase produces material earnings reduction
- BNSF revenue exposed to coal transport displacement risk via government energy policy shifts restricting coal as electricity fuel
- Geopolitical/tariff risk via rising armed conflicts and U.S. trade policy changes threatening supply chains, sales, and securities values
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.