Berkshire Hathaway Inc (BRK-A) FY2025 10-K Annual Report
Berkshire Hathaway Inc (BRK-A) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. 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 FY2025 10-K Analysis
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
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%
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
Berkshire Hathaway Inc FY2025 Key Financial MetricsXBRL
Revenue
$247.2B
▼ -1.0% YoY
Net Income
$67.0B
▼ -24.8% YoY
Net Margin
27.1%
▼ -855bp YoY
ROE
9.3%
▼ -437bp YoY
Total Assets
$1.22T
▲ +5.9% YoY
Operating Cash Flow
$46.0B
▲ +50.3% YoY
Source: XBRL data from Berkshire Hathaway Inc FY2025 10-K filing on SEC EDGAR. All figures in USD.
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