Berkshire Hathaway Inc

Latest Results (11.03.2026):

Berkshire Hathaway Inc., Q4 2025 (Full Year 2025 Annual Report): Berkshire reported operating earnings of $44.5 billion for 2025 and $46.0 billion of net cash provided by operating activities, highlighting strong cash generation and durable operating performance across insurance and non-insurance businesses. The company emphasized underwriting discipline (property & casualty combined ratio 87.1%), a fortress-like balance sheet (cash and U.S. Treasuries in excess of $370 billion), and continued capital deployment via two acquisitions (OxyChem and Bell Laboratories) while maintaining its long-term capital-allocation philosophy.

Operating results

Operating earnings: $44.5 billion in 2025 (down from $47.4 billion in 2024). Net cash from operations: $46.0 billion in 2025, above the five-year average of ~$40 billion. Management reiterates that operating earnings are the preferred measure over GAAP net earnings due to volatility from investment gains/losses.

Insurance performance

Combined ratio for property & casualty businesses: 87.1% in 2025 (better than five-, ten- and twenty-year averages). Insurance float rose to $176 billion at year-end 2025 (from $171 billion in 2024). Insurance subsidiaries returned $29 billion to Berkshire in 2025 and could declare up to $31 billion without regulatory approval.

Balance sheet & liquidity

Cash and U.S. Treasury holdings exceed $370 billion, which management describes as “dry powder.” Berkshire emphasizes low use of debt and a commitment to preserve financial strength to act on opportunities and absorb shocks.

Capital allocation & M&A

Two announced acquisitions in 2025: OxyChem (industrial chemicals) and Bell Laboratories (rodent control business). Management continues to prioritize purchases of whole businesses, disciplined share repurchases when shares trade below intrinsic value, and no regular dividends while retained earnings can create greater market value than paying out cash.

Non-insurance operations — rail, utilities, manufacturing, retail

BNSF: operating margin improved to 34.5% in 2025 and generated $8.1 billion in net operating cash flow, returning $4.4 billion to Berkshire. BHE: $8.4 billion in net operating cash flows in 2025 and continued focus on affordability, reliability, and wildfire mitigation. Manufacturing and consumer businesses showed resilience with operational improvements at Precision Castparts, Lubrizol (now overseeing OxyChem integration), Clayton, Pilot, NetJets and others.

Equity portfolio

Large concentrated holdings (Apple, American Express, Coca‑Cola, Moody’s, plus major Japanese trading companies) totaled roughly $194 billion in market value for the highlighted U.S. and Japan positions and $297.8 billion total equity securities portfolio market value at year-end 2025. Combined dividends from the highlighted U.S and Japan holdings were ~$2.5 billion in 2025.

Share repurchases & dividend policy

Berkshire will repurchase stock when shares trade below a conservatively estimated intrinsic value and may buy large blocks from major holders; the company will not pay regular dividends while retained earnings can create more market value than distributing cash, per current Board policy.