Berkshire Hathaway (BRK-B) 10-K Summary — Year Ended Dec 31, 2024
Berkshire Hathaway's annual report describes a diversified conglomerate with major insurance, railroad, energy, and manufacturing operations. The filing reports a decrease in annual revenue compared to the prior year, while net income and operating cash flow remained substantial.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
Berkshire Hathaway's annual report describes a diversified conglomerate with major insurance, railroad, energy, and manufacturing operations. The filing reports a decrease in annual revenue compared to the prior year, while net income and operating cash flow remained substantial.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$249.7B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$89B
Net income reported for the year.
Operating cash flow
$30.6B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $191.3B | n/a |
| Dec 31, 2022 | $207.8B | +8.6% |
| Dec 31, 2023 | $254.9B | +22.7% |
| Dec 31, 2024 | $249.7B | -2.0% |
Business overview
The company operates as a holding entity whose subsidiaries engage in insurance, freight rail transportation, utility and energy generation, and an array of manufacturing, service, and retail activities. Its insurance segment includes underwriting and investment operations. The filing also notes significant holdings of equity securities and other investments.
Financial performance
According to the filing, annual revenue declined from the previous year. Net income and operating cash flow were both reported at high levels. The provided trend data shows revenue growth in earlier periods followed by a decrease in the most recent period.
Material risks
The risk factors section discusses potential adverse effects from economic downturns, catastrophe losses in insurance operations, regulatory changes in the railroad and energy sectors, and declines in the value of significant equity investments. Market volatility and competition in key businesses are also cited as material considerations.
Liquidity and capital
The management discussion indicates that liquidity is maintained through substantial cash and investment holdings. Capital allocation is described as focused on reinvestment in existing operations and selective acquisitions.
What to watch
Readers should monitor changes in the value of the company's large equity investment portfolio in the next filing, as declines have been identified as a key risk.