Opening its latest reports…Reading every line of the four statements…Putting it into plain words…
BRK-BBerkshire Hathaway Inc
The four financial statements
Every company that sells shares in the US files four statements with the SEC. Together they show whether Berkshire Hathaway made money, what it owns and owes, where its cash went, and what changed for its shareholders. Below is every line exactly as Berkshire Hathaway filed it, with what each one means in plain English.
As filed with the SEC on Mar 2, 2026 · the full report · SEC's figures viewer
Income statement · also called the statement of operations, statement of earnings or profit and loss
Did it make money?
Read it from the top down. It starts with everything customers paid (sales), takes away the cost of making what was sold, then the costs of running the company, then interest and tax. What is left at the bottom is profit (net income), the part that belongs to shareholders. It covers a stretch of time: a year, or a quarter.
- People usually check: Are sales growing compared with a year earlier?
- People usually check: How much of each dollar of sales is left at each step (the margins)?
- People usually check: Is profit growing faster or slower than sales?
Point at or tap a bar to see the lines inside it.
Out of every $100 of sales
- costs, and money set aside for bad loans: $75
- income tax: $7
- kept as profit: $18.0
Every line, explained
| Line (tap for what it means) | 12 months to Dec 31, 2025 | 12 months to Dec 31, 2024 | 12 months to Dec 31, 2023 |
|---|---|---|---|
| Revenues | |||
| $10.0B▲ 8.7% | $9.2B | $8.4B | |
| $371.4B | $371.4B | $364.5B | |
| $39.1B▼ 26% | $52.8B | $74.9B | |
| Costs and expenses | |||
| $5.1B▼ 2.5% | $5.2B | $5.0B | |
| $318.5B▲ 0.9% | $315.7B | $321.1B | |
| $92.0B▼ 15% | $108.5B | $118.2B | |
| −$9.6B | $1.8B | $2.0B | |
| $82.5B▼ 25% | $110.4B | $120.2B | |
| $15.2B▼ 27% | $20.8B | $23.0B | |
| $67.3B▼ 25% | $89.6B | $97.1B | |
| $292.0M▼ 48% | $566.0M | $924.0M | |
| $67.0B▼ 25% | $89.0B | $96.2B | |
Split by Equivalent Class A, Equivalent Class B, Insurance and Other, Railroad, Utilities and Energy
| Equivalent Class A | |||
|---|---|---|---|
| Profit per share (basic EPS) (Net earnings per average equivalent) | $46563.00 | $61900.00 | $66412.00 |
| Average number of shares (Average equivalent shares outstanding) | 1.4M shares | 1.4M shares | 1.4M shares |
| Equivalent Class B | |||
| Profit per share (basic EPS) (Net earnings per average equivalent) | $31.04 | $41.27 | $44.27 |
| Average number of shares (Average equivalent shares outstanding) | 2.2B shares | 2.2B shares | 2.2B shares |
| Insurance and Other | |||
| Other item (Insurance premiums earned) | $88.9B | $88.3B | $83.4B |
| Sales (Sales and service revenues) | $199.5B | $202.3B | $207.1B |
| Sales (Leasing revenues) | $10.0B | $9.2B | $8.4B |
| Dividends (Interest, dividend and other investment income) | $23.3B | $21.8B | $15.8B |
| Sales (Total revenues) | $321.7B | $321.6B | $314.7B |
| Other item (Insurance losses and loss adjustment expenses) | $57.3B | $56.2B | $57.2B |
| Other item (Life, annuity and health insurance benefits) | $4.4B | $3.9B | $4.0B |
| Other item (Insurance underwriting expenses) | $17.8B | $16.8B | $15.3B |
| Cost of making what it sold (Cost of sales and services) | $160.1B | $163.6B | $169.3B |
| Other item (Cost of leasing) | $7.7B | $7.1B | $6.0B |
| Selling and running costs (SG&A) (Selling, general and administrative expenses) | $29.7B | $25.6B | $25.5B |
| Interest paid on debt (Interest expense) | $1.3B | $1.6B | $1.7B |
| Total costs (Total costs and expenses) | $278.3B | $274.8B | $278.9B |
| Railroad, Utilities and Energy | |||
| Sales (Railroad transportation revenues) | $23.3B | $23.4B | $23.8B |
| Sales (Utility and energy operating revenues) | $21.9B | $21.5B | $21.2B |
| Sales (Service revenues and other income) | $4.5B | $4.9B | $4.7B |
| Sales (Total revenues) | $49.7B | $49.8B | $49.8B |
| Total running costs (operating expenses) (Freight rail transportation expenses) | $15.4B | $16.0B | $16.5B |
| Cost of making what it sold (Utilities and energy cost of sales and other expenses) | $17.0B | $17.0B | $18.4B |
| Other item (Other expenses) | $4.2B | $4.3B | $4.0B |
| Interest paid on debt (Interest expense) | $3.7B | $3.6B | $3.3B |
| Total costs (Total costs and expenses) | $40.2B | $40.9B | $42.2B |
Every line as the company filed it (USD ($), $ in Millions), shown in full dollars. See this statement on SEC.
Extra: What other gains and losses were there?Statement of comprehensive income: Profit, plus gains and losses that skip the income statement.
Some value changes don't count as profit yet: currency moves on businesses abroad, rises or falls in investments it hasn't sold, and some hedges and pension changes. They are added to profit here to give comprehensive income, and they build up in shareholders' equity.
Every line, explained
| Line (tap for what it means) | 12 months to Dec 31, 2025 | 12 months to Dec 31, 2024 | 12 months to Dec 31, 2023 |
|---|---|---|---|
| Statement of Comprehensive Income | |||
| $67.3B | $89.6B | $97.1B | |
| Other comprehensive income | |||
| $141.0M | −$82.0M | $477.0M | |
| −$23.0M | $9.0M | −$100.0M | |
| $1.5B | −$1.5B | $782.0M | |
| $32.0M | −$36.0M | −$7.0M | |
| $210.0M | $807.0M | −$237.0M | |
| −$46.0M | −$144.0M | $49.0M | |
| −$800.0M | $1.6B | $578.0M | |
| $174.0M | −$350.0M | −$123.0M | |
| −$21.0M | −$162.0M | −$101.0M | |
| $1.1B | $170.0M | $1.3B | |
| $68.4B | $89.7B | $98.5B | |
| $302.0M | $557.0M | $953.0M | |
| $68.1B | $89.2B | $97.5B | |