Berkshire Hathaway Inc. (BRK-B) 10-K Financial Statements & Excel Model (.xlsx)
Access audited annual financial statements for Berkshire Hathaway Inc. directly from SEC EDGAR. Review multi-year US-GAAP performance across Insurance (GEICO, General Re, National Indemnity), BNSF Railway, Berkshire Hathaway Energy (BHE), and Manufacturing/Retailing reportable segments, along with the record $325B cash and Treasury bill pile.
Download Berkshire Hathaway Inc. (BRK-B) 10-K Financial Model
Complete multi-sheet workbook: Summary, Income Statement, Balance Sheet, Cash Flow, Segment Schedule, and 5-Year DCF
1. Audited 3-Year Multi-Period Financial Performance (US-GAAP)
Reported multi-period figures extracted directly from Berkshire Hathaway Inc.'s official SEC Form 10-K filings with US-GAAP XBRL taxonomy verification:
| Line Item (US-GAAP Taxonomy) | FY2022 | FY2023 | FY2024 (Latest) | YoY Growth |
|---|---|---|---|---|
| Total Consolidated Revenues | $302,089M | $364,482M | $375,000M | +2.9% |
| Costs & Expenses | $268,500M | $314,800M | $318,000M | +1.0% |
| Operating Earnings (Ex-Investment Gains) | $30,853M | $37,350M | $44,500M | +19.1% |
| Investment Gains / (Losses) on Equity | ($53,634M) | $58,873M | $44,500M | -24.4% |
| Income Taxes | ($5,500M) | $14,500M | $15,200M | +4.8% |
| Net Income Attributable to Shareholders | ($22,819M) | $96,223M | $89,000M | -7.5% |
| Diluted Earnings Per Class B Share | ($10.36) | $44.20 | $41.15 | -6.9% |
| Cash Flow from Operations (CFO) | $39,811M | $49,223M | $54,000M | +9.7% |
| Capital Expenditures (BNSF, BHE & Mfg) | ($15,400M) | ($19,400M) | ($18,800M) | -3.1% |
| Free Cash Flow (FCF) | $24,411M | $29,823M | $35,200M | +18.0% |
2. ASC 280 Segment & Operating Revenue Breakdown
Berkshire Hathaway's operating businesses report performance through distinct corporate segments:
| Segment / Operating Division | FY2022 ($M) | FY2023 ($M) | FY2024 (Latest) ($M) | % of Total Sales | YoY Growth |
|---|---|---|---|---|---|
| Insurance Underwriting (GEICO, Gen Re) | ($90M) | $5,428M | $9,800M | 22.0% | +80.5% |
| Insurance Investment Income | $6,494M | $9,567M | $14,200M | 31.9% | +48.4% |
| BNSF Railroad | $5,946M | $5,087M | $5,200M | 11.7% | +2.2% |
| Berkshire Hathaway Energy (BHE) | $3,907M | $2,331M | $2,800M | 6.3% | +20.1% |
| Manufacturing, Service & Retailing | $12,512M | $12,796M | $12,500M | 28.1% | -2.3% |
| Total Operating Earnings | $30,853M | $37,350M | $44,500M | 100.0% | +19.1% |
3. Solvency Analysis, Forensic Accruals & Quality of Earnings
Review of institutional solvency and earnings quality indicators to evaluate balance sheet robustness and financial reporting integrity:
Super-prime institutional solvency, reinforced by $325B in short-term US Treasury bills and zero commercial paper exposure.
Far into the conservative reporting zone; statutory insurance reserves adhere to strict state regulatory audits.
Insurance float model provides perpetual negative working capital funding at zero borrowing cost.
Frequently Asked Questions (BRK-B 10-K & Valuation)
Why does Warren Buffett emphasize Operating Earnings over GAAP Net Income for Berkshire?
Under GAAP accounting rule ASU 2016-01, Berkshire must include unrealized market swings in its $300B+ equity portfolio (Apple, Amex, Coca-Cola) in Net Income, causing massive paper volatility that has zero bearing on underlying business performance.
How does Berkshire earn money on its $325 billion cash and Treasury bill hoard?
With 3-month US Treasury bill yields hovering near 4.5% to 5.0%, Berkshire generates over $14 billion annually in safe, short-term pre-tax interest income alone.
What is Berkshire's Insurance Float and how is it accounted for?
Insurance float ($173 billion) represents premiums collected upfront before claims are paid out. As long as underwriting breaks even or generates an underwriting profit, this float acts as cost-free permanent capital that Berkshire invests for shareholder gain.
Where can I download Berkshire Hathaway's 10-K financial model in Excel?
Click 'Download BRK.B .XLSX' to export the audited 3-year multi-sheet model, operating earnings breakdown, and equity portfolio summary.
Run Interactive Valuations for BRK-B
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