---
title: "Berkshire Hathaway Revenue"
description: "Berkshire Hathaway annual revenue and operating earnings history from 2010 to 2023. Insurance, BNSF railroad, utilities, and investment portfolio overview."
canonical: https://www.getswoopr.com/tables/company/berkshire-hathaway-revenue-earnings-history/
source: "Swoopr Investment: https://www.getswoopr.com"
---

## Direct Answer



> Berkshire Hathaway reported approximately $364 billion in revenue for 2023, including insurance premiums ($80B), railroad revenues (BNSF, $23B), utilities ($25B), and manufacturing/retail/services ($160B+). Operating earnings (which exclude investment gains) are the preferred measure and reached $37.4 billion in 2023. Reported net earnings fluctuate enormously due to unrealized gains and losses on Berkshire's equity portfolio.








# Berkshire Hathaway Annual Revenue and Earnings History



## Berkshire Hathaway annual revenue, operating earnings, reported net income, and book value per share (2010-2023)



| Year | Revenue (B) | Operating Earnings (B) | Reported Net Inc. (B) | Book Value/Share (Class A) |
| --- | --- | --- | --- | --- |
| 2010 | $136 | ~$12 | $13 | ~$95K |
| 2015 | $210 | ~$17 | $24 | ~$155K |
| 2018 | $248 | $25 | $4 | ~$212K |
| 2019 | $255 | $24 | $81 | ~$235K |
| 2020 | $246 | $22 | $43 | ~$261K |
| 2021 | $276 | $27 | $90 | ~$304K |
| 2022 | $302 | $29 | -$23 | ~$287K |
| 2023 | $364 | $37 | $96 | ~$390K |

![Line chart of Berkshire Hathaway annual revenue, operating earnings, reported net income, and book value per share (2010-2023), 2010 to 2023, with 2 series. Revenue (B) starts at $136, peaks at $364 in 2023, falls to a low of $136 in 2010 and ends at $364 in 2023.](https://www.getswoopr.com/images/charts/tables-company-berkshire-hathaway-revenue-earnings-history-1.webp)
*Berkshire Hathaway annual revenue, operating earnings, reported net income, and book value per share (2010-2023), charted from the table above. Select the chart to open it full size.*



Source: [Berkshire Hathaway Annual Reports](https://www.berkshirehathaway.com/reports.html). Note: Reported GAAP earnings are dominated by unrealized investment portfolio changes (ASC 321); operating earnings exclude these. Data through 2023; last checked September 2026.



## Frequently asked questions



How does Berkshire Hathaway make money?

Berkshire is a conglomerate with several distinct income sources: (1) Insurance float -- GEICO, General Re, and other Berkshire insurance units collect premiums upfront and pay claims later; the float (premiums not yet used for claims) is approximately $170 billion, which Buffett invests at no cost; (2) Railroad -- BNSF Railway transports coal, grain, consumer goods, and industrial products across the U.S.; (3) Energy -- Berkshire Hathaway Energy operates regulated utilities and renewable energy; (4) Manufacturing, services, and retail (dozens of companies including Precision Castparts, Dairy Queen, See's Candies); (5) Investment portfolio (approximately $350+ billion, primarily Apple, Chevron, Coca-Cola, Bank of America).



What is Warren Buffett's investment track record?

Berkshire's book value per share compounded at approximately 19.8% annually from 1965 to 2023, vs. the S&P 500's approximately 10.2% over the same period. In absolute terms, $1 invested in Berkshire in 1965 would be worth approximately $43,000 by 2023 vs. approximately $340 for the S&P 500. This track record is considered the greatest long-term investment record ever achieved by any large investor. However, since 2000, Berkshire has roughly matched the S&P 500, reflecting the law of large numbers: it's harder to outperform with $700B+ in assets than with $10M.



Why does Berkshire hold so much cash?

Berkshire's cash and Treasury bill holdings reached approximately $325 billion in mid-2024, a record. Buffett's explanation: (1) he requires a $30 billion minimum fortress cash position for psychological and operational security; (2) current equity valuations leave few attractively priced acquisitions for Berkshire's scale; (3) the current Treasury yield (approximately 5%) provides reasonable returns on idle cash while preserving flexibility; (4) Berkshire has been selling positions (notably Apple, Bank of America) suggesting portfolio repositioning. Critics note that $325 billion in cash is a significant drag on returns if held too long.







## Cite This Page



If you reference this table in your own work, use the following citation format and add the date you accessed it:



> Swoopr Editorial Team. (2026). *Berkshire Hathaway Annual Revenue and Earnings History*. Swoopr Investment. [https://www.getswoopr.com/tables/company/berkshire-hathaway-revenue-earnings-history/](https://www.getswoopr.com/tables/company/berkshire-hathaway-revenue-earnings-history/)



Check the figures against the primary sources listed under References before you rely on or republish them; the series they come from are revised.







## References



- [Berkshire Hathaway: Annual Reports](https://www.berkshirehathaway.com/reports.html)







[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) produces independent investment education and research content.



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