Berkshire Hathaway Annual Revenue and Earnings History
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, 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 |
Source: Berkshire Hathaway Annual Reports. Note: Reported GAAP earnings are dominated by unrealized investment portfolio changes (ASC 321); operating earnings exclude these. Last verified: 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.