Berkshire Hathaway Inc. (BRK-B) Cash Flow Statement
Where BRK-B’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $45.97B +50.3% vs 2024
- Capital expenditures
- $20.93B 5.6% of revenue
- Free cash flow
- $25.04B 6.7% margin
- Returned to shareholders
- —
- Change in cash
- $4.15B cash at year-end $51.88B
Cash from operations
$45.97B
Capital expenditures
−$20.93B
Investments (net)
−$23.64B
Net borrowing (repayment)
+$3.03B
Other financing
−$793.0M
Currency & other
+$516.0M
Change in cash
$4.15B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BRK-B operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BRK-B cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $32.53B2016 | $45.97B2025 | +3.9%/yr | |
| Capital expenditures | $12.95B2016 | $20.93B2025 | +5.5%/yr | |
| Free cash flow | $19.58B2016 | $25.04B2025 | +2.8%/yr | |
| Free cash flow margin | 8.8%2016 | 6.7%2025 | −2.0 pts | |
| Operating cash flow / net income | 1.332016 | 0.692025 | −0.65 | |
| Share buybacks (net) | $28.05B2016 | $02025 | −100.0% | |
| Capex / revenue | 5.8%2016 | 5.6%2025 | −0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BRK-B cash flow by activity
OperatingInvestingFinancingChange in cash
BRK-B net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BRK-B cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $66.97B | $89.56B | $97.15B | −$22.06B | $90.81B | $43.25B | $81.79B | $4.32B | $45.35B | $24.43B |
| Depreciation & amortization | $13.48B | $12.86B | $12.49B | $10.90B | $10.72B | $10.60B | $10.06B | $9.78B | $9.19B | $8.90B |
| Change in working capital | $2.35B | −$6.78B | $20.44B | −$14.92B | $18.87B | $15.57B | $19.21B | −$1.81B | −$7.81B | $6.92B |
| Other non-cash items | −$36.83B | −$65.04B | −$80.88B | $63.30B | −$80.97B | −$29.64B | −$72.38B | $25.11B | −$952.0M | −$7.71B |
| Cash from operating activities | $45.97B | $30.59B | $49.20B | $37.22B | $39.42B | $39.77B | $38.69B | $37.40B | $45.78B | $32.53B |
| Investing activities | ||||||||||
| Capital expenditures | −$20.93B | −$18.98B | −$19.41B | −$15.46B | −$13.28B | −$13.01B | −$15.98B | −$14.54B | −$11.71B | −$12.95B |
| Investments (net) | −$23.64B | −$10.29B | −$31.40B | −$87.60B | $29.39B | −$379.0M | $270.0M | −$1.43B | −$41.09B | −$94.14B |
| Acquisitions & other investing | $83.0M | $18.98B | $18.15B | $15.46B | $13.28B | −$24.37B | $10.09B | −$16.88B | $11.71B | $22.82B |
| Cash from investing activities | −$44.49B | −$10.29B | −$32.66B | −$87.60B | $29.39B | −$37.76B | −$5.62B | −$32.85B | −$41.09B | −$84.27B |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | $0 | −$2.92B | −$9.17B | −$7.85B | −$27.06B | −$24.71B | −$4.85B | −$1.35B | −$31.58B | −$28.05B |
| Net borrowing (repayment) | $3.03B | −$1.82B | −$1.09B | $8.17B | −$752.0M | $6.79B | $6.08B | −$4.12B | −$1.28B | $12.68B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$793.0M | −$5.62B | −$4.15B | −$1.98B | −$695.0M | −$429.0M | −$497.0M | −$343.0M | $31.46B | $28.16B |
| Cash from financing activities | $2.23B | −$10.36B | −$14.40B | −$1.66B | −$28.51B | −$18.34B | $730.0M | −$5.81B | −$1.40B | $12.79B |
| Summary | ||||||||||
| Net change in cash | $4.15B | $9.73B | $2.24B | −$52.31B | $40.31B | −$16.24B | $33.82B | −$1.40B | $3.54B | −$39.11B |
| Cash at end of period | $51.88B | $48.38B | $38.64B | $36.40B | $88.71B | $48.40B | $64.63B | $30.81B | $31.58B | $28.05B |
| Free cash flow | $25.04B | $11.62B | $29.79B | $21.76B | $26.14B | $26.76B | $22.71B | $22.86B | $34.07B | $19.58B |
| Free cash flow margin | 6.7% | 3.1% | 8.2% | 7.2% | 7.4% | 10.9% | 8.9% | 9.2% | 14.1% | 8.8% |
| Capex / revenue | 5.6% | 5.1% | 5.3% | 5.1% | 3.7% | 5.3% | 6.3% | 5.9% | 4.8% | 5.8% |
| Operating cash flow / net income | 0.69 | 0.34 | 0.51 | — | 0.43 | 0.92 | 0.47 | 8.65 | 1.01 | 1.33 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $25.77B | $10.18B | $19.20B | $30.80B | $12.37B | $4.67B | $19.75B | $26.48B | $30.50B | $12.83B | $37.76B | −$12.57B |
| Depreciation & amortization | $3.61B | $3.51B | $3.55B | $3.33B | $3.33B | $3.27B | $3.28B | $3.21B | $3.20B | $3.17B | $3.13B | $3.21B |
| Stock-based compensation | — | — | — | — | — | — | −$1.32B | — | $1.32B | — | — | $1.39B |
| Change in working capital | $1.18B | −$2.06B | $4.22B | $4.93B | −$2.62B | −$1.84B | −$6.80B | −$5.66B | $6.37B | −$695.0M | $10.79B | −$4.32B |
| Other non-cash items | −$19.34B | −$1.19B | −$15.78B | −$25.27B | −$3.00B | $4.81B | −$10.29B | −$22.22B | −$27.79B | −$4.74B | −$37.28B | $25.96B |
| Cash from operating activities | $11.21B | $10.44B | $11.19B | $13.79B | $10.09B | $10.90B | $4.62B | $1.80B | $13.60B | $10.57B | $14.40B | $13.67B |
| Investing activities | ||||||||||||
| Capital expenditures | −$5.64B | −$4.99B | −$6.20B | −$5.59B | −$4.86B | −$4.28B | −$5.35B | −$4.70B | −$4.54B | −$4.39B | −$5.71B | −$5.30B |
| Investments (net) | −$18.26B | $10.04B | −$31.93B | — | $49.36B | −$16.40B | $4.27B | −$3.90B | −$7.45B | −$3.20B | −$7.35B | −$28.05B |
| Acquisitions & other investing | −$434.0M | −$9.37B | −$259.0M | −$33.47B | $4.86B | $4.28B | $5.35B | $4.70B | $4.54B | $4.39B | $5.71B | $5.30B |
| Cash from investing activities | −$24.34B | −$4.31B | −$38.39B | −$39.05B | $49.36B | −$16.40B | $4.27B | −$3.90B | −$7.45B | −$3.20B | −$7.35B | −$28.05B |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$4.21B | −$235.0M | $0 | — | $0 | $0 | $2.92B | −$2.92B | −$356.0M | −$2.56B | −$2.19B | −$1.13B |
| Net borrowing (repayment) | $132.0M | $358.0M | $2.57B | — | −$555.0M | $196.0M | $2.29B | −$895.0M | $1.36B | — | — | −$19.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$206.0M | $51.0M | −$63.0M | $835.0M | −$611.0M | −$143.0M | −$3.56B | $748.0M | −$150.0M | −$7.24B | $2.06B | −$3.49B |
| Cash from financing activities | −$4.28B | $174.0M | $2.51B | $835.0M | −$1.17B | $53.0M | $1.65B | −$3.06B | $854.0M | −$9.80B | −$136.0M | −$4.64B |
| Summary | ||||||||||||
| Net change in cash | −$17.45B | $6.24B | −$24.43B | −$24.18B | $58.31B | −$5.52B | $10.38B | −$5.08B | $6.91B | −$2.47B | $7.04B | −$19.05B |
| Cash at end of period | $41.36B | $58.81B | $51.88B | $76.31B | $100.49B | $42.85B | $48.38B | $37.99B | $42.32B | $35.55B | $38.64B | $31.60B |
| Free cash flow | $5.57B | $5.45B | $4.99B | $8.20B | $5.23B | $6.62B | −$726.0M | −$2.90B | $9.07B | $6.17B | $8.69B | $8.37B |
| Free cash flow margin | 5.5% | 5.8% | 5.3% | 8.6% | 5.6% | 7.4% | −0.8% | −3.1% | 9.7% | 6.9% | 9.3% | 13.2% |
| Capex / revenue | 5.5% | 5.3% | 6.6% | 5.9% | 5.3% | 4.8% | 5.6% | 5.1% | 4.8% | 4.9% | 6.1% | 8.4% |
| Operating cash flow / net income | 0.44 | 1.03 | 0.58 | 0.45 | 0.82 | 2.33 | 0.23 | 0.07 | 0.45 | 0.82 | 0.38 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BRK-B cash generation
In fiscal 2025 (ended December 31, 2025), Berkshire Hathaway generated $46.0 billion of cash from operations (up 50.3%) and spent $20.9 billion on capital expenditures, leaving free cash flow of $25.0 billion, 6.7% of revenue. Cash and equivalents rose by $4.1 billion over the year.
Related: BRK-B income statement, BRK-B balance sheet. See the BRK-B stock overview for the latest quote and news.
BRK-B cash flow FAQ
What is Berkshire Hathaway's free cash flow?
Berkshire Hathaway's free cash flow was $25.0 billion in fiscal 2025: $46.0 billion of operating cash flow minus $20.9 billion of capital expenditures It was $11.6 billion a year earlier..
How much cash does Berkshire Hathaway generate from operations?
Berkshire Hathaway generated $46.0 billion of cash from operating activities in fiscal 2025, 0.69 times its net income of $67.0 billion.
How much does Berkshire Hathaway spend on capital expenditures?
Berkshire Hathaway spent $20.9 billion on capital expenditures in fiscal 2025, 5.6% of revenue, compared with $19.0 billion the year before.