Berkshire Hathaway BRK-B

Insurance - Diversified, Financial Services

$542.19

−0.87%

Market cap: $1.2T
PE: 13.6×; 10y median 14.5×
Forward PE: 24.7×; 10y median 22.4×
Price to sales: 3.0×
Revenue, 12 months: $384.7B; +4% on a year ago
Net margin: 22.3%

A Superworth story

The Buffett premium is gone, but the stock still isn't cheap

Price to book sits at its ten-year median while a new CEO starts spending the cash

6 charts, with numbers as of Oct 8, 2026

Priced at its ten-year median on book value
Price to book, the price divided by net assets per share, is 1.4, its ten-year median. Over five years it is lower than on about two thirds of days, well below the 1.8 of May 2025. Berkshire is mostly insurers, listed stocks and cash, so book value is a fair yardstick for it.
The peak came the day before Buffett said he would go
The stock hit 539.80 on May 2, 2025. The next day Warren Buffett told shareholders Greg Abel would take over as CEO, and the shares have not been back. At 506.25 they are 6.2% below that high and up 0.8% over the past year. Buffett handed the chairman role to his son Howard on September 18, 2026, and the price is little changed over the past month.
Reported earnings swing with the stock market
Accounting rules count paper gains and losses on Berkshire's stock portfolio as profit, so reported earnings swing with the market. Earnings per share over four quarters went from 5.06 in mid 2022 to a loss by year end, then 44.25 a year later. Strip out investment gains and the last four quarters earned 21.72 a share, not 39.77. That is why the stock looks nearly twice as expensive on forward earnings.
The businesses are near their most profitable
Operating margin over the last four quarters is 16.3%, close to the ten-year high of 16.5% and above 95% of days in the decade. Revenue grew 3.9% to 384.69 billion dollars. Insurance profit swings with catastrophes, so a quiet stretch can flatter this line.
The argument is about 365 billion dollars of cash
Berkshire held 365.5 billion dollars in cash and Treasury bills at June 30, about a third of its market value. In the June quarter, insurance investment income fell to 3.06 billion from 3.37 billion a year earlier. Operating earnings still rose 16%, and it bought back about 4.5 billion of stock. The hope is that Abel puts the cash to work at better returns. The fear is a pile that earns less as rates fall.
On operating earnings it is not cheap
Consensus adjusted earnings for the next twelve months are 21.83 a share, about flat, which puts the stock at 23.2 times, near its five-year median. Peers trade at 14.1. Free cash flow is 2.2% of the price, against a ten-year median of 4.1%. Forward PE before late September is rebuilt with hindsight, and only one or two analysts publish estimates. The November 7 report tests the earnings and the cash.

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Charts

Financials

Income statement for BRK-B, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$93.2B+21%	$93.4B+20%	$89.9B+5%	$93.7B+1%	$93B−0%	$94.9B+2%	$89.7B−0%	$92.5B−1%	$95B+2%	$94.2B−1%	$93.7B+4%	$101.8B+10%
Cost of revenue	$50.9B−4%	$52.8B−1%	$60.6B+20%	$62.9B+23%	$62.4B+23%	$61.6B+17%	$60.5B−0%	$61.2B−3%	$62B−1%	$63.5B+3%	$63B+4%	$68.4B+12%
Gross profit	$42.3B+75%	$40.6B+63%	$29.2B−17%	$30.7B−26%	$30.6B−28%	$33.3B−18%	$29.2B−0%	$31.4B+2%	$32.9B+8%	$30.8B−8%	$30.7B+5%	$33.4B+7%
SG&A	$5.1B+26%	$6.9B−7%	$5.5B−1%	$6B+21%	$8.2B+61%	$5.8B−15%	$7.7B+39%	$7.9B+32%	$6.3B−24%	$7.8B+34%	$6.6B−15%	$6.7B−15%
Interest expense	$1.3B+15%	$1.3B+12%	$1.3B+8%	$1.2B−2%	$1.2B−4%	$1.4B+13%	$1.3B−5%	$1.3B+2%	$1.3B+4%	$1.3B−10%	$1.3B+4%	$1.3B+7%
Pre-tax income	−$17B+298%	$46.9B+112%	$15.7B−65%	$38.1B−16%	$32.5B	$24B−49%	$5.1B−67%	$14.8B−61%	$38.1B+17%	$24.5B+2%	$12.3B+139%	$32.1B+117%
	−$4.4B+182%	$9.2B+137%	$2.9B−68%	$7.6B−17%	$6B	$4.3B−53%	$476M−83%	$2.3B−70%	$7.2B+20%	$5.2B+21%	$2.1B+350%	$6.3B+174%
Net income	−$12.8B+356%	$37.6B+107%	$12.7B−64%	$30.3B−16%	$26.3B	$19.7B−48%	$4.6B−64%	$12.4B−59%	$30.8B+17%	$19.2B−3%	$10.1B+120%	$25.7B+108%
	−$5.88+363%	$17.36+110%	$5.88−64%	$14.08−15%	$12.18	$9.13−47%	$2.13−64%	$5.73−59%	$14.28+17%	$8.90−3%	$4.68+120%	$11.91+108%
	2.2B−1%	2.2B−1%	2.2B−1%	2.2B−1%	2.2B−1%	2.2B−0%	2.2B−0%	2.2B+0%	2.2B+0%	2.2B+0%	2.2B+0%	2.2B−0%

Gross profit: 46 periods, Q1 FY15 to Q2 FY26: not printed by the filing, worked out from its own lines.

Net income: 5 periods, Q4 FY21 to Q4 FY25: printed in the fourth-quarter results release.

EPS, diluted: 9 periods, Q4 FY10 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: 66 periods, Q1 FY09 to Q2 FY26: not printed by the filing, worked out from its own lines. Q4 FY10: share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Estimates

Next earnings report: Nov 7, 2026.

Quarter	Revenue	EPS	Range	Analysts
Q3 FY26	$101B	$5.88	$5.60 to $6.17	2
Q4 FY26	$99.8B	$5.29	$4.72 to $5.86	2
Q1 FY27	$99.1B	$5.41		1
Q2 FY27	$104.6B	$5.38		1
Q3 FY27	$103.5B	$5.75		1
Q4 FY27	$102.6B	$5.42		1
Q1 FY28	$102B	$5.70		1
Q2 FY28	$107.6B	$5.65		1

Peers

Companies in Financial Services nearest Berkshire Hathaway's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
BRK-BBerkshire Hathaway	$1.2T	13.6×	14.5×	24.7×	3.0×	+4%	22.3%
JPMJPMorgan Chase	$881.4B	13.9×	12.9×	13.2×	n/m	+13%	32.5%
VVisa	$761.6B	34.7×	33.8×	28.2×	17.1×	+14%	50.8%
MAMastercard	$546.3B	34.3×	38.5×	29.3×	15.6×	+16%	46.3%
BACBank of America	$353.6B	12.0×	13.5×	10.3×	n/m	n/m	n/m
MSMorgan Stanley	$281.9B	14.2×	13.7×	13.4×	n/m	+16%	25.5%
GSGoldman Sachs	$255B	12.6×	13.6×	12.1×	n/m	+19%	31.8%
WFCWells Fargo	$249.1B	11.6×	12.7×	10.5×	n/m	+5%	26.3%
AXPAmerican Express	$211.5B	17.6×	18.7×	16.8×	2.7×	+10%	15.8%
CCitigroup	$202.3B	11.8×	10.5×	9.9×	n/m	+10%	20.8%
BLKBlackRock	$181.7B	n/m	20.8×	17.9×	6.4×	+25%	24.2%
Peer median	$268.4B	13.9×	13.7×	13.3×	11.0×	+14%	26.3%