BERKSHIRE HATHAWAY INC (BRK-B)

Price—Loading quote

AI: Fair-priced

Price checkThe shares look fairly priced, with strong assets offset by demanding earnings expectations.

At the Aug. 14 close, Class B shares were $504.03. Using roughly 2.164 billion Class B-equivalent shares, that implies a market value near $1.09 trillion. Against June 2026 shareholder equity of $747.9 billion, the price is about 1.46 times book value, meaning investors pay $1.46 for each accounting dollar of net assets. Annualizing second-quarter operating earnings of $13.0 billion gives about $51.9 billion, or roughly 21 times earnings. That is reasonable for Berkshire’s quality, but not a clear bargain because currency gains helped the quarter.

Big pictureCash generation remains solid, but reported profit swings with markets and business cycles.

Revenue was $247.2 billion in 2025, little changed from $249.7 billion in 2024 and below $254.9 billion in 2023. Over the latest four reported quarters, operating cash flow totaled $46.6 billion and capital spending $22.4 billion, leaving about $24.2 billion after running and investing in the businesses. Net income is less dependable because Berkshire must record changing stock prices: it swung from a $22.8 billion loss in 2022 to a $96.2 billion profit in 2023. Insurance catastrophes, rail volumes, energy demand, and manufacturing conditions make yearly results uneven.

Business strengthA fortress balance sheet supports patient investing, while buybacks now limit shareholder dilution.

June 2026 assets of $1.263 trillion exceeded liabilities of $512.9 billion, leaving $747.9 billion of shareholder equity. Cash and Treasury bills, short-term United States government debt, were about $365 billion, providing exceptional claim-paying and investment capacity. Berkshire repurchased $4.44 billion of stock in the first half of 2026, versus $2.92 billion in all of 2024, after spending $9.17 billion in 2023. Buybacks below intrinsic value increase each remaining owner’s stake without a dividend; however, missing share-count history prevents a precise dilution check, and expensive repurchases could destroy value.

What could change the storyBetter cash deployment could lift returns, while weaker insurance and cash yields could disappoint.

The bull case is productive use of the $365 billion reserve: the $6.8 billion Taylor Morrison purchase, $10 billion Alphabet investment, and renewed buybacks show movement. The bear case is that lower interest rates reduce income on government bills while Geico’s claim-and-expense ratio worsens and housing exposure rises. At $504.03, the price needs normalized operating earnings near today’s roughly $52 billion annual pace and steady book-value growth. Sustained earnings above $55 billion with disciplined repurchases would strengthen the case; earnings below $45 billion or idle cash would weaken it.

$504.03 price considered

AI: News

Quarterly profit and buybacksQuarterly operating profit rose and buybacks accelerated, showing stronger businesses and renewed capital discipline.

On Aug. 8, 2026, Berkshire reported operating earnings—its measure excluding most investment-price swings—of $12.98 billion, up about 16% from a year earlier. Net income rose to $25.67 billion, but stock-market gains made that figure less repeatable. It repurchased $4.21 billion of shares during the quarter, then an estimated $3.4 billion through July 29. The stock gained 1.46% on Aug. 10. Reporting linked the rise to the earnings beat, though one day cannot prove the report alone caused it.

Alphabet stake expandedBerkshire made Alphabet a major holding, raising both growth potential and technology concentration.

On Aug. 14, Berkshire disclosed roughly 106 million Alphabet shares worth $37.76 billion at June 30. That followed a $10 billion private investment agreed in June and lifted Alphabet from $5.6 billion at 2025 year-end to one of Berkshire’s largest listed-stock positions. Berkshire also became a net buyer of equities after 14 consecutive quarters of selling. The filing arrived after Friday’s close, so no reliable post-disclosure stock reaction was available by the research cutoff.

Taylor Morrison acquisition completedBerkshire completed its first major Abel-era acquisition, deepening exposure to the housing cycle.

Announced May 31 and completed July 24, 2026, Berkshire paid $72.50 per share in cash for Taylor Morrison: about $6.8 billion of equity value and $8.5 billion including debt, a 24% premium to the builder’s prior close. The deal adds a national builder that delivered nearly 13,000 homes in 2025 and may combine site-built operations with Clayton Homes. It also ties more Berkshire capital to mortgage rates and housing demand. No clean Berkshire share-price reaction can be isolated.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$247.24B	$249.71B	$254.91B	$207.77B	$191.25B	$166.73B	$176.51B	$175.44B	$239.93B	$215.11B	$210.94B	$194.70B	$182.15B	$162.46B	$143.69B	$136.19B	$112.49B	$107.79B	$118.25B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—	—	$20.08B	$17.18B	$17.27B	$11.16B	—	—
EBITDAderived	—	—	—	—	—	—	—	—	—	—	—	—	—	$26.23B	$22.68B	—	—	—	—
Net income	$66.97B	$89.00B	$96.22B	−$22.76B	$89.94B	$42.52B	$81.42B	$4.02B	$44.94B	$24.07B	$24.08B	$19.87B	$19.48B	$14.82B	$10.25B	$12.97B	$8.05B	$4.99B	$13.21B

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys20$15.56M disclosed value

Sells (SEC code S)5$142.24M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 6, 2026Form 4	O'Sullivan Michael J.See Remarks	BuyClass B Common Stock · indirect	53	$470.22	$24.9K	663
May 6, 2026Form 4	O'Sullivan Michael J.See Remarks	BuyClass B Common Stock · indirect	483	$467.13	$225.6K	610
Mar 4, 2026Form 4	Abel Gregory E.See Remarks	BuyClass A Common Stock · derivative · indirect	1	$733.3K	$733.3K	249
Mar 4, 2026Form 4	Abel Gregory E.See Remarks	BuyClass A Common Stock · derivative · indirect	1	$733.1K	$733.1K	248
Mar 4, 2026Form 4	Abel Gregory E.See Remarks	BuyClass A Common Stock · derivative · indirect	1	$732.5K	$732.5K	247

Review ownership filings at SEC.gov ↗

BERKSHIRE HATHAWAY INC (BRK-B)

Financial charts

Financial statements

Insider buys & sells