# Berkshire Hathaway Inc. (BRK-A)

> Source: Nexqual · https://nexqual.com/BRK-A · data as of 2026-10-23 17:19 UTC · cite as "Nexqual, Berkshire Hathaway Inc. (BRK-A), nexqual.com/BRK-A" · informational, not investment advice.

**Price:** USD 813,020.44 (-0.91% today) · US market open, as of October 23, 2026 at 17:19 UTC; quotes may be delayed. Prev close 820,500 · day 813,020.44–818,842 · 52w 698,000–824,765 · market cap $1.16T · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $385B, net income $85.8B (22.3% margin), free cash flow $24.2B (SEC filings).
- Valuation: P/E 13.5x.
- 27 of 80 tracked superinvestors hold BRK-A (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 9 added, 10 reduced, 8 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $20.0M; 1 not under a Rule 10b5-1 plan ($20.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $501K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.25 on a 1–5 scale) (4 analysts), mean target USD 808,601.25 (range 735,000–942,405).
- Total return with dividends: 1Y +10.5% vs S&P 500 +14.4%; 5Y +87.8% vs S&P 500 +77.0%.
- Next earnings: 2026-11-07, EPS estimate USD 9,092.32, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $276B | $302B | $364B | $371B | $371B | $385B |
| Net income | $89.9B | -$22.8B | $96.2B | $89.0B | $67.0B | $85.8B |
| Free cash flow | $26.2B | $21.9B | $29.8B | $11.6B | $25.0B | $24.2B |
| Net margin | 32.6% | -7.5% | 26.4% | 24.0% | 18.0% | 22.3% |
| Revenue growth | +12.5% | +9.4% | +20.7% | +1.9% | +0.0% | — |
| Cash + short-term investments | $88.7B | $36.4B | $38.6B | $48.4B | $52.6B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.5x · P/S 3.0x · P/FCF 47.9x · P/B 1.6x · FCF yield 2.09% · Earnings yield 7.39%

## Superinvestors (SEC 13F-HR, Q2 2026)
27 of 80 tracked investors hold BRK-A (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Guy Spier | Aquamarine Capital | 49.49% | $71.3M | Unchanged | Q2 2026 |
| Norbert Lou | Punch Card Management | 42.42% | $109M | Unchanged | Q2 2026 |
| Francis Chou | Chou Associates | 30.45% | $66.0M | Unchanged | Q2 2026 |
| Christopher Bloomstran | Semper Augustus | 25.61% | $227M | Added +8.0% | Q2 2026 |
| Duan Yongping | H&H International Investment | 24.18% | $4.62B | Added +0.9% | Q2 2026 |
| Bill Gates | Gates Foundation Trust | 21.35% | $7.35B | Reduced -13.8% | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | 18.06% | $1.61B | Reduced -2.8% | Q2 2026 |
| Li Lu | Himalaya Capital Management | 14.98% | $555M | Added +23.5% | Q2 2026 |
| Josh Tarasoff | Greenlea Lane Capital | 12.95% | $47.2M | Unchanged | Q2 2026 |
| Thomas Gayner | Markel Group | 12.19% | $1.60B | Unchanged | Q2 2026 |
| Tweedy Browne |  | 11.87% | $157M | Added +0.2% | Q2 2026 |
| Wallace Weitz | Weitz Investment Management | 9.41% | $136M | Reduced -2.6% | Q2 2026 |
| Yacktman Asset Management |  | 7.19% | $581M | Added +268.8% | Q2 2026 |
| Francois Rochon | Giverny Capital | 4.41% | $131M | Reduced -34.4% | Q2 2026 |
| Christopher Davis | Davis Advisors | 4.38% | $1.02B | Reduced -1.5% | Q2 2026 |
| Ruane Cunniff | Ruane Cunniff LP | 3.54% | $228M | Reduced -3.1% | Q2 2026 |
| Bruce Berkowitz | Fairholme Capital | 3.50% | $52.2M | Added +74.1% | Q2 2026 |
| Harry Burn | Sound Shore | 3.14% | $102M | Added +2.2% | Q2 2026 |
| Van Den Berg Management I |  | 2.38% | $11.2M | Reduced -4.3% | Q2 2026 |
| First Eagle Investment | First Eagle Investment Management | 0.76% | $457M | Added +17.2% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.52% | $6.3M | Added +8.6% | Q3 2026 |
| Torray Funds |  | 0.19% | $1.4M | Unchanged | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.14% | $15.5M | Reduced -1.4% | Q2 2026 |
| Chuck Akre | Akre Capital Management | 0.08% | $4.1M | Reduced -20.8% | Q2 2026 |
| Prem Watsa | Fairfax Financial Holdings | 0.03% | $749K | Unchanged | Q2 2026 |
| Bill Nygren | Oakmark Funds | 0.02% | $12.6M | Reduced -0.7% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $8.7M | Unchanged | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-28 | Jain Ajit | Vice Chairman | 39,700 | $20.0M | 36.9% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $501K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-12 | O'Sullivan Michael J. | See Remarks | 488 | $250K | 512.44 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | O'Sullivan Michael J. | See Remarks | 536 | $251K | 467.44 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 3.25 on a 1–5 scale), 4 analysts; mean target USD 808,601.25 (low 735,000, high 942,405).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | UBS | Target raised | Buy | $906011 → $942405 |
| 2026-08-10 | UBS | Target raised | Buy | $877848 → $906011 |
| 2026-08-10 | Keefe, Bruyette & Woods | Target raised | Underperform | $695000 → $735000 |
| 2026-07-28 | UBS | Target raised | Buy | $854596 → $877848 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +10.5% | +87.8% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +10.5% | +13.4% |
| Volatility (annualized) | 14.4% | 17.5% |
| Max drawdown | -9.1% (Nov 2025→May 2026) | -25.2% (Mar 2022→Jun 2022) |

## Peers (Insurance - Diversified)
SLF (Sun Life Financial Inc.) USD 78.83 -2.46% · AIG (American International Group, I) USD 81.46 -1.89% · HIG (The Hartford Insurance Group, I) USD 136.93 -1.81% · ACGL (Arch Capital Group Ltd.) USD 101.91 -0.76% · AEG (Aegon Ltd. New York Registry Sh) USD 8.07 -1.77% · BNT (Brookfield Wealth Solutions Ltd) USD 37.78 -1.25%

## More
Full page: https://nexqual.com/BRK-A · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BRK-A's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Boeing (BA) | "PCC has several significant customers, including aerospace original equipment manufacturers ("OEMs") (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney)." |
| Supplier | Airbus | "PCC has several significant customers, including aerospace original equipment manufacturers ("OEMs") (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney)." |
| Supplier | GE Aerospace (GE) | "PCC has several significant customers, including aerospace original equipment manufacturers ("OEMs") (Boeing and Airbus) and aircraft engine manufacturer suppliers (GE Aerospace, Rolls Royce and Pratt & Whitney)." |
| Customer | General Motors (GM) | "BHA maintains franchise agreements with 26 different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura br…" |
| Customer | Walmart (WMT) | "McLane's major customers during 2025 included Walmart (approximately 17.2% of revenues); 7-Eleven (approximately 13.3% of revenues); and Yum! Brands (approximately 13.3% of revenues)." |
| Customer | Toyota (TM) | "BHA maintains franchise agreements with 26 different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura br…" |
| Customer | Ford (F) | "BHA maintains franchise agreements with 26 different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura br…" |
| Customer | Honda (HMC) | "BHA maintains franchise agreements with 26 different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura br…" |
| Competitor | Chevron (CVX) | "Lubrizol Additives' principal competitors are Infineum International Ltd., Chevron Oronite Company and Afton Chemical Corporation." |
| Competitor | Home Depot (HD) | "Competitors include other premium paint and decorating stores, mass merchandisers, home centers, independent hardware stores, hardware chains and manufacturer-operated direct outlets, such as Sherwin-Williams Company, Th…" |
| Competitor | Lowe's (LOW) | "Competitors include other premium paint and decorating stores, mass merchandisers, home centers, independent hardware stores, hardware chains and manufacturer-operated direct outlets, such as Sherwin-Williams Company, Th…" |

Other companies that name BRK-A in their own reports (relationship from BRK-A's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | LCI INDUSTRIES (LCII) | 10-K 2026-02-26 | "Major customers include Thor Industries, Inc. (symbol: THO), Forest River, Inc. (a Berkshire Hathaway company, symbol: BRKA), and Winnebago Industries (symbol: WGO), as well as other RV OEMs." |
| partner | HARTFORD INSURANCE GROUP, INC. (HIG) | 10-K 2026-02-20 | "The Company has an adverse development cover reinsurance agreement with NICO, a subsidiary of Berkshire Hathaway Inc., to reinsure loss development after 2016 on substantially all of the Company's asb…" |
| partner | AMERICAN INTERNATIONAL GROUP, INC. (AIG) | 10-K 2026-02-12 | "In the first quarter of 2017, we entered into an adverse development reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., under which we transferred t…" |
| partner | DAVITA INC. (DVA) | 10-K 2026-02-11 | "See further discussion of our share repurchase activity, authorizations and information on our share repurchase agreement with Berkshire in Note 18 to the consolidated financial statements." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Insurance Corporate & Other | $27.31B | 26.8% | +0.2% |
| Berkshire Hathaway Insurance Group | $26.18B | 25.7% | -0.3% |
| Manufacturing Businesses | $21.04B | 20.7% | +13.3% |
| Pilot Travel Centers LLC | $14.88B | 14.6% | +47.8% |
| Mc Lane Company | $11.88B | 11.7% | -4.1% |
| Service & Retailing Businesses | $9.31B | 9.1% | +9.6% |
| Burlington Northern Santa Fe Corporation | $6.53B | 6.4% | +14.6% |
| Berkshire Hathaway Energy Company | $6.48B | 6.4% | +4.5% |
| Total revenue | $101.81B | 100% | — |
The lines above cover 121.4% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Insurance & Other | $88.50B | 86.9% | +10.1% |
| Underwriting | $22.48B | 22.1% | +1.3% |
| — Manufactured Industrial & Commercial Products (part of Underwriting) | $9.77B | 9.6% | +26.9% |
| — Grocery & Convenience Store Distribution (part of Underwriting) | $6.70B | 6.6% | -10.8% |
| — Food & Beverage (part of Underwriting) | $4.90B | 4.8% | +5.1% |
| — Other Retail & Wholesale Distribution (part of Underwriting) | $1.10B | 1.1% | +16.1% |
| Railroad Utilities & Energy | $13.31B | 13.1% | +9.5% |
| — Manufactured Building Products (part of Railroad Utilities & Energy) | $5.25B | 5.2% | +2.6% |
| — Consumer Products (part of Railroad Utilities & Energy) | $4.33B | 4.3% | -0.6% |
| — Investments (part of Railroad Utilities & Energy) | $3.70B | 3.6% | -8.7% |
| Service | $6.53B | 6.4% | +14.6% |
| Electricity & Natural Gas | $5.30B | 5.2% | +5.4% |
| Auto Sales | $2.90B | 2.8% | -0.5% |
| Total revenue | $101.81B | 100% | — |
The lines above cover 136.5% of total revenue.

## Company outlook (8-K filed 2026-08-11)

- "These statements are not guaranties of future performance and actual results may differ materially from those forecasted. — END — Contact Chuck Chang 402-346-1400"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $9092.32 | $7995.19 | +13.7% | $0 | 3 |
| Next quarter (ends 2026-12-31) | $7936.13 | $7467.50 | +6.3% | $104.02B | 3 |
| Current fiscal year (ends 2026-12-31) | $32644.77 | $30777.25 | +6.1% | $391.81B | 4 |
| Next fiscal year (ends 2027-12-31) | $32499.44 | $31706.83 | +2.5% | $424.82B | 4 |