Berkshire Hathaway (BRK.B) FY2018 results: revenue $247.8 billion, up 3.3% on the year
Berkshire Hathaway Inc. (BRK.B) reported revenue of $247.8 billion for fiscal 2018, the year ended 31 December 2018, up 3.3% on the year before. Net income was $4.0 billion, down 91.1%, and diluted earnings per share $1.63. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2019.
Revenue
$247.8 billion
+3.3% on the year
FY2011FY2018
Operating margin
11.5%
7.8% a year earlier
FY2011FY2018
Net income
$4.0 billion
-91.1% on the year
FY2011FY2018
Diluted EPS
$1.63
-91.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
247,837
239,933
215,114
+3.3%
Operating income
28,623
18,696
24,254
+53.1%
Operating margin
11.5%
7.8%
11.3%
Interest expense
3,853
4,386
3,741
-12.2%
Pre-tax income
4,001
23,838
33,667
-83.2%
Income tax
-321
-21,515
9,240
Effective tax rate
-8.0%
-90.3%
27.4%
Net income
4,021
44,940
24,074
-91.1%
Net margin
1.6%
18.7%
11.2%
Diluted EPS
$1.63
$18.22
n/a
-91.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
37,400
45,776
32,647
-18.3%
Capital expenditure
14,537
11,708
12,954
+24.2%
Free cash flow
22,863
34,068
19,693
-32.9%
Free cash flow margin
9.2%
14.2%
9.2%
Cash from investing
-32,849
-41,091
-84,267
Cash from financing
-5,812
-1,398
12,791
Depreciation and amortisation
9,779
9,188
8,901
+6.4%
Buybacks
1,346
n/a
n/a
Diluted shares, weighted
2,466m
2,467m
n/a
-0.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
348,703
348,296
282,070
+0.1%
Non-controlling interest
3,797
3,658
3,358
+3.8%
Other liabilities
355,294
350,141
335,426
+1.5%
Total liabilities and equity
707,794
702,095
620,854
+0.8%
Goodwill
81,025
81,258
79,486
-0.3%
Securities held for sale or to maturity
19,898
21,353
23,465
-6.8%
Loans
16,280
13,748
n/a
+18.4%
Cash and equivalents
30,811
31,583
28,048
-2.4%
Inventory
19,069
17,366
15,727
+9.8%
Other assets
540,711
536,787
474,128
+0.7%
Total assets
707,794
702,095
620,854
+0.8%
10-K for the year ended 31 December 2018, filed 25 February 2019: the filing.