Berkshire Hathaway (BRK.B) FY2019 results: revenue $254.6 billion, up 2.7% on the year
Berkshire Hathaway Inc. (BRK.B) reported revenue of $254.6 billion for fiscal 2019, the year ended 31 December 2019, up 2.7% on the year before. Net income was $81.4 billion, up 1924.8%, and diluted earnings per share $33.22. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$254.6 billion
+2.7% on the year
FY2012FY2019
Operating margin
11.4%
11.5% a year earlier
FY2012FY2019
Net income
$81.4 billion
+1,924.8% on the year
FY2012FY2019
Diluted EPS
$33.22
+1,938.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
254,616
247,837
239,933
+2.7%
Operating income
28,913
28,623
18,696
+1.0%
Operating margin
11.4%
11.5%
7.8%
Interest expense
3,961
3,853
4,386
+2.8%
Pre-tax income
102,696
4,001
23,838
+2,466.8%
Income tax
20,904
-321
-21,515
Effective tax rate
20.4%
-8.0%
-90.3%
Net income
81,417
4,021
44,940
+1,924.8%
Net margin
32.0%
1.6%
18.7%
Diluted EPS
$33.22
$1.63
$18.22
+1,938.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
38,687
37,400
45,776
+3.4%
Capital expenditure
15,979
14,537
11,708
+9.9%
Free cash flow
22,708
22,863
34,068
-0.7%
Free cash flow margin
8.9%
9.2%
14.2%
Cash from investing
-5,621
-32,849
-41,091
Cash from financing
730
-5,812
-1,398
Depreciation and amortisation
10,064
9,779
9,188
+2.9%
Buybacks
4,850
1,346
n/a
+260.3%
Diluted shares, weighted
2,451m
2,466m
2,467m
-0.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
424,791
348,703
348,296
+21.8%
Non-controlling interest
3,772
3,797
3,658
-0.7%
Other liabilities
389,166
355,294
350,141
+9.5%
Total liabilities and equity
817,729
707,794
702,095
+15.5%
Goodwill
81,882
81,025
81,258
+1.1%
Securities held for sale or to maturity
18,685
19,898
21,353
-6.1%
Loans
17,527
16,280
13,748
+7.7%
Cash and equivalents
64,632
30,811
31,583
+109.8%
Inventory
19,852
19,069
17,366
+4.1%
Other assets
615,151
540,711
536,787
+13.8%
Total assets
817,729
707,794
702,095
+15.5%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.