Berkshire Hathaway (BRK.B) FY2020 results: revenue $245.5 billion, down 3.6% on the year
Berkshire Hathaway Inc. (BRK.B) reported revenue of $245.5 billion for fiscal 2020, the year ended 31 December 2020, down 3.6% on the year before. Net income was $42.5 billion, down 47.8%, and diluted earnings per share $17.78. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$245.5 billion
-3.6% on the year
FY2013FY2020
Operating margin
5.8%
11.4% a year earlier
FY2013FY2020
Net income
$42.5 billion
-47.8% on the year
FY2013FY2020
Diluted EPS
$17.78
-46.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
245,510
254,616
247,837
-3.6%
Operating income
14,221
28,913
28,623
-50.8%
Operating margin
5.8%
11.4%
11.5%
Interest expense
4,083
3,961
3,853
+3.1%
Pre-tax income
55,693
102,696
4,001
-45.8%
Income tax
12,440
20,904
-321
-40.5%
Effective tax rate
22.3%
20.4%
-8.0%
Net income
42,521
81,417
4,021
-47.8%
Net margin
17.3%
32.0%
1.6%
Diluted EPS
$17.78
$33.22
$1.63
-46.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
39,773
38,687
37,400
+2.8%
Capital expenditure
13,012
15,979
14,537
-18.6%
Free cash flow
26,761
22,708
22,863
+17.8%
Free cash flow margin
10.9%
8.9%
9.2%
Cash from investing
-37,757
-5,621
-32,849
Cash from financing
-18,344
730
-5,812
Depreciation and amortisation
10,596
10,064
9,779
+5.3%
Buybacks
24,706
4,850
1,346
+409.4%
Diluted shares, weighted
2,392m
2,451m
2,466m
-2.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
443,164
424,791
348,703
+4.3%
Non-controlling interest
8,172
3,772
3,797
+116.6%
Other liabilities
422,393
389,166
355,294
+8.5%
Total liabilities and equity
873,729
817,729
707,794
+6.8%
Goodwill
73,734
81,882
81,025
-10.0%
Securities held for sale or to maturity
20,410
18,685
19,898
+9.2%
Loans
n/a
17,527
16,280
Cash and equivalents
48,396
64,632
30,811
-25.1%
Inventory
19,208
19,852
19,069
-3.2%
Other assets
711,981
615,151
540,711
+15.7%
Total assets
873,729
817,729
707,794
+6.8%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.