Berkshire Hathaway (BRK.B) FY2023 results: revenue $364.5 billion, up 20.7% on the year

Berkshire Hathaway Inc. (BRK.B) reported revenue of $364.5 billion for fiscal 2023, the year ended 31 December 2023, up 20.7% on the year before. Net income was $96.2 billion, and diluted earnings per share $44.27. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue

$364.5 billion

+20.7% on the year

FY2016FY2023

Operating margin

11.9%

11.7% a year earlier

FY2016FY2023

Net income

$96.2 billion

FY2016FY2023

Diluted EPS

$44.27

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	364,482	302,089	276,094	+20.7%
Operating income	43,338	35,460	32,149	+22.2%
Operating margin	11.9%	11.7%	11.6%
Interest expense	5,003	4,352	4,172	+15.0%
Pre-tax income	120,166	-30,500	111,686
Income tax	23,019	-8,518	20,879
Effective tax rate	19.2%	n/a	18.7%
Net income	96,223	-22,759	89,795
Net margin	26.4%	-7.5%	32.5%
Diluted EPS	$44.27	-$10.36	$39.64

$ million except per share.

Free 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	49,196	37,350	39,421	+31.7%
Capital expenditure	19,409	15,464	13,276	+25.5%
Free cash flow	29,787	21,886	26,145	+36.1%
Free cash flow margin	8.2%	7.2%	9.5%
Cash from investing	-32,663	-87,601	29,392
Cash from financing	-14,405	-1,662	-28,508
Depreciation and amortisation	12,486	10,899	10,718	+14.6%
Buybacks	9,171	7,854	27,061	+16.8%
Diluted shares, weighted	2,173m	2,203m	2,265m	-1.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	561,273	473,424	506,199	+18.6%
Non-controlling interest	6,236	8,257	8,731	-24.5%
Other liabilities	502,469	466,771	443,854	+7.6%
Total liabilities and equity	1,069,978	948,452	958,784	+12.8%
Goodwill	84,626	78,119	73,875	+8.3%
Securities held for sale or to maturity	23,758	25,128	16,434	-5.5%
Cash and equivalents	38,643	36,399	88,706	+6.2%
Inventory	25,856	25,366	20,954	+1.9%
Other assets	897,095	783,440	758,815	+14.5%
Total assets	1,069,978	948,452	958,784	+12.8%

10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.