WACC = % of equity x cost of equity + % of debt x cost of debt x (1 - Tax Rate)

Cost of equity = Risk free rate + Beta x Market Risk Premium

x WACC
Market Cap 779 B
% of Equity 86.27%
Cost of Equity 7.33%
Risk Free Rate 4.25%
Beta 0.68
Market Risk Premium 4.53%

Debt 124 B
% of Debt 13.73%
Cost of Debt 2.25%
Tax Rate #REF!

Total 903

WACC #REF!
Berkshire Hathaway Inc. Class B (BRK.B)
$357.07

Berkshire Hathaway Inc. Class B

BRK.B 084670702 2073390 NYSE Common stock
FactSet Fundamentals

Total revenues
Total insurance and other
Insurance premiums earned
Sales and service revenues
Leasing revenues
Interest, dividend and other investment income
Investment gains / losses
Investment gains / losses excluding other-than-temporary impairment losses on investments
Other-than-temporary impairment losses on investments
Total finance and financial products
Sales and service revenues
Interest, dividend and other investment income
Investment gains / losses
Derivative gains / losses
Other
Railroad, utilities and energy - revenues
Freight rail transportation revenues
Insurance and other sales and service / energy operating revenues
Service revenues and other income
Other
Investment and derivative gains / losses
Investments gains / losses
Derivative contract gains / losses
Total costs and expenses
Total insurance and other
Insurance losses and loss adjustment expenses
Life, annuity and health insurance benefits
Insurance underwriting expenses
Cost of sales and services
Cost of leasing
Selling, general and administrative expenses
Selling, general and administrative expenses
Goodwill and intangible asset impairments
Interest expense and other
Total railroad, utilities and energy
 Cost of sales and operating expenses
Freight rail transportation expenses
Utilities and energy cost of sales and other expenses
Other expenses
Interest expense
Total finance and financial products
Cost of sales and services
Selling, general and administrative expenses
Other
Interest expense
Earnings before income taxes and equity in earnings of Kraft Heinz Company
Equity in earnings / loss of MidAmerican Energy Holdings Company
Earnings / loss before income taxes
Income tax expense / benefit
Minority shareholders' interests
Earnings from equity method investments
Net earnings / loss
Earnings attributable to noncontrolling interests
Net earnings / loss attributable to Berkshire Hathaway shareholders
Per share
Class A
Net earnings per share attributable to Berkshire Hathaway shareholders
Class B
Net earnings per share attributable to Berkshire Hathaway shareholders
Weighted average shares
Class A
Average equivalent shares outstanding
Class B
Average equivalent shares outstanding
All figures in millions of U.S. Dollar except per share items.
31 DEC '13 31 DEC '14 31 DEC '15 31 DEC '16 31 DEC '17 31 DEC '18 31 DEC '19 31 DEC '20
182,150 194,673 210,821 223,604 242,137 247,837 254,616 245,510
140,310 146,879 162,893 175,223 192,906 204,164 211,163 203,746
36,684 41,253 41,294 45,881 60,597 57,418 61,078 63,401
94,806 97,097 107,001 119,489 125,963 133,336 134,989 127,044
- - - - - 5,732 5,856 5,209
4,939 5,026 5,235 4,725 5,144 7,678 9,240 8,092
3,881 3,503 9,363 5,128 1,202 - - -
- - - - - - - -
- - - - - - - -
7,083 7,104 7,924 10,839 9,288 - - -
- 5,094 5,430 6,208 6,924 - - -
1,469 1,432 1,510 1,455 1,438 - - -
184 72 10 2,425 208 - - -
2,608 506 974 751 718 - - -
2,822 - - - - - - -
34,757 40,690 40,004 37,542 39,943 43,673 43,453 41,764
- - - - - 23,703 23,357 20,750
34,649 - - - - 15,555 15,353 15,540
- - - - - 4,415 4,743 5,474
108 - - - - - - -
- - - - - -22,455 72,607 40,746
- - - - - -22,155 71,123 -
- - - - - -300 1,484 -
-153,354 -166,568 -175,875 -190,860 -221,237 -219,214 -225,703 -231,289
-122,991 -130,075 -140,669 -156,427 -183,559 -184,815 -192,064 -198,757
-21,275 -26,406 -26,527 -30,906 -48,891 -39,906 -44,456 -43,951
-5,072 -5,181 -5,413 -5,131 -5,618 -5,699 -4,986 -5,812
-7,248 -6,998 -7,517 -7,713 -9,321 -9,793 -11,200 -12,798
-77,053 -78,873 -87,029 -95,754 -101,748 -106,083 -107,041 -101,091
- - - - - -4,061 -4,003 -3,520
-11,917 -12,198 -13,723 -16,478 -16,241 -18,238 -19,322 -30,480
-11,917 -12,198 -13,723 -16,478 -16,241 - - -19,809
- - - - - - - -10,671
-426 -419 -460 -445 -1,740 -1,035 -1,056 -1,105
-27,022 -31,756 -30,303 -28,836 -31,288 -34,399 -33,639 -32,532
-25,157 -29,378 -27,650 -26,194 -28,034 -31,581 -30,734 -29,554
- - - - - -16,045 -15,436 -13,120
- - - - - -11,641 -11,296 -11,638
- - - - - -3,895 -4,002 -4,796
-1,865 -2,378 -2,653 -2,642 -3,254 -2,818 -2,905 -2,978
-3,341 -4,737 -4,903 -5,597 -6,390 - - -
- -2,758 -2,915 -3,448 -4,050 - - -
- -1,523 -1,586 -1,739 -1,940 - - -
-2,831 - - - - - - -
-510 -456 -402 -410 -400 - - -
28,796 28,105 34,946 32,744 20,900 6,168 101,520 54,967
- - - 923 2,938 -2,167 1,176 726
28,796 28,105 34,946 33,667 23,838 4,001 102,696 55,693
-8,951 -7,935 -10,532 -9,240 21,515 321 -20,904 -12,440
- - - - - - - -
- - - - - - - -
19,845 20,170 24,414 24,427 45,353 4,322 81,792 43,253
-369 -298 -331 -353 -413 -301 -375 -732
19,476 19,872 24,083 24,074 44,940 4,021 81,417 42,521

11,850 12,092 14,656 14,645 27,326 2,446 49,828 26,668

- 8.06 - 9.76 18.22 1.63 33.22 17.78

1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6

- - - - 2,466.9 2,465.7 2,450.9 2,391.7

31 DEC '21 31 DEC '22
276,094 302,089
227,974 249,940
69,478 74,645
145,043 157,518
5,988 7,514
7,465 10,263
- -
- -
- -
- -
- -
- -
- -
- -
- -
48,120 52,149
23,177 25,802
18,891 21,023
6,052 5,324
- -
78,542 -67,899
- -
- -
-243,945 -266,629
-206,808 -225,302
-49,964 -57,646
-6,007 -5,152
-12,569 -11,942
-114,138 -124,319
-4,201 -5,550
-18,843 -19,506
-18,843 -19,506
0 0
-1,086 -1,187
-37,137 -41,327
-34,051 -38,162
-14,477 -17,282
-13,959 -15,896
-5,615 -4,984
-3,086 -3,165
- -
- -
- -
- -
- -
110,691 -32,439
995 1,863
111,686 -30,576
-20,879 8,518
- -
- -
90,807 -22,058
-1,012 -761
89,795 -22,819

59,460 -15,535

39.64 -10.36

1.5 1.5

2,265.3 2,203.3
Berkshire Hathaway Inc. Class B (BRK.B)
$357.07

Quarterly Insurance and Other Revenue Growth

Quarterly Railroad, utilities, and energy revenue growth
Quarterly Insurance and Other Revenue Margins
Quarterly Railroad, utilities, and energy margins
Tax rate for 9 months of 2023

Berkshire Hathaway Inc. Class B

BRK.B 084670702 2073390 NYSE Common stock
FactSet Fundamentals

Total revenues
Total insurance and other
Insurance premiums earned
Sales and service revenues
Leasing revenues
Interest, dividend and other investment income
Investment gains / losses
Investment gains / losses excluding other-than-temporary impairment losses on investments
Other-than-temporary impairment losses on investments
Total finance and financial products
Sales and service revenues
Interest, dividend and other investment income
Investment gains / losses
Derivative gains / losses
Other
Railroad, utilities and energy - revenues
Freight rail transportation revenues
Insurance and other sales and service / energy operating revenues
Service revenues and other income
Other
Investment and derivative gains / losses
Investments gains / losses
Derivative contract gains / losses
Total costs and expenses
Total insurance and other
Insurance losses and loss adjustment expenses
Life, annuity and health insurance benefits
Insurance underwriting expenses
Cost of sales and services
 Cost of leasing
Selling, general and administrative expenses
Selling, general and administrative expenses
Goodwill and intangible asset impairments
Interest expense and other
Total railroad, utilities and energy
Cost of sales and operating expenses
Freight rail transportation expenses
Utilities and energy cost of sales and other expenses
Other expenses
Interest expense
Total finance and financial products
Cost of sales and services
Selling, general and administrative expenses
Other
Interest expense
Earnings before income taxes and equity in earnings of Kraft Heinz Company
Equity in earnings / loss of MidAmerican Energy Holdings Company
Earnings / loss before income taxes
Income tax expense / benefit
Minority shareholders' interests
Earnings from equity method investments
Net earnings / loss
Earnings attributable to noncontrolling interests
Net earnings / loss attributable to Berkshire Hathaway shareholders
Per share
Class A
Net earnings per share attributable to Berkshire Hathaway shareholders
Class B
Net earnings per share attributable to Berkshire Hathaway shareholders
Weighted average shares
Class A
Average equivalent shares outstanding
Class B
Average equivalent shares outstanding
All figures in millions of U.S. Dollar except per share items.
 8%
84%
90% 87% 91% 89%
79% 79% 77% 90%

30 JUN '21 30 SEP '21 31 DEC '21 31 MAR '22 30 JUN '22 30 SEP '22 31 DEC '22 31 MAR '23
PRELIM PRELIM
69,114 70,583 - 70,810 76,180 76,934 - 85,393
57,251 57,809 - 58,888 63,055 62,744 - 63,457
17,163 17,727 - 17,492 18,087 18,810 - 19,796
36,743 36,722 - 37,862 40,220 39,597 - 38,388
1,447 1,565 - 1,672 1,887 1,959 - 2,044
1,898 1,795 - 1,862 2,861 2,378 - 3,229
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
11,863 12,774 - 11,922 13,125 14,190 - 21,936
5,778 5,761 - 5,944 6,612 6,663 - 6,001
4,302 5,225 7,285 4,818 4,935 6,090 6,709 14,917
1,783 1,788 - 1,160 1,578 1,437 - 1,018
- - - - - - - -
27,394 4,921 32,361 -1,978 -66,919 -13,465 11,455 34,758
- - 32,214 - - - - -
- - 147 - - - - -
-60,934 -63,397 - -62,396 -64,974 -68,027 - -76,087
-51,785 -54,021 - -52,954 -54,558 -57,036 - -56,319
-12,175 -13,939 - -13,332 -13,620 -16,005 - -14,221
-1,459 -1,568 - -1,323 -1,282 -1,450 - -785
-3,065 -3,239 - -2,767 -2,461 -2,506 - -3,587
-28,761 -28,984 - -29,785 -31,633 -31,292 - -30,319
 -982 -1,116 - -1,232 -1,498 -1,418 - -1,477
-5,045 -4,889 - -4,251 -3,762 -4,068 - -5,602
-5,045 -4,889 - -4,251 -3,762 -4,068 - -5,602
0 0 0 - - - - -
-298 -286 - -264 -302 -297 - -328
-9,149 -9,376 - -9,442 -10,416 -10,991 - -19,768
-8,371 -8,606 - -8,672 -9,631 -10,196 - -18,878
-3,588 -3,527 - -3,925 -4,260 -4,581 - -4,161
-3,220 -3,497 - -3,591 -3,844 -4,295 - -13,846
-1,563 -1,582 - -1,156 -1,527 -1,320 - -871
-778 -770 - -770 -785 -795 - -890
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
35,574 12,107 - 6,436 -55,713 -4,558 - 44,064
147 377 - 376 231 441 - 688
35,721 12,484 - 6,812 -55,482 -4,117 - 44,752
-7,296 -1,840 - -1,227 12,106 1,529 - -8,995
- - - - - - - -
- - - - - - - -
28,425 10,644 - 5,585 -43,376 -2,588 - 35,757
-331 -300 - -125 -379 -100 - -253
28,094 10,344 39,646 5,460 -43,755 -2,688 18,164 35,504

18,488 6,882 26,690 3,702 -29,754 -1,832 12,412 24,377

12.33 4.59 17.79 2.47 -19.84 -1.22 8.27 16.25

1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5

2,279.4 2,254.5 2,228.2 2,212.1 2,205.9 2,200.4 2,195.1 2,184.7

 Average
4% 7% 6%
105% 85% 91%
86% 84% 86%
90% 93% 91%
19%

30 JUN '23 30 SEP '23

92,503 93,210
65,612 66,967
20,561 21,360
39,126 39,456
2,079 2,104
3,846 4,047
- -
- -
- -
- -
- -
- -
- -
- -
- -
26,891 26,243
5,808 5,828
19,593 19,033
1,490 1,382
- -
33,061 -29,778
- -
- -
-80,640 -80,653
-56,343 -56,328
-14,089 -13,719
-1,128 -1,144
-3,729 -3,496
-30,621 -31,049
 -1,457 -1,489
-5,005 -5,120
-5,005 -5,120
- -
-314 -311
-24,297 -24,325
-23,362 -23,376
-4,014 -4,038
-18,159 -18,249
-1,189 -1,089
-935 -949
- -
- -
- -
- -
- -
44,924 -17,221
511 262
45,435 -16,959
-9,236 4,392
- -
- -
36,199 -12,567
-287 -200
35,912 -12,767

24,775 -8,824

16.52 -5.88

1.4 1.4

2,174.3 2,170.4
Berkshire Hathaway Inc. Class B (BRK.B)
$357.07

Berkshire Hathaway Inc. Class B

BRK.B 084670702 2073390 NYSE Common stock
FactSet Fundamentals

Net cash flows from operating activities

Net earnings / loss
Adjustments to reconcile net earnings / loss to operating cash flows
Investment gains / losses
Insurance and other
finance and financial products
Depreciation and amortization
Minority interests
Other, including asset impairment charges
Changes in operating assets and liabilities
Losses and loss adjustment expenses
Deferred charges reinsurance assumed
Unearned premiums
Receivables and originated loans
Derivative contract assets and liabilities
Inventories
Other
Other assets
Other liabilities
Income taxes
Net cash flows from investing activities
Purchases of equity securities
Investments in The Kraft Heinz Company and other investments
Sales and redemptions of equity securities
Sales of equity securities excluding redemptions of other investments
Redemptions of other investments
Purchases of fixed maturity securities
Sales of fixed maturity securities
Redemptions and maturities of fixed maturity securities
Acquisitions of businesses, net of cash acquired
Purchases of property, plant and equipment
Other
Purchases of loans and finance receivables
Collections of loans and finance receivables
Other excluding purchases of loans and finance receivables and collections of loans and finance receivables
Net cash flows from financing activities
Proceeds from borrowings
Proceeds from borrowings of insurance and other businesses
Proceeds from borrowings of finance businesses
Repayments of borrowings
Repayments of borrowings of insurance and other businesses
Repayments of borrowings of finance businesses
Proceeds from borrowings of railroad, utilities and energy businesses
Repayments of borrowings of railroad, utilities and energy businesses
Changes in short term borrowings, net
Acquisitions of noncontrolling interests and other
Acquisitions of noncontrolling interests and treasury stock
Acquisitions of treasury stock
Acquisitions of noncontrolling interests
Other, principally transactions with noncontrolling interests
Effects of foreign currency exchange rate changes
Increase / decrease in cash and cash equivalents
Cash and cash equivalents and restricted cash at beginning of period
Insurance and other
Insurance and other excluding finance and financial products
Finance and financial products
Railroad, utilities and energy
Restricted cash, included in other assets at beginning of period
Cash and cash equivalents and restricted cash at end of period
Cash and cash equivalents at end of period
Insurance and other excluding finance and financial products
Insurance and other
Finance and financial products
Railroad, utilities and energy
Restricted cash, included in other assets
Supplemental disclosure
Cash paid during the period for
Income taxes
Interest of finance and financial products businesses
Interest of utilities and energy businesses
Interest of insurance and other businesses
Non-cash investing activity
Investments received in connection with the Equitas reinsurance transaction
Liabilities assumed in connection with acquisitions of businesses
All figures in millions of U.S. Dollar.
31 DEC '13 31 DEC '14 31 DEC '15 31 DEC '16 31 DEC '17 31 DEC '18 31 DEC '19 31 DEC '20
27,704 32,010 31,491 32,535 45,776 37,400 38,687 39,773
19,845 20,170 24,414 24,427 45,353 4,322 81,792 43,253
7,859 11,840 7,077 8,108 423 33,078 -43,105 -3,480
-4,065 -3,575 -9,373 -7,553 -1,410 22,155 -71,123 -40,905
- - - -5,128 -1,202 - - -
- - - -2,425 -208 - - -
6,508 7,370 7,779 8,901 9,188 9,779 10,064 10,596
- - - - - - - -
373 -341 751 -161 458 2,957 -1,254 11,263
5,043 8,386 7,920 6,921 -7,813 -1,813 19,208 15,566
578 7,404 2,262 4,372 25,027 3,449 6,087 4,819
-340 -3,413 84 -360 -7,231 1,174 357 1,307
519 1,159 1,392 968 1,761 1,794 1,707 1,587
1,035 -1,890 -1,650 -3,302 -1,990 -3,443 -2,303 -1,609
-2,430 -520 -974 -946 -775 - - -
- - - - - - - -
2,167 741 1,088 2,145 352 170 -1,821 2,267
- - - - - -1,832 -2,011 -1,109
- - - - - 2,002 190 3,376
3,514 4,905 5,718 4,044 -24,957 -4,957 15,181 7,195
-27,535 -19,369 -26,668 -84,267 -41,091 -32,849 -5,621 -37,757
-8,558 -7,014 -10,220 -16,508 -20,326 -43,210 -18,642 -30,161
-12,250 -3,000 -5,258 0 0 - - -
3,869 8,896 8,747 28,464 19,512 18,783 14,336 38,756
- - - - - - - -
- - - - - - - -
-7,546 -7,774 -8,186 -96,568 -158,492 -141,844 -136,123 -208,429
4,311 1,697 2,172 18,757 49,327 39,693 15,929 31,873
11,203 6,795 6,583 26,177 86,727 113,045 137,767 149,709
-6,431 -4,824 -4,902 -31,399 -2,708 -3,279 -1,683 -2,532
-11,087 -15,185 -16,082 -12,954 -11,708 -14,537 -15,979 -13,012
-1,046 1,040 478 -236 -3,423 -1,500 -1,226 -3,961
-490 -181 -179 -307 -1,435 -1,771 -75 -772
654 885 492 490 1,702 342 345 393
-1,210 336 165 -419 -3,690 -71 -1,496 -3,582
 961 2,731 3,803 12,791 -1,398 -5,812 730 -18,344
6,084 1,993 4,403 14,172 2,645 2,409 8,144 5,925
2,622 845 3,358 9,431 1,342 2,409 8,144 5,925
3,462 1,148 1,045 4,741 1,303 - - -
-6,677 -2,832 -3,743 -2,577 -5,465 -7,395 -5,095 -2,700
-2,835 -1,289 -1,916 -1,264 -1,856 -7,395 -5,095 -2,700
-3,842 -1,543 -1,827 -1,313 -3,609 - - -
7,491 5,765 5,479 3,077 3,013 7,019 5,400 8,445
-1,596 -1,862 -1,725 -2,123 -3,549 -4,213 -2,638 -3,761
-1,317 932 -378 130 2,079 -1,943 266 -1,118
-3,024 -1,265 -233 112 -121 -1,689 -5,347 -25,135
-2,890 -1,287 -72 - - -1,346 -4,850 -24,706
- - - - - -1,346 -4,850 -24,706
- - - - - - - -
-134 22 -161 - -121 -343 -497 -429
64 -289 -165 -172 248 -140 25 92
1,194 15,083 8,461 -39,113 3,535 -1,401 33,821 -16,236
46,992 48,186 63,269 67,161 28,048 32,212 30,811 64,632
- - - 63,724 24,109 - - -
- - - 56,612 23,581 - - -
- - - 7,112 528 - - -
- - - 3,437 3,939 - - -
- - - - - - - -
48,186 63,269 71,730 28,048 31,583 30,811 64,632 48,396
48,186 63,269 - 28,048 31,583 30,811 64,632 48,396
44,786 60,268 - 24,109 28,673 27,749 61,151 44,714
42,614 57,974 - 23,581 25,460 27,749 61,151 44,714
2,172 2,294 - 528 3,213 - - -
3,400 3,001 - 3,939 2,910 2,612 3,024 3,276
- - - - - 450 457 406

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

- - - - - - - -
- - - - - - - -
31 DEC '21 31 DEC '22
39,421 37,224
90,807 -22,058
-51,386 59,282
-77,576 67,623
- -
- -
10,718 10,899
- -
-3,397 -4,324
18,869 -14,916 Change in NWC
4,595 4,057 NWC=Net Working Capital
1,802 769
2,306 1,861
-5,834 -5,592
- -
- -4,779
703 1,660
-1,686 -373
2,389 2,033
15,297 -12,892
29,392 -87,601
-8,448 -67,930
- -
15,849 33,664
- -
- -
-152,637 -183,922
27,188 90,088
160,402 66,318
-456 -10,594
-13,276 -15,464 CapEx
770 239
-88 -
561 -
297 -
-28,508 -1,662
2,961 7,822
2,961 7,822
- -
-3,032 -1,502
-3,032 -1,502
- -
3,959 4,873
-4,016 -2,426
-624 -596
-27,756 -9,833
-27,061 -7,854
-27,061 -7,854
- -
-695 -1,979
5 -268
40,310 -52,307
48,396 88,706
- -
- -
- -
- -
- -
88,706 36,399
88,706 36,399
85,319 32,260
85,319 32,260
- -
2,865 3,551
522 588

- -
- -
- -
- -

- -
- -