Berkshire Hathaway Inc.

NYSE-BRK.A

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	67,744	89,561	97,147	-21,998	90,949	43,253	81,792	4,322	45,353	24,427	24,414
Net Earnings
Depreciation & Amortization	13,210	12,855	12,486	10,899	10,718	10,596	10,064	9,779	9,188	8,901	7,779
Depreciation
Depreciation and Amortization
Other Adjustments	-35,219	-65,040	-80,878	63,693	-80,958	-29,642	-72,377	25,112	-952	-7,714	-8,622
Investment Gains
Minority Interests
Discount Accretion on Investments, Principally U.S. Treasury Bills
Other
Changes in Trade Receivables	-3,557	626	-1,949	-5,621	-5,864	-1,609	-2,303	-3,443	-1,990	-3,302	-1,650
Receivables and Originated Loans
Changes in Inventories	-654	591	1,426	-4,779	-1,862	681	—	—	—	—	—
Inventories
Changes in Income Taxes Payable	-5,785	-8,163	14,865	-12,872	15,330	7,195	15,181	-4,957	-24,957	4,044	5,718
Income Taxes
Changes in Unearned Revenue	449	376	1,854	1,861	2,306	1,587	1,707	1,794	1,761	968	1,392
Unearned Premiums
Changes in Other Operating Activities	3,210	-214	4,245	6,167	8,808	7,712	4,623	4,793	17,325	5,323	2,460
Unpaid Losses and Loss Adjustment Expenses
Deferred Charges - Retroactive Reinsurance
Derivative Contract Assets and Liabilities
Other Assets
Other Liabilities
Other Assets and Liabilities
Other
Cash from Operating Activities	39,398	30,592	49,196	37,350	39,427	39,773	38,687	37,400	45,728	32,647	31,491
Net Cash Flows from Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-20,072	-18,976	-19,409	-15,464	-13,276	-13,012	-15,979	-14,537	-11,708	-12,954	-16,082
Purchases of Property, Plant and Equipment and Equipment Held for Lease
Purchases of Investments	-602,863	-536,079	-251,469	-251,852	-161,085	-238,590	-154,765	-185,054	-178,818	-113,076	-33,369
Purchases of Fixed Maturity Securities
Purchases of Equity Securities
Purchases of Other Investments
Purchase of Kraft Heinz Common Stock
Purchases of U.S. Treasury Bills and Fixed Maturity Securities
Proceeds from Sale of Investments	620,590	545,359	246,134	190,070	203,439	220,338	168,032	171,521	155,566	73,398	25,874
Sales of Fixed Maturity Securities
Redemptions and Maturities of Fixed Maturity Securities
Sales of Equity Securities
Sales of U.S. Treasury Bills and Fixed Maturity Securities
Redemptions and Maturities of U.S. Treasury Bills and Fixed Maturity Securities
Payments for Business Acquisitions	—	-396	-8,604	-10,594	-456	-2,532	-1,683	-3,279	-2,708	-31,399	-4,902
Acquisitions of Businesses, Net of Cash Acquired
Other Investing Activities	914	-195	685	239	770	-3,961	-1,226	-1,500	-3,341	-194	478
Purchases of Loans and Finance Receivables
Collections of Loans and Finance Receivables
Other
Cash from Investing Activities	-1,827	-10,287	-32,663	-87,601	29,392	-37,757	-5,621	-32,849	-41,009	-84,225	-28,001
Net Cash Flows from Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	976	-3,059	2,407	-596	-624	-1,118	266	-1,943	2,079	130	-378
Changes in Short-Term Borrowings, Net
Net Issuance / (Repayments) of Short-Term Debt	976	-3,059	2,407	-596	-624	-1,118	266	-1,943	2,079	130	-378
Issuance of Long-Term Debt	5,056	13,186	7,817	12,695	6,920	14,370	13,544	9,428	5,658	17,249	9,882
Proceeds from Borrowings of Insurance and Other Businesses
Proceeds from Borrowings of Railroad, Utilities and Energy Businesses
Proceeds from Other Borrowings
Proceeds from Borrowings of Finance Businesses
Repayments of Long-Term Debt	-7,862	-11,947	-11,311	-3,928	-7,048	-6,461	-7,733	-11,608	-9,014	-4,700	-5,468
Repayments of Borrowings of Insurance and Other Businesses
Repayments of Borrowings of Railroad, Utilities and Energy Businesses
Repayments of Other Borrowings
Repayments of Borrowings of Finance Businesses
Net Issuance / (Repayments) of Long-Term Debt	-2,806	1,239	-3,494	8,767	-128	7,909	5,811	-2,180	-3,356	12,549	4,414
Repurchases of Common Shares	—	-2,918	-9,171	-7,854	-27,061	-24,706	-4,850	-1,346	—	—	—
Acquisitions of Noncontrolling Interests and Treasury Stock
Acquisitions of Treasury Stock
Net Issuance / (Repurchases) of Common Shares	—	-2,918	-9,171	-7,854	-27,061	-24,706	-4,850	-1,346	—	—	—
Other Financing Activities	-1,368	-5,622	-4,147	-1,979	-695	-429	-497	-343	-121	112	-233
Acquisitions of Noncontrolling Interests
Other, Principally Transactions with Noncontrolling Interests
Cash from Financing Activities	1,375	-10,360	-14,405	-1,662	-28,508	-18,344	730	-5,812	-1,398	12,791	3,803
Net Cash Flows from Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	19,326	11,616	29,787	21,886	26,151	26,761	22,708	22,863	34,020	19,693	15,409
NOPAT	51,396.8	49,444.5	39,080.8	28,769.1	29,761.8	14,269.1	26,182.4	35,081.5	43,914.7	20,311.7	26,954.9
Levered Free Cash Flow	55,991	73,644	110,603	-28,776	111,209	64,071	103,090	-3,230	35,272	43,035	29,386
Unlevered Free Cash Flow	41,754.8	35,913.5	54,547.8	14,581.1	51,785.8	29,028.1	41,778.4	31,953.5	35,523.7	26,593.7	28,221.9
Net Change in Cash	38,946	9,945	2,128	-51,913	40,311	-16,328	33,796	-1,261	3,321	-38,787	7,293