Berkshire Hathaway Inc. (BRK-A) Margin Analysis

Berkshire Hathaway Inc.

BRK-A (NYSE)

(%)

Models
Berkshire Hathaway Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 19	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	371,910	371,444	376,776	372,166	299,104
Revenue Growth Rate	0.125%	-1.42%	1.24%	24.43%	7.49%
Cost of Revenue	268,604	283,669	223,686	230,497	187,208
Gross Profit	103,306	87,775	153,090	141,669	111,896
Gross Margin	27.78%	23.63%	40.63%	38.07%	37.41%
Operating Income	50,915	59,540	108,535	118,193	-32,363
Operating Margin	13.69%	16.03%	28.81%	31.76%	-10.82%
Net Income	66,968	66,968	88,995	96,223	-22,759
Net Margin	18.01%	18.03%	23.62%	25.85%	-7.61%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 19	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	371,910	371,444	376,776	372,166	299,104
Cash from Operating Activities	45,969	45,969	30,592	49,196	37,224
Cash from Operating Activities Margin	12.36%	12.38%	8.12%	13.22%	12.45%
Free Cash Flow	25,042	25,042	11,616	29,787	21,760
Free Cash Flow Margin	6.73%	6.74%	3.08%	8%	7.27%
Depreciation and Amortization	13,476	13,476	12,855	12,486	10,899
Depreciation and Amortization Margin	3.62%	3.63%	3.41%	3.36%	3.64%
Capital Expenditure	-20,927	-20,927	-18,976	-19,409	-15,464
Capital Expenditure Margin	-5.63%	-5.63%	-5.04%	-5.21%	-5.17%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 37.41}, {"l": "2023", "x": "2023-12-31", "y": 38.07}, {"l": "2024", "x": "2024-12-31", "y": 40.63}, {"l": "2025", "x": "2025-12-31", "y": 23.63}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": -10.82}, {"l": "2023", "x": "2023-12-31", "y": 31.76}, {"l": "2024", "x": "2024-12-31", "y": 28.81}, {"l": "2025", "x": "2025-12-31", "y": 16.03}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": -7.61}, {"l": "2023", "x": "2023-12-31", "y": 25.85}, {"l": "2024", "x": "2024-12-31", "y": 23.62}, {"l": "2025", "x": "2025-12-31", "y": 18.03}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 7.28}, {"l": "2023", "x": "2023-12-31", "y": 8}, {"l": "2024", "x": "2024-12-31", "y": 3.08}, {"l": "2025", "x": "2025-12-31", "y": 6.74}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	94,232	94,972	92,515	90,191	98,098	95,088
Revenue Growth Rate	-0.779%	2.66%	2.58%	-8.06%	3.16%
Cost of Revenue	72,549	71,590	70,200	54,265	88,035	46,411
Gross Profit	21,683	23,382	22,315	35,926	10,063	48,677
Gross Margin	23.01%	24.62%	24.12%	39.83%	10.26%	51.19%
Operating Income	13,645	16,664	15,584	5,022	23,151	32,286
Operating Margin	14.48%	17.55%	16.84%	5.57%	23.6%	33.95%
Net Income	19,199	30,796	12,370	4,603	19,694	26,251
Net Margin	20.37%	32.43%	13.37%	5.1%	20.08%	27.61%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	94,232	94,972	92,515	90,191	98,098	95,088
Cash from Operating Activities	11,192	13,789	10,085	10,903	4,621	1,803
Cash from Operating Activities Margin	11.88%	14.52%	10.9%	12.09%	4.71%	1.9%
Free Cash Flow	4,990	8,203	5,227	6,622	-726	-2,898
Free Cash Flow Margin	5.29%	8.64%	5.65%	7.34%	-0.74%	-3.05%
Depreciation and Amortization	3,549	3,333	3,329	3,265	3,283	3,206
Depreciation and Amortization Margin	3.77%	3.51%	3.6%	3.62%	3.35%	3.37%
Capital Expenditure	-6,202	-5,586	-4,858	-4,281	-5,347	-4,701
Capital Expenditure Margin	-6.58%	-5.88%	-5.25%	-4.75%	-5.45%	-4.94%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 51.19}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 10.26}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 39.83}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 24.12}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 24.62}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 23.01}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 33.95}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 23.6}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 5.57}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 16.84}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 17.55}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 14.48}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 27.61}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 20.08}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 5.1}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 13.37}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 32.43}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 20.37}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": -3.05}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": -0.74}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 7.34}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 5.65}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 8.64}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 5.3}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}