2025 Annual Shareholder Letter

Berkshire Hathaway

Warren Buffett

Research

15 Pages

Warren Buffett’s annual letter touches on the performance of US & Japanese investments, the rationale behind Berkshire’s investments and acquisitions, and more.

Berkshire last year made four payments to the IRS that totaled $26.8 billion. That’s about 5% of what all of corporate America paid.

Key Takeaways

Record Operating Earnings: Berkshire Hathaway achieved $47.4 billion in operating earnings for 2024, driven by strong performance in its insurance and utility businesses.
Substantial Tax Contributions: Berkshire paid $26.8 billion in corporate income taxes in 2024, accounting for approximately 5% of all corporate taxes paid in the U.S., underscoring its significant economic impact.
Investment Discipline: Despite holding a record $334 billion in cash, Berkshire remained a net seller of stocks for the ninth consecutive quarter, reflecting a cautious approach amid high market valuations.
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