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Berkshire Hathaway

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Analysis

BRK-B 10-K Analysis: Why Cash Flow Surged 50% While Earnings Fell 25%

Berkshire Hathaway's net income fell 24.8% to $67.0 billion in FY2025 — but operating cash flow surged 50.3% to $46.0 billion. The divergence reveals the most important insight in the filing: $39.1 billion of reported earnings are mark-to-market noise that management calls 'meaningless.' The real operating P/E is approximately 38x, not the 15.7x on every terminal. Inside the $176B float machine at -5.4% cost, Buffett's $369B farewell, and the stress points investors should watch.

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16 min

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