Item 6. Selected Financial Data

Selected Financial Data for the Past Five Years

(dollars in millions except per-share data)

	2020		2019		2018			2017		2016
Revenues:
Insurance premiums earned	$	63,401	$	61,078	$	57,418		$	60,597	$	45,881
Sales and service revenues		127,044		134,989		133,336			130,243		123,053
Leasing revenue		5,209		5,856		5,732			2,552		2,553
Railroad, utilities and energy revenues		41,764		43,453		43,673			40,005		37,447
Interest, dividend and other investment income		8,092		9,240		7,678			6,536		6,180
Total revenues	$	245,510	$	254,616	$	247,837		$	239,933	$	215,114

Investment and derivative gains/losses	$	40,746	$	72,607	$	(22,455	)	$	2,128	$	8,304

Earnings:
Net earnings attributable to Berkshire Hathaway (1)	$	42,521	$	81,417	$	4,021		$	44,940	$	24,074
Net earnings per share attributable to Berkshire Hathaway shareholders (2)	$	26,668	$	49,828	$	2,446		$	27,326	$	14,645

Year-end data:
Total assets	$	873,729	$	817,729	$	707,794		$	702,095	$	620,854
Notes payable and other borrowings:
Insurance and other		41,522		37,590		34,975			40,409		42,559
Railroad, utilities and energy		75,373		65,778		62,515			62,178		59,085

Berkshire Hathaway shareholders’ equity		443,164		424,791		348,703			348,296		282,070
Class A equivalent common shares outstanding, in thousands		1,544		1,625		1,641			1,645		1,644
Berkshire Hathaway shareholders’ equity per outstanding Class A equivalent common share	$	287,031	$	261,417	$	212,503		$	211,750	$	171,542

(1)

Includes after-tax investment and derivative gains/losses of $31.6 billion in 2020, $57.4 billion in 2019, $(17.7) billion in 2018, $1.4 billion in 2017 and $6.5 billion in 2016. Beginning in 2018, investment gains/losses include the changes in fair values of equity securities during the period. Previously, investment gains/losses of equity securities were recognized in earnings when securities were sold. Net earnings in 2017 includes a one-time net benefit of $29.1 billion attributable to the enactment of the Tax Cuts and Jobs Act of 2017.

(2)	Represents net earnings per average equivalent Class A share outstanding. Net earnings per average equivalent Class B common share outstanding is equal to 1/1,500 of such amount.

K-32

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