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No. Berkshire Hathaway has not declared a cash dividend since 1967. Instead, it generally keeps profits inside the company, reinvesting in operating businesses, acquisitions, investments and cash reserves. Shareholders usually benefit through long-term growth in the market value of Class A or Class B shares. Berkshire can also repurchase shares when management believes they trade below conservatively estimated intrinsic value, but buybacks are discretionary rather than scheduled.
The short answer: Berkshire does not pay a regular cash dividend
Berkshire Hathaway’s 2025 annual report states: “Berkshire has not declared a cash dividend since 1967.” That means an investor who owns BRK.A or BRK.B should not expect a quarterly, semiannual or annual dividend payment.
The policy applies to both listed share classes. Berkshire’s approach is to retain most earnings and let management allocate that capital within the group. The objective is to increase the value of each share over time rather than send a routine cash distribution to every shareholder.
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Why Berkshire chooses reinvestment over dividends
Management believes retained capital can compound value
Berkshire’s stated rationale is that keeping earnings can produce a better long-term result when management can reinvest them at attractive returns. The company owns operating subsidiaries and investments across multiple industries, so capital can be directed to opportunities that arise rather than distributed automatically.
In 2026 reporting, Chief Executive Officer Greg Abel said Berkshire would continue not paying a dividend because he and Warren Buffett believe retaining cash and reinvesting it can generate better shareholder returns than returning the money through a dividend. This is a capital-allocation judgment, not a promise that every reinvestment will outperform a cash distribution.
The policy has lasted for decades
The absence of a dividend is not a recent suspension or a temporary response to one difficult year. Berkshire has not declared a cash dividend since 1967. An investor buying the shares today is therefore choosing a business whose normal shareholder-return model has operated without cash dividends for roughly six decades.
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Retained earnings remain inside the corporate structure
When Berkshire earns money, it can use that money to strengthen existing subsidiaries, purchase new businesses, buy marketable securities or hold cash and U.S. Treasury bills. Shareholders do not receive a separate payment for each retained dollar. They own an interest in the company that controls those resources, and the market value of that interest can rise or fall as investors assess Berkshire’s assets, earnings and capital-allocation decisions.
How Berkshire returns value to shareholders
1. Growth in the value of the shares
For an ordinary shareholder, the primary realization mechanism is selling shares after they have appreciated. Berkshire does not need to distribute a dividend for an owner to obtain cash: the owner can sell part of the position and keep the remainder invested.
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This approach gives the shareholder control over when to turn part of the investment into cash. A person who does not need income can continue holding shares and leave the capital invested. Someone who needs money can sell a chosen number of shares rather than receiving a mandatory distribution.
2. Reinvestment in operating businesses and acquisitions
Berkshire can deploy earnings into the companies it already owns or into acquisitions. If those businesses generate additional earnings or become more valuable, the value attributable to each Berkshire share may increase. The result is indirect: the shareholder receives no payment at the time of reinvestment, but may benefit through a higher share price over time.
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3. Investments and liquidity
The company also allocates capital to investments and maintains substantial liquidity. At December 31, 2025, Berkshire reported $369.0 billion in cash, cash equivalents and U.S. Treasury bills. That reserve can support acquisitions, insurance obligations, operating needs and opportunistic purchases when management sees favorable conditions.
4. Selective share repurchases
Berkshire may return cash through buybacks when management believes its shares are trading below conservatively determined intrinsic value. The 2025 annual report says the chief executive, after consulting the chairman, may repurchase either Class A or Class B shares. Transactions can occur in the open market or through privately negotiated purchases.
A repurchase has two effects. Shareholders who sell into the program receive cash, while continuing shareholders own a larger percentage of the company when the total share count falls. That second effect is beneficial only when Berkshire buys at a price below the value management attributes to the shares; paying too much would destroy value for remaining owners.
What Berkshire’s buyback authorization does—and does not—promise
No fixed schedule or guaranteed amount
Berkshire’s repurchases are opportunistic. The authorization does not require the company to buy shares in any quarter or year. Berkshire reported no share repurchases in 2025, and no Class A or Class B shares were repurchased in the fourth quarter of 2025.
Therefore, an investor cannot treat the buyback policy as a substitute for a quarterly dividend. The existence of authorization indicates that repurchases are available as a capital-allocation tool, not that a purchase will occur at a particular price or on a predictable timetable.
The authorization has no share limit or expiration date
The annual report says the authorization has no maximum number of shares and no expiration date. Those broad terms still leave the decision with management: Berkshire must judge the market price against intrinsic value and decide whether a purchase is appropriate.
A $30 billion liquidity floor limits repurchases
Berkshire will not repurchase shares if doing so would reduce its cash, cash equivalents and U.S. Treasury bills below $30 billion. The floor is a stated condition of the policy. It is separate from the $369.0 billion balance reported at December 31, 2025, and it means the company must preserve a substantial liquidity cushion before buying stock.
Key Berkshire figures relevant to shareholder returns
| Item | Figure or policy | What it means |
|---|---|---|
| Last declared cash dividend | 1967 | Berkshire has not declared a cash dividend since that year. |
| Cash, cash equivalents and U.S. Treasury bills at December 31, 2025 | $369.0 billion | Liquidity available for operations, investments, acquisitions and other capital-allocation decisions. |
| Minimum liquidity under the buyback policy | $30 billion | Repurchases cannot reduce the specified holdings below this level. |
| Net earnings attributable to Berkshire shareholders in 2025 | $66.968 billion | Reported annual net earnings attributable to shareholders. |
| Net earnings attributable to Berkshire shareholders in 2024 | $88.995 billion | Reported annual net earnings attributable to shareholders. |
| Net earnings attributable to Berkshire shareholders in 2023 | $96.223 billion | Reported annual net earnings attributable to shareholders. |
| Share repurchases in 2025 | None reported | The authorization did not result in reported repurchases during 2025. |
These earnings figures are accounting results for the stated years, not dividend amounts. Berkshire can report substantial profits without distributing them as cash dividends.
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BRK.A and BRK.B: two classes, equivalent economics on a split-adjusted basis
Berkshire lists its shares under the tickers BRK.A and BRK.B. The classes have equivalent economics on a split-adjusted basis, but they represent different-sized units of ownership.
- Each Class A share can be converted into 1,500 Class B shares.
- Each Class B share has one-fifteen-hundredth of the dividend and distribution rights of a Class A share.
- Because Berkshire does not currently declare a cash dividend, these proportional rights do not create a regular payment today.
- The two classes can both be repurchased under Berkshire’s stated authorization.
The conversion feature gives a Class A holder a way to convert into 1,500 Class B shares. It does not create a new source of economic value; it changes the form and number of the shares held.
Dividend income versus Berkshire’s model
| Consideration | A scheduled dividend company | Berkshire Hathaway |
|---|---|---|
| Immediate cash income | Cash is distributed to eligible shareholders on declared payment dates. | No regular cash dividend; shareholders generally create cash by selling shares. |
| Control over when cash is received | The company determines the distribution schedule and amount. | The shareholder can choose whether and when to sell shares, subject to market conditions. |
| Use of corporate earnings | A portion is distributed; the remainder is retained for the business. | Earnings are generally retained for subsidiaries, acquisitions, investments and liquidity. |
| Tax timing | A dividend is generally a taxable distribution when paid, subject to the investor’s jurisdiction and account type. | Retaining earnings does not itself create a cash distribution; selling shares can create a taxable disposal, subject to applicable rules. |
| Buyback discipline | Depends on the company’s own authorization and valuation policy. | Management may buy only when it believes the shares are below conservatively estimated intrinsic value. |
| Predictability of cash | Depends on the issuer’s declared policy and financial condition. | No promised dividend and no guaranteed buyback in any period. |
The comparison is about mechanics, not a claim that one model is universally superior. A dividend can suit someone who wants scheduled cash. Berkshire can suit an investor who prefers to leave capital invested and decide independently when to sell.
What this means for different shareholder goals
If you need regular portfolio income
BRK.A and BRK.B are not dividend-income holdings. You would need to sell shares periodically to create cash, and the amount received would depend on the market price and the number of shares sold. Selling also reduces your remaining ownership stake.
If you are focused on long-term compounding
Berkshire’s structure leaves management with capital that would otherwise have been distributed. The potential advantage is that the company can reinvest without requiring each shareholder to receive a dividend and then decide whether to reinvest it. The outcome depends on the quality and price of Berkshire’s investments and acquisitions.
If you want control over tax events
With no regular dividend, there is no Berkshire dividend payment to account for in a taxable brokerage account. An investor generally creates a tax event by selling shares, although the exact treatment depends on local law, holding period and account type. Tax rules can change, so the company’s no-dividend policy should not be treated as individualized tax advice.
If you are evaluating buybacks
Look for evidence that repurchases occurred and examine the price discipline behind them. Berkshire’s authorization is not a standing promise to retire a fixed percentage of shares. Management must first conclude that the market price is below intrinsic value while preserving the required liquidity floor.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How a Berkshire shareholder can obtain cash
- Choose the amount to realize. Decide how much cash you need and whether you want to sell Class A shares, Class B shares or a portion of a position.
- Check the current market price and order details. A sale executes under the market conditions and order instructions used with your brokerage account; Berkshire does not set an individual shareholder’s sale price.
- Consider the effect on ownership. Shares sold are no longer part of your position, so future participation in Berkshire’s results is reduced by the amount sold.
- Review tax and account consequences. Record the purchase cost and holding period and apply the rules for your country and account type. A tax professional can address circumstances that a general explanation cannot.
- Keep the distinction clear. Cash from your sale comes from another market participant or the market, not from a Berkshire dividend declaration.
Limits and risks to understand
- Share-price volatility: The market value of BRK.A and BRK.B can fall, so selling during a decline may realize less cash than expected.
- Reinvestment risk: Retained earnings only benefit shareholders if management deploys them effectively and at sensible prices.
- No guaranteed buyback: The authorization does not require purchases, and Berkshire reported none in 2025.
- Valuation uncertainty: Intrinsic value is an estimate. Management’s conservative assessment and the market’s price can differ.
- Liquidity constraint: Repurchases cannot reduce the specified cash, cash-equivalent and U.S. Treasury-bill holdings below $30 billion.
- Income mismatch: Investors seeking predictable distributions cannot rely on Berkshire to provide them through dividends or scheduled repurchases.
How to read Berkshire’s performance information
Berkshire’s annual report includes a stock-performance graph comparing Berkshire with the S&P 500 and the S&P 500 Property & Casualty Insurance Index. The S&P comparisons are based on reinvested dividends. That convention matters: a comparison that assumes reinvested dividends is measuring total return, not merely changes in an index’s quoted price.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallWhen comparing Berkshire with a dividend-paying investment, use like-for-like total-return measures and note the dates, reinvestment assumptions and share class involved. The absence of a Berkshire dividend does not mean shareholders receive no return; it means the return is delivered primarily through retained capital and changes in share value.
Bottom line
Berkshire Hathaway does not currently pay a regular cash dividend and has not declared one since 1967. Its main shareholder-return mechanism is to retain and reinvest earnings, allowing investors to participate through the value of BRK.A or BRK.B. Berkshire may also repurchase shares when management sees a sufficient discount to conservatively estimated intrinsic value, but the program is discretionary, subject to a $30 billion liquidity floor and produced no reported repurchases in 2025. For cash, shareholders generally sell some shares rather than wait for a dividend.
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