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No. Berkshire Hathaway does not currently pay a cash dividend. Its 2025 annual report says it has not declared one since 1967. CEO Greg Abel’s explanation, reported in March 2026, is that he and Warren Buffett believed Berkshire could generate better returns for shareholders by retaining and reinvesting cash instead of distributing it. That is management’s rationale, not a promise about future performance.
Does BRK.B pay dividends?
No. Berkshire Hathaway’s no-dividend statement applies to its common stock, including Class A shares (BRK.A) and Class B shares (BRK.B), which trade on the New York Stock Exchange. The company’s 2025 annual report says: “Berkshire has not declared a cash dividend since 1967.” Berkshire Hathaway 2025 Annual Report and Form 10-K
This describes Berkshire’s declared-dividend history; it does not mean the company is legally barred from declaring a dividend or has promised never to do so.
Why doesn’t Berkshire Hathaway pay a dividend?
Management’s stated reason is that keeping cash within Berkshire and investing it may benefit shareholders more than distributing it as a dividend. In March 2026, The Associated Press reported that Abel said he and Buffett believed Berkshire could generate better returns by retaining and reinvesting cash.
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Abel also described the balance sheet as “a strategic asset to be deployed at the right time,” in his shareholder letter, as quoted by the AP on February 28, 2026. The Associated Press, February 28, 2026 This is management’s explanation of its approach, not evidence that retained cash will produce a particular return.
Are Berkshire share buybacks a substitute for a dividend?
No. A dividend is cash distributed to shareholders. In a buyback, Berkshire purchases its own shares; a shareholder receives no scheduled cash payment simply by continuing to hold shares. Buybacks are also discretionary rather than a recurring payout.
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Berkshire’s 2025 annual report describes a program under which the CEO may authorize repurchases after consulting the board chair if the CEO believes the share price is below the company’s conservatively determined intrinsic value. Purchases may be made in open-market or privately negotiated transactions. The company says it will not repurchase shares if doing so would reduce its combined holdings of cash, cash equivalents and U.S. Treasury bills below $30 billion. The program sets no maximum amount or expiration date and does not obligate Berkshire to buy any shares. Berkshire Hathaway 2025 Annual Report and Form 10-K
Berkshire reported no share repurchases during calendar 2025. The AP reported that the company resumed buying back shares in March 2026 after nearly two years without repurchases. That change illustrates why buyback activity should be treated as date-sensitive, not as a standing cash benefit for shareholders. The Associated Press, March 5, 2026
What the policy means for investors seeking income
Berkshire is not a source of scheduled dividend cash under its disclosed practice. Investors who need regular cash payments should distinguish that from share-price gains or discretionary repurchases: neither is the same as a recurring dividend. The absence of a dividend alone does not determine whether Berkshire stock fits an individual investor’s goals or circumstances.
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