No. Berkshire Hathaway has not declared a cash dividend since 1967, according to its 2025 annual report. CEO Greg Abel explained in March 2026 that he and Warren Buffett believe retaining and reinvesting cash can produce better returns for shareholders than distributing it as a dividend. That is management’s rationale, not a guarantee of future results.
Does BRK.B pay dividends?
No. Berkshire’s 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.” This describes the company’s history and current disclosed practice; it is not a legal ban or a promise that the policy can never change.
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Why doesn’t Berkshire Hathaway pay a dividend?
Management says it believes Berkshire can use retained cash more productively by reinvesting it. In March 2026, the Associated Press reported that Abel said he and Buffett believed Berkshire could generate better returns for shareholders by keeping and reinvesting cash rather than paying a dividend. This is the leadership’s stated view, not a guarantee that reinvestment will outperform a cash distribution.
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Abel also described the balance sheet as a strategic asset to be deployed at the right time in his first shareholder letter, as quoted by the Associated Press on February 28, 2026. The company’s capital-allocation approach is therefore tied to management’s assessment of opportunities and financial needs, rather than to a scheduled dividend payout.
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Are Berkshire share buybacks the same as dividends?
No. A dividend sends cash to shareholders as a distribution. A buyback is Berkshire purchasing its own shares; it does not give every shareholder a scheduled cash payment. Berkshire’s repurchase program is discretionary: its 2025 annual report says it does not obligate the company to buy a specific amount and has no maximum amount or expiration date.
How Berkshire authorizes repurchases
Under the program described in the 2025 filing, the CEO may authorize repurchases after consulting the board chair if the CEO believes Berkshire’s share price is below a conservatively determined estimate of intrinsic value. Purchases may be made in the open market or through privately negotiated transactions. Berkshire says it will not repurchase shares if doing so would reduce its cash, cash equivalents, and U.S. Treasury bills below $30 billion.
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Buyback activity changes over time
Berkshire reported no share repurchases during calendar 2025. The Associated Press reported that the company resumed buying back shares in March 2026 after nearly two years without repurchases. That dated update illustrates why authorization should not be mistaken for ongoing activity: a buyback may occur in some periods and not others.
What the no-dividend policy means for investors
If you are looking for scheduled cash income from an investment, Berkshire’s disclosed practice does not provide it. The company’s record of retaining cash and its discretionary buybacks are different from a recurring dividend. Whether that matters to an investor depends on their circumstances and goals; the no-dividend policy alone does not establish whether the shares are suitable for a particular person.
For the latest dividend and buyback information, consult Berkshire’s filings and shareholder communications. Buyback status can change, and the March 2026 report is a dated account rather than a standing commitment.
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