Owner earnings

Buffett's cash-economic-earnings number — what's left for the owner after keeping the business running.

Net income ($)

D&A added back ($)

Maintenance capex ($)

Working-capital change ($)

Diluted shares (optional)

Owner earnings

$9.50B

Add shares to see per-share value.

Formula

Owner Earnings = Net Income + D&A − Maintenance Capex − Δ Working Capital. Maintenance capex is the spend required to keep the business at its current level — a judgment call, often estimated at ≈ D&A for steady-state businesses, lower for asset-light models.

Illustrative only. Calculator outputs assume constant inputs and ignore taxes, fees, inflation, and market volatility unless stated. For research and educational purposes only — not financial advice.