{ "ticker": "BRK-B", "cik": "0001067983", "company": "Berkshire Hathaway Inc.", "business_type": "insurance_conglomerate", "business_type_detail": "Property/casualty and life/health insurance and reinsurance group (GEICO, Berkshire Hathaway Primary Group, Berkshire Hathaway Reinsurance Group) whose underwriting float funds a very large investment portfolio, combined with wholly-owned non-insurance operating businesses: the BNSF railroad, Berkshire Hathaway Energy's regulated utilities and pipelines, and a manufacturing, service and retailing group (including McLane and Pilot Travel Centers). SEC classification: SIC 6331, Fire, Marine & Casualty Insurance. Berkshire has two share classes; each Class B share carries 1/1,500 of the economic rights of a Class A share, and the company reports earnings per share on both an equivalent Class A and an equivalent Class B basis.", "schema_template": "insurance_conglomerate", "schema_rationale": "A single revenue/cost-of-goods/capex template would hide what actually drives Berkshire. This file instead follows the structure Berkshire itself reports: an insurance block (premiums earned, losses and loss adjustment expenses, underwriting expenses, underwriting earnings by group, float, and investment income) held separately from the operating businesses; a separate line for investment gains and losses, because since 2018 all changes in the market value of the equity portfolio run through reported net earnings and dominate it; and per-segment blocks for BNSF, Berkshire Hathaway Energy and the manufacturing, service and retailing group. The balance sheet keeps Berkshire's own two-column presentation, which splits 'insurance and other' from 'railroad, utilities and energy' and therefore splits total debt the same way. Book value per share is carried because it is the conventional yardstick for this company.", "reporting_currency": "USD", "converted_to_usd": false, "units": "actual dollars (not millions), except where a field name says per_share, _pct, _ratio or _shares", "share_units": "actual shares (not thousands)", "units_notes_seen": { "FY2025 10-K consolidated balance sheets (asset page, K-66)": "(dollars in millions)", "FY2025 10-K consolidated balance sheets (liability and equity page, K-67)": "(dollars in millions)", "FY2025 10-K consolidated statements of earnings (K-68)": "(dollars in millions except per share amounts); the average equivalent Class A and Class B share counts on the same statement are printed in whole shares, not thousands", "FY2025 10-K consolidated statements of comprehensive income (K-69)": "(dollars in millions)", "FY2025 10-K consolidated statements of changes in shareholders' equity (K-69)": "(dollars in millions)", "FY2025 10-K consolidated statements of cash flows (K-70)": "(dollars in millions)", "FY2025 10-K MD&A earnings-by-source table (K-34)": "(in millions)", "FY2025 10-K MD&A underwriting, investment income, BNSF, BHE and manufacturing/service/retailing tables": "(dollars in millions)", "FY2025 10-K MD&A cash and investments held in insurance businesses (K-40)": "(in millions)", "FY2025 10-K Note 4 investments in equity securities": "(in millions)", "FY2025 10-K Note 19 notes payable and other borrowings": "(dollars in millions)", "FY2025 10-K Note 26 business segment data (earnings, capital expenditures, depreciation, assets)": "(in millions)", "FY2025 10-K cover page share counts": "whole shares (511,820 Class A and 1,389,605,139 Class B at January 31, 2026)", "Q1 2026 10-Q consolidated balance sheets (pages 2-3)": "(dollars in millions)", "Q1 2026 10-Q consolidated statements of earnings (page 4)": "(dollars in millions except per share amounts); share counts in whole shares", "Q1 2026 10-Q consolidated statements of changes in shareholders' equity (page 5)": "(dollars in millions)", "Q1 2026 10-Q consolidated statements of cash flows (page 6)": "(dollars in millions)", "Q1 2026 10-Q Note 22 business segment data (capital expenditures, depreciation, assets)": "(in millions)", "Q1 2026 10-Q MD&A underwriting, investment income, BNSF, BHE and manufacturing/service/retailing tables": "(dollars in millions)", "Q1 2026 10-Q cover page share counts": "whole shares (505,697 Class A and 1,398,308,677 Class B)" }, "adjustments": { "splits_applied": [], "splits_note": "No stock splits are on record for either share class over the periods covered, so no per-share figure in this file has been split-adjusted. Berkshire last split its Class B shares 50-for-1 in 2010, well before the earliest period reported here.", "adr_ratio": null, "adr_note": "Berkshire is a U.S. domestic filer; its shares are common stock, not depositary receipts.", "fx": "None. Berkshire reports in U.S. dollars, so no currency conversion was applied. Foreign-currency effects that Berkshire itself records in earnings (chiefly the revaluation of its yen-, euro- and sterling-denominated senior notes) are carried as the company reports them.", "class_conversion": "Per-share figures are given on both bases exactly as the filings present them. Where a Class B figure is shown it equals 1/1,500 of the corresponding Class A figure, which is the ratio fixed in Berkshire's charter." }, "coverage": { "annual_periods_reported": [ 2025, 2024, 2023 ], "annual_note": "The FY2025 10-K presents three years on the statements of earnings and cash flows (2025, 2024, 2023) but only two years on the balance sheet (December 31, 2025 and 2024). The 2023 entry therefore carries a full income statement and cash flow statement but only the shareholders' equity balances, which the statement of changes in shareholders' equity does present for 2023.", "quarterly_periods_reported": [ "2026-03-31 (first quarter 2026)", "2025-03-31 (first quarter 2025, comparative)" ], "quarterly_note": "Berkshire's fiscal year is the calendar year, so the first quarter is the only interim period covered by the latest 10-Q. No later quarter has been reported: second-quarter 2026 results were not yet filed as of the latest filings used here." }, "annual": [ { "fiscal_year": 2025, "period_end": "2025-12-31", "source_accession": "0001193125-26-083899", "income_statement": { "revenues": { "insurance_and_other": { "insurance_premiums_earned": 88902000000, "sales_and_service_revenues": 199524000000, "leasing_revenues": 10034000000, "interest_dividend_and_other_investment_income": 23261000000, "subtotal": 321721000000 }, "railroad_utilities_and_energy": { "railroad_transportation_revenues": 23330000000, "utility_and_energy_operating_revenues": 21856000000, "service_revenues_and_other_income": 4537000000, "subtotal": 49723000000 }, "total_revenues": 371444000000 }, "investment_gains_losses": 39078000000, "costs_and_expenses": { "insurance_and_other": { "insurance_losses_and_loss_adjustment_expenses": 57307000000, "life_annuity_and_health_insurance_benefits": 4379000000, "insurance_underwriting_expenses": 17756000000, "cost_of_sales_and_services": 160062000000, "cost_of_leasing": 7685000000, "selling_general_and_administrative_expenses": 29735000000, "interest_expense": 1329000000, "subtotal": 278253000000 }, "railroad_utilities_and_energy": { "freight_rail_transportation_expenses": 15366000000, "utilities_and_energy_cost_of_sales_and_other_expenses": 16959000000, "other_expenses": 4155000000, "interest_expense": 3740000000, "subtotal": 40220000000 }, "total_costs_and_expenses": 318473000000 }, "earnings_before_income_taxes_and_equity_method_earnings": 92049000000, "equity_method_earnings_losses": -9590000000, "earnings_before_income_taxes": 82459000000, "income_tax_expense": 15199000000, "net_earnings_including_noncontrolling_interests": 67260000000, "earnings_attributable_to_noncontrolling_interests": 292000000, "net_earnings_attributable_to_berkshire_shareholders": 66968000000, "per_share": { "net_earnings_per_average_equivalent_class_a_share": 46563, "net_earnings_per_average_equivalent_class_b_share": 31.04, "average_equivalent_class_a_shares_outstanding": 1438223, "average_equivalent_class_b_shares_outstanding": 2157335139, "class_b_to_class_a_ratio": "1 Class B share = 1/1500 of a Class A share" } }, "after_tax_earnings_by_source": { "insurance_underwriting": 7258000000, "insurance_investment_income": 12513000000, "bnsf_railroad": 5476000000, "berkshire_hathaway_energy": 3979000000, "manufacturing_service_and_retailing": 13647000000, "investment_gains_losses": 30737000000, "other_than_temporary_impairment_of_kraft_heinz_and_occidental": -8255000000, "other": 1613000000, "net_earnings_attributable_to_berkshire_shareholders": 66968000000, "operating_earnings_excluding_investment_gains_and_impairments": 44486000000 }, "insurance_underwriting": { "pre_tax_underwriting_earnings": { "geico": 6824000000, "bh_primary": 785000000, "bh_reinsurance_group": 1851000000, "total": 9460000000 }, "income_taxes": 2202000000, "after_tax_underwriting_earnings": 7258000000, "effective_income_tax_rate_pct": 23.3, "geico": { "premiums_written": 45193000000, "premiums_earned": 44481000000, "losses_and_lae": 32144000000, "underwriting_expenses": 5513000000, "loss_ratio_pct": 72.3, "expense_ratio_pct": 12.4, "combined_ratio_pct": 84.7, "pre_tax_underwriting_earnings": 6824000000 }, "bh_primary": { "premiums_written": 18713000000, "premiums_earned": 18713000000, "losses_and_lae": 12519000000, "underwriting_expenses": 5409000000, "loss_ratio_pct": 66.9, "expense_ratio_pct": 28.9, "combined_ratio_pct": 95.8, "pre_tax_underwriting_earnings": 785000000 }, "bh_reinsurance_group": { "property_casualty": { "premiums_written": 20168000000, "premiums_earned": 20439000000, "losses_and_lae": 11689000000, "underwriting_expenses": 5580000000, "loss_ratio_pct": 57.2, "expense_ratio_pct": 27.3, "combined_ratio_pct": 84.5, "pre_tax_underwriting_earnings": 3170000000 }, "life_health": { "premiums_written": 5302000000, "premiums_earned": 5269000000, "life_and_health_benefits": 3927000000, "underwriting_expenses": 968000000, "pre_tax_underwriting_earnings": 374000000 }, "retroactive_reinsurance_pre_tax": -1070000000, "periodic_payment_annuity_pre_tax": -711000000, "variable_annuity_pre_tax": 88000000, "total_pre_tax_underwriting_earnings": 1851000000 }, "after_tax_losses_from_significant_catastrophe_events_approx": -850000000 }, "insurance_investment_income": { "interest_and_other_investment_income": 10175000000, "dividend_income": 5086000000, "pre_tax_net_investment_income": 15261000000, "income_taxes": 2748000000, "after_tax_net_investment_income": 12513000000, "effective_income_tax_rate_pct": 18.0 }, "insurance_float_approx": 176000000000, "railroad_bnsf": { "railroad_operating_revenues": 23350000000, "railroad_operating_expenses": 15295000000, "railroad_operating_earnings": 8055000000, "other_revenues_expenses_net": 218000000, "interest_expense": -1098000000, "pre_tax_earnings": 7175000000, "income_taxes": 1699000000, "net_earnings": 5476000000, "effective_income_tax_rate_pct": 23.7, "operating_ratio_pct": 65.5 }, "utilities_and_energy_bhe": { "energy_operating_revenues": 21871000000, "real_estate_operating_revenues": 4327000000, "other_income": 99000000, "total_revenues": 26297000000, "energy_cost_of_sales": 6346000000, "energy_operating_expenses": 10665000000, "real_estate_operating_costs_and_expenses": 4302000000, "interest_expense": 2642000000, "total_costs_and_expenses": 23955000000, "pre_tax_earnings": 2342000000, "income_tax_benefit": -1785000000, "net_earnings_after_income_taxes": 4127000000, "noncontrolling_interests_of_bhe_subsidiaries": 145000000, "net_earnings_attributable_to_bhe": 3982000000, "noncontrolling_interests_and_preferred_stock_dividends": 3000000, "net_earnings_attributable_to_berkshire_shareholders": 3979000000, "after_tax_earnings_by_activity": { "us_utilities": 2097000000, "natural_gas_pipelines": 1151000000, "other_energy_businesses": 1175000000, "real_estate_brokerage": 24000000, "corporate_interest_and_other": -465000000 } }, "manufacturing_service_and_retailing": { "revenues": { "manufacturing": 78487000000, "service_and_retailing": 135843000000, "total": 214330000000 }, "pre_tax_earnings": { "manufacturing": 12571000000, "service_and_retailing": 4905000000, "total": 17476000000 }, "income_taxes_and_noncontrolling_interests": 3829000000, "net_earnings": 13647000000, "effective_income_tax_rate_pct": 21.2, "pre_tax_margin_pct": 8.2, "after_tax_acquisition_accounting_expenses_excluded": -528000000 }, "investment_gains_losses_detail": { "pre_tax_investment_gains_losses": 39078000000, "income_taxes_and_noncontrolling_interests": 8341000000, "after_tax_investment_gains_losses": 30737000000, "effective_income_tax_rate_pct": 21.3, "pre_tax_unrealized_gains_on_equity_securities_still_held_at_year_end_approx": 40000000000, "pre_tax_gains_losses_on_equity_securities_sold_during_year": -18000000 }, "other_after_tax_earnings": { "investment_income_not_allocated_to_operating_businesses": 3566000000, "foreign_currency_gains_losses_on_non_usd_senior_notes": -642000000, "goodwill_impairment_losses": -1555000000, "equity_method_earnings": 900000000, "acquisition_accounting_expenses": -528000000, "other_earnings_losses": -128000000, "total": 1613000000 }, "balance_sheet": { "assets": { "insurance_and_other": { "cash_and_cash_equivalents": 47719000000, "short_term_investments_in_us_treasury_bills": 321434000000, "investments_in_fixed_maturity_securities": 17816000000, "investments_in_equity_securities": 297778000000, "equity_method_investments": 19978000000, "loans_and_finance_receivables": 29836000000, "other_receivables": 44331000000, "inventories": 24424000000, "property_plant_and_equipment": 31885000000, "equipment_held_for_lease": 18535000000, "goodwill": 55945000000, "other_intangible_assets": 33802000000, "deferred_charges_retroactive_reinsurance": 8104000000, "other": 24413000000, "subtotal": 976000000000 }, "railroad_utilities_and_energy": { "cash_and_cash_equivalents": 4158000000, "receivables": 4387000000, "property_plant_and_equipment": 184740000000, "goodwill": 27129000000, "regulatory_assets": 4821000000, "other": 20941000000, "subtotal": 246176000000 }, "total_assets": 1222176000000 }, "liabilities": { "insurance_and_other": { "unpaid_losses_and_loss_adjustment_expenses": 120713000000, "unpaid_losses_and_lae_retroactive_reinsurance": 31048000000, "unearned_insurance_premiums": 31339000000, "life_annuity_and_health_insurance_benefits": 17890000000, "other_insurance_policyholder_liabilities": 10312000000, "accounts_payable_accruals_and_other_liabilities": 38019000000, "payable_for_purchase_of_us_treasury_bills": 167000000, "aircraft_repurchase_liabilities_and_unearned_lease_revenues": 10686000000, "notes_payable_and_other_borrowings": 45763000000, "subtotal": 305937000000 }, "railroad_utilities_and_energy": { "accounts_payable_accruals_and_other_liabilities": 19250000000, "regulatory_liabilities": 7013000000, "notes_payable_and_other_borrowings": 83318000000, "subtotal": 109581000000 }, "income_taxes_principally_deferred": 86955000000, "total_liabilities": 502473000000 }, "shareholders_equity": { "common_stock_at_par_value": 8000000, "capital_in_excess_of_par_value": 35612000000, "accumulated_other_comprehensive_income": -2448000000, "retained_earnings": 763186000000, "treasury_stock_at_cost": -78939000000, "berkshire_shareholders_equity": 717419000000, "noncontrolling_interests": 2284000000, "total_shareholders_equity": 719703000000 }, "total_liabilities_and_shareholders_equity": 1222176000000, "debt_summary": { "insurance_and_other_borrowings": 45763000000, "railroad_utilities_and_energy_borrowings": 83318000000, "total_notes_payable_and_other_borrowings": 129081000000, "berkshire_parent_borrowings": 22662000000, "berkshire_hathaway_finance_corporation_borrowings": 18262000000, "bnsf_borrowings": 24062000000, "bhe_and_subsidiaries_borrowings": 59256000000 }, "cash_and_investments_held_in_insurance_businesses": { "cash_cash_equivalents_and_us_treasury_bills": 212651000000, "equity_securities": 294144000000, "fixed_maturity_securities": 17466000000, "other_including_loans_to_affiliates": 4702000000, "total": 528963000000 }, "memo": { "us_treasury_bills_with_maturities_of_three_months_or_less_included_in_cash": 17600000000, "unsettled_purchases_of_us_treasury_bills_included_in_short_term_investments_and_liabilities": 167000000 } }, "equity_securities_portfolio": { "cost_basis": 85389000000, "net_unrealized_gains": 212389000000, "fair_value": 297778000000, "by_sector_fair_value": { "banks_insurance_and_finance": 104129000000, "consumer_products": 94954000000, "commercial_industrial_and_other": 98695000000 }, "five_largest_holdings_share_of_portfolio_pct": 65.0, "five_largest_holdings": [ "American Express Company", "Apple Inc.", "Bank of America Corporation", "The Coca-Cola Company", "Chevron Corporation" ] }, "book_value": { "berkshire_shareholders_equity": 717419000000, "equivalent_class_a_shares_outstanding_at_period_end": 1438223, "book_value_per_equivalent_class_a_share": 498823.2, "book_value_per_equivalent_class_b_share": 332.55 }, "cash_flow": { "operating_activities": { "net_earnings": 67260000000, "investment_gains_losses_reversal": -39078000000, "depreciation_and_amortization": 13476000000, "discount_accretion_on_investments_principally_us_treasury_bills": -11964000000, "equity_method_investment_impairment_losses": 10681000000, "other_adjustments": 3239000000, "change_in_unpaid_losses_and_lae": 3088000000, "change_in_deferred_charges_retroactive_reinsurance": 693000000, "change_in_unearned_insurance_premiums": 432000000, "change_in_receivables_and_originated_loans": -2426000000, "change_in_other_assets": -861000000, "change_in_other_liabilities": 429000000, "change_in_income_taxes": 1000000000, "net_cash_flows_from_operating_activities": 45969000000 }, "investing_activities": { "purchases_of_equity_securities": -16923000000, "sales_of_equity_securities": 30686000000, "purchases_of_us_treasury_bills_and_fixed_maturity_securities": -586129000000, "sales_of_us_treasury_bills_and_fixed_maturity_securities": 44769000000, "redemptions_and_maturities_of_us_treasury_bills_and_fixed_maturity_securities": 503954000000, "acquisitions_of_businesses_net_of_cash_acquired": -1074000000, "purchases_of_property_plant_and_equipment_and_equipment_held_for_lease": -20927000000, "other": 1157000000, "net_cash_flows_from_investing_activities": -44487000000 }, "financing_activities": { "proceeds_from_borrowings_of_insurance_and_other_businesses": 3071000000, "repayments_of_borrowings_of_insurance_and_other_businesses": -3050000000, "proceeds_from_borrowings_of_railroad_utilities_and_energy_businesses": 6101000000, "repayments_of_borrowings_of_railroad_utilities_and_energy_businesses": -3974000000, "changes_in_short_term_borrowings_net": 878000000, "acquisitions_of_treasury_stock_share_repurchases": 0, "other_principally_transactions_with_noncontrolling_interests": -793000000, "net_cash_flows_from_financing_activities": 2233000000 }, "effects_of_foreign_currency_exchange_rate_changes": 478000000, "increase_decrease_in_cash_and_restricted_cash": 4193000000, "cash_and_cash_equivalents_and_restricted_cash_beginning_of_year": 48376000000, "cash_and_cash_equivalents_and_restricted_cash_end_of_year": 52569000000, "derived": { "capital_expenditures": 20927000000, "operating_cash_flow_less_capital_expenditures": 25042000000, "dividends_paid": 0 } }, "capital_expenditures_by_segment": { "insurance": 109000000, "bnsf": 3796000000, "bhe": 10589000000, "manufacturing": 2681000000, "service_retailing": 2604000000, "mclane": 207000000, "pilot": 941000000, "total": 20927000000 }, "depreciation_and_amortization_by_segment": { "insurance": 438000000, "bnsf": 2722000000, "bhe": 4220000000, "manufacturing": 2464000000, "service_retailing": 1643000000, "mclane": 214000000, "pilot": 1095000000, "segment_total": 12796000000, "corporate_eliminations_other": 680000000, "consolidated": 13476000000 } }, { "fiscal_year": 2024, "period_end": "2024-12-31", "source_accession": "0001193125-26-083899", "income_statement": { "revenues": { "insurance_and_other": { "insurance_premiums_earned": 88257000000, "sales_and_service_revenues": 202334000000, "leasing_revenues": 9227000000, "interest_dividend_and_other_investment_income": 21825000000, "subtotal": 321643000000 }, "railroad_utilities_and_energy": { "railroad_transportation_revenues": 23355000000, "utility_and_energy_operating_revenues": 21518000000, "service_revenues_and_other_income": 4917000000, "subtotal": 49790000000 }, "total_revenues": 371433000000 }, "investment_gains_losses": 52799000000, "costs_and_expenses": { "insurance_and_other": { "insurance_losses_and_loss_adjustment_expenses": 56186000000, "life_annuity_and_health_insurance_benefits": 3858000000, "insurance_underwriting_expenses": 16808000000, "cost_of_sales_and_services": 163642000000, "cost_of_leasing": 7069000000, "selling_general_and_administrative_expenses": 25642000000, "interest_expense": 1594000000, "subtotal": 274799000000 }, "railroad_utilities_and_energy": { "freight_rail_transportation_expenses": 15965000000, "utilities_and_energy_cost_of_sales_and_other_expenses": 16984000000, "other_expenses": 4343000000, "interest_expense": 3606000000, "subtotal": 40898000000 }, "total_costs_and_expenses": 315697000000 }, "earnings_before_income_taxes_and_equity_method_earnings": 108535000000, "equity_method_earnings_losses": 1841000000, "earnings_before_income_taxes": 110376000000, "income_tax_expense": 20815000000, "net_earnings_including_noncontrolling_interests": 89561000000, "earnings_attributable_to_noncontrolling_interests": 566000000, "net_earnings_attributable_to_berkshire_shareholders": 88995000000, "per_share": { "net_earnings_per_average_equivalent_class_a_share": 61900, "net_earnings_per_average_equivalent_class_b_share": 41.27, "average_equivalent_class_a_shares_outstanding": 1437720, "average_equivalent_class_b_shares_outstanding": 2156580296, "class_b_to_class_a_ratio": "1 Class B share = 1/1500 of a Class A share" } }, "after_tax_earnings_by_source": { "insurance_underwriting": 9020000000, "insurance_investment_income": 13670000000, "bnsf_railroad": 5031000000, "berkshire_hathaway_energy": 3730000000, "manufacturing_service_and_retailing": 13072000000, "investment_gains_losses": 41558000000, "other_than_temporary_impairment_of_kraft_heinz_and_occidental": null, "other": 2914000000, "net_earnings_attributable_to_berkshire_shareholders": 88995000000, "operating_earnings_excluding_investment_gains_and_impairments": 47437000000 }, "insurance_underwriting": { "pre_tax_underwriting_earnings": { "geico": 7813000000, "bh_primary": 855000000, "bh_reinsurance_group": 2737000000, "total": 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"sales_of_us_treasury_bills_and_fixed_maturity_securities": 6286000000, "redemptions_and_maturities_of_us_treasury_bills_and_fixed_maturity_securities": 138620000000, "acquisitions_of_businesses_net_of_cash_acquired": -90000000, "purchases_of_property_plant_and_equipment_and_equipment_held_for_lease": -4281000000, "other": 292000000, "net_cash_flows_from_investing_activities": -16401000000 }, "financing_activities": { "proceeds_from_borrowings_of_insurance_and_other_businesses": 0, "repayments_of_borrowings_of_insurance_and_other_businesses": -1299000000, "proceeds_from_borrowings_of_railroad_utilities_and_energy_businesses": 2353000000, "repayments_of_borrowings_of_railroad_utilities_and_energy_businesses": -443000000, "changes_in_short_term_borrowings_net": -415000000, "acquisitions_of_treasury_stock_share_repurchases": 0, "other_principally_transactions_with_noncontrolling_interests": -143000000, "net_cash_flows_from_financing_activities": 53000000 }, "effects_of_foreign_currency_exchange_rate_changes": -76000000, "increase_decrease_in_cash_and_restricted_cash": -5521000000, "cash_and_cash_equivalents_and_restricted_cash_beginning_of_year": 48376000000, "cash_and_cash_equivalents_and_restricted_cash_end_of_quarter": 42855000000, "derived": { "capital_expenditures": 4281000000, "operating_cash_flow_less_capital_expenditures": 6622000000, "dividends_paid": 0 } }, "capital_expenditures_by_segment": { "insurance": 24000000, "bnsf": 652000000, "bhe": 2128000000, "manufacturing": 707000000, "service_retailing": 544000000, "mclane": 22000000, "pilot": 204000000, "total": 4281000000 }, "balance_sheet": { "as_of": "2025-03-31", "note": "The first-quarter 2026 Form 10-Q balance sheet presents March 31, 2026 and December 31, 2025 only. The equity figures below for March 31, 2025 come from the statement of changes in shareholders' equity in the same filing, which carries a first-quarter 2025 column.", "shareholders_equity": { "common_stock_and_capital_in_excess_of_par_value": 35673000000, "accumulated_other_comprehensive_income": -3084000000, "retained_earnings": 700821000000, "treasury_stock_at_cost": -78939000000, "berkshire_shareholders_equity": 654471000000, "noncontrolling_interests": 2271000000, "total_shareholders_equity": 656742000000 } } } ], "trailing_twelve_months": { "label": "Trailing twelve months ended March 31, 2026", "period_start": "2025-04-01", "period_end": "2026-03-31", "basis": "Full year 2025 from the FY2025 10-K plus first-quarter 2026 less first-quarter 2025, both from the first-quarter 2026 10-Q.", "source_accessions": [ "0001193125-26-083899", "0001193125-26-202243" ], "total_revenues": 375394000000, "insurance_premiums_earned": 89103000000, "investment_gains_losses_pre_tax": 43908000000, "earnings_before_income_taxes": 89630000000, "income_tax_expense": 16863000000, "net_earnings_attributable_to_berkshire_shareholders": 72471000000, "after_tax_earnings_by_source": { "insurance_underwriting": 7639000000, "insurance_investment_income": 12299000000, "bnsf_railroad": 5639000000, "berkshire_hathaway_energy": 3996000000, "manufacturing_service_and_retailing": 13786000000, "investment_gains_losses": 34535000000, "other_than_temporary_impairment_of_kraft_heinz_and_occidental": -8255000000, "other": 2832000000, "operating_earnings_excluding_investment_gains_and_impairments": 46191000000 }, "pre_tax_underwriting_earnings": 10003000000, "net_cash_flows_from_operating_activities": 45504000000, "capital_expenditures": 21632000000, "operating_cash_flow_less_capital_expenditures": 23872000000, "derived_per_share": { "net_earnings_per_equivalent_class_a_share": 50393.0, "net_earnings_per_equivalent_class_b_share": 33.6, "note": "Computed by dividing trailing-twelve-month net earnings attributable to Berkshire shareholders by the average equivalent share counts reported for the first quarter of 2026. The filings themselves do not present a trailing-twelve-month earnings-per-share figure." } }, "notes": [ "Every figure in this file was read from one of two filings: the FY2025 Form 10-K (accession 0001193125-26-083899, filed March 2, 2026, for the year ended December 31, 2025) and the first-quarter 2026 Form 10-Q (accession 0001193125-26-202243, filed May 4, 2026, for the quarter ended March 31, 2026). Each period block names its source accession.", "All dollar amounts have been converted from the millions in which Berkshire prints its statements into actual dollars. Percentages, ratios and per-share amounts are left as the filings state them.", "Reported net earnings are dominated by investment gains and losses, not by operations. Under the accounting rule effective since 2018, every change in the market value of Berkshire's equity portfolio flows through the income statement whether or not anything is sold. Pre-tax investment gains were $39.1 billion in 2025, $52.8 billion in 2024 and $74.9 billion in 2023 - in each year a large share of total pre-tax earnings. Berkshire itself states in the 10-K that it believes these gains and losses 'are generally meaningless in understanding our reported periodic results.' The after_tax_earnings_by_source block in each period, and the operating_earnings_excluding_investment_gains_and_impairments line within it, are the filing's own disaggregation and are the more useful read of the operating businesses.", "2025 net earnings also absorbed $8.255 billion of after-tax other-than-temporary impairment losses on the equity-method stakes in Kraft Heinz ($3.76 billion) and Occidental ($4.50 billion), disclosed in the FY2025 10-K. That charge is why 2025 equity method results swing to a loss of $9.59 billion from earnings of $1.84 billion in 2024.", "Earnings per share are reported by Berkshire on two bases in the same statement: per average equivalent Class A share and per average equivalent Class B share, the latter being exactly 1/1,500 of the former. For the ticker in question, BRK-B, the Class B figures are the relevant ones: $31.04 in 2025, $41.27 in 2024 and $44.27 in 2023, and $4.68 in the first quarter of 2026 against $2.13 a year earlier. Both bases are carried in every period block.", "Book value per share is computed as Berkshire shareholders' equity (which excludes noncontrolling interests) divided by the equivalent Class A shares outstanding at the period end that the filings state directly: 1,438,223 at December 31, 2025 and December 31, 2024, and 1,437,903 at March 31, 2026. No book value per share is given for 2023 because the FY2025 10-K does not state the equivalent share count outstanding at December 31, 2023.", "Total debt is presented the way Berkshire's balance sheet splits it, because the two halves are not cross-guaranteed. At December 31, 2025 the insurance and other businesses owed $45.763 billion and the railroad, utilities and energy businesses owed $83.318 billion, for $129.081 billion in total. Within the second figure, BNSF accounted for $24.062 billion and Berkshire Hathaway Energy and its subsidiaries $59.256 billion. The 10-K states plainly that Berkshire does not guarantee any borrowings of BNSF, BHE or their subsidiaries. By March 31, 2026 the split was $42.835 billion and $86.051 billion, as the parent repaid maturing debt while BHE subsidiaries issued $4.6 billion of new term debt.", "Cash is unusually structured and easy to misread. At December 31, 2025 the insurance and other businesses held $47.719 billion of cash and cash equivalents plus $321.434 billion of short-term U.S. Treasury Bills; the 10-K states the combined figure net of payables for unsettled Treasury Bill purchases was $369.0 billion. At March 31, 2026 the same measure was $373.5 billion. The cash line itself already includes Treasury Bills with three months or less to maturity ($17.6 billion at December 31, 2025, $19.7 billion at March 31, 2026), and the short-term investment line includes unsettled purchases that also sit in liabilities ($167 million at December 31, 2025, $17.229 billion at March 31, 2026). Both memo items are carried in the balance_sheet blocks so the figures can be reconciled.", "Float - the insurance liabilities Berkshire holds and invests before claims are paid - was approximately $176 billion at December 31, 2025, $171 billion at December 31, 2024 and $169 billion at December 31, 2023, and approximately $176.9 billion at March 31, 2026. Berkshire states its underwriting operations produced pre-tax gains in each of these periods, meaning the average cost of that float was negative.", "Berkshire repurchased no shares in 2025 - the first full year of none - after $2.918 billion in 2024 and $9.171 billion in 2023 (the 2023 cash flow figure of $9.171 billion differs from the $8.976 billion charged to treasury stock in the equity statement because of settlement timing). Repurchases resumed at a token level in the first quarter of 2026, at $235 million. Berkshire pays no dividend on either class of common stock, so dividends paid are zero in every period.", "Capital spending is concentrated in the two capital-intensive subsidiaries. Consolidated purchases of property, plant and equipment and equipment held for lease were $20.927 billion in 2025, of which BNSF and BHE together accounted for $14.385 billion. The 10-K says BNSF and BHE forecast about $15 billion of capital expenditures in 2026; after $3.162 billion of that was spent by the two in the first quarter, the 10-Q says approximately $12.4 billion is forecast for the remainder of 2026.", "The first quarter of 2026 includes the January 2, 2026 acquisition of Occidental's chemicals business (OxyChem) for approximately $9.5 billion, which is the bulk of the $9.690 billion of acquisitions of businesses in the quarter's investing cash flow and a large part of the $7.157 billion quarter-over-quarter rise in insurance-and-other property, plant and equipment.", "Segment revenue and earnings tables reproduced here are Berkshire's own MD&A and segment-note presentations, which do not always tie exactly to the consolidated income statement. Two examples: BNSF's MD&A railroad operating revenues of $23.350 billion in 2025 differ from the $23.330 billion of railroad transportation revenues on the consolidated statement and from the $23.533 billion of segment revenues in the segment note, because of intersegment items that Berkshire does not eliminate from segment results; and 2023 insurance underwriting expenses are $15.270 billion on the consolidated statement against $15.274 billion summed across the three underwriting segments. These are presentation differences, not restatements.", "Where the SEC's structured XBRL company-facts data disagreed with the filings, the filings were used. The XBRL data renames and re-scales several of Berkshire's line items, and it has no concept that matches Berkshire's two-class equivalent-share earnings-per-share presentation. In particular, the share counts and per-share amounts in this file are taken from the face of the statements of earnings, where they are printed in whole shares.", "Berkshire's manufacturing, service and retailing net earnings as presented in MD&A exclude certain acquisition-accounting expenses, chiefly intangible-asset amortization ($528 million after tax in 2025, $531 million in 2024, $693 million in 2023, and $114 million in the first quarter of 2026). Those amounts sit in the 'other' line of the earnings-by-source table instead. Both figures are carried here so the reconciliation is visible." ], "uncertainties": [ "No book value per equivalent share is reported for fiscal 2023, and no balance sheet is reported for that year beyond shareholders' equity. The FY2025 10-K's balance sheet carries only December 31, 2025 and 2024 columns, and the 2023 equity figures shown here come from the statement of changes in shareholders' equity. The equivalent Class A shares outstanding at December 31, 2023 are not stated in that filing, so the per-share book value cannot be computed for that date without an older filing.", "Likewise, no book value per share is given for March 31, 2025. The first-quarter 2026 10-Q states the equivalent Class A shares outstanding at March 31, 2026 and December 31, 2025 but not at March 31, 2025.", "Float is an estimate by its nature. Berkshire describes it as unpaid losses and loss adjustment expenses including retroactive reinsurance, plus life, annuity and health benefit liabilities, unearned premiums and certain other liabilities, less premiums and reinsurance receivable, deferred charges on retroactive reinsurance and deferred policy acquisition costs. The company gives only rounded figures ('approximately $176 billion'), which is what is recorded here; it does not publish a line-by-line float computation.", "Borrower-level debt figures - Berkshire parent, Berkshire Hathaway Finance Corporation, BNSF and BHE - are sums of the individual lines in the borrowings notes to the two filings rather than single stated totals. For example, the $59.256 billion shown for BHE and its subsidiaries at December 31, 2025 is the sum of BHE senior unsecured debt, subsidiary and other debt, and short-term borrowings; the MD&A of the same filing describes the same amount in round terms as 'approximately $59.3 billion.' The two consolidated totals they roll up into - insurance and other, and railroad, utilities and energy - are exact balance-sheet lines.", "The trailing-twelve-month block is arithmetic (full year 2025 plus first quarter 2026 less first quarter 2025), not a figure Berkshire publishes. The trailing-twelve-month per-share amounts within it use the first quarter of 2026's average equivalent share counts as the denominator; a true weighted average over the four quarters would differ slightly, though the share count has moved less than one tenth of one percent over the period.", "Berkshire began recording its share of Kraft Heinz's earnings on a one-quarter lag during the second quarter of 2025, joining Occidental, which had long been recorded on a lag. Equity-method earnings across the periods here are therefore not on a perfectly consistent timing basis.", "Amounts described in the filings only in rounded billions - the approximately $850 million, $1.2 billion and $725 million of after-tax catastrophe losses in 2025, 2024 and 2023; the approximately $40.0 billion, $49.3 billion and $69.1 billion of pre-tax unrealized gains on equity securities still held at each year end - are recorded at that stated precision and should not be read as exact.", "PacifiCorp's wildfire litigation is a material open exposure that no figure in this file quantifies. The FY2025 10-K discloses that amounts sought in unsettled complaints and demands total approximately $50 billion before any doubling, trebling or punitive damages, of which about $48 billion relates to the James mass complaints, and states that PacifiCorp cannot reasonably estimate a range of possible additional losses beyond what it has accrued. A $575 million federal settlement was approved in February 2026, and an Oregon Court of Appeals opinion on the James class action was issued in April 2026." ], "company_details": { "Name": "Berkshire Hathaway Inc", "Ticker": "BRK-B", "CIK": "0001067983", "Exchange": "NYSE", "State": "Nebraska", "Incorporation": "Delaware", "SIC": "6331", "Office": "Finance", "Industry": "Fire, Marine & Casualty Insurance" }, "next_filing": { "predicted_date": "2026-08-03", "predicted_type": "10-Q" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q1", "tag": "FY26Q1", "period_end": "2026-03-31", "form": "10-Q", "accession": "0001193125-26-202243", "fiscal_year_end": "1231", "source": "facts" } }