Q1 FY2026, built from SEC filings. Accession numbers are cited throughout so every figure can be checked against sec.gov. The same data is published as JSON at financials.json for agents that prefer to fetch it directly.
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
no
Units
actual dollars (not millions), except where a field name says per_share, _pct, _ratio or _shares
Share units
actual shares (not thousands)
Annual
FY2025
FY2024
FY2023
Fiscal year
2025
2024
2023
Period end
2025-12-31
2024-12-31
2023-12-31
Source accession
0001193125-26-083899
0001193125-26-083899
0001193125-26-083899
Income statement
Revenues
Insurance and other
Insurance premiums earned
88,902,000,000
88,257,000,000
83,403,000,000
Sales and service revenues
199,524,000,000
202,334,000,000
207,148,000,000
Leasing revenues
10,034,000,000
9,227,000,000
8,416,000,000
Interest dividend and other investment income
23,261,000,000
21,825,000,000
15,764,000,000
Subtotal
321,721,000,000
321,643,000,000
314,731,000,000
Railroad utilities and energy
Railroad transportation revenues
23,330,000,000
23,355,000,000
23,791,000,000
Utility and energy operating revenues
21,856,000,000
21,518,000,000
21,232,000,000
Service revenues and other income
4,537,000,000
4,917,000,000
4,728,000,000
Subtotal
49,723,000,000
49,790,000,000
49,751,000,000
Total revenues
371,444,000,000
371,433,000,000
364,482,000,000
Investment gains losses
39,078,000,000
52,799,000,000
74,855,000,000
Costs and expenses
Insurance and other
Insurance losses and loss adjustment expenses
57,307,000,000
56,186,000,000
57,187,000,000
Life annuity and health insurance benefits
4,379,000,000
3,858,000,000
4,029,000,000
Insurance underwriting expenses
17,756,000,000
16,808,000,000
15,270,000,000
Cost of sales and services
160,062,000,000
163,642,000,000
169,281,000,000
Cost of leasing
7,685,000,000
7,069,000,000
6,037,000,000
Selling general and administrative expenses
29,735,000,000
25,642,000,000
25,458,000,000
Interest expense
1,329,000,000
1,594,000,000
1,671,000,000
Subtotal
278,253,000,000
274,799,000,000
278,933,000,000
Railroad utilities and energy
Freight rail transportation expenses
15,366,000,000
15,965,000,000
16,464,000,000
Utilities and energy cost of sales and other expenses
16,959,000,000
16,984,000,000
18,399,000,000
Other expenses
4,155,000,000
4,343,000,000
4,016,000,000
Interest expense
3,740,000,000
3,606,000,000
3,332,000,000
Subtotal
40,220,000,000
40,898,000,000
42,211,000,000
Total costs and expenses
318,473,000,000
315,697,000,000
321,144,000,000
Earnings before income taxes and equity method earnings
92,049,000,000
108,535,000,000
118,193,000,000
Equity method earnings losses
-9,590,000,000
1,841,000,000
1,973,000,000
Earnings before income taxes
82,459,000,000
110,376,000,000
120,166,000,000
Income tax expense
15,199,000,000
20,815,000,000
23,019,000,000
Net earnings including noncontrolling interests
67,260,000,000
89,561,000,000
97,147,000,000
Earnings attributable to noncontrolling interests
292,000,000
566,000,000
924,000,000
Net earnings attributable to berkshire shareholders
66,968,000,000
88,995,000,000
96,223,000,000
Per share
Net earnings per average equivalent class a share
46,563
61,900
66,412
Net earnings per average equivalent class b share
31.04
41.27
44.27
Average equivalent class a shares outstanding
1,438,223
1,437,720
1,448,880
Average equivalent class b shares outstanding
2,157,335,139
2,156,580,296
2,173,319,709
Class b to class a ratio
1 Class B share = 1/1500 of a Class A share
1 Class B share = 1/1500 of a Class A share
1 Class B share = 1/1500 of a Class A share
After tax earnings by source
Insurance underwriting
7,258,000,000
9,020,000,000
5,428,000,000
Insurance investment income
12,513,000,000
13,670,000,000
9,567,000,000
Bnsf railroad
5,476,000,000
5,031,000,000
5,087,000,000
Berkshire hathaway energy
3,979,000,000
3,730,000,000
2,331,000,000
Manufacturing service and retailing
13,647,000,000
13,072,000,000
13,362,000,000
Investment gains losses
30,737,000,000
41,558,000,000
58,873,000,000
Other than temporary impairment of kraft heinz and occidental
-8,255,000,000
n/a
n/a
Other
1,613,000,000
2,914,000,000
1,575,000,000
Net earnings attributable to berkshire shareholders
66,968,000,000
88,995,000,000
96,223,000,000
Operating earnings excluding investment gains and impairments
44,486,000,000
47,437,000,000
37,350,000,000
Insurance underwriting
Pre tax underwriting earnings
Geico
6,824,000,000
7,813,000,000
3,635,000,000
Bh primary
785,000,000
855,000,000
1,374,000,000
Bh reinsurance group
1,851,000,000
2,737,000,000
1,904,000,000
Total
9,460,000,000
11,405,000,000
6,913,000,000
Income taxes
2,202,000,000
2,385,000,000
1,485,000,000
After tax underwriting earnings
7,258,000,000
9,020,000,000
5,428,000,000
Effective income tax rate %
23.3%
20.9%
21.5%
Geico
Premiums written
45,193,000,000
42,916,000,000
39,837,000,000
Premiums earned
44,481,000,000
42,252,000,000
39,264,000,000
Losses and lae
32,144,000,000
30,331,000,000
31,814,000,000
Underwriting expenses
5,513,000,000
4,108,000,000
3,815,000,000
Loss ratio %
72.3%
71.8%
81.0%
Expense ratio %
12.4%
9.7%
9.7%
Combined ratio %
84.7%
81.5%
90.7%
Pre tax underwriting earnings
6,824,000,000
7,813,000,000
3,635,000,000
Bh primary
Premiums written
18,713,000,000
18,836,000,000
18,142,000,000
Premiums earned
18,713,000,000
18,733,000,000
17,129,000,000
Losses and lae
12,519,000,000
12,666,000,000
11,224,000,000
Underwriting expenses
5,409,000,000
5,212,000,000
4,531,000,000
Loss ratio %
66.9%
67.6%
65.5%
Expense ratio %
28.9%
27.8%
26.5%
Combined ratio %
95.8%
95.4%
92.0%
Pre tax underwriting earnings
785,000,000
855,000,000
1,374,000,000
Bh reinsurance group
Property casualty
Premiums written
20,168,000,000
21,899,000,000
22,360,000,000
Premiums earned
20,439,000,000
22,239,000,000
21,938,000,000
Losses and lae
11,689,000,000
12,244,000,000
12,664,000,000
Underwriting expenses
5,580,000,000
6,195,000,000
5,766,000,000
Loss ratio %
57.2%
55.1%
57.7%
Expense ratio %
27.3%
27.8%
26.3%
Combined ratio %
84.5%
82.9%
84.0%
Pre tax underwriting earnings
3,170,000,000
3,800,000,000
3,508,000,000
Life health
Premiums written
5,302,000,000
5,007,000,000
5,093,000,000
Premiums earned
5,269,000,000
4,998,000,000
5,072,000,000
Life and health benefits
3,927,000,000
3,415,000,000
3,593,000,000
Underwriting expenses
968,000,000
1,360,000,000
1,125,000,000
Pre tax underwriting earnings
374,000,000
223,000,000
354,000,000
Retroactive reinsurance pre tax
-1,070,000,000
-846,000,000
-1,541,000,000
Periodic payment annuity pre tax
-711,000,000
-597,000,000
-650,000,000
Variable annuity pre tax
88,000,000
157,000,000
233,000,000
Total pre tax underwriting earnings
1,851,000,000
2,737,000,000
1,904,000,000
After tax losses from significant catastrophe events approx
-850,000,000
-1,200,000,000
-725,000,000
Insurance investment income
Interest and other investment income
10,175,000,000
11,550,000,000
6,081,000,000
Dividend income
5,086,000,000
5,198,000,000
5,500,000,000
Pre tax net investment income
15,261,000,000
16,748,000,000
11,581,000,000
Income taxes
2,748,000,000
3,078,000,000
2,014,000,000
After tax net investment income
12,513,000,000
13,670,000,000
9,567,000,000
Effective income tax rate %
18.0%
18.4%
17.4%
Insurance float approx
176,000,000,000
171,000,000,000
169,000,000,000
Railroad bnsf
Railroad operating revenues
23,350,000,000
23,355,000,000
23,474,000,000
Railroad operating expenses
15,295,000,000
15,886,000,000
16,059,000,000
Railroad operating earnings
8,055,000,000
7,469,000,000
7,415,000,000
Other revenues expenses net
218,000,000
257,000,000
247,000,000
Interest expense
-1,098,000,000
-1,078,000,000
-1,048,000,000
Pre tax earnings
7,175,000,000
6,648,000,000
6,614,000,000
Income taxes
1,699,000,000
1,617,000,000
1,527,000,000
Net earnings
5,476,000,000
5,031,000,000
5,087,000,000
Effective income tax rate %
23.7%
24.3%
23.1%
Operating ratio %
65.5%
68.0%
68.4%
Utilities and energy bhe
Energy operating revenues
21,871,000,000
21,566,000,000
21,280,000,000
Real estate operating revenues
4,327,000,000
4,354,000,000
4,322,000,000
Other income
99,000,000
428,000,000
406,000,000
Total revenues
26,297,000,000
26,348,000,000
26,008,000,000
Energy cost of sales
6,346,000,000
6,616,000,000
7,057,000,000
Energy operating expenses
10,665,000,000
10,403,000,000
11,412,000,000
Real estate operating costs and expenses
4,302,000,000
4,509,000,000
4,316,000,000
Interest expense
2,642,000,000
2,528,000,000
2,283,000,000
Total costs and expenses
23,955,000,000
24,056,000,000
25,068,000,000
Pre tax earnings
2,342,000,000
2,292,000,000
940,000,000
Income tax benefit
-1,785,000,000
-1,871,000,000
-2,022,000,000
Net earnings after income taxes
4,127,000,000
4,163,000,000
2,962,000,000
Noncontrolling interests of bhe subsidiaries
145,000,000
137,000,000
352,000,000
Net earnings attributable to bhe
3,982,000,000
4,026,000,000
2,610,000,000
Noncontrolling interests and preferred stock dividends
3,000,000
296,000,000
279,000,000
Net earnings attributable to berkshire shareholders
3,979,000,000
3,730,000,000
2,331,000,000
After tax earnings by activity
US utilities
2,097,000,000
1,961,000,000
906,000,000
Natural gas pipelines
1,151,000,000
1,232,000,000
1,079,000,000
Other energy businesses
1,175,000,000
1,334,000,000
1,024,000,000
Real estate brokerage
24,000,000
-107,000,000
13,000,000
Corporate interest and other
-465,000,000
-394,000,000
-412,000,000
Manufacturing service and retailing
Revenues
Manufacturing
78,487,000,000
77,231,000,000
75,405,000,000
Service and retailing
135,843,000,000
138,672,000,000
144,342,000,000
Total
214,330,000,000
215,903,000,000
219,747,000,000
Pre tax earnings
Manufacturing
12,571,000,000
11,895,000,000
11,445,000,000
Service and retailing
4,905,000,000
4,948,000,000
6,144,000,000
Total
17,476,000,000
16,843,000,000
17,589,000,000
Income taxes and noncontrolling interests
3,829,000,000
3,771,000,000
4,227,000,000
Net earnings
13,647,000,000
13,072,000,000
13,362,000,000
Effective income tax rate %
21.2%
21.7%
22.2%
Pre tax margin %
8.2%
7.8%
8.0%
After tax acquisition accounting expenses excluded
-528,000,000
-531,000,000
-693,000,000
Investment gains losses detail
Pre tax investment gains losses
39,078,000,000
52,799,000,000
74,855,000,000
Income taxes and noncontrolling interests
8,341,000,000
11,241,000,000
15,982,000,000
After tax investment gains losses
30,737,000,000
41,558,000,000
58,873,000,000
Effective income tax rate %
21.3%
21.2%
21.3%
Pre tax unrealized gains on equity securities still held at year end approx
40,000,000,000
49,300,000,000
69,100,000,000
Pre tax gains losses on equity securities sold during year
-18,000,000
3,500,000,000
2,700,000,000
Other after tax earnings
Investment income not allocated to operating businesses
3,566,000,000
1,445,000,000
959,000,000
Foreign currency gains losses on non USD senior notes
-642,000,000
1,151,000,000
211,000,000
Goodwill impairment losses
-1,555,000,000
-399,000,000
n/a
Equity method earnings
900,000,000
1,519,000,000
1,750,000,000
Acquisition accounting expenses
-528,000,000
-531,000,000
-693,000,000
Other earnings losses
-128,000,000
-271,000,000
-652,000,000
Total
1,613,000,000
2,914,000,000
1,575,000,000
Balance sheet
Assets
Insurance and other
Cash and cash equivalents
47,719,000,000
44,333,000,000
Short term investments in US treasury bills
321,434,000,000
286,472,000,000
Investments in fixed maturity securities
17,816,000,000
15,364,000,000
Investments in equity securities
297,778,000,000
271,588,000,000
Equity method investments
19,978,000,000
31,134,000,000
Loans and finance receivables
29,836,000,000
27,798,000,000
Other receivables
44,331,000,000
43,887,000,000
Inventories
24,424,000,000
24,008,000,000
Property plant and equipment
31,885,000,000
30,071,000,000
Equipment held for lease
18,535,000,000
17,828,000,000
Goodwill
55,945,000,000
56,860,000,000
Other intangible assets
33,802,000,000
34,638,000,000
Deferred charges retroactive reinsurance
8,104,000,000
8,797,000,000
Other
24,413,000,000
24,994,000,000
Subtotal
976,000,000,000
917,772,000,000
Railroad utilities and energy
Cash and cash equivalents
4,158,000,000
3,396,000,000
Receivables
4,387,000,000
4,503,000,000
Property plant and equipment
184,740,000,000
175,030,000,000
Goodwill
27,129,000,000
27,020,000,000
Regulatory assets
4,821,000,000
5,349,000,000
Other
20,941,000,000
20,811,000,000
Subtotal
246,176,000,000
236,109,000,000
Total assets
1,222,176,000,000
1,153,881,000,000
Liabilities
Insurance and other
Unpaid losses and loss adjustment expenses
120,713,000,000
115,151,000,000
Unpaid losses and lae retroactive reinsurance
31,048,000,000
32,443,000,000
Unearned insurance premiums
31,339,000,000
30,808,000,000
Life annuity and health insurance benefits
17,890,000,000
17,616,000,000
Other insurance policyholder liabilities
10,312,000,000
10,703,000,000
Accounts payable accruals and other liabilities
38,019,000,000
37,489,000,000
Payable for purchase of US treasury bills
167,000,000
12,769,000,000
Aircraft repurchase liabilities and unearned lease revenues
10,686,000,000
9,356,000,000
Notes payable and other borrowings
45,763,000,000
44,885,000,000
Subtotal
305,937,000,000
311,220,000,000
Railroad utilities and energy
Accounts payable accruals and other liabilities
19,250,000,000
18,226,000,000
Regulatory liabilities
7,013,000,000
7,033,000,000
Notes payable and other borrowings
83,318,000,000
79,877,000,000
Subtotal
109,581,000,000
105,136,000,000
Income taxes principally deferred
86,955,000,000
85,870,000,000
Total liabilities
502,473,000,000
502,226,000,000
Shareholders equity
Common stock at par value
8,000,000
8,000,000
Capital in excess of par value
35,612,000,000
35,665,000,000
Accumulated other comprehensive income
-2,448,000,000
-3,584,000,000
-3,763,000,000
Retained earnings
763,186,000,000
696,218,000,000
607,350,000,000
Treasury stock at cost
-78,939,000,000
-78,939,000,000
-76,802,000,000
Berkshire shareholders equity
717,419,000,000
649,368,000,000
561,273,000,000
Noncontrolling interests
2,284,000,000
2,287,000,000
6,236,000,000
Total shareholders equity
719,703,000,000
651,655,000,000
567,509,000,000
Common stock and capital in excess of par value
34,488,000,000
Total liabilities and shareholders equity
1,222,176,000,000
1,153,881,000,000
Debt summary
Insurance and other borrowings
45,763,000,000
44,885,000,000
Railroad utilities and energy borrowings
83,318,000,000
79,877,000,000
Total notes payable and other borrowings
129,081,000,000
124,762,000,000
Berkshire parent borrowings
22,662,000,000
21,091,000,000
Berkshire hathaway finance corporation borrowings
18,262,000,000
17,915,000,000
Bnsf borrowings
24,062,000,000
23,497,000,000
Bhe and subsidiaries borrowings
59,256,000,000
56,380,000,000
Cash and investments held in insurance businesses
Cash cash equivalents and US treasury bills
212,651,000,000
212,591,000,000
Equity securities
294,144,000,000
263,366,000,000
Fixed maturity securities
17,466,000,000
15,137,000,000
Other including loans to affiliates
4,702,000,000
5,980,000,000
Total
528,963,000,000
497,074,000,000
Memo
US treasury bills with maturities of three months or less included in cash
17,600,000,000
14,400,000,000
Unsettled purchases of US treasury bills included in short term investments and liabilities
167,000,000
12,769,000,000
Note
The FY2025 10-K's balance sheet presents only December 31, 2025 and December 31, 2024. The equity figures below for December 31, 2023 come from the statement of changes in shareholders' equity in the same filing, which does carry a 2023 column.
Equity securities portfolio
Cost basis
85,389,000,000
75,506,000,000
Net unrealized gains
212,389,000,000
196,082,000,000
Fair value
297,778,000,000
271,588,000,000
By sector fair value
Banks insurance and finance
104,129,000,000
91,643,000,000
Consumer products
94,954,000,000
104,749,000,000
Commercial industrial and other
98,695,000,000
75,196,000,000
Five largest holdings share of portfolio %
65.0%
71.0%
Five largest holdings
American Express Company; Apple Inc.; Bank of America Corporation; The Coca-Cola Company; Chevron Corporation
American Express Company; Apple Inc.; Bank of America Corporation; The Coca-Cola Company; Chevron Corporation
Book value
Berkshire shareholders equity
717,419,000,000
649,368,000,000
Equivalent class a shares outstanding at period end
1,438,223
1,438,223
Book value per equivalent class a share
498,823.2
451,507.17
Book value per equivalent class b share
332.55
301.0
Cash flow
Operating activities
Net earnings
67,260,000,000
89,561,000,000
97,147,000,000
Investment gains losses reversal
-39,078,000,000
-52,799,000,000
-74,855,000,000
Depreciation and amortization
13,476,000,000
12,855,000,000
12,486,000,000
Discount accretion on investments principally US treasury bills
-11,964,000,000
-11,349,000,000
-5,510,000,000
Equity method investment impairment losses
10,681,000,000
n/a
n/a
Other adjustments
3,239,000,000
-892,000,000
-513,000,000
Change in unpaid losses and lae
3,088,000,000
2,173,000,000
2,628,000,000
Change in deferred charges retroactive reinsurance
693,000,000
698,000,000
375,000,000
Change in unearned insurance premiums
432,000,000
376,000,000
1,854,000,000
Change in receivables and originated loans
-2,426,000,000
626,000,000
-1,949,000,000
Change in other assets
-861,000,000
-206,000,000
98,000,000
Change in other liabilities
429,000,000
-2,288,000,000
2,570,000,000
Change in income taxes
1,000,000,000
-8,163,000,000
14,865,000,000
Net cash flows from operating activities
45,969,000,000
30,592,000,000
49,196,000,000
Investing activities
Purchases of equity securities
-16,923,000,000
-9,237,000,000
-16,462,000,000
Sales of equity securities
30,686,000,000
143,359,000,000
40,631,000,000
Purchases of US treasury bills and fixed maturity securities
-586,129,000,000
-526,842,000,000
-235,007,000,000
Sales of US treasury bills and fixed maturity securities
44,769,000,000
48,462,000,000
52,302,000,000
Redemptions and maturities of US treasury bills and fixed maturity securities
503,954,000,000
353,538,000,000
153,201,000,000
Acquisitions of businesses net of cash acquired
-1,074,000,000
-396,000,000
-8,604,000,000
Purchases of property plant and equipment and equipment held for lease
-20,927,000,000
-18,976,000,000
-19,409,000,000
Other
1,157,000,000
-195,000,000
685,000,000
Net cash flows from investing activities
-44,487,000,000
-10,287,000,000
-32,663,000,000
Financing activities
Proceeds from borrowings of insurance and other businesses
3,071,000,000
5,528,000,000
2,133,000,000
Repayments of borrowings of insurance and other businesses
-3,050,000,000
-7,796,000,000
-6,027,000,000
Proceeds from borrowings of railroad utilities and energy businesses
6,101,000,000
7,658,000,000
5,684,000,000
Repayments of borrowings of railroad utilities and energy businesses
-3,974,000,000
-4,151,000,000
-5,284,000,000
Changes in short term borrowings net
878,000,000
-3,059,000,000
2,407,000,000
Acquisitions of treasury stock share repurchases
0
-2,918,000,000
-9,171,000,000
Other principally transactions with noncontrolling interests
-793,000,000
-5,622,000,000
-4,147,000,000
Net cash flows from financing activities
2,233,000,000
-10,360,000,000
-14,405,000,000
Effects of foreign currency exchange rate changes
478,000,000
-212,000,000
116,000,000
Increase decrease in cash and restricted cash
4,193,000,000
9,733,000,000
2,244,000,000
Cash and cash equivalents and restricted cash beginning of year
48,376,000,000
38,643,000,000
36,399,000,000
Cash and cash equivalents and restricted cash end of year
52,569,000,000
48,376,000,000
38,643,000,000
Derived
Capital expenditures
20,927,000,000
18,976,000,000
19,409,000,000
Operating cash flow less capital expenditures
25,042,000,000
11,616,000,000
29,787,000,000
Dividends paid
0
0
0
Capital expenditures by segment
Insurance
109,000,000
99,000,000
68,000,000
Bnsf
3,796,000,000
3,690,000,000
3,920,000,000
Bhe
10,589,000,000
9,013,000,000
9,148,000,000
Manufacturing
2,681,000,000
2,779,000,000
2,714,000,000
Service retailing
2,604,000,000
2,360,000,000
2,590,000,000
Mclane
207,000,000
236,000,000
264,000,000
Pilot
941,000,000
799,000,000
705,000,000
Total
20,927,000,000
18,976,000,000
19,409,000,000
Depreciation and amortization by segment
Insurance
438,000,000
411,000,000
401,000,000
Bnsf
2,722,000,000
2,621,000,000
2,627,000,000
Bhe
4,220,000,000
4,003,000,000
4,010,000,000
Manufacturing
2,464,000,000
2,422,000,000
2,290,000,000
Service retailing
1,643,000,000
1,522,000,000
1,335,000,000
Mclane
214,000,000
217,000,000
208,000,000
Pilot
1,095,000,000
1,012,000,000
796,000,000
Segment total
12,796,000,000
12,208,000,000
11,667,000,000
Corporate eliminations other
680,000,000
647,000,000
819,000,000
Consolidated
13,476,000,000
12,855,000,000
12,486,000,000
Quarterly
First Quarter 2026
First Quarter 2025 (comparative)
Label
First Quarter 2026
First Quarter 2025 (comparative)
Period type
three months
three months
Period start
2026-01-01
2025-01-01
Period end
2026-03-31
2025-03-31
Source accession
0001193125-26-202243
0001193125-26-202243
Income statement
Revenues
Insurance and other
Insurance premiums earned
22,005,000,000
21,804,000,000
Sales and service revenues
50,946,000,000
47,815,000,000
Leasing revenues
2,671,000,000
2,431,000,000
Interest dividend and other investment income
5,430,000,000
5,632,000,000
Subtotal
81,052,000,000
77,682,000,000
Railroad utilities and energy
Railroad transportation revenues
5,940,000,000
5,671,000,000
Utilities and energy operating revenues
5,807,000,000
5,494,000,000
Service revenues and other income
876,000,000
878,000,000
Subtotal
12,623,000,000
12,043,000,000
Total revenues
93,675,000,000
89,725,000,000
Investment gains losses
-1,605,000,000
-6,435,000,000
Costs and expenses
Insurance and other
Insurance losses and loss adjustment expenses
14,204,000,000
14,646,000,000
Life annuity and health insurance benefits
1,019,000,000
1,068,000,000
Insurance underwriting expenses
4,517,000,000
4,368,000,000
Cost of sales and services
41,207,000,000
38,551,000,000
Cost of leasing
2,027,000,000
1,887,000,000
Selling general and administrative expenses
6,556,000,000
7,681,000,000
Interest expense
324,000,000
340,000,000
Subtotal
69,854,000,000
68,541,000,000
Railroad utilities and energy
Railroad transportation expenses
3,923,000,000
3,873,000,000
Utilities and energy cost of sales and other expenses
4,317,000,000
4,091,000,000
Other expenses
856,000,000
846,000,000
Interest expense
977,000,000
917,000,000
Subtotal
10,073,000,000
9,727,000,000
Total costs and expenses
79,927,000,000
78,268,000,000
Earnings before income taxes and equity method earnings
12,143,000,000
5,022,000,000
Equity method earnings
176,000,000
126,000,000
Earnings before income taxes
12,319,000,000
5,148,000,000
Income tax expense
2,140,000,000
476,000,000
Net earnings including noncontrolling interests
10,179,000,000
4,672,000,000
Earnings attributable to noncontrolling interests
73,000,000
69,000,000
Net earnings attributable to berkshire shareholders
10,106,000,000
4,603,000,000
Per share
Net earnings per average equivalent class a share
7,027
3,200
Net earnings per average equivalent class b share
4.68
2.13
Average equivalent class a shares outstanding
1,438,124
1,438,223
Average equivalent class b shares outstanding
2,157,185,889
2,157,335,139
After tax earnings by source
Insurance underwriting
1,717,000,000
1,336,000,000
Insurance investment income
2,679,000,000
2,893,000,000
Bnsf railroad
1,377,000,000
1,214,000,000
Berkshire hathaway energy
1,114,000,000
1,097,000,000
Manufacturing service and retailing
3,199,000,000
3,060,000,000
Investment gains losses
-1,240,000,000
-5,038,000,000
Other
1,260,000,000
41,000,000
Net earnings attributable to berkshire shareholders
10,106,000,000
4,603,000,000
Operating earnings excluding investment gains and losses
11,346,000,000
9,641,000,000
Insurance underwriting
Pre tax underwriting earnings
Geico
1,416,000,000
2,173,000,000
Bh primary
476,000,000
-144,000,000
Bh reinsurance group
373,000,000
-307,000,000
Total
2,265,000,000
1,722,000,000
Income taxes
548,000,000
386,000,000
After tax underwriting earnings
1,717,000,000
1,336,000,000
Effective income tax rate %
24.2%
22.4%
Geico
Premiums written
11,674,000,000
11,506,000,000
Premiums earned
11,186,000,000
10,752,000,000
Losses and lae
8,277,000,000
7,424,000,000
Underwriting expenses
1,493,000,000
1,155,000,000
Loss ratio %
73.9%
69.0%
Expense ratio %
13.4%
10.8%
Combined ratio %
87.3%
79.8%
Pre tax underwriting earnings
1,416,000,000
2,173,000,000
Bh primary
Premiums written
4,466,000,000
4,423,000,000
Premiums earned
4,591,000,000
4,577,000,000
Losses and lae
2,792,000,000
3,452,000,000
Underwriting expenses
1,323,000,000
1,269,000,000
Loss ratio %
60.8%
75.4%
Expense ratio %
28.8%
27.7%
Combined ratio %
89.6%
103.1%
Pre tax underwriting earnings
476,000,000
-144,000,000
Bh reinsurance group
Property casualty
Premiums written
5,992,000,000
6,135,000,000
Premiums earned
4,912,000,000
5,235,000,000
Losses and lae
2,884,000,000
3,599,000,000
Underwriting expenses
1,391,000,000
1,568,000,000
Loss ratio %
58.7%
68.7%
Expense ratio %
28.3%
30.0%
Combined ratio %
87.0%
98.7%
Pre tax underwriting earnings
637,000,000
68,000,000
Life health
Premiums written
1,318,000,000
1,243,000,000
Premiums earned
1,316,000,000
1,240,000,000
Life and health benefits
904,000,000
956,000,000
Underwriting expenses
286,000,000
214,000,000
Pre tax underwriting earnings
126,000,000
70,000,000
Retroactive reinsurance pre tax
-246,000,000
-209,000,000
Periodic payment annuity pre tax
-136,000,000
-199,000,000
Variable annuity pre tax
-8,000,000
-37,000,000
Total pre tax underwriting earnings
373,000,000
-307,000,000
Insurance investment income
Interest and other investment income
2,260,000,000
2,519,000,000
Dividend income
1,044,000,000
1,042,000,000
Pre tax net investment income
3,304,000,000
3,561,000,000
Income taxes
625,000,000
668,000,000
After tax net investment income
2,679,000,000
2,893,000,000
Effective income tax rate %
18.9%
18.8%
Railroad bnsf
Railroad operating revenues
5,959,000,000
5,676,000,000
Railroad operating expenses
3,911,000,000
3,855,000,000
Railroad operating earnings
2,048,000,000
1,821,000,000
Other revenues expenses net
49,000,000
54,000,000
Interest expense
-277,000,000
-272,000,000
Pre tax earnings
1,820,000,000
1,603,000,000
Income taxes
443,000,000
389,000,000
Net earnings
1,377,000,000
1,214,000,000
Effective income tax rate %
24.3%
24.3%
Operating ratio %
65.6%
67.9%
Utilities and energy bhe
Energy operating revenues
5,810,000,000
5,506,000,000
Real estate operating revenues
862,000,000
860,000,000
Other
-11,000,000
-10,000,000
Total revenues
6,661,000,000
6,356,000,000
Energy cost of sales
1,670,000,000
1,531,000,000
Energy operating expenses
2,668,000,000
2,585,000,000
Real estate operating costs and expenses
879,000,000
871,000,000
Interest expense
700,000,000
646,000,000
Total costs and expenses
5,917,000,000
5,633,000,000
Pre tax earnings
744,000,000
723,000,000
Income tax benefit
-430,000,000
-422,000,000
Net earnings after income taxes
1,174,000,000
1,145,000,000
Noncontrolling interests of bhe subsidiaries
60,000,000
45,000,000
Net earnings attributable to bhe
1,114,000,000
1,100,000,000
Preferred stock dividends
0
3,000,000
Net earnings attributable to berkshire shareholders
1,114,000,000
1,097,000,000
After tax earnings by activity
US utilities
359,000,000
428,000,000
Natural gas pipelines
606,000,000
488,000,000
Other energy businesses
255,000,000
347,000,000
Real estate brokerage
-12,000,000
-15,000,000
Corporate interest and other
-94,000,000
-148,000,000
Manufacturing service and retailing
Revenues
Manufacturing
20,672,000,000
18,766,000,000
Service and retailing
34,170,000,000
32,742,000,000
Total
54,842,000,000
51,508,000,000
Pre tax earnings
Manufacturing
3,059,000,000
2,716,000,000
Service and retailing
1,175,000,000
1,290,000,000
Total
4,234,000,000
4,006,000,000
Income taxes and noncontrolling interests
1,035,000,000
946,000,000
Net earnings
3,199,000,000
3,060,000,000
Effective income tax rate %
23.7%
22.9%
Pre tax margin %
7.7%
7.8%
After tax acquisition accounting expenses excluded
-114,000,000
-124,000,000
Investment gains losses detail
Pre tax investment gains losses
-1,605,000,000
-6,435,000,000
Income taxes and noncontrolling interests
-365,000,000
-1,397,000,000
After tax investment gains losses
-1,240,000,000
-5,038,000,000
Effective income tax rate %
21.6%
21.6%
Pre tax unrealized gains losses on equity securities still held at period end approx
-3,300,000,000
-6,800,000,000
Pre tax gains on equity securities sold during period approx
1,700,000,000
371,000,000
Other after tax earnings
Investment income not allocated to operating businesses
967,000,000
869,000,000
Foreign currency gains losses on non USD senior notes
249,000,000
-713,000,000
Equity method earnings
155,000,000
116,000,000
Acquisition accounting expenses
-114,000,000
-124,000,000
Other earnings losses
3,000,000
-107,000,000
Total
1,260,000,000
41,000,000
Cash flow
Operating activities
Net earnings
10,179,000,000
4,672,000,000
Investment gains losses reversal
1,605,000,000
6,435,000,000
Depreciation and amortization
3,510,000,000
3,265,000,000
Discount accretion on investments principally US treasury bills
-3,068,000,000
-3,129,000,000
Other adjustments
277,000,000
1,504,000,000
Change in unpaid losses and lae
223,000,000
1,215,000,000
Change in deferred charges retroactive reinsurance
252,000,000
169,000,000
Change in unearned insurance premiums
1,443,000,000
1,451,000,000
Change in receivables and originated loans
-3,173,000,000
-3,295,000,000
Change in other assets
-1,358,000,000
-297,000,000
Change in other liabilities
-988,000,000
-1,291,000,000
Change in income taxes
1,536,000,000
204,000,000
Net cash flows from operating activities
10,438,000,000
10,903,000,000
Investing activities
Purchases of equity securities
-15,938,000,000
-3,183,000,000
Sales of equity securities
24,087,000,000
4,677,000,000
Purchases of US treasury bills and fixed maturity securities
-189,625,000,000
-158,722,000,000
Sales of US treasury bills and fixed maturity securities
12,491,000,000
6,286,000,000
Redemptions and maturities of US treasury bills and fixed maturity securities
179,028,000,000
138,620,000,000
Acquisitions of businesses net of cash acquired
-9,690,000,000
-90,000,000
Purchases of property plant and equipment and equipment held for lease
-4,986,000,000
-4,281,000,000
Other
325,000,000
292,000,000
Net cash flows from investing activities
-4,308,000,000
-16,401,000,000
Financing activities
Proceeds from borrowings of insurance and other businesses
7,000,000
0
Repayments of borrowings of insurance and other businesses
-2,543,000,000
-1,299,000,000
Proceeds from borrowings of railroad utilities and energy businesses
4,568,000,000
2,353,000,000
Repayments of borrowings of railroad utilities and energy businesses
-713,000,000
-443,000,000
Changes in short term borrowings net
-961,000,000
-415,000,000
Acquisitions of treasury stock share repurchases
-235,000,000
0
Other principally transactions with noncontrolling interests
51,000,000
-143,000,000
Net cash flows from financing activities
174,000,000
53,000,000
Effects of foreign currency exchange rate changes
-63,000,000
-76,000,000
Increase decrease in cash and restricted cash
6,241,000,000
-5,521,000,000
Cash and cash equivalents and restricted cash beginning of year
52,569,000,000
48,376,000,000
Cash and cash equivalents and restricted cash end of quarter
58,810,000,000
42,855,000,000
Derived
Capital expenditures
4,986,000,000
4,281,000,000
Operating cash flow less capital expenditures
5,452,000,000
6,622,000,000
Dividends paid
0
0
Capital expenditures by segment
Insurance
25,000,000
24,000,000
Bnsf
744,000,000
652,000,000
Bhe
2,418,000,000
2,128,000,000
Manufacturing
904,000,000
707,000,000
Service retailing
583,000,000
544,000,000
Mclane
50,000,000
22,000,000
Pilot
262,000,000
204,000,000
Total
4,986,000,000
4,281,000,000
Balance sheet
As of
2026-03-31
2025-03-31
Assets
Insurance and other
Cash and cash equivalents
51,478,000,000
Short term investments in US treasury bills
339,261,000,000
Investments in fixed maturity securities
17,669,000,000
Investments in equity securities
288,034,000,000
Equity method investments
19,951,000,000
Loans and finance receivables
30,101,000,000
Other receivables
47,492,000,000
Inventories
25,523,000,000
Property plant and equipment
39,042,000,000
Equipment held for lease
18,674,000,000
Goodwill
56,173,000,000
Other intangible assets
34,275,000,000
Deferred charges retroactive reinsurance
7,852,000,000
Other
27,412,000,000
Subtotal
1,002,937,000,000
Railroad utilities and energy
Cash and cash equivalents
6,644,000,000
Receivables
4,267,000,000
Property plant and equipment
184,028,000,000
Goodwill
27,007,000,000
Regulatory assets
4,471,000,000
Other
22,917,000,000
Subtotal
249,334,000,000
Total assets
1,252,271,000,000
Liabilities
Insurance and other
Unpaid losses and loss adjustment expenses
121,561,000,000
Unpaid losses and lae retroactive reinsurance
30,368,000,000
Unearned insurance premiums
32,753,000,000
Life annuity and health insurance benefits
17,479,000,000
Other insurance policyholder liabilities
9,896,000,000
Accounts payable accruals and other liabilities
39,670,000,000
Payable for purchases of US treasury bills
17,229,000,000
Aircraft repurchase liabilities and unearned lease revenues
10,915,000,000
Notes payable and other borrowings
42,835,000,000
Subtotal
322,706,000,000
Railroad utilities and energy
Accounts payable accruals and other liabilities
18,545,000,000
Regulatory liabilities
6,834,000,000
Notes payable and other borrowings
86,051,000,000
Subtotal
111,430,000,000
Income taxes principally deferred
88,685,000,000
Total liabilities
522,821,000,000
Shareholders equity
Common stock at par value
8,000,000
Capital in excess of par value
35,566,000,000
Accumulated other comprehensive income
-2,511,000,000
-3,084,000,000
Retained earnings
773,292,000,000
700,821,000,000
Treasury stock at cost
-79,174,000,000
-78,939,000,000
Berkshire shareholders equity
727,181,000,000
654,471,000,000
Noncontrolling interests
2,269,000,000
2,271,000,000
Total shareholders equity
729,450,000,000
656,742,000,000
Common stock and capital in excess of par value
35,673,000,000
Total liabilities and shareholders equity
1,252,271,000,000
Debt summary
Insurance and other borrowings
42,835,000,000
Railroad utilities and energy borrowings
86,051,000,000
Total notes payable and other borrowings
128,886,000,000
Berkshire parent borrowings
19,908,000,000
Berkshire hathaway finance corporation borrowings
18,197,000,000
Bnsf borrowings
23,560,000,000
Bhe and subsidiaries borrowings
62,491,000,000
Cash and investments held in insurance businesses
Cash cash equivalents and US treasury bills
236,779,000,000
Equity securities
284,965,000,000
Fixed maturity securities
17,386,000,000
Other including loans to affiliates
4,655,000,000
Total
543,785,000,000
Memo
US treasury bills with maturities of three months or less included in cash
19,700,000,000
Unsettled purchases of US treasury bills included in short term investments and liabilities
17,229,000,000
Insurance and other cash equivalents and treasury bills net of unsettled purchase payables
373,500,000,000
Goodwill of acquired businesses
83,180,000,000
Indefinite lived intangible assets
19,000,000,000
Property casualty unpaid losses and lae including retroactive reinsurance
151,900,000,000
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.
Insurance float approx
176,900,000,000
Book value
Berkshire shareholders equity
727,181,000,000
Equivalent class a shares outstanding at period end
1,437,903
Book value per equivalent class a share
505,723.27
Book value per equivalent class b share
337.15
Shares outstanding on cover page
As of
2026-04-30
Class a shares
505,697
Class b shares
1,398,308,677
Note
Cover-page counts reported in the first-quarter 2026 Form 10-Q. Each Class A share is convertible into 1,500 Class B shares; on an equivalent Class A basis these counts correspond to the 1,437,903 equivalent Class A shares outstanding at March 31, 2026.
Trailing twelve months
Trailing twelve months ended March 31, 2026
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
375,394,000,000
Insurance premiums earned
89,103,000,000
Investment gains losses pre tax
43,908,000,000
Earnings before income taxes
89,630,000,000
Income tax expense
16,863,000,000
Net earnings attributable to berkshire shareholders
72,471,000,000
After tax earnings by source
Insurance underwriting
7,639,000,000
Insurance investment income
12,299,000,000
Bnsf railroad
5,639,000,000
Berkshire hathaway energy
3,996,000,000
Manufacturing service and retailing
13,786,000,000
Investment gains losses
34,535,000,000
Other than temporary impairment of kraft heinz and occidental
-8,255,000,000
Other
2,832,000,000
Operating earnings excluding investment gains and impairments
46,191,000,000
Pre tax underwriting earnings
10,003,000,000
Net cash flows from operating activities
45,504,000,000
Capital expenditures
21,632,000,000
Operating cash flow less capital expenditures
23,872,000,000
Derived per share
Net earnings per equivalent class a share
50,393.0
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.
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)
whole shares (505,697 Class A and 1,398,308,677 Class B)
Adjustments
Value
Splits applied
none
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
n/a
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
Value
Annual periods reported
2,025; 2,024; 2,023
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.
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.
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
Value
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
Value
Predicted date
2026-08-03
Predicted type
10-Q
Fiscal period
FY2026
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
Built from Berkshire Hathaway Inc.'s SEC filings by Ticker Scout. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer. Also for this company: company index, financials.json, index.json.