Published
{
"ticker": "BRK-B",
"cik": "0001067983",
"company": "Berkshire Hathaway Inc.",
"business_type": "insurance_conglomerate",
"schema_template": "insurance_conglomerate",
"reporting_currency": "USD",
"converted_to_usd": false,
"units": "actual dollars (not millions), except where a field name says per_share, _pct, _ratio or _shares",
"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 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 Note 26 business segment data (capital expenditures, depreciation)": "(in millions)",
"Q2 2026 10-Q consolidated balance sheets (pages 2-3)": "(dollars in millions)",
"Q2 2026 10-Q consolidated statements of earnings (page 4)": "(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",
"Q2 2026 10-Q consolidated statements of changes in shareholders' equity (page 6)": "(dollars in millions)",
"Q2 2026 10-Q consolidated statements of cash flows (page 7)": "(dollars in millions)",
"Q2 2026 10-Q Note 4 investments in equity securities": "(in millions)",
"Q2 2026 10-Q Note 6 investment gains (losses)": "(in millions)",
"Q2 2026 10-Q Note 16 notes payable and other borrowings": "(dollars in millions)",
"Q2 2026 10-Q Note 24 business segment data (capital expenditures, depreciation)": "(in millions)",
"Q2 2026 10-Q MD&A earnings-by-source table (page 33)": "(in millions)",
"Q2 2026 10-Q MD&A underwriting, investment income, BNSF, BHE and manufacturing/service/retailing tables": "(dollars in millions)",
"Q2 2026 10-Q MD&A cash and investments held in insurance businesses (page 38)": "(in millions)",
"Q2 2026 10-Q cover page share counts": "whole shares (488,450 Class A and 1,408,035,161 Class B at July 29, 2026)"
},
"adjustments": {
"splits_applied": [],
"adr_ratio": null,
"fx": null
},
"annual": [
{
"fiscal_year": 2025,
"label": "FY2025",
"period_type": "fiscal year",
"period_start": "2025-01-01",
"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,
"label": "FY2024",
"period_type": "fiscal year",
"period_start": "2024-01-01",
"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": 11405000000
},
"income_taxes": 2385000000,
"after_tax_underwriting_earnings": 9020000000,
"effective_income_tax_rate_pct": 20.9,
"geico": {
"premiums_written": 42916000000,
"premiums_earned": 42252000000,
"losses_and_lae": 30331000000,
"underwriting_expenses": 4108000000,
"loss_ratio_pct": 71.8,
"expense_ratio_pct": 9.7,
"combined_ratio_pct": 81.5,
"pre_tax_underwriting_earnings": 7813000000
},
"bh_primary": {
"premiums_written": 18836000000,
"premiums_earned": 18733000000,
"losses_and_lae": 12666000000,
"underwriting_expenses": 5212000000,
"loss_ratio_pct": 67.6,
"expense_ratio_pct": 27.8,
"combined_ratio_pct": 95.4,
"pre_tax_underwriting_earnings": 855000000
},
"bh_reinsurance_group": {
"property_casualty": {
"premiums_written": 21899000000,
"premiums_earned": 22239000000,
"losses_and_lae": 12244000000,
"underwriting_expenses": 6195000000,
"loss_ratio_pct": 55.1,
"expense_ratio_pct": 27.8,
"combined_ratio_pct": 82.9,
"pre_tax_underwriting_earnings": 3800000000
},
"life_health": {
"premiums_written": 5007000000,
"premiums_earned": 4998000000,
"life_and_health_benefits": 3415000000,
"underwriting_expenses": 1360000000,
"pre_tax_underwriting_earnings": 223000000
},
"retroactive_reinsurance_pre_tax": -846000000,
"periodic_payment_annuity_pre_tax": -597000000,
"variable_annuity_pre_tax": 157000000,
"total_pre_tax_underwriting_earnings": 2737000000
},
"after_tax_losses_from_significant_catastrophe_events_approx": -1200000000
},
"insurance_investment_income": {
"interest_and_other_investment_income": 11550000000,
"dividend_income": 5198000000,
"pre_tax_net_investment_income": 16748000000,
"income_taxes": 3078000000,
"after_tax_net_investment_income": 13670000000,
"effective_income_tax_rate_pct": 18.4
},
"insurance_float_approx": 171000000000,
"railroad_bnsf": {
"railroad_operating_revenues": 23355000000,
"railroad_operating_expenses": 15886000000,
"railroad_operating_earnings": 7469000000,
"other_revenues_expenses_net": 257000000,
"interest_expense": -1078000000,
"pre_tax_earnings": 6648000000,
"income_taxes": 1617000000,
"net_earnings": 5031000000,
"effective_income_tax_rate_pct": 24.3,
"operating_ratio_pct": 68.0
},
"utilities_and_energy_bhe": {
"energy_operating_revenues": 21566000000,
"real_estate_operating_revenues": 4354000000,
"other_income": 428000000,
"total_revenues": 26348000000,
"energy_cost_of_sales": 6616000000,
"energy_operating_expenses": 10403000000,
"real_estate_operating_costs_and_expenses": 4509000000,
"interest_expense": 2528000000,
"total_costs_and_expenses": 24056000000,
"pre_tax_earnings": 2292000000,
"income_tax_benefit": -1871000000,
"net_earnings_after_income_taxes": 4163000000,
"noncontrolling_interests_of_bhe_subsidiaries": 137000000,
"net_earnings_attributable_to_bhe": 4026000000,
"noncontrolling_interests_and_preferred_stock_dividends": 296000000,
"net_earnings_attributable_to_berkshire_shareholders": 3730000000,
"after_tax_earnings_by_activity": {
"us_utilities": 1961000000,
"natural_gas_pipelines": 1232000000,
"other_energy_businesses": 1334000000,
"real_estate_brokerage": -107000000,
"corporate_interest_and_other": -394000000
}
},
"manufacturing_service_and_retailing": {
"revenues": {
"manufacturing": 77231000000,
"service_and_retailing": 138672000000,
"total": 215903000000
},
"pre_tax_earnings": {
"manufacturing": 11895000000,
"service_and_retailing": 4948000000,
"total": 16843000000
},
"income_taxes_and_noncontrolling_interests": 3771000000,
"net_earnings": 13072000000,
"effective_income_tax_rate_pct": 21.7,
"pre_tax_margin_pct": 7.8,
"after_tax_acquisition_accounting_expenses_excluded": -531000000
},
"investment_gains_losses_detail": {
"pre_tax_investment_gains_losses": 52799000000,
"income_taxes_and_noncontrolling_interests": 11241000000,
"after_tax_investment_gains_losses": 41558000000,
"effective_income_tax_rate_pct": 21.2,
"pre_tax_unrealized_gains_on_equity_securities_still_held_at_year_end_approx": 49300000000,
"pre_tax_gains_losses_on_equity_securities_sold_during_year": 3500000000
},
"other_after_tax_earnings": {
"investment_income_not_allocated_to_operating_businesses": 1445000000,
"foreign_currency_gains_losses_on_non_usd_senior_notes": 1151000000,
"goodwill_impairment_losses": -399000000,
"equity_method_earnings": 1519000000,
"acquisition_accounting_expenses": -531000000,
"other_earnings_losses": -271000000,
"total": 2914000000
},
"balance_sheet": {
"assets": {
"insurance_and_other": {
"cash_and_cash_equivalents": 44333000000,
"short_term_investments_in_us_treasury_bills": 286472000000,
"investments_in_fixed_maturity_securities": 15364000000,
"investments_in_equity_securities": 271588000000,
"equity_method_investments": 31134000000,
"loans_and_finance_receivables": 27798000000,
"other_receivables": 43887000000,
"inventories": 24008000000,
"property_plant_and_equipment": 30071000000,
"equipment_held_for_lease": 17828000000,
"goodwill": 56860000000,
"other_intangible_assets": 34638000000,
"deferred_charges_retroactive_reinsurance": 8797000000,
"other": 24994000000,
"subtotal": 917772000000
},
"railroad_utilities_and_energy": {
"cash_and_cash_equivalents": 3396000000,
"receivables": 4503000000,
"property_plant_and_equipment": 175030000000,
"goodwill": 27020000000,
"regulatory_assets": 5349000000,
"other": 20811000000,
"subtotal": 236109000000
},
"total_assets": 1153881000000
},
"liabilities": {
"insurance_and_other": {
"unpaid_losses_and_loss_adjustment_expenses": 115151000000,
"unpaid_losses_and_lae_retroactive_reinsurance": 32443000000,
"unearned_insurance_premiums": 30808000000,
"life_annuity_and_health_insurance_benefits": 17616000000,
"other_insurance_policyholder_liabilities": 10703000000,
"accounts_payable_accruals_and_other_liabilities": 37489000000,
"payable_for_purchase_of_us_treasury_bills": 12769000000,
"aircraft_repurchase_liabilities_and_unearned_lease_revenues": 9356000000,
"notes_payable_and_other_borrowings": 44885000000,
"subtotal": 311220000000
},
"railroad_utilities_and_energy": {
"accounts_payable_accruals_and_other_liabilities": 18226000000,
"regulatory_liabilities": 7033000000,
"notes_payable_and_other_borrowings": 79877000000,
"subtotal": 105136000000
},
"income_taxes_principally_deferred": 85870000000,
"total_liabilities": 502226000000
},
"shareholders_equity": {
"common_stock_at_par_value": 8000000,
"capital_in_excess_of_par_value": 35665000000,
"accumulated_other_comprehensive_income": -3584000000,
"retained_earnings": 696218000000,
"treasury_stock_at_cost": -78939000000,
"berkshire_shareholders_equity": 649368000000,
"noncontrolling_interests": 2287000000,
"total_shareholders_equity": 651655000000
},
"total_liabilities_and_shareholders_equity": 1153881000000,
"debt_summary": {
"insurance_and_other_borrowings": 44885000000,
"railroad_utilities_and_energy_borrowings": 79877000000,
"total_notes_payable_and_other_borrowings": 124762000000,
"berkshire_parent_borrowings": 21091000000,
"berkshire_hathaway_finance_corporation_borrowings": 17915000000,
"bnsf_borrowings": 23497000000,
"bhe_and_subsidiaries_borrowings": 56380000000
},
"cash_and_investments_held_in_insurance_businesses": {
"cash_cash_equivalents_and_us_treasury_bills": 212591000000,
"equity_securities": 263366000000,
"fixed_maturity_securities": 15137000000,
"other_including_loans_to_affiliates": 5980000000,
"total": 497074000000
},
"memo": {
"us_treasury_bills_with_maturities_of_three_months_or_less_included_in_cash": 14400000000,
"unsettled_purchases_of_us_treasury_bills_included_in_short_term_investments_and_liabilities": 12769000000
}
},
"equity_securities_portfolio": {
"cost_basis": 75506000000,
"net_unrealized_gains": 196082000000,
"fair_value": 271588000000,
"by_sector_fair_value": {
"banks_insurance_and_finance": 91643000000,
"consumer_products": 104749000000,
"commercial_industrial_and_other": 75196000000
},
"five_largest_holdings_share_of_portfolio_pct": 71.0,
"five_largest_holdings": [
"American Express Company",
"Apple Inc.",
"Bank of America Corporation",
"The Coca-Cola Company",
"Chevron Corporation"
]
},
"book_value": {
"berkshire_shareholders_equity": 649368000000,
"equivalent_class_a_shares_outstanding_at_period_end": 1438223,
"book_value_per_equivalent_class_a_share": 451507.17,
"book_value_per_equivalent_class_b_share": 301.0
},
"cash_flow": {
"operating_activities": {
"net_earnings": 89561000000,
"investment_gains_losses_reversal": -52799000000,
"depreciation_and_amortization": 12855000000,
"discount_accretion_on_investments_principally_us_treasury_bills": -11349000000,
"equity_method_investment_impairment_losses": null,
"other_adjustments": -892000000,
"change_in_unpaid_losses_and_lae": 2173000000,
"change_in_deferred_charges_retroactive_reinsurance": 698000000,
"change_in_unearned_insurance_premiums": 376000000,
"change_in_receivables_and_originated_loans": 626000000,
"change_in_other_assets": -206000000,
"change_in_other_liabilities": -2288000000,
"change_in_income_taxes": -8163000000,
"net_cash_flows_from_operating_activities": 30592000000
},
"investing_activities": {
"purchases_of_equity_securities": -9237000000,
"sales_of_equity_securities": 143359000000,
"purchases_of_us_treasury_bills_and_fixed_maturity_securities": -526842000000,
"sales_of_us_treasury_bills_and_fixed_maturity_securities": 48462000000,
"redemptions_and_maturities_of_us_treasury_bills_and_fixed_maturity_securities": 353538000000,
"acquisitions_of_businesses_net_of_cash_acquired": -396000000,
"purchases_of_property_plant_and_equipment_and_equipment_held_for_lease": -18976000000,
"other": -195000000,
"net_cash_flows_from_investing_activities": -10287000000
},
"financing_activities": {
"proceeds_from_borrowings_of_insurance_and_other_businesses": 5528000000,
"repayments_of_borrowings_of_insurance_and_other_businesses": -7796000000,
"proceeds_from_borrowings_of_railroad_utilities_and_energy_businesses": 7658000000,
"repayments_of_borrowings_of_railroad_utilities_and_energy_businesses": -4151000000,
"changes_in_short_term_borrowings_net": -3059000000,
"acquisitions_of_treasury_stock_share_repurchases": -2918000000,
"other_principally_transactions_with_noncontrolling_interests": -5622000000,
"net_cash_flows_from_financing_activities": -10360000000
},
"effects_of_foreign_currency_exchange_rate_changes": -212000000,
"increase_decrease_in_cash_and_restricted_cash": 9733000000,
"cash_and_cash_equivalents_and_restricted_cash_beginning_of_year": 38643000000,
"cash_and_cash_equivalents_and_restricted_cash_end_of_year": 48376000000,
"derived": {
"capital_expenditures": 18976000000,
"operating_cash_flow_less_capital_expenditures": 11616000000,
"dividends_paid": 0
}
},
"capital_expenditures_by_segment": {
"insurance": 99000000,
"bnsf": 3690000000,
"bhe": 9013000000,
"manufacturing": 2779000000,
"service_retailing": 2360000000,
"mclane": 236000000,
"pilot": 799000000,
"total": 18976000000
},
"depreciation_and_amortization_by_segment": {
"insurance": 411000000,
"bnsf": 2621000000,
"bhe": 4003000000,
"manufacturing": 2422000000,
"service_retailing": 1522000000,
"mclane": 217000000,
"pilot": 1012000000,
"segment_total": 12208000000,
"corporate_eliminations_other": 647000000,
"consolidated": 12855000000
}
},
{
"fiscal_year": 2023,
"label": "FY2023",
"period_type": "fiscal year",
"period_start": "2023-01-01",
"period_end": "2023-12-31",
"source_accession": "0001193125-26-083899",
"income_statement": {
"revenues": {
"insurance_and_other": {
"insurance_premiums_earned": 83403000000,
"sales_and_service_revenues": 207148000000,
"leasing_revenues": 8416000000,
"interest_dividend_and_other_investment_income": 15764000000,
"subtotal": 314731000000
},
"railroad_utilities_and_energy": {
"railroad_transportation_revenues": 23791000000,
"utility_and_energy_operating_revenues": 21232000000,
"service_revenues_and_other_income": 4728000000,
"subtotal": 49751000000
},
"total_revenues": 364482000000
},
"investment_gains_losses": 74855000000,
"costs_and_expenses": {
"insurance_and_other": {
"insurance_losses_and_loss_adjustment_expenses": 57187000000,
"life_annuity_and_health_insurance_benefits": 4029000000,
"insurance_underwriting_expenses": 15270000000,
"cost_of_sales_and_services": 169281000000,
"cost_of_leasing": 6037000000,
"selling_general_and_administrative_expenses": 25458000000,
"interest_expense": 1671000000,
"subtotal": 278933000000
},
"railroad_utilities_and_energy": {
"freight_rail_transportation_expenses": 16464000000,
"utilities_and_energy_cost_of_sales_and_other_expenses": 18399000000,
"other_expenses": 4016000000,
"interest_expense": 3332000000,
"subtotal": 42211000000
},
"total_costs_and_expenses": 321144000000
},
"earnings_before_income_taxes_and_equity_method_earnings": 118193000000,
"equity_method_earnings_losses": 1973000000,
"earnings_before_income_taxes": 120166000000,
"income_tax_expense": 23019000000,
"net_earnings_including_noncontrolling_interests": 97147000000,
"earnings_attributable_to_noncontrolling_interests": 924000000,
"net_earnings_attributable_to_berkshire_shareholders": 96223000000,
"per_share": {
"net_earnings_per_average_equivalent_class_a_share": 66412,
"net_earnings_per_average_equivalent_class_b_share": 44.27,
"average_equivalent_class_a_shares_outstanding": 1448880,
"average_equivalent_class_b_shares_outstanding": 2173319709,
"class_b_to_class_a_ratio": "1 Class B share = 1/1500 of a Class A share"
}
},
"after_tax_earnings_by_source": {
"insurance_underwriting": 5428000000,
"insurance_investment_income": 9567000000,
"bnsf_railroad": 5087000000,
"berkshire_hathaway_energy": 2331000000,
"manufacturing_service_and_retailing": 13362000000,
"investment_gains_losses": 58873000000,
"other_than_temporary_impairment_of_kraft_heinz_and_occidental": null,
"other": 1575000000,
"net_earnings_attributable_to_berkshire_shareholders": 96223000000,
"operating_earnings_excluding_investment_gains_and_impairments": 37350000000
},
"insurance_underwriting": {
"pre_tax_underwriting_earnings": {
"geico": 3635000000,
"bh_primary": 1374000000,
"bh_reinsurance_group": 1904000000,
"total": 6913000000
},
"income_taxes": 1485000000,
"after_tax_underwriting_earnings": 5428000000,
"effective_income_tax_rate_pct": 21.5,
"geico": {
"premiums_written": 39837000000,
"premiums_earned": 39264000000,
"losses_and_lae": 31814000000,
"underwriting_expenses": 3815000000,
"loss_ratio_pct": 81.0,
"expense_ratio_pct": 9.7,
"combined_ratio_pct": 90.7,
"pre_tax_underwriting_earnings": 3635000000
},
"bh_primary": {
"premiums_written": 18142000000,
"premiums_earned": 17129000000,
"losses_and_lae": 11224000000,
"underwriting_expenses": 4531000000,
"loss_ratio_pct": 65.5,
"expense_ratio_pct": 26.5,
"combined_ratio_pct": 92.0,
"pre_tax_underwriting_earnings": 1374000000
},
"bh_reinsurance_group": {
"property_casualty": {
"premiums_written": 22360000000,
"premiums_earned": 21938000000,
"losses_and_lae": 12664000000,
"underwriting_expenses": 5766000000,
"loss_ratio_pct": 57.7,
"expense_ratio_pct": 26.3,
"combined_ratio_pct": 84.0,
"pre_tax_underwriting_earnings": 3508000000
},
"life_health": {
"premiums_written": 5093000000,
"premiums_earned": 5072000000,
"life_and_health_benefits": 3593000000,
"underwriting_expenses": 1125000000,
"pre_tax_underwriting_earnings": 354000000
},
"retroactive_reinsurance_pre_tax": -1541000000,
"periodic_payment_annuity_pre_tax": -650000000,
"variable_annuity_pre_tax": 233000000,
"total_pre_tax_underwriting_earnings": 1904000000
},
"after_tax_losses_from_significant_catastrophe_events_approx": -725000000
},
"insurance_investment_income": {
"interest_and_other_investment_income": 6081000000,
"dividend_income": 5500000000,
"pre_tax_net_investment_income": 11581000000,
"income_taxes": 2014000000,
"after_tax_net_investment_income": 9567000000,
"effective_income_tax_rate_pct": 17.4
},
"insurance_float_approx": 169000000000,
"railroad_bnsf": {
"railroad_operating_revenues": 23474000000,
"railroad_operating_expenses": 16059000000,
"railroad_operating_earnings": 7415000000,
"other_revenues_expenses_net": 247000000,
"interest_expense": -1048000000,
"pre_tax_earnings": 6614000000,
"income_taxes": 1527000000,
"net_earnings": 5087000000,
"effective_income_tax_rate_pct": 23.1,
"operating_ratio_pct": 68.4
},
"utilities_and_energy_bhe": {
"energy_operating_revenues": 21280000000,
"real_estate_operating_revenues": 4322000000,
"other_income": 406000000,
"total_revenues": 26008000000,
"energy_cost_of_sales": 7057000000,
"energy_operating_expenses": 11412000000,
"real_estate_operating_costs_and_expenses": 4316000000,
"interest_expense": 2283000000,
"total_costs_and_expenses": 25068000000,
"pre_tax_earnings": 940000000,
"income_tax_benefit": -2022000000,
"net_earnings_after_income_taxes": 2962000000,
"noncontrolling_interests_of_bhe_subsidiaries": 352000000,
"net_earnings_attributable_to_bhe": 2610000000,
"noncontrolling_interests_and_preferred_stock_dividends": 279000000,
"net_earnings_attributable_to_berkshire_shareholders": 2331000000,
"after_tax_earnings_by_activity": {
"us_utilities": 906000000,
"natural_gas_pipelines": 1079000000,
"other_energy_businesses": 1024000000,
"real_estate_brokerage": 13000000,
"corporate_interest_and_other": -412000000
}
},
"manufacturing_service_and_retailing": {
"revenues": {
"manufacturing": 75405000000,
"service_and_retailing": 144342000000,
"total": 219747000000
},
"pre_tax_earnings": {
"manufacturing": 11445000000,
"service_and_retailing": 6144000000,
"total": 17589000000
},
"income_taxes_and_noncontrolling_interests": 4227000000,
"net_earnings": 13362000000,
"effective_income_tax_rate_pct": 22.2,
"pre_tax_margin_pct": 8.0,
"after_tax_acquisition_accounting_expenses_excluded": -693000000
},
"investment_gains_losses_detail": {
"pre_tax_investment_gains_losses": 74855000000,
"income_taxes_and_noncontrolling_interests": 15982000000,
"after_tax_investment_gains_losses": 58873000000,
"effective_income_tax_rate_pct": 21.3,
"pre_tax_unrealized_gains_on_equity_securities_still_held_at_year_end_approx": 69100000000,
"pre_tax_gains_losses_on_equity_securities_sold_during_year": 2700000000
},
"other_after_tax_earnings": {
"investment_income_not_allocated_to_operating_businesses": 959000000,
"foreign_currency_gains_losses_on_non_usd_senior_notes": 211000000,
"goodwill_impairment_losses": null,
"equity_method_earnings": 1750000000,
"acquisition_accounting_expenses": -693000000,
"other_earnings_losses": -652000000,
"total": 1575000000
},
"balance_sheet": {
"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.",
"shareholders_equity": {
"common_stock_and_capital_in_excess_of_par_value": 34488000000,
"accumulated_other_comprehensive_income": -3763000000,
"retained_earnings": 607350000000,
"treasury_stock_at_cost": -76802000000,
"berkshire_shareholders_equity": 561273000000,
"noncontrolling_interests": 6236000000,
"total_shareholders_equity": 567509000000
}
},
"cash_flow": {
"operating_activities": {
"net_earnings": 97147000000,
"investment_gains_losses_reversal": -74855000000,
"depreciation_and_amortization": 12486000000,
"discount_accretion_on_investments_principally_us_treasury_bills": -5510000000,
"equity_method_investment_impairment_losses": null,
"other_adjustments": -513000000,
"change_in_unpaid_losses_and_lae": 2628000000,
"change_in_deferred_charges_retroactive_reinsurance": 375000000,
"change_in_unearned_insurance_premiums": 1854000000,
"change_in_receivables_and_originated_loans": -1949000000,
"change_in_other_assets": 98000000,
"change_in_other_liabilities": 2570000000,
"change_in_income_taxes": 14865000000,
"net_cash_flows_from_operating_activities": 49196000000
},
"investing_activities": {
"purchases_of_equity_securities": -16462000000,
"sales_of_equity_securities": 40631000000,
"purchases_of_us_treasury_bills_and_fixed_maturity_securities": -235007000000,
"sales_of_us_treasury_bills_and_fixed_maturity_securities": 52302000000,
"redemptions_and_maturities_of_us_treasury_bills_and_fixed_maturity_securities": 153201000000,
"acquisitions_of_businesses_net_of_cash_acquired": -8604000000,
"purchases_of_property_plant_and_equipment_and_equipment_held_for_lease": -19409000000,
"other": 685000000,
"net_cash_flows_from_investing_activities": -32663000000
},
"financing_activities": {
"proceeds_from_borrowings_of_insurance_and_other_businesses": 2133000000,
"repayments_of_borrowings_of_insurance_and_other_businesses": -6027000000,
"proceeds_from_borrowings_of_railroad_utilities_and_energy_businesses": 5684000000,
"repayments_of_borrowings_of_railroad_utilities_and_energy_businesses": -5284000000,
"changes_in_short_term_borrowings_net": 2407000000,
"acquisitions_of_treasury_stock_share_repurchases": -9171000000,
"other_principally_transactions_with_noncontrolling_interests": -4147000000,
"net_cash_flows_from_financing_activities": -14405000000
},
"effects_of_foreign_currency_exchange_rate_changes": 116000000,
"increase_decrease_in_cash_and_restricted_cash": 2244000000,
"cash_and_cash_equivalents_and_restricted_cash_beginning_of_year": 36399000000,
"cash_and_cash_equivalents_and_restricted_cash_end_of_year": 38643000000,
"derived": {
"capital_expenditures": 19409000000,
"operating_cash_flow_less_capital_expenditures": 29787000000,
"dividends_paid": 0
}
},
"capital_expenditures_by_segment": {
"insurance": 68000000,
"bnsf": 3920000000,
"bhe": 9148000000,
"manufacturing": 2714000000,
"service_retailing": 2590000000,
"mclane": 264000000,
"pilot": 705000000,
"total": 19409000000
},
"depreciation_and_amortization_by_segment": {
"insurance": 401000000,
"bnsf": 2627000000,
"bhe": 4010000000,
"manufacturing": 2290000000,
"service_retailing": 1335000000,
"mclane": 208000000,
"pilot": 796000000,
"segment_total": 11667000000,
"corporate_eliminations_other": 819000000,
"consolidated": 12486000000
}
}
],
"quarterly": [
{
"label": "Second Quarter 2026",
"period_type": "three months",
"period_start": "2026-04-01",
"period_end": "2026-06-30",
"source_accession": "0001193125-26-341032",
"income_statement": {
"revenues": {
"insurance_and_other": {
"insurance_premiums_earned": 22475000000,
"sales_and_service_revenues": 57282000000,
"leasing_revenues": 2887000000,
"interest_dividend_and_other_investment_income": 5857000000,
"subtotal": 88501000000
},
"railroad_utilities_and_energy": {
"railroad_transportation_revenues": 6553000000,
"utility_and_energy_operating_revenues": 5408000000,
"service_revenues_and_other_income": 1346000000,
"subtotal": 13307000000
},
"total_revenues": 101808000000
},
"investment_gains_losses": 16077000000,
"costs_and_expenses": {
"insurance_and_other": {
"insurance_losses_and_loss_adjustment_expenses": 14274000000,
"life_annuity_and_health_insurance_benefits": 1233000000,
"insurance_underwriting_expenses": 4788000000,
"cost_of_sales_and_services": 45947000000,
"cost_of_leasing": 2141000000,
"selling_general_and_administrative_expenses": 6724000000,
"interest_expense": 315000000,
"subtotal": 75422000000
},
"railroad_utilities_and_energy": {
"freight_rail_transportation_expenses": 4308000000,
"utilities_and_energy_cost_of_sales_and_other_expenses": 4134000000,
"other_expenses": 1186000000,
"interest_expense": 1020000000,
"subtotal": 10648000000
},
"total_costs_and_expenses": 86070000000
},
"earnings_before_income_taxes_and_equity_method_earnings": 31815000000,
"equity_method_earnings_losses": 248000000,
"earnings_before_income_taxes": 32063000000,
"income_tax_expense": 6291000000,
"net_earnings_including_noncontrolling_interests": 25772000000,
"earnings_attributable_to_noncontrolling_interests": 105000000,
"net_earnings_attributable_to_berkshire_shareholders": 25667000000,
"per_share": {
"net_earnings_per_average_equivalent_class_a_share": 17868,
"net_earnings_per_average_equivalent_class_b_share": 11.91,
"average_equivalent_class_a_shares_outstanding": 1436443,
"average_equivalent_class_b_shares_outstanding": 2154664073,
"class_b_to_class_a_ratio": "1 Class B share = 1/1500 of a Class A share"
}
},
"after_tax_earnings_by_source": {
"insurance_underwriting": 1731000000,
"insurance_investment_income": 3059000000,
"bnsf_railroad": 1558000000,
"berkshire_hathaway_energy": 891000000,
"manufacturing_service_and_retailing": 4470000000,
"investment_gains_losses": 12684000000,
"other_than_temporary_impairment_of_kraft_heinz_and_occidental": 0,
"other": 1274000000,
"net_earnings_attributable_to_berkshire_shareholders": 25667000000,
"operating_earnings_excluding_investment_gains_and_impairments": 12983000000
},
"insurance_underwriting": {
"pre_tax_underwriting_earnings": {
"geico": 994000000,
"bh_primary": 273000000,
"bh_reinsurance_group": 913000000,
"total": 2180000000
},
"income_taxes": 449000000,
"after_tax_underwriting_earnings": 1731000000,
"effective_income_tax_rate_pct": 20.6,
"geico": {
"premiums_written": 11124000000,
"premiums_earned": 11291000000,
"losses_and_lae": 8644000000,
"underwriting_expenses": 1653000000,
"loss_ratio_pct": 76.6,
"expense_ratio_pct": 14.6,
"combined_ratio_pct": 91.2,
"pre_tax_underwriting_earnings": 994000000
},
"bh_primary": {
"premiums_written": 4620000000,
"premiums_earned": 4673000000,
"losses_and_lae": 3011000000,
"underwriting_expenses": 1389000000,
"loss_ratio_pct": 64.4,
"expense_ratio_pct": 29.8,
"combined_ratio_pct": 94.2,
"pre_tax_underwriting_earnings": 273000000
},
"bh_reinsurance_group": {
"property_casualty": {
"premiums_written": 5226000000,
"premiums_earned": 5029000000,
"losses_and_lae": 2442000000,
"underwriting_expenses": 1449000000,
"loss_ratio_pct": 48.6,
"expense_ratio_pct": 28.8,
"combined_ratio_pct": 77.4,
"pre_tax_underwriting_earnings": 1138000000
},
"life_health": {
"premiums_written": 1479000000,
"premiums_earned": 1482000000,
"life_and_health_benefits": 1118000000,
"underwriting_expenses": 313000000,
"pre_tax_underwriting_earnings": 51000000
},
"retroactive_reinsurance_pre_tax": -180000000,
"periodic_payment_annuity_pre_tax": -148000000,
"variable_annuity_pre_tax": 52000000,
"total_pre_tax_underwriting_earnings": 913000000
},
"after_tax_losses_from_significant_catastrophe_events_approx": 0
},
"insurance_investment_income": {
"interest_and_other_investment_income": 2200000000,
"dividend_income": 1485000000,
"pre_tax_net_investment_income": 3685000000,
"income_taxes": 626000000,
"after_tax_net_investment_income": 3059000000,
"effective_income_tax_rate_pct": 17
},
"railroad_bnsf": {
"railroad_operating_revenues": 6562000000,
"railroad_operating_expenses": 4292000000,
"railroad_operating_earnings": 2270000000,
"other_revenues_expenses_net": 67000000,
"interest_expense": -276000000,
"pre_tax_earnings": 2061000000,
"income_taxes": 503000000,
"net_earnings": 1558000000,
"effective_income_tax_rate_pct": 24.4,
"operating_ratio_pct": 65.4
},
"utilities_and_energy_bhe": {
"energy_operating_revenues": 5413000000,
"real_estate_operating_revenues": 1273000000,
"other": 49000000,
"total_revenues": 6735000000,
"energy_cost_of_sales": 1376000000,
"energy_operating_expenses": 2760000000,
"real_estate_operating_costs_and_expenses": 1250000000,
"interest_expense": 745000000,
"total_costs_and_expenses": 6131000000,
"pre_tax_earnings": 604000000,
"income_tax_benefit": -333000000,
"net_earnings_after_income_taxes": 937000000,
"noncontrolling_interests_of_bhe_subsidiaries": 46000000,
"net_earnings_attributable_to_bhe": 891000000,
"preferred_stock_dividends": 0,
"net_earnings_attributable_to_berkshire_shareholders": 891000000,
"effective_income_tax_rate_pct": -55.1,
"after_tax_earnings_by_activity": {
"us_utilities": 597000000,
"natural_gas_pipelines": 242000000,
"other_energy_businesses": 291000000,
"real_estate_brokerage": 20000000,
"corporate_interest_and_other": -259000000
}
},
"manufacturing_service_and_retailing": {
"revenues": {
"manufacturing": 22568000000,
"service_and_retailing": 38934000000,
"total": 61502000000
},
"pre_tax_earnings": {
"manufacturing": 4117000000,
"service_and_retailing": 1729000000,
"total": 5846000000
},
"income_taxes_and_noncontrolling_interests": 1376000000,
"net_earnings": 4470000000,
"effective_income_tax_rate_pct": 22.8,
"pre_tax_margin_pct": 9.5,
"after_tax_acquisition_accounting_expenses_excluded": -113000000
},
"investment_gains_losses_detail": {
"pre_tax_investment_gains_losses": 16077000000,
"income_taxes_and_noncontrolling_interests": 3393000000,
"after_tax_investment_gains_losses": 12684000000,
"effective_income_tax_rate_pct": 21,
"pre_tax_unrealized_gains_losses_on_equity_securities_still_held_at_period_end": 15644000000,
"pre_tax_gains_losses_on_equity_securities_sold_during_period": 430000000,
"pre_tax_gains_losses_on_equity_securities_total": 16074000000,
"pre_tax_gross_realized_gains_on_fixed_maturity_securities": 29000000,
"pre_tax_gross_realized_losses_on_fixed_maturity_securities": -6000000,
"pre_tax_other_investment_gains_losses": -20000000
},
"other_after_tax_earnings": {
"investment_income_not_allocated_to_operating_businesses": 957000000,
"foreign_currency_gains_losses_on_non_usd_senior_notes": 326000000,
"equity_method_earnings": 211000000,
"acquisition_accounting_expenses": -113000000,
"other_earnings_losses": -107000000,
"total": 1274000000
},
"capital_expenditures_by_segment": {
"insurance": 38000000,
"bnsf": 996000000,
"bhe": 2531000000,
"manufacturing": 955000000,
"service_retailing": 799000000,
"mclane": 54000000,
"pilot": 272000000,
"total": 5645000000
},
"depreciation_and_amortization_by_segment": {
"insurance": 108000000,
"bnsf": 698000000,
"bhe": 1048000000,
"manufacturing": 868000000,
"service_retailing": 412000000,
"mclane": 48000000,
"pilot": 279000000,
"segment_total": 3461000000,
"corporate_eliminations_other": 145000000,
"consolidated": 3606000000
},
"insurance_float_approx": 177500000000,
"balance_sheet": {
"as_of": "2026-06-30",
"assets": {
"insurance_and_other": {
"cash_and_cash_equivalents": 35096000000,
"short_term_investments_in_us_treasury_bills": 324905000000,
"investments_in_fixed_maturity_securities": 17034000000,
"investments_in_equity_securities": 323779000000,
"equity_method_investments": 19948000000,
"loans_and_finance_receivables": 30724000000,
"other_receivables": 48635000000,
"inventories": 26575000000,
"property_plant_and_equipment": 39409000000,
"equipment_held_for_lease": 18912000000,
"goodwill": 56192000000,
"other_intangible_assets": 33949000000,
"deferred_charges_retroactive_reinsurance": 7675000000,
"other": 27813000000,
"subtotal": 1010646000000
},
"railroad_utilities_and_energy": {
"cash_and_cash_equivalents": 5513000000,
"receivables": 4562000000,
"property_plant_and_equipment": 185815000000,
"goodwill": 26981000000,
"regulatory_assets": 4385000000,
"other": 25169000000,
"subtotal": 252425000000
},
"total_assets": 1263071000000
},
"liabilities": {
"insurance_and_other": {
"unpaid_losses_and_loss_adjustment_expenses": 122875000000,
"unpaid_losses_and_lae_retroactive_reinsurance": 29978000000,
"unearned_insurance_premiums": 32754000000,
"life_annuity_and_health_insurance_benefits": 17738000000,
"other_insurance_policyholder_liabilities": 9942000000,
"accounts_payable_accruals_and_other_liabilities": 41422000000,
"payable_for_purchases_of_us_treasury_bills": 771000000,
"aircraft_repurchase_liabilities_and_unearned_lease_revenues": 11217000000,
"notes_payable_and_other_borrowings": 43302000000,
"subtotal": 309999000000
},
"railroad_utilities_and_energy": {
"accounts_payable_accruals_and_other_liabilities": 20424000000,
"regulatory_liabilities": 6998000000,
"notes_payable_and_other_borrowings": 85297000000,
"subtotal": 112719000000
},
"income_taxes_principally_deferred": 90176000000,
"total_liabilities": 512894000000
},
"shareholders_equity": {
"common_stock_at_par_value": 8000000,
"capital_in_excess_of_par_value": 35615000000,
"accumulated_other_comprehensive_income": -2971000000,
"retained_earnings": 798959000000,
"treasury_stock_at_cost": -83701000000,
"berkshire_shareholders_equity": 747910000000,
"noncontrolling_interests": 2267000000,
"total_shareholders_equity": 750177000000
},
"total_liabilities_and_shareholders_equity": 1263071000000,
"debt_summary": {
"insurance_and_other_borrowings": 43302000000,
"railroad_utilities_and_energy_borrowings": 85297000000,
"total_notes_payable_and_other_borrowings": 128599000000,
"berkshire_parent_borrowings": 20364000000,
"berkshire_hathaway_finance_corporation_borrowings": 18190000000,
"other_and_short_term_subsidiary_borrowings_of_insurance_and_other": 4748000000,
"bnsf_borrowings": 23530000000,
"bhe_and_subsidiaries_borrowings": 61767000000
},
"cash_and_investments_held_in_insurance_businesses": {
"cash_cash_equivalents_and_us_treasury_bills": 210310000000,
"equity_securities": 321865000000,
"fixed_maturity_securities": 16781000000,
"other_including_loans_to_affiliates": 4360000000,
"total": 553316000000
},
"memo": {
"us_treasury_bills_with_maturities_of_three_months_or_less_included_in_cash_approx": 3200000000,
"unsettled_purchases_of_us_treasury_bills_included_in_short_term_investments_and_liabilities": 771000000,
"cash_cash_equivalents_and_us_treasury_bills_of_insurance_and_other_net_of_unsettled_purchases_approx": 359200000000
}
},
"equity_securities_portfolio": {
"cost_basis": 106521000000,
"net_unrealized_gains": 217258000000,
"fair_value": 323779000000,
"by_sector_fair_value": {
"banks_insurance_and_finance": 94477000000,
"consumer_products": 100486000000,
"commercial_industrial_and_other": 128816000000
},
"five_largest_holdings_share_of_portfolio_pct": 66.0,
"five_largest_holdings": [
"Alphabet Inc.",
"American Express Company",
"Apple Inc.",
"Bank of America Corporation",
"The Coca-Cola Company"
]
},
"book_value": {
"berkshire_shareholders_equity": 747910000000,
"equivalent_class_a_shares_outstanding_at_period_end": 1431693,
"book_value_per_equivalent_class_a_share": 522395.51,
"book_value_per_equivalent_class_b_share": 348.26
},
"shares_outstanding_on_cover_page": {
"as_of": "2026-07-29",
"class_a_shares": 488450,
"class_b_shares": 1408035161,
"note": "Cover-page counts reported in the second-quarter 2026 Form 10-Q, stated as of July 29, 2026. Each Class A share is convertible into 1,500 Class B shares, so on an equivalent Class A basis these July 29, 2026 counts correspond to 1,427,140 equivalent Class A shares. Separately, the notes to the financial statements state that 1,431,693 equivalent Class A shares were outstanding at June 30, 2026 - that is the count the book value per share uses."
}
},
{
"label": "Second Quarter 2025 (comparative)",
"period_type": "three months",
"period_start": "2025-04-01",
"period_end": "2025-06-30",
"source_accession": "0001193125-26-341032",
"income_statement": {
"revenues": {
"insurance_and_other": {
"insurance_premiums_earned": 22195000000,
"sales_and_service_revenues": 49658000000,
"leasing_revenues": 2509000000,
"interest_dividend_and_other_investment_income": 6002000000,
"subtotal": 80364000000
},
"railroad_utilities_and_energy": {
"railroad_transportation_revenues": 5718000000,
"utility_and_energy_operating_revenues": 5118000000,
"service_revenues_and_other_income": 1315000000,
"subtotal": 12151000000
},
"total_revenues": 92515000000
},
"investment_gains_losses": 6364000000,
"costs_and_expenses": {
"insurance_and_other": {
"insurance_losses_and_loss_adjustment_expenses": 14073000000,
"life_annuity_and_health_insurance_benefits": 1132000000,
"insurance_underwriting_expenses": 4456000000,
"cost_of_sales_and_services": 39616000000,
"cost_of_leasing": 1887000000,
"selling_general_and_administrative_expenses": 7931000000,
"interest_expense": 318000000,
"subtotal": 69413000000
},
"railroad_utilities_and_energy": {
"freight_rail_transportation_expenses": 3729000000,
"utilities_and_energy_cost_of_sales_and_other_expenses": 4156000000,
"other_expenses": 1151000000,
"interest_expense": 935000000,
"subtotal": 9971000000
},
"total_costs_and_expenses": 79384000000
},
"earnings_before_income_taxes_and_equity_method_earnings": 19495000000,
"equity_method_earnings_losses": -4745000000,
"earnings_before_income_taxes": 14750000000,
"income_tax_expense": 2293000000,
"net_earnings_including_noncontrolling_interests": 12457000000,
"earnings_attributable_to_noncontrolling_interests": 87000000,
"net_earnings_attributable_to_berkshire_shareholders": 12370000000,
"per_share": {
"net_earnings_per_average_equivalent_class_a_share": 8601,
"net_earnings_per_average_equivalent_class_b_share": 5.73,
"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": 1992000000,
"insurance_investment_income": 3367000000,
"bnsf_railroad": 1466000000,
"berkshire_hathaway_energy": 702000000,
"manufacturing_service_and_retailing": 3601000000,
"investment_gains_losses": 4970000000,
"other_than_temporary_impairment_of_kraft_heinz_and_occidental": -3760000000,
"other": 32000000,
"net_earnings_attributable_to_berkshire_shareholders": 12370000000,
"operating_earnings_excluding_investment_gains_and_impairments": 11160000000
},
"insurance_underwriting": {
"pre_tax_underwriting_earnings": {
"geico": 1821000000,
"bh_primary": 63000000,
"bh_reinsurance_group": 650000000,
"total": 2534000000
},
"income_taxes": 542000000,
"after_tax_underwriting_earnings": 1992000000,
"effective_income_tax_rate_pct": 21.4,
"geico": {
"premiums_written": 11003000000,
"premiums_earned": 11064000000,
"losses_and_lae": 7945000000,
"underwriting_expenses": 1298000000,
"loss_ratio_pct": 71.8,
"expense_ratio_pct": 11.7,
"combined_ratio_pct": 83.5,
"pre_tax_underwriting_earnings": 1821000000
},
"bh_primary": {
"premiums_written": 4820000000,
"premiums_earned": 4677000000,
"losses_and_lae": 3193000000,
"underwriting_expenses": 1421000000,
"loss_ratio_pct": 68.3,
"expense_ratio_pct": 30.4,
"combined_ratio_pct": 98.7,
"pre_tax_underwriting_earnings": 63000000
},
"bh_reinsurance_group": {
"property_casualty": {
"premiums_written": 5022000000,
"premiums_earned": 5108000000,
"losses_and_lae": 2754000000,
"underwriting_expenses": 1309000000,
"loss_ratio_pct": 53.9,
"expense_ratio_pct": 25.6,
"combined_ratio_pct": 79.5,
"pre_tax_underwriting_earnings": 1045000000
},
"life_health": {
"premiums_written": 1347000000,
"premiums_earned": 1346000000,
"life_and_health_benefits": 1043000000,
"underwriting_expenses": 251000000,
"pre_tax_underwriting_earnings": 52000000
},
"retroactive_reinsurance_pre_tax": -268000000,
"periodic_payment_annuity_pre_tax": -213000000,
"variable_annuity_pre_tax": 34000000,
"total_pre_tax_underwriting_earnings": 650000000
},
"after_tax_losses_from_significant_catastrophe_events_approx": 0
},
"insurance_investment_income": {
"interest_and_other_investment_income": 2524000000,
"dividend_income": 1479000000,
"pre_tax_net_investment_income": 4003000000,
"income_taxes": 636000000,
"after_tax_net_investment_income": 3367000000,
"effective_income_tax_rate_pct": 15.9
},
"railroad_bnsf": {
"railroad_operating_revenues": 5726000000,
"railroad_operating_expenses": 3713000000,
"railroad_operating_earnings": 2013000000,
"other_revenues_expenses_net": 66000000,
"interest_expense": -270000000,
"pre_tax_earnings": 1809000000,
"income_taxes": 343000000,
"net_earnings": 1466000000,
"effective_income_tax_rate_pct": 19,
"operating_ratio_pct": 64.8
},
"utilities_and_energy_bhe": {
"energy_operating_revenues": 5130000000,
"real_estate_operating_revenues": 1264000000,
"other": 24000000,
"total_revenues": 6418000000,
"energy_cost_of_sales": 1434000000,
"energy_operating_expenses": 2725000000,
"real_estate_operating_costs_and_expenses": 1210000000,
"interest_expense": 664000000,
"total_costs_and_expenses": 6033000000,
"pre_tax_earnings": 385000000,
"income_tax_benefit": -357000000,
"net_earnings_after_income_taxes": 742000000,
"noncontrolling_interests_of_bhe_subsidiaries": 40000000,
"net_earnings_attributable_to_bhe": 702000000,
"preferred_stock_dividends": 0,
"net_earnings_attributable_to_berkshire_shareholders": 702000000,
"effective_income_tax_rate_pct": -92.7,
"after_tax_earnings_by_activity": {
"us_utilities": 434000000,
"natural_gas_pipelines": 183000000,
"other_energy_businesses": 303000000,
"real_estate_brokerage": 45000000,
"corporate_interest_and_other": -263000000
}
},
"manufacturing_service_and_retailing": {
"revenues": {
"manufacturing": 19969000000,
"service_and_retailing": 33398000000,
"total": 53367000000
},
"pre_tax_earnings": {
"manufacturing": 3247000000,
"service_and_retailing": 1400000000,
"total": 4647000000
},
"income_taxes_and_noncontrolling_interests": 1046000000,
"net_earnings": 3601000000,
"effective_income_tax_rate_pct": 21.8,
"pre_tax_margin_pct": 8.7,
"after_tax_acquisition_accounting_expenses_excluded": -124000000
},
"investment_gains_losses_detail": {
"pre_tax_investment_gains_losses": 6364000000,
"income_taxes_and_noncontrolling_interests": 1394000000,
"after_tax_investment_gains_losses": 4970000000,
"effective_income_tax_rate_pct": 21.7,
"pre_tax_unrealized_gains_losses_on_equity_securities_still_held_at_period_end": 7593000000,
"pre_tax_gains_losses_on_equity_securities_sold_during_period": -370000000,
"pre_tax_gains_losses_on_equity_securities_total": 7223000000,
"pre_tax_gross_realized_gains_on_fixed_maturity_securities": 8000000,
"pre_tax_gross_realized_losses_on_fixed_maturity_securities": -8000000,
"pre_tax_other_investment_gains_losses": -859000000
},
"other_after_tax_earnings": {
"investment_income_not_allocated_to_operating_businesses": 866000000,
"foreign_currency_gains_losses_on_non_usd_senior_notes": -877000000,
"equity_method_earnings": 184000000,
"acquisition_accounting_expenses": -124000000,
"other_earnings_losses": -17000000,
"total": 32000000
},
"capital_expenditures_by_segment": {
"insurance": 11000000,
"bnsf": 947000000,
"bhe": 2445000000,
"manufacturing": 603000000,
"service_retailing": 553000000,
"mclane": 45000000,
"pilot": 254000000,
"total": 4858000000
},
"depreciation_and_amortization_by_segment": {
"insurance": 110000000,
"bnsf": 679000000,
"bhe": 1064000000,
"manufacturing": 612000000,
"service_retailing": 404000000,
"mclane": 47000000,
"pilot": 260000000,
"segment_total": 3176000000,
"corporate_eliminations_other": 153000000,
"consolidated": 3329000000
},
"balance_sheet": {
"as_of": "2025-06-30",
"note": "The second-quarter 2026 Form 10-Q presents balance sheets only at June 30, 2026 and December 31, 2025. The equity amounts below are the June 30, 2025 column of the same filing's statement of changes in shareholders' equity; no June 30, 2025 asset or liability detail is presented.",
"shareholders_equity": {
"common_stock_and_capital_in_excess_of_par_value": 35632000000,
"accumulated_other_comprehensive_income": -1895000000,
"retained_earnings": 713191000000,
"treasury_stock_at_cost": -78939000000,
"noncontrolling_interests": 2287000000,
"total_shareholders_equity": 670276000000,
"berkshire_shareholders_equity": 667989000000
},
"cash_and_cash_equivalents_and_restricted_cash": {
"insurance_and_other": 96193000000,
"railroad_utilities_and_energy": 4293000000,
"restricted_cash_included_in_other_assets": 742000000,
"total": 101228000000
}
}
}
],
"notes": [
"Every figure in this record was read from one of two filings: the Form 10-K for the year ended December 31, 2025 (accession 0001193125-26-083899, filed March 2, 2026) and the Form 10-Q for the quarter ended June 30, 2026 (accession 0001193125-26-341032, filed August 10, 2026). Each period block names its source accession.",
"This record covers exactly the periods those two filings present: the fiscal years 2025, 2024 and 2023 from the 10-K; the second quarters of 2026 and 2025, and the first six months of 2026 with its 2025 comparative, from the 10-Q; plus a trailing-twelve-month view derived from both. Three-month periods are in the quarterly list; the six-month and trailing-twelve-month views have their own blocks and are never mixed in with the quarters.",
"The three annual periods were checked line by line against the columns printed in the FY2025 10-K - the income statement, balance sheet, cash flow statement, the earnings-by-source table and the segment capital-expenditure and depreciation tables - and agreed in every case, so they are carried unchanged. Berkshire restated nothing.",
"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 $16.1 billion in the second quarter of 2026 against $6.4 billion a year earlier, and $14.5 billion in the first six months of 2026 against a loss of $71 million in 2025. Berkshire states in the 10-Q 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: $12.98 billion in the second quarter of 2026 against $11.16 billion a year earlier, and $24.33 billion for the first six months against $20.80 billion.",
"The year-over-year comparison is also distorted by a one-off charge in the prior year: the second quarter of 2025 absorbed a $3.76 billion after-tax other-than-temporary impairment on Berkshire's equity-method stake in Kraft Heinz, which is why equity method results that quarter were a loss of $4.745 billion. In the quarterly periods the filing labels this line as relating to the Kraft Heinz investment alone; in the annual periods it covers both Kraft Heinz and Occidental. The same field name is used throughout so the series can be read as one line. At June 30, 2026 Berkshire states the carrying value of the Kraft Heinz investment exceeded its fair value by $1.1 billion but concluded no further impairment was required.",
"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 BRK-B the Class B figures are the relevant ones: $11.91 in the second quarter of 2026 against $5.73 a year earlier, and $16.59 for the first six months against $7.87.",
"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 filing states directly: 1,431,693 at June 30, 2026, against 1,438,223 at December 31, 2025. That gives $522,395.51 per equivalent Class A share and $348.26 per equivalent Class B share at June 30, 2026. Berkshire shareholders' equity rose $30.5 billion in the first six months of 2026, to $747.9 billion.",
"Total debt is presented the way Berkshire's balance sheet splits it, because the two halves are not cross-guaranteed. At June 30, 2026 the insurance and other businesses owed $43.302 billion and the railroad, utilities and energy businesses owed $85.297 billion, for $128.599 billion in total, against $45.763 billion and $83.318 billion at December 31, 2025. Within those totals the Berkshire parent owed $20.364 billion, Berkshire Hathaway Finance Corporation $18.190 billion, BNSF $23.530 billion and Berkshire Hathaway Energy and its subsidiaries $61.767 billion. The 10-Q states plainly that Berkshire does not guarantee any debt, borrowings or lines of credit of BHE, BNSF or their subsidiaries.",
"Cash is unusually structured and easy to misread. At June 30, 2026 the insurance and other businesses held $35.096 billion of cash and cash equivalents plus $324.905 billion of short-term U.S. Treasury Bills; the 10-Q states the combined figure net of payables for unsettled Treasury Bill purchases was $359.2 billion, down from $369.0 billion at December 31, 2025. The cash line itself already includes Treasury Bills with three months or less to maturity ($3.2 billion at June 30, 2026 against $17.6 billion at December 31, 2025), and the short-term investment line includes unsettled purchases that also sit in liabilities ($771 million against $167 million). Both memo items are carried in the balance_sheet block so the figures can be reconciled.",
"Float - the insurance liabilities Berkshire holds and invests before claims are paid - was approximately $177.5 billion at June 30, 2026, an increase of about $1.1 billion since December 31, 2025. Berkshire states its underwriting operations produced pre-tax earnings in the first six months of both 2026 and 2025, meaning the average cost of that float was negative in each period.",
"Share repurchases resumed in earnest. Berkshire bought back $235 million of stock in the first quarter of 2026 and $4.527 billion in the second, $4.762 billion charged to treasury stock in the equity statement for the six months; the cash flow statement shows $4.444 billion paid, the difference being settlement timing, and the 10-Q's discussion rounds the six-month figure to $4.8 billion. Berkshire repurchased nothing in 2025. It pays no dividend on either class of common stock, so dividends paid are zero in every period.",
"Capital spending remains concentrated in the two capital-intensive subsidiaries. Consolidated purchases of property, plant and equipment and equipment held for lease were $10.631 billion in the first six months of 2026, of which BNSF and BHE accounted for $6.689 billion. The 10-Q says BNSF and BHE forecast approximately $8.6 billion of capital expenditures over the remainder of 2026.",
"Two acquisitions shape the period. Berkshire completed the purchase of Occidental's chemicals business, OxyChem, on January 2, 2026 for approximately $9.4 billion; it is reported inside the industrial products group and contributed $1.4 billion of revenue and $149 million of pre-tax earnings in the second quarter. After the quarter closed, on July 24, 2026, Berkshire completed the acquisition of Taylor Morrison Home Corporation for approximately $6.8 billion in cash; none of the figures here include it, and the 10-Q says it was impracticable to estimate the values of the assets acquired at the time of filing.",
"Berkshire's 10-Q presents a cash flow statement only for the six-month periods, not for the quarter alone. The quarterly blocks therefore carry no cash_flow section; the six-month statements are in the year_to_date block and its prior-year comparative.",
"Likewise, the 10-Q presents balance sheets only at June 30, 2026 and December 31, 2025. The June 30, 2025 block therefore carries only the shareholders' equity amounts from that filing's statement of changes in shareholders' equity and the cash reconciliation at the foot of its cash flow statement.",
"Segment and MD&A tables reproduced here are Berkshire's own presentations, which do not always tie exactly to the consolidated income statement. BNSF is the clearest case: railroad operating revenues of $6.562 billion in the second quarter of 2026 in MD&A differ from the $6.553 billion of railroad transportation revenues on the consolidated statement and from the $6.601 billion of BNSF segment revenues in the segment note, because of intersegment items Berkshire does not eliminate from segment results. Similarly, the manufacturing, service and retailing tables in MD&A group McLane and Pilot into service and retailing, while the segment note reports them separately. These are presentation differences, not restatements.",
"Berkshire's manufacturing, service and retailing net earnings as presented in MD&A exclude certain acquisition-accounting expenses, chiefly intangible-asset amortization ($113 million after tax in the second quarter of 2026, $124 million a year earlier, and $227 million and $248 million for the respective six-month periods). Those amounts sit in the 'other' line of the earnings-by-source table instead. Both figures are carried here so the reconciliation is visible.",
"BNSF's operating ratio is not printed in the filing; it is computed here as railroad operating expenses divided by railroad operating revenues from the MD&A table, and was 65.4% in the second quarter of 2026 against 64.8% a year earlier.",
"The trailing-twelve-month block is arithmetic - the year ended December 31, 2025 plus the first six months of 2026 less the first six months of 2025 - and not a figure Berkshire publishes. It is kept in its own block rather than in the period lists.",
"Where the SEC's structured XBRL company-facts data disagreed with the filings, the filings were used. That data renames and re-scales several of Berkshire's line items, and it has no concept matching Berkshire's two-class equivalent-share earnings-per-share presentation. The share counts and per-share amounts here are taken from the face of the statements of earnings, where they are printed in whole shares."
],
"uncertainties": [
"No book value per equivalent share is given for June 30, 2025. The second-quarter 2026 10-Q states the equivalent Class A shares outstanding at June 30, 2026 and December 31, 2025 but not at June 30, 2025, so the per-share figure cannot be computed for that date from this filing.",
"No balance sheet is presented at June 30, 2025 beyond shareholders' equity and the cash reconciliation, so no assets, liabilities, debt split or float figure is reported for that date.",
"Berkshire does not present a cash flow statement for the quarter alone, and the second quarter's cash flows cannot be derived from this filing on its own. The quarterly blocks therefore report no operating, investing or financing cash flows; the six-month figures are complete.",
"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 a rounded figure ('approximately $177.5 billion'), which is what is recorded here, and states it only at June 30, 2026, not at June 30, 2025.",
"Borrower-level debt figures - Berkshire parent, Berkshire Hathaway Finance Corporation, BNSF, and BHE and its subsidiaries - are sums of the individual lines in the borrowings note rather than single stated totals. The $61.767 billion shown for BHE and its subsidiaries 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 $61.8 billion, and the parent's $20.364 billion as $20.4 billion. The two consolidated totals they roll up into are exact balance-sheet lines.",
"The after-tax catastrophe-loss line is stated by Berkshire only for the six-month periods: none in 2026, approximately $850 million in 2025. It is recorded as zero for both second quarters on the strength of the filing's statements that there were no significant catastrophe events in the first six months of 2026 and that the 2025 losses, from the Southern California wildfires, occurred in the first quarter. Berkshire does not print a quarterly figure.",
"The trailing-twelve-month block is arithmetic, not a published statement, and its per-share amounts use the first six months of 2026 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 half of one percent over the period. Its cash flow lines combine a full-year statement with two six-month statements and should be read as an approximation of the twelve months to June 30, 2026.",
"Berkshire records its share of Occidental's earnings on a one-quarter lag and, since the second quarter of 2025, its share of Kraft Heinz's earnings on the same basis. Equity-method earnings across the periods here are therefore not on a perfectly consistent timing basis, and the second quarter of 2026 excluded Berkshire's share of Occidental's gain on the sale of OxyChem to Berkshire itself.",
"Amounts the filings describe only in rounded terms - the approximately $3.2 billion of Treasury Bills with three months or less to maturity inside the cash line, the $359.2 billion of cash, equivalents and Treasury Bills net of unsettled purchases, the approximately $850 million of after-tax catastrophe losses in the first six months of 2025 - 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 record fully quantifies. The 10-Q discloses cumulative estimated probable losses of approximately $2.85 billion through June 30, 2026, of which approximately $2.3 billion has been paid, leaving estimated unpaid liabilities of $572 million. Jury verdicts in the James Phase II damages trials have awarded approximately $1.25 billion to 201 plaintiffs; the Oregon Court of Appeals reversed the Phase I liability verdict in April 2026, the Oregon Supreme Court allowed the plaintiffs' petition for review with argument set for November 3, 2026, and most remaining damages trials are stayed. PacifiCorp states it cannot reasonably estimate a range of possible additional losses, and that it is reasonably possible those losses would be material.",
"HomeServices of America's antitrust settlement in the Burnett case (scheduled payments totalling $250 million, of which $130 million has been paid into escrow) is on appeal to the Eighth Circuit, and two related cases carry asserted Texas state-law damages of approximately $9 billion. No figure here provides for an outcome other than the settlement as agreed."
],
"year_to_date": {
"label": "First Six Months 2026",
"period_type": "six months",
"period_start": "2026-01-01",
"period_end": "2026-06-30",
"source_accession": "0001193125-26-341032",
"income_statement": {
"revenues": {
"insurance_and_other": {
"insurance_premiums_earned": 44480000000,
"sales_and_service_revenues": 108228000000,
"leasing_revenues": 5558000000,
"interest_dividend_and_other_investment_income": 11287000000,
"subtotal": 169553000000
},
"railroad_utilities_and_energy": {
"railroad_transportation_revenues": 12493000000,
"utility_and_energy_operating_revenues": 11215000000,
"service_revenues_and_other_income": 2222000000,
"subtotal": 25930000000
},
"total_revenues": 195483000000
},
"investment_gains_losses": 14472000000,
"costs_and_expenses": {
"insurance_and_other": {
"insurance_losses_and_loss_adjustment_expenses": 28478000000,
"life_annuity_and_health_insurance_benefits": 2252000000,
"insurance_underwriting_expenses": 9305000000,
"cost_of_sales_and_services": 87154000000,
"cost_of_leasing": 4168000000,
"selling_general_and_administrative_expenses": 13280000000,
"interest_expense": 639000000,
"subtotal": 145276000000
},
"railroad_utilities_and_energy": {
"freight_rail_transportation_expenses": 8231000000,
"utilities_and_energy_cost_of_sales_and_other_expenses": 8451000000,
"other_expenses": 2042000000,
"interest_expense": 1997000000,
"subtotal": 20721000000
},
"total_costs_and_expenses": 165997000000
},
"earnings_before_income_taxes_and_equity_method_earnings": 43958000000,
"equity_method_earnings_losses": 424000000,
"earnings_before_income_taxes": 44382000000,
"income_tax_expense": 8431000000,
"net_earnings_including_noncontrolling_interests": 35951000000,
"earnings_attributable_to_noncontrolling_interests": 178000000,
"net_earnings_attributable_to_berkshire_shareholders": 35773000000,
"per_share": {
"net_earnings_per_average_equivalent_class_a_share": 24889,
"net_earnings_per_average_equivalent_class_b_share": 16.59,
"average_equivalent_class_a_shares_outstanding": 1437279,
"average_equivalent_class_b_shares_outstanding": 2155918015,
"class_b_to_class_a_ratio": "1 Class B share = 1/1500 of a Class A share"
}
},
"after_tax_earnings_by_source": {
"insurance_underwriting": 3448000000,
"insurance_investment_income": 5738000000,
"bnsf_railroad": 2935000000,
"berkshire_hathaway_energy": 2005000000,
"manufacturing_service_and_retailing": 7669000000,
"investment_gains_losses": 11444000000,
"other_than_temporary_impairment_of_kraft_heinz_and_occidental": 0,
"other": 2534000000,
"net_earnings_attributable_to_berkshire_shareholders": 35773000000,
"operating_earnings_excluding_investment_gains_and_impairments": 24329000000
},
"insurance_underwriting": {
"pre_tax_underwriting_earnings": {
"geico": 2410000000,
"bh_primary": 749000000,
"bh_reinsurance_group": 1286000000,
"total": 4445000000
},
"income_taxes": 997000000,
"after_tax_underwriting_earnings": 3448000000,
"effective_income_tax_rate_pct": 22.4,
"geico": {
"premiums_written": 22798000000,
"premiums_earned": 22477000000,
"losses_and_lae": 16921000000,
"underwriting_expenses": 3146000000,
"loss_ratio_pct": 75.3,
"expense_ratio_pct": 14,
"combined_ratio_pct": 89.3,
"pre_tax_underwriting_earnings": 2410000000
},
"bh_primary": {
"premiums_written": 9086000000,
"premiums_earned": 9264000000,
"losses_and_lae": 5803000000,
"underwriting_expenses": 2712000000,
"loss_ratio_pct": 62.6,
"expense_ratio_pct": 29.3,
"combined_ratio_pct": 91.9,
"pre_tax_underwriting_earnings": 749000000
},
"bh_reinsurance_group": {
"property_casualty": {
"premiums_written": 11218000000,
"premiums_earned": 9941000000,
"losses_and_lae": 5326000000,
"underwriting_expenses": 2840000000,
"loss_ratio_pct": 53.6,
"expense_ratio_pct": 28.5,
"combined_ratio_pct": 82.1,
"pre_tax_underwriting_earnings": 1775000000
},
"life_health": {
"premiums_written": 2797000000,
"premiums_earned": 2798000000,
"life_and_health_benefits": 2022000000,
"underwriting_expenses": 599000000,
"pre_tax_underwriting_earnings": 177000000
},
"retroactive_reinsurance_pre_tax": -426000000,
"periodic_payment_annuity_pre_tax": -284000000,
"variable_annuity_pre_tax": 44000000,
"total_pre_tax_underwriting_earnings": 1286000000
},
"after_tax_losses_from_significant_catastrophe_events_approx": 0
},
"insurance_investment_income": {
"interest_and_other_investment_income": 4460000000,
"dividend_income": 2529000000,
"pre_tax_net_investment_income": 6989000000,
"income_taxes": 1251000000,
"after_tax_net_investment_income": 5738000000,
"effective_income_tax_rate_pct": 17.9
},
"railroad_bnsf": {
"railroad_operating_revenues": 12521000000,
"railroad_operating_expenses": 8203000000,
"railroad_operating_earnings": 4318000000,
"other_revenues_expenses_net": 116000000,
"interest_expense": -553000000,
"pre_tax_earnings": 3881000000,
"income_taxes": 946000000,
"net_earnings": 2935000000,
"effective_income_tax_rate_pct": 24.4,
"operating_ratio_pct": 65.5
},
"utilities_and_energy_bhe": {
"energy_operating_revenues": 11223000000,
"real_estate_operating_revenues": 2135000000,
"other": 38000000,
"total_revenues": 13396000000,
"energy_cost_of_sales": 3046000000,
"energy_operating_expenses": 5428000000,
"real_estate_operating_costs_and_expenses": 2129000000,
"interest_expense": 1445000000,
"total_costs_and_expenses": 12048000000,
"pre_tax_earnings": 1348000000,
"income_tax_benefit": -763000000,
"net_earnings_after_income_taxes": 2111000000,
"noncontrolling_interests_of_bhe_subsidiaries": 106000000,
"net_earnings_attributable_to_bhe": 2005000000,
"preferred_stock_dividends": 0,
"net_earnings_attributable_to_berkshire_shareholders": 2005000000,
"effective_income_tax_rate_pct": -56.6,
"after_tax_earnings_by_activity": {
"us_utilities": 956000000,
"natural_gas_pipelines": 848000000,
"other_energy_businesses": 546000000,
"real_estate_brokerage": 8000000,
"corporate_interest_and_other": -353000000
}
},
"manufacturing_service_and_retailing": {
"revenues": {
"manufacturing": 43240000000,
"service_and_retailing": 73104000000,
"total": 116344000000
},
"pre_tax_earnings": {
"manufacturing": 7176000000,
"service_and_retailing": 2904000000,
"total": 10080000000
},
"income_taxes_and_noncontrolling_interests": 2411000000,
"net_earnings": 7669000000,
"effective_income_tax_rate_pct": 23.2,
"pre_tax_margin_pct": 8.7,
"after_tax_acquisition_accounting_expenses_excluded": -227000000
},
"investment_gains_losses_detail": {
"pre_tax_investment_gains_losses": 14472000000,
"income_taxes_and_noncontrolling_interests": 3028000000,
"after_tax_investment_gains_losses": 11444000000,
"effective_income_tax_rate_pct": 21,
"pre_tax_unrealized_gains_losses_on_equity_securities_still_held_at_period_end": 12761000000,
"pre_tax_gains_losses_on_equity_securities_sold_during_period": 1674000000,
"pre_tax_gains_losses_on_equity_securities_total": 14435000000,
"pre_tax_gross_realized_gains_on_fixed_maturity_securities": 76000000,
"pre_tax_gross_realized_losses_on_fixed_maturity_securities": -6000000,
"pre_tax_other_investment_gains_losses": -33000000
},
"other_after_tax_earnings": {
"investment_income_not_allocated_to_operating_businesses": 1924000000,
"foreign_currency_gains_losses_on_non_usd_senior_notes": 575000000,
"equity_method_earnings": 366000000,
"acquisition_accounting_expenses": -227000000,
"other_earnings_losses": -104000000,
"total": 2534000000
},
"capital_expenditures_by_segment": {
"insurance": 63000000,
"bnsf": 1740000000,
"bhe": 4949000000,
"manufacturing": 1859000000,
"service_retailing": 1382000000,
"mclane": 104000000,
"pilot": 534000000,
"total": 10631000000
},
"depreciation_and_amortization_by_segment": {
"insurance": 209000000,
"bnsf": 1388000000,
"bhe": 2137000000,
"manufacturing": 1614000000,
"service_retailing": 820000000,
"mclane": 98000000,
"pilot": 560000000,
"segment_total": 6826000000,
"corporate_eliminations_other": 290000000,
"consolidated": 7116000000
},
"cash_flow": {
"operating_activities": {
"net_earnings": 35951000000,
"investment_gains_losses_reversal": -14472000000,
"depreciation_and_amortization": 7116000000,
"discount_accretion_on_investments_principally_us_treasury_bills": -6116000000,
"other_adjustments": 60000000,
"change_in_unpaid_losses_and_lae": 1102000000,
"change_in_deferred_charges_retroactive_reinsurance": 429000000,
"change_in_unearned_insurance_premiums": 1443000000,
"change_in_receivables_and_originated_loans": -5407000000,
"change_in_other_assets": -2620000000,
"change_in_other_liabilities": 1552000000,
"change_in_income_taxes": 2615000000,
"net_cash_flows_from_operating_activities": 21653000000
},
"investing_activities": {
"purchases_of_equity_securities": -39405000000,
"sales_of_equity_securities": 27780000000,
"purchases_of_us_treasury_bills_and_fixed_maturity_securities": -338439000000,
"sales_of_us_treasury_bills_and_fixed_maturity_securities": 50173000000,
"redemptions_and_maturities_of_us_treasury_bills_and_fixed_maturity_securities": 291677000000,
"acquisitions_of_businesses_net_of_cash_acquired": -9704000000,
"purchases_of_property_plant_and_equipment_and_equipment_held_for_lease": -10631000000,
"other": -95000000,
"net_cash_flows_from_investing_activities": -28644000000
},
"financing_activities": {
"proceeds_from_borrowings_of_insurance_and_other_businesses": 1713000000,
"repayments_of_borrowings_of_insurance_and_other_businesses": -3426000000,
"proceeds_from_borrowings_of_railroad_utilities_and_energy_businesses": 4564000000,
"repayments_of_borrowings_of_railroad_utilities_and_energy_businesses": -1788000000,
"changes_in_short_term_borrowings_net": -573000000,
"acquisitions_of_treasury_stock_share_repurchases": -4444000000,
"other_principally_transactions_with_noncontrolling_interests": -155000000,
"net_cash_flows_from_financing_activities": -4109000000
},
"effects_of_foreign_currency_exchange_rate_changes": -109000000,
"increase_decrease_in_cash_and_restricted_cash": -11209000000,
"cash_and_cash_equivalents_and_restricted_cash_beginning_of_year": 52569000000,
"cash_and_cash_equivalents_and_restricted_cash_end_of_period": 41360000000,
"derived": {
"capital_expenditures": 10631000000,
"operating_cash_flow_less_capital_expenditures": 11022000000,
"dividends_paid": 0
}
},
"prior_year_comparative": {
"label": "First Six Months 2025",
"period_type": "six months",
"period_start": "2025-01-01",
"period_end": "2025-06-30",
"source_accession": "0001193125-26-341032",
"income_statement": {
"revenues": {
"insurance_and_other": {
"insurance_premiums_earned": 43999000000,
"sales_and_service_revenues": 97473000000,
"leasing_revenues": 4940000000,
"interest_dividend_and_other_investment_income": 11634000000,
"subtotal": 158046000000
},
"railroad_utilities_and_energy": {
"railroad_transportation_revenues": 11389000000,
"utility_and_energy_operating_revenues": 10612000000,
"service_revenues_and_other_income": 2193000000,
"subtotal": 24194000000
},
"total_revenues": 182240000000
},
"investment_gains_losses": -71000000,
"costs_and_expenses": {
"insurance_and_other": {
"insurance_losses_and_loss_adjustment_expenses": 28719000000,
"life_annuity_and_health_insurance_benefits": 2200000000,
"insurance_underwriting_expenses": 8824000000,
"cost_of_sales_and_services": 78167000000,
"cost_of_leasing": 3774000000,
"selling_general_and_administrative_expenses": 15612000000,
"interest_expense": 658000000,
"subtotal": 137954000000
},
"railroad_utilities_and_energy": {
"freight_rail_transportation_expenses": 7602000000,
"utilities_and_energy_cost_of_sales_and_other_expenses": 8247000000,
"other_expenses": 1997000000,
"interest_expense": 1852000000,
"subtotal": 19698000000
},
"total_costs_and_expenses": 157652000000
},
"earnings_before_income_taxes_and_equity_method_earnings": 24517000000,
"equity_method_earnings_losses": -4619000000,
"earnings_before_income_taxes": 19898000000,
"income_tax_expense": 2769000000,
"net_earnings_including_noncontrolling_interests": 17129000000,
"earnings_attributable_to_noncontrolling_interests": 156000000,
"net_earnings_attributable_to_berkshire_shareholders": 16973000000,
"per_share": {
"net_earnings_per_average_equivalent_class_a_share": 11801,
"net_earnings_per_average_equivalent_class_b_share": 7.87,
"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": 3328000000,
"insurance_investment_income": 6260000000,
"bnsf_railroad": 2680000000,
"berkshire_hathaway_energy": 1799000000,
"manufacturing_service_and_retailing": 6661000000,
"investment_gains_losses": -68000000,
"other_than_temporary_impairment_of_kraft_heinz_and_occidental": -3760000000,
"other": 73000000,
"net_earnings_attributable_to_berkshire_shareholders": 16973000000,
"operating_earnings_excluding_investment_gains_and_impairments": 20801000000
},
"insurance_underwriting": {
"pre_tax_underwriting_earnings": {
"geico": 3994000000,
"bh_primary": -81000000,
"bh_reinsurance_group": 343000000,
"total": 4256000000
},
"income_taxes": 928000000,
"after_tax_underwriting_earnings": 3328000000,
"effective_income_tax_rate_pct": 21.8,
"geico": {
"premiums_written": 22509000000,
"premiums_earned": 21816000000,
"losses_and_lae": 15369000000,
"underwriting_expenses": 2453000000,
"loss_ratio_pct": 70.4,
"expense_ratio_pct": 11.3,
"combined_ratio_pct": 81.7,
"pre_tax_underwriting_earnings": 3994000000
},
"bh_primary": {
"premiums_written": 9243000000,
"premiums_earned": 9254000000,
"losses_and_lae": 6645000000,
"underwriting_expenses": 2690000000,
"loss_ratio_pct": 71.8,
"expense_ratio_pct": 29.1,
"combined_ratio_pct": 100.9,
"pre_tax_underwriting_earnings": -81000000
},
"bh_reinsurance_group": {
"property_casualty": {
"premiums_written": 11157000000,
"premiums_earned": 10343000000,
"losses_and_lae": 6353000000,
"underwriting_expenses": 2877000000,
"loss_ratio_pct": 61.4,
"expense_ratio_pct": 27.8,
"combined_ratio_pct": 89.2,
"pre_tax_underwriting_earnings": 1113000000
},
"life_health": {
"premiums_written": 2590000000,
"premiums_earned": 2586000000,
"life_and_health_benefits": 1999000000,
"underwriting_expenses": 465000000,
"pre_tax_underwriting_earnings": 122000000
},
"retroactive_reinsurance_pre_tax": -477000000,
"periodic_payment_annuity_pre_tax": -412000000,
"variable_annuity_pre_tax": -3000000,
"total_pre_tax_underwriting_earnings": 343000000
},
"after_tax_losses_from_significant_catastrophe_events_approx": -850000000
},
"insurance_investment_income": {
"interest_and_other_investment_income": 5043000000,
"dividend_income": 2521000000,
"pre_tax_net_investment_income": 7564000000,
"income_taxes": 1304000000,
"after_tax_net_investment_income": 6260000000,
"effective_income_tax_rate_pct": 17.2
},
"railroad_bnsf": {
"railroad_operating_revenues": 11402000000,
"railroad_operating_expenses": 7568000000,
"railroad_operating_earnings": 3834000000,
"other_revenues_expenses_net": 120000000,
"interest_expense": -542000000,
"pre_tax_earnings": 3412000000,
"income_taxes": 732000000,
"net_earnings": 2680000000,
"effective_income_tax_rate_pct": 21.5,
"operating_ratio_pct": 66.4
},
"utilities_and_energy_bhe": {
"energy_operating_revenues": 10636000000,
"real_estate_operating_revenues": 2124000000,
"other": 14000000,
"total_revenues": 12774000000,
"energy_cost_of_sales": 2965000000,
"energy_operating_expenses": 5310000000,
"real_estate_operating_costs_and_expenses": 2081000000,
"interest_expense": 1310000000,
"total_costs_and_expenses": 11666000000,
"pre_tax_earnings": 1108000000,
"income_tax_benefit": -779000000,
"net_earnings_after_income_taxes": 1887000000,
"noncontrolling_interests_of_bhe_subsidiaries": 85000000,
"net_earnings_attributable_to_bhe": 1802000000,
"preferred_stock_dividends": 3000000,
"net_earnings_attributable_to_berkshire_shareholders": 1799000000,
"effective_income_tax_rate_pct": -70.3,
"after_tax_earnings_by_activity": {
"us_utilities": 862000000,
"natural_gas_pipelines": 671000000,
"other_energy_businesses": 650000000,
"real_estate_brokerage": 30000000,
"corporate_interest_and_other": -411000000
}
},
"manufacturing_service_and_retailing": {
"revenues": {
"manufacturing": 38735000000,
"service_and_retailing": 66140000000,
"total": 104875000000
},
"pre_tax_earnings": {
"manufacturing": 5963000000,
"service_and_retailing": 2690000000,
"total": 8653000000
},
"income_taxes_and_noncontrolling_interests": 1992000000,
"net_earnings": 6661000000,
"effective_income_tax_rate_pct": 22.3,
"pre_tax_margin_pct": 8.3,
"after_tax_acquisition_accounting_expenses_excluded": -248000000
},
"investment_gains_losses_detail": {
"pre_tax_investment_gains_losses": -71000000,
"income_taxes_and_noncontrolling_interests": -3000000,
"after_tax_investment_gains_losses": -68000000,
"effective_income_tax_rate_pct": 14.9,
"pre_tax_unrealized_gains_losses_on_equity_securities_still_held_at_period_end": 1236000000,
"pre_tax_gains_losses_on_equity_securities_sold_during_period": -417000000,
"pre_tax_gains_losses_on_equity_securities_total": 819000000,
"pre_tax_gross_realized_gains_on_fixed_maturity_securities": 16000000,
"pre_tax_gross_realized_losses_on_fixed_maturity_securities": -55000000,
"pre_tax_other_investment_gains_losses": -851000000
},
"other_after_tax_earnings": {
"investment_income_not_allocated_to_operating_businesses": 1735000000,
"foreign_currency_gains_losses_on_non_usd_senior_notes": -1590000000,
"equity_method_earnings": 300000000,
"acquisition_accounting_expenses": -248000000,
"other_earnings_losses": -124000000,
"total": 73000000
},
"capital_expenditures_by_segment": {
"insurance": 35000000,
"bnsf": 1599000000,
"bhe": 4573000000,
"manufacturing": 1310000000,
"service_retailing": 1097000000,
"mclane": 67000000,
"pilot": 458000000,
"total": 9139000000
},
"depreciation_and_amortization_by_segment": {
"insurance": 217000000,
"bnsf": 1350000000,
"bhe": 2083000000,
"manufacturing": 1222000000,
"service_retailing": 803000000,
"mclane": 96000000,
"pilot": 517000000,
"segment_total": 6288000000,
"corporate_eliminations_other": 306000000,
"consolidated": 6594000000
},
"cash_flow": {
"operating_activities": {
"net_earnings": 17129000000,
"investment_gains_losses_reversal": 71000000,
"depreciation_and_amortization": 6594000000,
"discount_accretion_on_investments_principally_us_treasury_bills": -6169000000,
"other_adjustments": 7826000000,
"change_in_unpaid_losses_and_lae": 2144000000,
"change_in_deferred_charges_retroactive_reinsurance": 323000000,
"change_in_unearned_insurance_premiums": 1512000000,
"change_in_receivables_and_originated_loans": -4234000000,
"change_in_other_assets": -862000000,
"change_in_other_liabilities": -370000000,
"change_in_income_taxes": -2976000000,
"net_cash_flows_from_operating_activities": 20988000000
},
"investing_activities": {
"purchases_of_equity_securities": -7092000000,
"sales_of_equity_securities": 11592000000,
"purchases_of_us_treasury_bills_and_fixed_maturity_securities": -249863000000,
"sales_of_us_treasury_bills_and_fixed_maturity_securities": 18203000000,
"redemptions_and_maturities_of_us_treasury_bills_and_fixed_maturity_securities": 268859000000,
"acquisitions_of_businesses_net_of_cash_acquired": -101000000,
"purchases_of_property_plant_and_equipment_and_equipment_held_for_lease": -9139000000,
"other": 498000000,
"net_cash_flows_from_investing_activities": 32957000000
},
"financing_activities": {
"proceeds_from_borrowings_of_insurance_and_other_businesses": 723000000,
"repayments_of_borrowings_of_insurance_and_other_businesses": -2653000000,
"proceeds_from_borrowings_of_railroad_utilities_and_energy_businesses": 3570000000,
"repayments_of_borrowings_of_railroad_utilities_and_energy_businesses": -2569000000,
"changes_in_short_term_borrowings_net": 570000000,
"acquisitions_of_treasury_stock_share_repurchases": 0,
"other_principally_transactions_with_noncontrolling_interests": -754000000,
"net_cash_flows_from_financing_activities": -1113000000
},
"effects_of_foreign_currency_exchange_rate_changes": 20000000,
"increase_decrease_in_cash_and_restricted_cash": 52852000000,
"cash_and_cash_equivalents_and_restricted_cash_beginning_of_year": 48376000000,
"cash_and_cash_equivalents_and_restricted_cash_end_of_period": 101228000000,
"derived": {
"capital_expenditures": 9139000000,
"operating_cash_flow_less_capital_expenditures": 11849000000,
"dividends_paid": 0
}
}
}
},
"trailing_twelve_months": {
"label": "Trailing twelve months ended June 30, 2026",
"period_type": "twelve months",
"period_start": "2025-07-01",
"period_end": "2026-06-30",
"source_accessions": [
"0001193125-26-083899",
"0001193125-26-341032"
],
"derivation": "Arithmetic: the year ended December 31, 2025 from the FY2025 Form 10-K (accession 0001193125-26-083899) plus the first six months of 2026 less the first six months of 2025, both from the second-quarter 2026 Form 10-Q (accession 0001193125-26-341032). Berkshire does not publish a trailing twelve-month statement.",
"income_statement": {
"revenues": {
"insurance_and_other": {
"insurance_premiums_earned": 89383000000,
"sales_and_service_revenues": 210279000000,
"leasing_revenues": 10652000000,
"interest_dividend_and_other_investment_income": 22914000000,
"subtotal": 333228000000
},
"railroad_utilities_and_energy": {
"railroad_transportation_revenues": 24434000000,
"utility_and_energy_operating_revenues": 22459000000,
"service_revenues_and_other_income": 4566000000,
"subtotal": 51459000000
},
"total_revenues": 384687000000
},
"investment_gains_losses": 53621000000,
"costs_and_expenses": {
"total_costs_and_expenses": 326818000000
},
"earnings_before_income_taxes_and_equity_method_earnings": 111490000000,
"equity_method_earnings_losses": -4547000000,
"earnings_before_income_taxes": 106943000000,
"income_tax_expense": 20861000000,
"net_earnings_including_noncontrolling_interests": 86082000000,
"earnings_attributable_to_noncontrolling_interests": 314000000,
"net_earnings_attributable_to_berkshire_shareholders": 85768000000,
"per_share": {
"net_earnings_per_average_equivalent_class_a_share": 59674,
"net_earnings_per_average_equivalent_class_b_share": 39.78,
"average_equivalent_class_a_shares_outstanding_basis": 1437279,
"basis_note": "Per-share amounts use the average equivalent Class A share count for the first six months of 2026 as the denominator; a true weighted average over the four quarters would differ slightly."
}
},
"after_tax_earnings_by_source": {
"insurance_underwriting": 7378000000,
"insurance_investment_income": 11991000000,
"bnsf_railroad": 5731000000,
"berkshire_hathaway_energy": 4185000000,
"manufacturing_service_and_retailing": 14655000000,
"investment_gains_losses": 42249000000,
"other_than_temporary_impairment_of_kraft_heinz_and_occidental": -4495000000,
"other": 4074000000,
"net_earnings_attributable_to_berkshire_shareholders": 85768000000,
"operating_earnings_excluding_investment_gains_and_impairments": 48014000000
},
"cash_flow": {
"net_cash_flows_from_operating_activities": 46634000000,
"capital_expenditures": 22419000000,
"acquisitions_of_treasury_stock_share_repurchases": -4444000000,
"dividends_paid": 0,
"operating_cash_flow_less_capital_expenditures": 24215000000
}
},
"headline": {
"period": "Q2 FY2026",
"period_end_words": "June 30, 2026",
"metrics": [
{
"label": "Revenue",
"format": "usd",
"value": 101808000000,
"text": "$101.81 billion",
"exact": "$101,808,000,000",
"compact": "$101.81B",
"abs": "$101.81 billion",
"prior_value": 92515000000,
"prior": "$92.52 billion",
"priorabs": "$92.52 billion",
"yoy": "up 10.0%",
"source": {
"array": "quarterly",
"field": "income_statement.revenues.total_revenues",
"index": 0,
"period_label": "Second Quarter 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001193125-26-341032",
"prior_index": 1,
"prior_period_label": "Second Quarter 2025 (comparative)",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001193125-26-341032",
"gap_days": 365
}
},
{
"label": "Net earnings",
"format": "usd",
"value": 25667000000,
"text": "$25.67 billion",
"exact": "$25,667,000,000",
"compact": "$25.67B",
"abs": "$25.67 billion",
"prior_value": 12370000000,
"prior": "$12.37 billion",
"priorabs": "$12.37 billion",
"yoy": "up 107.5%",
"source": {
"array": "quarterly",
"field": "income_statement.net_earnings_attributable_to_berkshire_shareholders",
"index": 0,
"period_label": "Second Quarter 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001193125-26-341032",
"prior_index": 1,
"prior_period_label": "Second Quarter 2025 (comparative)",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001193125-26-341032",
"gap_days": 365
}
},
{
"label": "Operating earnings",
"format": "usd",
"value": 12983000000,
"text": "$12.98 billion",
"exact": "$12,983,000,000",
"compact": "$12.98B",
"abs": "$12.98 billion",
"prior_value": 11160000000,
"prior": "$11.16 billion",
"priorabs": "$11.16 billion",
"yoy": "up 16.3%",
"source": {
"array": "quarterly",
"field": "after_tax_earnings_by_source.operating_earnings_excluding_investment_gains_and_impairments",
"index": 0,
"period_label": "Second Quarter 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001193125-26-341032",
"prior_index": 1,
"prior_period_label": "Second Quarter 2025 (comparative)",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001193125-26-341032",
"gap_days": 365
}
},
{
"label": "After-tax investment gains",
"format": "usd",
"value": 12684000000,
"text": "$12.68 billion",
"exact": "$12,684,000,000",
"compact": "$12.68B",
"abs": "$12.68 billion",
"prior_value": 4970000000,
"prior": "$4.97 billion",
"priorabs": "$4.97 billion",
"yoy": "up 155.2%",
"source": {
"array": "quarterly",
"field": "after_tax_earnings_by_source.investment_gains_losses",
"index": 0,
"period_label": "Second Quarter 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001193125-26-341032",
"prior_index": 1,
"prior_period_label": "Second Quarter 2025 (comparative)",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001193125-26-341032",
"gap_days": 365
}
},
{
"label": "Currency gain on non-dollar debt",
"format": "usd",
"value": 326000000,
"text": "$326.00 million",
"exact": "$326,000,000",
"compact": "$326.00M",
"abs": "$326.00 million",
"prior_value": -877000000,
"prior": "-$877.00 million",
"priorabs": "$877.00 million",
"yoy": "swung from -$877.00 million",
"source": {
"array": "quarterly",
"field": "other_after_tax_earnings.foreign_currency_gains_losses_on_non_usd_senior_notes",
"index": 0,
"period_label": "Second Quarter 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001193125-26-341032",
"prior_index": 1,
"prior_period_label": "Second Quarter 2025 (comparative)",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001193125-26-341032",
"gap_days": 365
}
},
{
"label": "Earnings per Class B share",
"format": "eps",
"value": 11.91,
"text": "$11.91",
"exact": "$11.91",
"compact": "$11.91",
"abs": "$11.91",
"prior_value": 5.73,
"prior": "$5.73",
"priorabs": "$5.73",
"yoy": "up 107.9%",
"source": {
"array": "quarterly",
"field": "income_statement.per_share.net_earnings_per_average_equivalent_class_b_share",
"index": 0,
"period_label": "Second Quarter 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001193125-26-341032",
"prior_index": 1,
"prior_period_label": "Second Quarter 2025 (comparative)",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0001193125-26-341032",
"gap_days": 365
}
},
{
"label": "Book value per Class B share",
"format": "eps",
"value": 348.26,
"text": "$348.26",
"exact": "$348.26",
"compact": "$348.26",
"abs": "$348.26",
"prior_value": null,
"prior": null,
"priorabs": null,
"yoy": null,
"source": {
"array": "quarterly",
"field": "book_value.book_value_per_equivalent_class_b_share",
"index": 0,
"period_label": "Second Quarter 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0001193125-26-341032"
}
}
],
"summary": "Berkshire Hathaway reported $101.81 billion in revenue for Q2 FY2026, the quarter ended June 30, 2026, up 10.0% from a year earlier, and net earnings attributable to Berkshire shareholders of $25.67 billion, up 107.5%. Most of that increase came from Berkshire's equity portfolio, which is marked to market through earnings each quarter whether or not the shares are sold and contributed $12.68 billion after tax, up 155.2%, and from the absence of the Kraft Heinz impairment charge taken a year earlier. Operating earnings excluding investment gains and impairments, the measure that leaves out those equity marks, were $12.98 billion, up 16.3%, but the largest single contributor to that increase was the swing in foreign currency on Berkshire's non-dollar denominated senior notes, from a loss of $877.00 million a year earlier to a gain of $326.00 million, a period-end remeasurement of debt rather than an operating result; manufacturing, service and retailing and Berkshire Hathaway Energy also earned more than a year earlier, while insurance underwriting and insurance investment income were both lower.",
"qa": [
{
"q": "How much did Berkshire Hathaway earn in Q2 FY2026?",
"a": "Berkshire Hathaway reported net earnings attributable to Berkshire shareholders of $25.67 billion for Q2 FY2026, the quarter ended June 30, 2026, up 107.5% from $12.37 billion a year earlier, or $11.91 per average equivalent Class B share. Operating earnings excluding investment gains and impairments were $12.98 billion, up 16.3%, though most of that increase came from the swing in foreign currency on non-dollar denominated senior notes, from a loss of $877.00 million a year earlier to a gain of $326.00 million."
},
{
"q": "Why did Berkshire Hathaway's net earnings rise in Q2 FY2026?",
"a": "Berkshire Hathaway's reported earnings move with its equity portfolio, because unrealized changes in the value of those holdings run through earnings every quarter whether or not any shares are sold. Investment gains contributed $12.68 billion after tax in Q2 FY2026, up 155.2%, and the year-ago quarter also carried an impairment charge on the Kraft Heinz stake, while operating earnings excluding gains and impairments were $12.98 billion, up 16.3%."
},
{
"q": "How much revenue did Berkshire Hathaway report in Q2 FY2026?",
"a": "Berkshire Hathaway reported total revenues of $101.81 billion for Q2 FY2026, the quarter ended June 30, 2026, up 10.0% from $92.52 billion in the same quarter a year earlier. That line covers the insurance, railroad, utility, manufacturing, service and retailing businesses and does not include investment gains and losses, which Berkshire reports separately."
},
{
"q": "What is Berkshire Hathaway's book value per share?",
"a": "Berkshire Hathaway's book value was $348.26 per equivalent Class B share at June 30, 2026, measured as shareholders' equity attributable to Berkshire divided by the equivalent shares outstanding on that date. Berkshire did not state an equivalent share count at the year-ago quarter end, so no year over year comparison of book value per share is available."
}
]
},
"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": "2026-11-02",
"predicted_type": "10-Q"
},
"fiscal_period": {
"fiscal_year": 2026,
"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"form": "10-Q",
"accession": "0001193125-26-341032",
"fiscal_year_end": "1231",
"source": "facts"
}
}