Berkshire Hathaway (BRK-B) 10-K risk factor changes: FY2025 vs FY2024

Like those of many large businesses, certain of our information systems have been subject to [added: cyber threats, including] computer viruses, malicious codes, unauthorized access, phishing efforts, denial-of-service attacks and other cyber-attacks.

We expect [removed: to be subject] [added: continued exposure] to [removed: similar] [added: such] attacks in the future [removed: as such] [added: and] attacks [added: have] become more sophisticated and frequent.

[removed: Attacks] [added: Cyber-attacks] perpetrated against our systems could result in loss of assets and critical information and expose us to remediation costs and [removed: reputational] [added: reputation] damage.

Cyber-attacks could further adversely affect our ability to operate our facilities, information technology and business systems or [added: could] compromise confidential [added: company,] customer and employee information.

Political, economic, social or financial market instability or damage to or interference with our operating assets, customers or suppliers from cyber-attacks may result in business interruptions, lost revenues, higher commodity prices, disruption in fuel supplies, lower energy consumption, unstable markets, increased security, [removed: repair or] [added: repairs and] other costs, [added: including penalties and legal proceedings,] or may materially adversely affect us in ways that cannot be predicted at this time.

Government policies and actions taken in the U.S. and elsewhere, including responses of other governments to such actions may adversely affect our operating businesses through reduced sales, increased [removed: costs,] [added: operating costs or sanctions,] restricted supply chains, physical damage to our properties and loss of life of our employees and losses in the values of the securities we own.

Major [removed: investment decisions and all major] capital allocation [added: and investment] decisions are [removed: made by Warren E.][added: the responsibility of Mr. Abel.]

Mr. [removed: Gregory Abel is Vice Chairman of Berkshire’s non-insurance operations and Mr.] Ajit Jain is Vice Chairman of Berkshire’s insurance operations.

Mr. [removed: Abel] [added: Jain] and Mr. [removed: Jain] [added: Johnson] each report directly to Mr. [removed: Buffett.][added: Abel.]

If for any reason the services of our key [removed: personnel, particularly Mr. Buffett,] [added: personnel] were to become unavailable, there could be a material adverse effect on our operations.

We believe that the Board’s succession [removed: plan,] [added: plans,] together with the outstanding managers running our numerous [removed: and] highly diversified operating units, helps to mitigate this risk.

We concentrate a high percentage of the equity security investments of our insurance subsidiaries in [removed: a] relatively small number of issuers.

Each of our operating businesses [removed: face] [added: faces] intense competition within markets in which they operate.

While we manage our businesses with the objective of achieving long-term sustainable growth by developing and strengthening competitive advantages, many factors, including technological changes, [added: disruptive innovations and difficulties in enforcing, protecting and defending our intellectual properties,] may erode or prevent the strengthening of competitive advantages.

Significant deteriorations of economic conditions, including significant inflation over [removed: a] prolonged [removed: period] [added: time periods] could produce a material adverse effect on one or more of our significant operations.

These initiatives impact [removed: all] [added: each] of our businesses, albeit in varying ways.

We cannot predict whether such initiatives will have a material adverse impact on our consolidated financial position, results of operations [removed: and/or] [added: or] cash flows.

Data privacy [added: and artificial intelligence laws and] regulations have [removed: recently] been enacted [added: or are under development] in various jurisdictions in the U.S. and throughout the world.

These regulations address numerous aspects related to the security of personal information that is stored in our information systems, networks and [removed: facilities.][added: facilities and the use of artificial intelligence tools.]

Failure to comply with these [added: increased laws and] regulations could result in [removed: reputational] [added: reputation] damage and significant economic penalties.

Similarly, extreme weather events may produce losses affecting our insurance [removed: operations] [added: operations,] as their primary business is to monitor, assess and price risk, including climate-related risk, at an expected economic profit to address the risk-transfer needs of their insurance customers.

Additional GHG and climate-related policies, including legislation, may emerge that influence the transition to a lower GHG-emitting economy and could, in turn, influence costs for our businesses to comply with those policies, including BNSF and BHE, which combined represent [removed: more than 90%] [added: the vast majority] of Berkshire’s direct emissions.

We employ various disciplined underwriting practices intended to mitigate potential losses, attempt to [removed: take into account] [added: consider] all possible correlations and avoid writing groups of policies from which pre-tax losses from a single catastrophe event might aggregate in excess of $15 billion.

As industry practices and legal, social and environmental conditions evolve, unexpected and unintended issues related to claims and coverage may emerge, including new or expanded theories of [removed: liability and] [added: liability,] increased frequency of [removed: litigation.][added: litigation driven, in part, by the increasing trend of third-party litigation funding, and other social inflation trends such as juries awarding increasingly larger verdicts.]

Our estimated unpaid losses arising under contracts covering property and casualty insurance risks are large [removed: ($147.6] [added: ($151.8] billion at December 31, [removed: 2024),] [added: 2025),] and a small percentage increase to those liabilities can result in a material reduction in reported earnings.

BNSF derives significant [removed: amounts of revenue] [added: revenues] from the transportation of energy-related commodities, [removed: particularly] [added: including] coal.

[removed: To the extent that changes] [added: Changes] in government policies [removed: limit or] [added: that limit,] restrict [removed: the usage of] [added: or displace] coal as a fuel source in generating [removed: electricity] [added: electricity,] or [removed: alternate fuels, such as natural gas,] [added: limit] or [removed: otherwise displace coal as an energy source, revenues and earnings] [added: restrict other commodities that BNSF transports,] could [removed: be] adversely [removed: affected.][added: affect revenues and earnings.]

[removed: A] [added: The] release of hazardous materials could expose BNSF to significant claims, losses, penalties and environmental remediation obligations.

[removed: Our railroad business] [added: BNSF] requires significant ongoing capital investment to improve and maintain its railroad network so that transportation services can be safely and reliably provided to customers on a timely basis.

[removed: Our utilities and energy businesses] [added: BHE] also [removed: require] [added: requires] significant [removed: amounts of] capital to construct, operate and maintain generation, transmission and distribution systems to meet their customers’ needs and reliability criteria.

System assets [removed: may] need to be operational for long periods of time to justify the financial investment.

Further, a significant portion of costs of capital improvements may be funded through [removed: debt issued by BNSF and BHE and their subsidiaries.][added: debt.]

[removed: Disruptions in] [added: Restricted access to] debt capital markets [removed: that restrict access to funding when needed] [added: by BNSF or BHE] could adversely affect the results of operations, liquidity and/or capital resources of these businesses.

In May 2025, Berkshire’s Board of Directors appointed Mr. Gregory E.

Abel to succeed Mr. Warren E.

Buffett as Chief Executive Officer effective January 1, 2026.

Mr. Adam Johnson is President of Berkshire’s Consumer Products, Service and Retailing operations.

The Board continually monitors this risk.

K-27

The U.S. freight transportation infrastructure is integrated.

BNSF’s operations may be negatively affected by service disruptions of other entities, such as ports, passenger trains, and other railroads, which interchange with BNSF Railway.

A prolonged service disruption at any of these entities could have adverse consequences on BNSF.

Significant consolidation or integration involving participants within the freight transportation industry, including mergers among major rail carriers, may lead to operational disruptions across the rail network and broader supply chain, which could negatively impact BNSF’s operating results, financial condition and liquidity.

Buffett, Chairman of the Board of Directors and Chief Executive Officer, age 94.

Should a replacement for Mr. Buffett be needed currently, Berkshire’s Board of Directors has agreed that Mr. Abel should replace Mr. Buffett.

The Board continually monitors this risk and could alter its current view regarding a replacement for Mr. Buffett in the future.

Net earnings [removed: (loss)] attributable to Berkshire shareholders for each of the past three years are disaggregated in the table that follows.

| | [removed: 2024 | |] [added: 2025] | | [removed: 2023] | [added: 2024] | | | [removed: 2022] [added: 2023] | | |

| Insurance – underwriting | $ | [removed: 9,020 |] [added: 7,258] | | $ | [removed: 5,428 |] [added: 9,020] | | $ | [removed: (30] [added: 5,428] | [removed: )] |

| Insurance – investment income | | [removed: 13,670 | |] [added: 12,513] | | [removed: 9,567] | [added: 13,670] | | | [removed: 6,484] [added: 9,567] | |

| BNSF | | [removed: 5,031 | |] [added: 5,476] | | [removed: 5,087] | [added: 5,031] | | | [removed: 5,946] [added: 5,087] | |

| Berkshire Hathaway Energy (“BHE”) | | [removed: 3,730 | |] [added: 3,979] | | [removed: 2,331] | [added: 3,730] | | | [removed: 3,904] [added: 2,331] | |

| Manufacturing, service and retailing | | [removed: 13,072 | |] [added: 13,647] | | [removed: 13,362] | [added: 13,072] | | | [removed: 12,512] [added: 13,362] | |

| Investment gains (losses) | | [removed: 41,558 | |] [added: 30,737] | | [removed: 58,873] | [added: 41,558] | | | [removed: (53,612] [added: 58,873] | [removed: )] |

| Net earnings [removed: (loss)] attributable to Berkshire shareholders | $ | [removed: 88,995 |] [added: 66,968] | | $ | [removed: 96,223 |] [added: 88,995] | | $ | [removed: (22,759] [added: 96,223] | [removed: )] |

The business segment data (Note 26 to the accompanying Consolidated Financial Statements) should be [removed: referenced] [added: read] in conjunction with this discussion.

Our periodic operating results may be affected in future periods [removed: due to] [added: by the] impacts of ongoing macroeconomic and geopolitical [added: conflicts and] events, [added: including tensions from developing international trade policies and tariffs,] as well as changes in industry or company-specific factors or events.

Insurance underwriting generated after-tax earnings of [added: $7.3 billion in 2025,] $9.0 billion in 2024 and $5.4 billion in [removed: 2023 and losses of $30 million in 2022.][added: 2023.]

[removed: Underwriting results in 2023 and 2022 included after-tax] [added: After-tax] losses from significant catastrophe events [removed: of] [added: were] approximately [removed: $725] [added: $850] million [added: in 2025, $1.2 billion in 2024] and [removed: $2.4 billion, respectively.][added: $725 million in 2023.]

[removed: After-tax earnings from insurance] [added: Insurance] investment income increased $4.1 billion in 2024 [removed: and $3.1 billion in 2023] compared to [removed: corresponding prior years,] [added: 2023,] driven by higher interest income from short-term investments.

After-tax earnings of BNSF [removed: declined 1.1%] [added: increased 8.8%] in [removed: 2024 compared to 2023] [added: 2025] and [removed: 14.4%] [added: declined 1.1%] in [removed: 2023] [added: 2024,] compared to [removed: 2022.][added: the corresponding prior year.]

Earnings in 2024 benefited from higher unit volume, improvements in employee productivity and lower other operating costs, and were negatively impacted by charges [added: in 2024] related to a labor agreement in the fourth quarter [removed: of 2024] and litigation [removed: charges related to an ongoing legal case.][added: accruals.]

The earnings increase in [removed: 2024] [added: 2025] reflected lower [removed: estimated] wildfire loss accruals at [removed: PacifiCorp] [added: PacifiCorp, reduced earnings attributable to noncontrolling interests] and [removed: higher] [added: the impact of real estate brokerage business litigation accruals in 2024, partially offset by lower] earnings from [added: the] natural gas [removed: pipelines, primarily due to reductions in earnings attributable to noncontrolling interests,] [added: pipelines] and other energy businesses.

Earnings from our manufacturing, service and retailing businesses [removed: decreased 2.2%] [added: increased 4.4%] in [removed: 2024] [added: 2025] compared to [removed: 2023] [added: 2024] and [removed: increased 6.8%] [added: decreased 2.2%] in [removed: 2023] [added: 2024] compared to [removed: 2022.][added: 2023.]

The earnings decline in 2024 reflected lower earnings from our service and retailing businesses, partially offset by [removed: earnings increases at several of] [added: an overall increase from] our manufacturing businesses.

Investment gains (losses) [removed: predominantly derive from our investments in equity securities and] [added: can] include significant unrealized gains and losses from changes in market prices [added: of our investments in equity securities] and [added: in] foreign currency exchange rates applicable to certain of our investments.

We believe that investment gains and losses, whether realized from dispositions or unrealized from changes in market [removed: prices,] [added: prices and exchange rates,] are generally meaningless in understanding our reported periodic results or evaluating [removed: the economic performance of] our [removed: operating businesses.][added: periodic economic performance.]

Changes in estimates for unpaid losses and loss adjustment [removed: expenses,] [added: expenses (“LAE”),] including amounts established for occurrences in prior years, and foreign currency transaction gains and losses arising from the [removed: changes in the valuation] [added: remeasurement] of [removed: non-U.S. Dollar] [added: non-functional currency] denominated assets and liabilities can also significantly affect our periodic underwriting results.

Time-value-of-money [removed: is an] [added: concepts are] important [removed: consideration] [added: considerations] in establishing premiums [removed: for these policies, which we normally receive] [added: received] at the [removed: contract] inception [removed: date.][added: of these policies.]

| Pre-tax underwriting [removed: earnings (loss):] [added: earnings:] | | | | | | | | | | | |

| GEICO | $ | [removed: 7,813] [added: 6,824] | | | $ | [removed: 3,635] [added: 7,813] | | | $ | [removed: (1,880] [added: 3,635] | [removed: )] |

| Pre-tax underwriting earnings [removed: (loss)] | | [removed: 11,405] [added: 9,460] | | | | [removed: 6,913] [added: 11,405] | | | | [removed: (22] [added: 6,913] | [removed: )] |

| Income taxes [removed: and noncontrolling interests] | | [removed: 2,385] [added: 2,202] | | | | [removed: 1,485] [added: 2,385] | | | | [removed: 8] [added: 1,485] | |

| Net underwriting earnings [removed: (loss)] | $ | [removed: 9,020] [added: 7,258] | | | $ | [removed: 5,428] [added: 9,020] | | | $ | [removed: (30] [added: 5,428] | [removed: )] |

| Effective income tax rate | | [removed: 20.9] [added: 23.3] | % | | | [removed: 21.5] [added: 20.9] | % | | [removed: *] | [added: 21.5] | [added: %] |

GEICO writes property and casualty [added: insurance] policies, primarily private passenger automobile insurance, in all 50 states and the District of Columbia.

GEICO [removed: markets] [added: offers] its policies mainly by direct response methods where most customers apply for [added: insurance] coverage directly to the [removed: company via the Internet or over the telephone.][added: company.]

| | [removed: 2024] [added: 2025] | | | | [added: 2024] | | | | 2023 | | | [removed: | | | | | 2022 | | | | | | |]

| Premiums written | $ | [removed: 42,916] [added: 45,193] | | | | | | | $ | [removed: 39,837] [added: 42,916] | | | | | | | $ | [removed: 39,107] [added: 39,837] | | | | | |

| Premiums earned | $ | [removed: 42,252] [added: 44,481] | | | | 100.0 | | | $ | [removed: 39,264] [added: 42,252] | | | | 100.0 | | | $ | [removed: 38,984] [added: 39,264] | | | | 100.0 | |

| Losses and [removed: loss adjustment expenses] [added: LAE] | | [removed: 30,331] [added: 32,144] | | | | [removed: 71.8] [added: 72.3] | | | | [removed: 31,814] [added: 30,331] | | | | [removed: 81.0] [added: 71.8] | | | | [removed: 36,297] [added: 31,814] | | | | [removed: 93.1] [added: 81.0] | |

| Underwriting expenses | | [removed: 4,108] [added: 5,513] | | | | [removed: 9.7] [added: 12.4] | | | | [removed: 3,815] [added: 4,108] | | | | 9.7 | | | | [removed: 4,567] [added: 3,815] | | | | [removed: 11.7] [added: 9.7] | |

| Total losses and expenses | | [removed: 34,439] [added: 37,657] | | | | [removed: 81.5] [added: 84.7] | | | | [removed: 35,629] [added: 34,439] | | | | [removed: 90.7] [added: 81.5] | | | | [removed: 40,864] [added: 35,629] | | | | [removed: 104.8] [added: 90.7] | |

| Pre-tax underwriting earnings [removed: (loss)] | $ | [removed: 7,813] [added: 6,824] | | | | | | | $ | [removed: 3,635] [added: 7,813] | | | | | | | $ | [removed: (1,880] [added: 3,635] | [removed: )] | | | | |

Premiums written increased $3.1 billion (7.7%) in 2024 compared to 2023, reflecting an increase in average written premiums per auto policy of 7.8%, primarily attributable to rate increases, partially offset by a 0.5% decrease in [removed: policies-in-force over the past year.][added: policies-in-force.]

Losses and [removed: loss adjustment expenses] [added: LAE] decreased $1.5 billion (4.7%) in 2024 compared to 2023.

| Other-than-temporary impairment of investments in Kraft Heinz and Occidental | | (8,255 | ) | | — | | | — | |

| Other | | 1,613 | | | 2,914 | | | 1,575 | |

Considerable uncertainty remains as to the ultimate outcome of these events.

We are currently unable to reliably predict the ultimate impact on our businesses, whether through changes in the availability of products, supply chain costs and efficiency, and customer demand for our products and services.

It is reasonably possible there could be adverse consequences on our operating businesses, as well as on our investments in equity securities, which could significantly affect our future results.

The comparative earnings decline in 2025 reflected lower earnings from each of our underwriting groups.

Overall underwriting results over the past three years were exceptional compared to results over longer periods.

However, earnings may decline in the future from the ongoing impacts of competition within the industry and rising claim cost trends.

After-tax earnings from insurance investment income declined $1.2 billion (8.5%) in 2025 versus 2024, reflecting lower interest income, attributable to lower interest rates, and dividend income.

Insurance investment income in 2025 was impacted by the effects of large capital distributions to Berkshire at the end of 2024.

The income earned on investments (primarily U.S. Treasury Bills) held by Berkshire is included in “other” earnings in the preceding table.

The increase in 2025 was primarily attributable to lower operating expenses, attributable to improved operating efficiencies, lower litigation accruals, the effect of a charge in 2024 from a labor agreement and a lower effective income tax rate.

After-tax earnings of BHE increased $249 million (6.7%) in 2025 compared to 2024 and $1.4 billion in 2024 compared to 2023.

The increase in 2024 was primarily due to lower wildfire loss accruals and lower earnings attributable to noncontrolling interests, partially offset by real estate brokerage business litigation accruals.

Results among our numerous operations in 2025 were mixed, with overall earnings increases in our manufacturing and services businesses and lower earnings from the retailing businesses.

We recorded other-than-temporary impairment losses in 2025 on our investments in The Kraft Heinz Company (“Kraft Heinz”) and Occidental Petroleum Corporation (“Occidental”) common stock, which are accounted for under the equity method.

After-tax other earnings include investment income not allocated to operating businesses, earnings from equity method investments (excluding the previously mentioned other-than-temporary impairment losses recognized on equity method investments), foreign currency exchange rate gains and losses related to Berkshire and BHFC non-U.S. Dollar denominated debt and goodwill impairment losses.

After-tax other earnings in 2025 declined $1.3 billion compared to 2024, reflecting after-tax foreign currency exchange rate losses in 2025 of $642 million compared to after-tax gains in 2024 of $1.15 billion, reduced earnings from equity method investments and increased goodwill impairment losses, partially offset by increased investment income.

We incurred significant losses from the Southern California wildfires in 2025, Hurricanes Helene and Milton in 2024 and storms and/or floods in New Zealand and Italy in 2023.

While no new retroactive reinsurance or periodic payment annuity contracts have been written in recent years, we will continue to record charges to earnings related to the run-off of pre-existing contracts over the remaining claim settlement periods.

| BH Primary | | 785 | | | | 855 | | | | 1,374 | |

GEICO also operates an insurance agency that offers insurance policies written by third parties for individuals desiring coverages that are generally not offered by GEICO.

2025 versus 2024

Premiums written increased $2.3 billion (5.3%) in 2025 compared to 2024, primarily attributable to an increase in policies-in-force over the past year.

Premiums earned in 2025 increased $2.2 billion (5.3%) compared to 2024.

Losses and LAE increased $1.8 billion (6.0%) in 2025 compared to 2024.

GEICO’s loss ratio (losses and LAE to premiums earned) was 72.3% in 2025 and 71.8% in 2024.

Private passenger auto claims frequencies declined in 2025 versus 2024 for property damage and collision coverages (one to three percent range), while bodily injury coverage frequency increased (four to six percent range).

Underwriting expenses increased 34.2% in 2025 compared to 2024.

GEICO’s expense ratio (underwriting expense to premiums earned) was 12.4% in 2025, an increase of 2.7 percentage points compared to 2024.

The increases were driven by higher advertising and other policy acquisition expenses.

*BH Primary*

2025 versus 2024

Premiums written were slightly lower in 2025 compared to 2024.

Premiums written increased in 2025 at MedPro (9.0%) (primarily from student health business), BHHC (7.4%) and NICO Primary (13.0%) (primarily commercial automobile business), BH Direct (15.8%) and USLI (4.9%).

These increases were substantially offset by declines in written premiums at GUARD (32.6%) and RSUI (8.7%).

GUARD’s decline was due to significant volume reductions across numerous product categories, including personal lines, business owners’ and workers’ compensation business, from initiatives to exit unprofitable lines and tightened underwriting standards.

The decline at RSUI was primarily due to reduced property volumes.

Losses and LAE declined $147 million (1.2%) in 2025 compared to 2024, and the loss ratio declined 0.7 percentage points compared to 2024.

Prior accident years’ ultimate loss estimates increased by approximately $190 million in 2025 compared to reductions of $52 million in 2024.

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Non-controlled businesses* | | 1,519 | | | | 1,750 | | | | 1,528 | |

| Other | | 1,395 | | | | (175 | ) | | | 509 | |

Includes certain businesses in which Berkshire had between a 20% and 50% ownership interest.*

We cannot reliably predict the future economic effects of these factors or events on our businesses.

Earnings in 2024 and 2023 benefited from significantly improved operating results at GEICO, which generated a significant loss in 2022.

Underwriting results in 2024 also included estimated claims from Hurricanes Helene and Milton ($1.2 billion after-tax) and accruals in connection with a bankruptcy settlement agreement related to a non-insurance affiliate.

The decrease in 2023 was primarily attributable to lower overall freight volumes and higher non-fuel operating costs, partially offset by lower fuel costs.

After-tax earnings of our utilities and energy business increased $1.4 billion in 2024 compared to 2023 and declined $1.6 billion in 2023 compared to 2022.

The earnings decline in 2023 reflected increased estimated wildfire loss accruals, as well as lower earnings from other energy and real estate brokerage businesses compared to 2022.

The earnings increase in 2023 reflected increases at certain industrial products manufacturers and service businesses, the full year impact of Alleghany’s non-insurance businesses acquired in 2022 and earnings from Pilot Travel Centers for the eleven months ending December 31, 2023, partially offset by lower earnings at several of our other manufacturing businesses and at certain of our service and retailing businesses.

K-33

Management’s Discussion and Analysis

Other earnings included after-tax foreign currency exchange rate gains of $1.1 billion in 2024, $211 million in 2023 and $1.3 billion in 2022 related to the non-U.S. Dollar denominated debt issued by Berkshire and Berkshire Hathaway Finance Corporation (“BHFC”).

Further, we generally do not retrocede the risks we assume.

Significant events in 2024 included Hurricanes Milton and Helene, while significant events in 2023 included a cyclone and floods in New Zealand and a hailstorm in Italy.

In 2022, significant events were Hurricane Ian and floods in Australia.

In January 2025, several wildfires broke out in Southern California resulting in thousands of destroyed or damaged structures.

We preliminarily estimate our insurance group could incur pre-tax losses of approximately $1.3 billion from these wildfires.

Claim and benefit payments can extend for decades and are expected to exceed premiums, producing underwriting losses over the claim settlement periods through changes in deferred charge assets established on retroactive reinsurance contracts and accretion of discounted annuity liabilities, as well as changes in the estimated ultimate liabilities.

| Berkshire Hathaway Primary Group | | 855 | | | | 1,374 | | | | 393 | |

| Berkshire Hathaway Reinsurance Group | | 2,737 | | | | 1,904 | | | | 1,465 | |

Not meaningful.*

GEICO also operates an insurance agency that offers primarily homeowners and renters insurance to its auto policyholders.

GEICO’s pre-tax underwriting earnings increase in 2024 compared to 2023 reflected higher average premiums per auto policy, lower claims frequencies and improved operating efficiencies.

These effects were partially offset by less favorable development of prior accident years’ claims estimates, increases in average claims severities and losses from catastrophe events.

2023 versus 2022

GEICO’s pre-tax underwriting earnings increase in 2023 reflected higher average premiums per auto policy, lower claims frequencies, more favorable development of prior accident years’ claims estimates and lower advertising costs.

However, average claims severities increased in 2023 due to higher auto repair parts prices, labor costs and medical inflation.

GEICO sought rate increases in numerous states in 2022 and 2023 in response to accelerating claims costs.

Premiums written increased $730 million (1.9%) in 2023 compared to 2022, reflecting higher average premiums per auto policy (16.8%) due to rate increases, partially offset by a 9.8% decrease in policies-in-force.

Premiums earned increased $280 million (0.7%) in 2023 compared to 2022.

Reductions in advertising expenditures in 2022 and 2023 contributed to reductions of policies-in-force.

Losses and loss adjustment expenses decreased $4.5 billion (12.4%) in 2023.

Underwriting expenses decreased $752 million (16.5%) in 2023 compared to 2022.

The expense ratio in 2023 was 9.7%, a decrease of 2.0 percentage points compared to 2022, attributable to reduced advertising expenses and improved operating leverage.

*Berkshire Hathaway Primary Group*

The decline at GUARD resulted from management’s decision to exit admitted homeowners’ insurance and to tighten underwriting guidelines in other lines of business.

The comparative decline reflected a significant increase in loss estimates at GUARD and lower reductions in estimated losses across several of our other businesses that write medical professional liability and commercial liability coverages, partially offset by increased reductions of property loss estimates.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] as required by the Securities Exchange Act of 1934 Rule 13a-15(c).

Based on our evaluation under the framework in *Internal Control—Integrated Framework* (2013), our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which appears on page K-64.

February 28, 2026

February 22, 2025

The most important of these are insurance [removed: businesses] [added: businesses,] conducted on both a primary basis and a reinsurance basis, a freight rail transportation business and a group of utility and energy generation and distribution businesses.

Berkshire’s [removed: Chairman and] Chief Executive [removed: Officer, Vice Chairman of Insurance Operations and Vice Chairman of Non-Insurance Operations participate in and are] [added: Officer is] ultimately responsible for significant capital allocation [removed: decisions, investment activities] [added: decisions] and [removed: the selection of the Chief Executive to head each of the operating businesses.][added: investment activities.]

Berkshire’s senior corporate management is responsible for establishing and monitoring Berkshire’s corporate governance [removed: practices, including] [added: practices and] monitoring governance efforts, including those at the operating businesses, and participating in the resolution of governance-related issues as needed.

Berkshire and its operating subsidiaries employed approximately [removed: 392,400] [added: 387,800] people worldwide at the end of [removed: 2024,] [added: 2025,] of which approximately 80% were in the United States (“U.S.”) and [removed: 20%] [added: 19%] were represented by unions.

Berkshire’s combined U.S. workforce data, based on U.S. Equal Employment Opportunity Commission guidelines, is available on its website [removed: (https://www.berkshirehathaway.com),] [added: (https://www.berkshirehathaway.com)] under sustainability.

Berkshire’s insurance businesses employed approximately [removed: 41,500] [added: 42,600] people at the end of [removed: 2024.][added: 2025.]

Insurers compete [added: based] on [removed: the basis of] reliability, financial strength and stability, financial ratings, underwriting consistency, service, business ethics, price, performance, capacity, policy terms and coverage conditions.

U.S. state regulators require insurance groups to file an annual report and an Own Risk Solvency Assessment [removed: or ORSA,] [added: (“ORSA”),] with the group’s lead supervisor.

The [removed: NAIC’s] GCC [removed: is a] tool [added: is] designed to help the lead supervisor understand the capital adequacy across an insurance group.

[removed: The Nebraska DOI adopted the GCC tool, and] Berkshire’s insurance subsidiaries are required to submit an annual GCC to [removed: it.][added: the Nebraska DOI.]

The combined statutory surplus of Berkshire’s U.S.-based insurers was approximately [removed: $310] [added: $333] billion at December 31, [removed: 2024.][added: 2025.]

[removed: Hereinafter] [added: Hereinafter,] these Acts are collectively referred to as TRIA.

The aggregate deductible for Berkshire’s insurance group is expected to be approximately [removed: $2.6] [added: $2.5] billion in [removed: 2025.][added: 2026.]

Berkshire’s non-U.S. insurance operations are conducted through subsidiaries [added: located in Germany, Ireland, the United Kingdom (“U.K.”), Australia] and [added: South Africa, as well as through other subsidiaries and subsidiary] branches [removed: of subsidiaries.][added: in several other countries.]

Most of [removed: these] [added: the] foreign jurisdictions impose local capital requirements.

Except for retroactive reinsurance and periodic payment annuity products, which generate significant amounts of up-front premiums along with estimated claims expected to be paid over long time periods (creating “float,” see [added: the] Investments [added: of insurance businesses] section), Berkshire expects to achieve an underwriting profit over [removed: time and that its managers will reject inadequately priced risks.][added: time.]

Underwriting profit is defined as earned [added: insurance] premiums less incurred insurance losses and benefits, loss adjustment expenses and policy acquisition and other underwriting expenses.

Additional information related to each of [removed: Berkshire’s underwriting] [added: these] groups follows.

GEICO—GEICO is headquartered in [removed: Chevy Chase,] Maryland.

GEICO subsidiaries also sell insurance for motorcycles, all-terrain vehicles, recreational vehicles, boats and [removed: small] commercial [removed: automobile fleets.][added: vehicles, primarily through direct response methods in which applications for insurance are submitted directly to the companies via the Internet or by telephone, and to a lesser extent, through insurance agencies.]

GEICO also operates an insurance agency that offers insurance written by third parties for individuals desiring insurance coverages [removed: that] [added: that, for the most part,] are not sold by GEICO insurance subsidiaries, such as homeowners, renters, condominium, life and identity protection insurance.

According to the A.M. Best data for [removed: 2023] [added: 2024] published in [removed: 2024,] [added: 2025,] the five largest [added: private passenger] automobile insurers had a combined market share of approximately [removed: 62.3%] [added: 63.6%] based on written premiums, with GEICO’s market share being the third largest at approximately [removed: 12.3%.][added: 11.6%.]

Berkshire Hathaway Primary Group—The Berkshire Hathaway Primary Group (“BH Primary”) is a collection of independently managed insurers that provide a wide variety of insurance coverages to policyholders located principally in the U.S. Nearly 90% of BH Primary [added: net] premiums written in [removed: 2024] [added: 2025] were in the U.S., of which approximately [removed: 60%] [added: 40%] was written on [removed: an admitted basis, with the remainder written on] a non-admitted basis.

[removed: National Indemnity Company (“NICO”), domiciled in Nebraska, and certain affiliates] [added: The NICO Primary Group] (“NICO Primary”) [removed: underwrite] [added: underwrites] commercial [removed: automobile] [added: auto] and general liability insurance on an admitted basis and on an excess and surplus lines [removed: basis.][added: basis through National Indemnity Company, domiciled in Nebraska, and affiliates.]

Berkshire Hathaway Homestate [removed: Companies] [added: Group] (“BHHC”) [removed: is a group of insurers offering] [added: offers] workers’ compensation, commercial [removed: automobile] [added: auto] and commercial property coverages to a diverse client [removed: base.][added: base through Berkshire Hathaway Homestate Insurance Company and affiliates.]

[removed: NICO Primary and] BHHC [removed: are each] [added: is] based in Omaha, Nebraska.

Berkshire Hathaway Specialty Insurance [added: Group] (“BHSI”) offers commercial property and casualty, executive and professional, and various other insurance coverages through Berkshire Hathaway Specialty Insurance Company and [removed: several other Berkshire subsidiaries.][added: affiliates.]

BHSI writes primary and excess policies on an admitted and non-admitted basis in the U.S., and on a local or foreign non-admitted basis outside the U.S. BHSI is based in Boston, [removed: Massachusetts,] [added: Massachusetts] and has regional offices in several other cities within the U.S. BHSI also maintains international offices and branches in Australia, Canada, New Zealand and across several countries in Asia and Europe.

[removed: Alleghany’s] [added: RSUI Group, Inc. and its subsidiaries (“RSUI”) and CapSpecialty, Inc. and its subsidiaries (“CapSpecialty”) conduct] property and casualty insurance business [removed: is conducted] in the U.S. on both an admitted and non-admitted [removed: basis through RSUI Group, Inc. and its subsidiaries (“RSUI”) and CapSpecialty, Inc. and its subsidiaries (“CapSpecialty”).][added: basis.]

MedPro Group (“MedPro”) is a leading provider of healthcare liability (“HCL”) insurance in the U.S. [removed: MedPro] [added: MedPro, based in Fort Wayne, Indiana,] provides customized HCL [removed: insurance, as well as claims, patient safety and risk solutions] [added: insurance] to physicians, surgeons, dentists and other healthcare professionals, as well as hospitals, senior care and other healthcare facilities.

MLMIC Insurance Company (“MLMIC”) [added: is based in Albany, New York and] writes medical professional liability insurance policies in New York State through brokers and on a direct basis to medical and dental professionals, health care providers and hospitals.

[removed: These] [added: GUARD markets] insurance products [removed: are accessible] through independent [removed: agents and] [added: agents,] wholesale [removed: brokers.][added: brokers and managing general agents.]

Berkshire Hathaway Direct Insurance Company and its affiliates (“BH Direct”) [added: and the GUARD Insurance Companies (“GUARD”) primarily] offer commercial insurance products [removed: (including workers’ compensation, property, auto, general and professional liability)] to small [removed: business customers.][added: and medium-sized businesses.]

BH [removed: Direct’s] [added: Direct underwrites workers’ compensation, property, commercial auto, general and professional liability] products [removed: are] primarily [removed: sold] through two internet-based distribution platforms, biBERK.com and Threeinsurance.com.

BHRG conducts business activities in [removed: 24] [added: 23] countries.

U.S. underwriting operations of the NICO Group and General Re Group are based in Stamford, [removed: Connecticut] [added: Connecticut,] while the TransRe Group is based in New York, New York.

The type and volume of business written [added: through the three BHRG groups] is dependent on market conditions, including prevailing premium rates and coverage terms.

The level of [removed: underwriting activities often fluctuates] [added: business written may fluctuate] significantly from year to year depending on the perceived level of price adequacy in specific insurance and reinsurance [removed: markets] [added: markets,] as well as from the timing of particularly large reinsurance transactions.

The NICO Group offers traditional [removed: property/casualty] [added: property and casualty] reinsurance on both an excess-of-loss and a quota-share basis, catastrophe excess-of-loss treaty and facultative reinsurance, and primary insurance on an excess-of-loss basis for very large or unusual risks.

A significant portion of [added: the] NICO Group’s annual reinsurance premium [removed: derived] [added: currently derives] from a 20% quota-share agreement with Insurance Australia Group Limited [removed: (“IAG”).][added: (“IAG”) that expires on December 31, 2029.]

Berkshire’s Chief Executive Officer is also ultimately responsible for evaluating the operating performance of the operating businesses.

Insurance regulators from the U.S. (Nebraska, Delaware and Connecticut), Germany, Ireland and the U.K. participate in a Berkshire insurance group supervisory college.

Nebraska amended its insurance laws in 2022 and adopted the GCC tool.

No contracts of significance have been written in recent years.

BHLN has not written any new policies since 2022.

Following President Trump’s inauguration on January 20, 2025, the U.S. announced its second departure from the Paris Agreement, which was finalized in January 2026.

In July 2025, the EPA proposed a rule that would repeal the EPA’s 2009 Endangerment Finding, a determination that greenhouse gas emissions qualify as air pollution that endangers human health or the environment.

The EPA finalized the Endangerment Finding Rescission on February 11, 2026.

The EPA said that Section 202(a) of the Clean Air Act does not allow the agency to enact emissions regulations for vehicles in a way that addresses climate change, so there is no legal basis to issue the endangerment finding and any resulting regulations.

The EPA further argues that the Clean Air Act was never intended to allow for regulation of greenhouse gases because climate change is a global phenomenon.

The final rule is expected to be challenged in the U.S. Court of Appeals for the District of Columbia Circuit and ultimately appealed to the U.S. Supreme Court for final adjudication.

The legal process could take several years.

The EPA has indicated it intends to address greenhouse gas rules for individual industry sectors in separate and subsequent actions.

In June 2025, the EPA proposed to rescind the 2024 rules, reflecting a change in federal policy.

The proposed rescission is expected to be finalized in the spring of 2026, at which time BHE and its energy subsidiaries will be able to ascertain remaining requirements.

In July 2025, the EPA extended several compliance deadlines in the methane rule while it reconsiders the substantive requirements of the rule.

Future shortages or price fluctuations in raw materials could have a material adverse effect on results.

Berkshire acquired Bell Laboratories, LLC (“Bell Laboratories”) on July 31, 2025.

Bell Laboratories produces high quality rodenticides and other rodent control products for commercial, agricultural and retail markets and is headquartered in Windsor, Wisconsin.

OxyChem

Berkshire completed the acquisition of Occidental Petroleum Corporation’s chemicals business (“OxyChem”) on January 2, 2026, pursuant to a definitive agreement as of October 1, 2025.

Pursuant to the agreement, Occidental retained OxyChem’s legacy environmental liabilities.

See Note 2 to the accompanying Consolidated Financial Statements.

OxyChem is a leading producer of basic chemicals that support critical applications in water treatment, pharmaceuticals, healthcare, manufacturing, automotive, personal hygiene and construction and other industries.

OxyChem is headquartered in Dallas, Texas and operates 21 manufacturing plants in the U.S. in ten states and two international sites in Canada and Chile.

OxyChem has approximately 4,000 employees and contractors.

OxyChem is a top three North American manufacturer of polyvinyl chloride (PVC), chlor-alkali products and chlorinated organic chemicals.

OxyChem concentrates on the chlorovinyl chain, beginning with the co-production of caustic soda and chlorine, which are marketed to external customers.

In addition, chlorine, together with ethylene, is converted through a series of intermediate products into PVC.

OxyChem is subject to federal, state, local and foreign government regulations, including environmental and worker safety regulations, and invests significant resources to ensure the safety of employees and the communities in which it operates and to maintain full compliance with environmental and governmental regulations.

OxyChem’s primary feedstocks are ethylene, ethane, natural gas and salt, which are generally obtainable from several sources and suppliers.

Materials that OxyChem chooses to purchase from a single source are typically subject to long-term supply contracts to ensure reliability.

OxyChem operates through five international sales offices and markets its products worldwide through direct sales, sales agents and distributors.

OxyChem’s primary customers consist of leading chemical manufacturers, several of which are connected to OxyChem manufacturing sites via pipelines.

Clayton constructs its off-site homes with components like windows, interior doors and cabinets manufactured by its supply division.

Clayton’s home building business is impacted by changes in U.S. home mortgage interest rates and the supply of pre-existing homes for sale, which affect home affordability.

JM operates in highly competitive markets.

Competitors are primarily large U.S. and internationally-based manufacturers, as well as smaller regional manufacturers.

Commercial trucks are sold under the Rockport brand name.

Currently, supplies are adequate.

Non-U.S. insurance subsidiaries are primarily located in Germany, Ireland, the United Kingdom (“U.K.”), Australia and South Africa, and branches are also maintained in several other countries.

Alleghany Corporation (“Alleghany”), based in New York, New York, was acquired by Berkshire on October 19, 2022.

Alleghany’s operating subsidiaries include property and casualty reinsurance and insurance businesses.

Alleghany’s primary insurance businesses are included in the Berkshire Hathaway Primary Group and its reinsurance businesses are included in the Berkshire Hathaway Reinsurance Group.

Marketing is primarily through direct response methods in which applications for insurance are submitted directly to the companies via the Internet or by telephone, and to a lesser extent, through captive agents.

MedPro is based in Fort Wayne, Indiana.

MLMIC is based in Albany, New York.

The GUARD Insurance Companies (“GUARD”) consist of five insurance companies that provide a comprehensive suite of commercial insurance solutions to over 200,000 small-to-medium sized businesses.

The type and volume of business written by the NICO Group may vary significantly from period to period resulting from changes in perceived premium rate adequacy and from unique or large transactions.

This quota-share agreement expires December 31, 2029.

BHLN wrote no new policies in 2023 and 2024 in response to changing economic and market conditions.

Investment portfolios are managed by Berkshire’s Chief Executive Officer and, to a lesser extent, by two corporate investment managers.

In the context of the Paris Agreement, the U.S. agreed to reduce GHG emissions by 26% to 28% from 2005 levels by 2025.

New commitments to the Paris Agreement were announced in April 2021, with the U.S. pledging to cut its overall GHG emissions by 50% to 52% from 2005 levels by 2030 and to reach 100% carbon pollution-free electricity by 2035.

In December 2024, President Biden released new commitments to reach a 61% to 66% reduction in emissions by 2035 from 2005 levels, which includes a 35% reduction in methane emissions.

While in January 2025, President Trump ordered to withdraw the U.S. from the Paris Agreement, the outgoing Biden administration highlighted that the revised targets could be met without federal action.

Increasingly, states are adopting legislation and regulations to reduce GHG emissions, and local governments and consumers are seeking increasing amounts of clean and renewable energy.

The rule has been challenged in the D.C. Circuit Court of Appeals.

The incoming Trump administration is expected to ask the court to abate litigation while it reevaluates the rule.

Because the rule is final and in effect, additional rulemaking would be required to rescind and potentially replace the emissions standards.

The Trump administration is expected to ask the court to abate litigation while it reevaluates the rule.

Clayton’s off-site home building business is impacted by changes in U.S. home mortgage interest rates.

While interest rates slightly declined in the latter part of 2024, interest rates significantly increased during 2022 and 2023, slowing demand for new home construction, which was partially mitigated by low supplies of pre-existing homes for sale.

JM operates in highly competitive markets, with competitors comprising primarily of large global and national manufacturers and smaller regional manufacturers.

Historically, fibers were purchased from a limited number of third parties, including one key supplier that provided much of FOL’s yarn spinning/raw material conversion services.

Supply chain disruptions in 2021 and 2022 caused FOL to utilize alternative sources for these raw materials/services.

FOL has since engaged an additional supplier for a portion of FOL’s yarn spinning/raw material conversion services.

Lauderdale market.

IPS’s services are required to be compliant with each jurisdiction’s regulations applicable to the engineering and architectural service providers.

Borsheims is a high-volume retailer of fine jewelry, watches, crystal, china, stemware, flatware, gifts and collectibles.

As of December 31, 2024, Berkshire or a subsidiary owned approximately 27% of the outstanding common stock of The Kraft Heinz Company (“Kraft Heinz”) and 28% of the outstanding Occidental Petroleum Corporation (“Occidental”) common stock.

Kraft Heinz manufactures and markets food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee and other grocery products.

Occidental is an international energy company, including oil and natural gas exploration, development and production, and chemicals manufacturing businesses.

Occidental’s midstream businesses purchase, market, gather, process, transport and store various oil, natural gas, carbon dioxide and other products.

Information concerning these investments is included in Note 5 to Berkshire’s Consolidated Financial Statements.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

| Class A Common Stock Class B Common Stock [removed: 0.000% Senior Notes due 2025] 1.125% Senior Notes due 2027 2.150% Senior Notes due 2028 1.500% Senior Notes due 2030 2.000% Senior Notes due 2034 1.625% Senior Notes due 2035 2.375% Senior Notes due 2039 0.500% Senior Notes due 2041 2.625% Senior Notes due 2059 | | BRK.A BRK.B [removed: BRK25] BRK27 BRK28 BRK30 BRK34 BRK35 BRK39 BRK41 BRK59 | | New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange [removed: New York Stock Exchange] |

State the aggregate market value of the voting stock held by non-affiliates of the Registrant as of June 30, [removed: 2024: $749,400,000,000][added: 2025: $902,700,000,000]

| [removed: February 10, 2025—Class] [added: January 31, 2026—Class] A common stock, $5 par value | [removed: 546,189] [added: 511,820] shares |

| [removed: February 10, 2025—Class] [added: January 31, 2026—Class] B common stock, $0.0033 par value | [removed: 1,338,051,639] [added: 1,389,605,139] shares |

Portions of the Proxy Statement for the Registrant’s Annual Meeting to be held May [removed: 3, 2025] [added: 2, 2026] are incorporated in Part III.

| Item 1B. | [Unresolved Staff Comments](#item_1b_unresolved_staff_comments) | [removed: K-27] [added: K-28] |

| Item 1C. | [Cybersecurity](#item_1c_cybersecurity) | [removed: K-27] [added: K-28] |

| Item 2. | [Description of Properties](#item_2_description_properties) | [removed: K-28] [added: K-29] |

| Item 5. | [Market for Registrant’s Common Equity, Related Security Holder Matters and Issuer Purchases of Equity Securities](#item_5_market_for_registrants_common_equ) | [removed: K-31] [added: K-32] |

| Item 6. | [\[Reserved\]](#item_6_reserved) | [removed: K-32] [added: K-33] |

| Item 7. | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_7_managements_discussion_analysis_f) | [removed: K-33] [added: K-34] |

| | [Consolidated Balance Sheets— December 31, [removed: 2024] [added: 2025] and December 31, [removed: 2023](#consolidated_balance_sheets)] [added: 2024](#consolidated_balance_sheets)] | K-66 |

| | [Consolidated Statements of Earnings—](#consolidated_statements_earnings) [Years Ended December 31, [removed: 2024,] [added: 2025,] December 31, [removed: 2023,] [added: 2024,] and December 31, [removed: 2022](#consolidated_statements_earnings)] [added: 2023](#consolidated_statements_earnings)] | K-68 |

| | [Consolidated Statements of Comprehensive Income—](#consolidated_statements_comprehensive_in) [Years Ended December 31, [removed: 2024,] [added: 2025,] December 31, [removed: 2023,] [added: 2024,] and December 31, [removed: 2022](#consolidated_statements_comprehensive_in)] [added: 2023](#consolidated_statements_comprehensive_in)] | K-69 |

| | [Consolidated Statements of Changes in Shareholders’ Equity—](#consolidated_statements_changes_in_share) [Years Ended December 31, [removed: 2024,] [added: 2025,] December 31, [removed: 2023,] [added: 2024,] and December 31, [removed: 2022](#consolidated_statements_changes_in_share)] [added: 2023](#consolidated_statements_changes_in_share)] | K-69 |

| | [Consolidated Statements of Cash Flows—](#consolidated_statements_cash_flows) [Years Ended December 31, [removed: 2024,] [added: 2025,] December 31, [removed: 2023,] [added: 2024,] and December 31, [removed: 2022](#consolidated_statements_cash_flows)] [added: 2023](#consolidated_statements_cash_flows)] | K-70 |

| Item 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#item_9_changes_in_disagreements_with_acc) | [removed: K-117] [added: K-116] |

| Item 9A. | [Controls and Procedures](#item_9a_controls_procedures) | [removed: K-117] [added: K-116] |

| Item 9B. | [Other Information](#item_9b_or_information) | [removed: K-117] [added: K-116] |

| Item 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspection](#item_9c_foreign_jurisdictions2) | [removed: K-117] [added: K-116] |

| Item 10. | [Directors, Executive Officers and Corporate Governance](#part_iii) | [removed: K-117] [added: K-116] |

| Item 11. | [Executive Compensation](#part_iii) | [removed: K-117] [added: K-116] |

| Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#part_iii) | [removed: K-117] [added: K-116] |

| Item 13. | [Certain Relationships and Related Transactions and Director Independence](#part_iii) | [removed: K-117] [added: K-116] |

| Item 14. | [Principal Accountant Fees and Services](#part_iii) | [removed: K-117] [added: K-116] |

| Item 15. | [Exhibits and Financial Statement Schedules](#item_15_exhibits_financial_statement_sch) | [removed: K-117] [added: K-116] |

| [Exhibit Index](#exhibit_index) | | [removed: K-121] [added: K-120] |

| [Signatures](#signatures) | | K-122 |

| [Signatures](#signatures) | | K-123 |

These reports are also shared with Berkshire’s internal audit group to inform and enhance the overall [removed: company’s] risk management processes.

On occasion, a cyber-attack [removed: at] [added: on] a [removed: third party] [added: third-party] service provider could have a significant financial, operational or reputational impact to Berkshire.

K-28

K-27

Through BNSF Railway, BNSF operates over 32,500 route miles of track (excluding multiple main tracks, yard tracks and sidings) in 28 [removed: states, and also operates in three Canadian provinces.][added: states.]

As of December 31, [removed: 2024,] [added: 2025,] the total BNSF Railway system, including single and multiple main tracks, yard tracks and sidings, consisted of over 50,000 operated miles of track.

Transfer facilities are maintained for rail-to-rail as well as intermodal transfer of containers, trailers and other freight traffic and include approximately [removed: 25] [added: 27] intermodal hubs located across the system.

BNSF owns or holds under non-cancelable leases exceeding one year approximately [removed: 6,800] [added: 6,700] locomotives and [removed: 71,400] [added: 70,700] freight cars, in addition to maintenance of way and other equipment.

In [removed: 2024,] [added: 2025,] BNSF recorded approximately $2.4 billion in repairs and maintenance expense.

Pursuant to separate financing agreements, the majority of [removed: these] [added: BHE’s energy] properties are pledged or encumbered to support or otherwise provide the security for the related subsidiary debt.

BHE or its affiliates own or have interests in the following types of operating electric generating facilities at December 31, [removed: 2024:][added: 2025:]

| Wind | | PacifiCorp, MEC, BHE Canada, BHE Montana and BHE Renewables | | Iowa, Wyoming, Texas, Montana, Nebraska, Washington, California, Illinois, Canada, Oregon and Kansas | | | [removed: 12,659] [added: 13,642] | | | | [removed: 12,659] [added: 13,642] | |

| Natural gas | | PacifiCorp, MEC, NV Energy, BHE Canada and BHE Renewables | | Nevada, Utah, Iowa, Wyoming, Illinois, Washington, Oregon, Texas, New York, Arizona and Canada | | | [removed: 12,887] [added: 13,193] | | | | [removed: 12,251] [added: 12,430] | |

| Coal | | [removed: PacifiCorp, MEC] [added: PacifiCorp] and [removed: NV Energy] [added: MEC] | | Iowa, [removed: Wyoming,] Utah, [removed: Nevada,] [added: Wyoming,] Colorado and Montana | | | [removed: 12,146] [added: 11,272] | | | | [removed: 7,466] [added: 6,856] | |

| Hydroelectric | | PacifiCorp, MEC and BHE Renewables | | Washington, Oregon, Idaho, Utah, Hawaii, Montana, Illinois, California and Wyoming | | | [removed: 985] [added: 984] | | | | [removed: 985] [added: 984] | |

| Nuclear | | MEC | | Illinois | | | [removed: 1,811] [added: 1,822] | | | | [removed: 452] [added: 455] | |

As of December 31, [removed: 2024,] [added: 2025,] BHE’s subsidiaries also have electric generating facilities that are under construction in [removed: Wyoming,] [added: Iowa,] Nevada, [added: Montana,] West Virginia and California having total Facility Net Capacity and Net Owned Capacity of [removed: 1,085] [added: 1,949] MW.

BHE’s subsidiaries also have battery energy storage systems in Nevada, Montana, [added: California,] West Virginia and Oregon having total Facility Net Capacity and Net Owned Capacity in operation of 320 MW and under construction of [removed: 527] [added: 543] MW.

PacifiCorp, MEC and NV Energy own electric transmission and distribution systems, including approximately [removed: 28,300] [added: 28,200] miles of transmission lines and approximately [removed: 1,660] [added: 1,650] substations, and gas distribution facilities, including approximately [removed: 28,700] [added: 29,000] miles of gas mains and service lines.

Northern Natural’s pipeline system consists of approximately [removed: 14,200] [added: 14,100] miles of natural gas pipelines, including approximately [removed: 5,800] [added: 5,700] miles of mainline transmission pipelines and approximately 8,400 miles of branch and lateral pipelines.

Northern Powergrid (Northeast) and Northern Powergrid (Yorkshire) operate an electricity distribution network that includes approximately [removed: 17,100] [added: 17,000] miles of overhead lines, approximately [removed: 44,600] [added: 44,700] miles of underground cables and approximately 860 major substations.

| Insurance | | U.S. | | | | Offices and claims centers | | | 9 | | | | [removed: 83] [added: 79] | |

| | | | | | | Offices | | | [removed: 6] [added: 4] | | | | [removed: 89] [added: 74] | |

| | | Non-U.S. | | Locations in [removed: 27] [added: 24] countries | | Offices | | | 1 | | | | [removed: 65] [added: 63] | |

| Manufacturing | | U.S. | | | | Manufacturing facilities | | | [removed: 520] [added: 501] | | | | [removed: 139] [added: 130] | |

| | | | | | | Offices/Warehouses | | | [removed: 248] [added: 4] | | | | [removed: 512] [added: 33] | |

| | | | | | | [removed: Retail/Showrooms] [added: Leasing/Showrooms/Retail] | | | [removed: 239] [added: 41] | | | | [removed: 211] [added: 25] | |

| | | | | | | Housing subdivisions | | | [removed: 288] [added: 283] | | | | — | |

| | | Non-U.S. | | Locations in [removed: 61] [added: 58] countries | | Manufacturing facilities | | | [removed: 170] [added: 167] | | | | [removed: 92] [added: 87] | |

| Pilot | | U.S. | | | | Travel centers | | | [removed: 517] [added: 514] | | | | [removed: 92] [added: 94] | |

| | | | | | | Offices/Warehouses | | | [removed: 4] [added: 257] | | | | [removed: 24] [added: 514] | |

| | | | | | | Cardlock/Fuel stops | | | — | | | | [removed: 49] [added: 55] | |

| McLane | | U.S. | | | | Distribution centers/Offices | | | [removed: 61] [added: 62] | | | | [removed: 28] [added: 30] | |

| Service | | U.S. | | | | Training facilities/Hangars | | | 11 | | | | [removed: 82] [added: 77] | |

| | | | | | | Offices/Distribution | | | [removed: 14] [added: 1] | | | | [removed: 141] [added: 45] | |

| | | | | | | [removed: Leasing/Showrooms/Retail] [added: Retail/Showrooms] | | | [removed: 42] [added: 245] | | | | [removed: 28] [added: 220] | |

| | | Non-U.S. | | Locations in [removed: 20] [added: 19] countries | | Training facilities/Hangars | | | 1 | | | | [removed: 14] [added: 15] | |

| | | | | | | Offices/Distribution | | | [removed: 1] [added: 14] | | | | [removed: 50] [added: 130] | |

| Retailing | | U.S. | | | | Offices/Warehouses | | | [removed: 23] [added: 22] | | | | 25 | |

| | | | | | | Retail/Showrooms | | | 145 | | | | [removed: 457] [added: 454] | |

| | | Non-U.S. | | Locations in 7 countries | | Retail/Offices/Warehouses | | | [removed: —] [added: 1] | | | | 96 | |

BNSF also operates in three Canadian provinces.

| | | | | Total | | | 43,560 | | | | 36,866 | |

| | | | | | | Offices/Warehouses | | | 122 | | | | 459 | |

K-28

| | | | | Total | | | 43,135 | | | | 36,312 | |

| | | | | | | Offices/Warehouses | | | 119 | | | | 440 | |

Following is a list of the Registrant’s named executive [removed: officers:][added: officers through December 31, 2025:]

| Warren E. Buffett | | [removed: 94] [added: 95] | | Chairman [added: of the Board of Directors] and Chief Executive Officer | | 1970 |

| Gregory E. Abel | | [removed: 62] [added: 63] | | Vice Chairman – Non-Insurance Operations | | 2018 |

| Ajit Jain | | [removed: 73] [added: 74] | | Vice Chairman – Insurance Operations | | 2018 |

| Marc D. Hamburg | | [removed: 75] [added: 76] | | Senior Vice-President – Chief Financial Officer | | 1992 |

K-31

Effective January 1, 2026, Mr. Abel became Berkshire’s Chief Executive Officer.

Mr. Buffett remains the Chairman of Berkshire’s Board of Directors.

Berkshire had approximately [removed: 1,100] [added: 950] record holders of its Class A common stock and [removed: 16,800] [added: 16,500] record holders of its Class B common stock at February [removed: 10, 2025.][added: 13, 2026.]

Record owners included nominees holding at least [removed: 319,000] [added: 296,000] shares of Class A common stock and [removed: 1,332,000,000] [added: 1,385,000,000] shares of Class B common stock on behalf of beneficial-but-not-of-record owners.

[added: In 2025,] Berkshire’s common stock repurchase program [removed: permits] [added: was amended to permit] Berkshire to repurchase its Class A and Class B [removed: shares] [added: common stock] at any time that [removed: Warren Buffett,] Berkshire’s [removed: Chairman of the Board and] Chief Executive Officer, [added: after consultation with the Chairman of the Board,] believes that the repurchase price is below Berkshire’s intrinsic value, conservatively determined.

No Class A or Class B shares were repurchased in the fourth quarter of [removed: 2024.][added: 2025.]

The following chart compares the value of $100 invested in Berkshire common stock on December 31, [removed: 2019] [added: 2020] and subsequent values with a similar investment in the Standard & Poor’s 500 Stock Index and in the Standard & Poor’s Property & Casualty Insurance [removed: Index.][added: Index.]

[removed: ][added: ]

K-32

Prior to the amendment, the program permitted Warren Buffett, Berkshire’s Chairman of the Board of Directors and Chief Executive Officer, to repurchase Berkshire’s common stock under the same criteria.

——————

——————

K-31

K-33

K-32

We have audited the accompanying consolidated balance sheets of Berkshire Hathaway Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of earnings, comprehensive income, changes in shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the “financial statements”).

We also have audited the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in [removed: Internal] [added: *Internal] Control — Integrated Framework [removed: (2013)] [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in [removed: Internal] [added: *Internal] Control — Integrated Framework [removed: (2013)] [added: (2013)*] issued by COSO.

Given the subjectivity of estimating these key assumptions, performing audit procedures to evaluate whether certain of these claim liabilities were appropriately recorded as of December 31, [removed: 2024] [added: 2025] required a high degree of auditor judgment and an increased extent of effort, including the need to involve our actuarial specialists.

Given the subjectivity of estimating these key assumptions, performing audit procedures to evaluate whether certain of these claim liabilities were appropriately recorded as of December 31, [removed: 2024,] [added: 2025,] required a high degree of auditor judgment and an increased extent of effort, including the need to involve our actuarial specialists.

| | [added: 2025 | | | |] 2024 | | | | 2023 | | |

| Cash and cash equivalents* | $ | [removed: 44,333] [added: 47,719] | | | $ | [removed: 34,268] [added: 44,333] | |

| Short-term investments in U.S. Treasury [removed: Bills] [added: Bills] | | [removed: 286,472] [added: 321,434] | | | | [removed: 129,619] [added: 286,472] | |

| Investments in fixed maturity securities | | [removed: 15,364] [added: 17,816] | | | | [removed: 23,758] [added: 15,364] | |

| Investments in equity securities | | [removed: 271,588] [added: 297,778] | | | | [removed: 353,842] [added: 271,588] | |

| Equity method investments | | [removed: 31,134] [added: 19,978] | | | | [removed: 29,066] [added: 31,134] | |

| Loans and finance receivables | | [removed: 27,798] [added: 29,836] | | | | [removed: 24,681] [added: 27,798] | |

| Other receivables | | [removed: 43,887] [added: 44,331] | | | | [removed: 46,261] [added: 43,887] | |

| Inventories | | [removed: 24,008] [added: 24,424] | | | | [removed: 25,856] [added: 24,008] | |

| Property, plant and equipment | | [removed: 30,071] [added: 31,885] | | | | [removed: 30,199] [added: 30,071] | |

| Equipment held for lease | | [removed: 17,828] [added: 18,535] | | | | [removed: 16,947] [added: 17,828] | |

| Goodwill | | [removed: 56,860] [added: 55,945] | | | | [removed: 57,473] [added: 56,860] | |

| Other intangible assets | | [removed: 34,638] [added: 33,802] | | | | [removed: 35,884] [added: 34,638] | |

| Deferred charges - retroactive reinsurance | | [removed: 8,797] [added: 8,104] | | | | [removed: 9,495] [added: 8,797] | |

| Other | | [removed: 24,994] [added: 24,413] | | | | [removed: 21,866] [added: 24,994] | |

| Cash and cash equivalents* | | [removed: 3,396] [added: 4,158] | | | | [removed: 3,754] [added: 3,396] | |

| Receivables | | [removed: 4,503] [added: 4,387] | | | | [removed: 4,999] [added: 4,503] | |

| Property, plant and equipment | | [removed: 175,030] [added: 184,740] | | | | [removed: 169,447] [added: 175,030] | |

| Goodwill | | [removed: 27,020] [added: 27,129] | | | | [removed: 27,153] [added: 27,020] | |

| Regulatory assets | | [removed: 5,349] [added: 4,821] | | | | [removed: 5,565] [added: 5,349] | |

| Other | | [removed: 20,811] [added: 20,941] | | | | [removed: 19,845] [added: 20,811] | |

| Total assets | $ | [removed: 1,153,881] [added: 1,222,176] | | | $ | [removed: 1,069,978] [added: 1,153,881] | |

* *Includes* *U.S. Treasury Bills* *with maturities of three months or less when purchased of [removed: $14.4*] [added: $17.6*] *billion at December 31, [removed: 2024] [added: 2025] and [removed: $4.8*] [added: $14.4*] *billion at December 31, [removed: 2023.*][added: 2024.*]

| Unpaid losses and loss adjustment expenses | $ | [removed: 115,151] [added: 120,713] | | | $ | [removed: 111,082] [added: 115,151] | |

| Unpaid losses and loss adjustment expenses - retroactive reinsurance [removed: contracts] | | [removed: 32,443] [added: 31,048] | | | | [removed: 34,647] [added: 32,443] | |

| Unearned [added: insurance] premiums | | [removed: 30,808] [added: 31,339] | | | | [removed: 30,507] [added: 30,808] | |

| Life, annuity and health insurance benefits | | [removed: 17,616] [added: 17,890] | | | | [removed: 20,213] [added: 17,616] | |

| Other [added: insurance] policyholder liabilities | | [removed: 10,703] [added: 10,312] | | | | [removed: 11,545] [added: 10,703] | |

| Accounts payable, accruals and other liabilities | | [removed: 37,489] [added: 38,019] | | | | [removed: 36,559] [added: 37,489] | |

| Payable for purchase of U.S. Treasury Bills | | [removed: 12,769] [added: 167] | | | | [removed: —] [added: 12,769] | |

| Aircraft repurchase liabilities and unearned lease revenues | | [removed: 9,356] [added: 10,686] | | | | [removed: 8,253] [added: 9,356] | |

| Notes payable and other borrowings | | [removed: 44,885] [added: 45,763] | | | | [removed: 48,468] [added: 44,885] | |

| Accounts payable, accruals and other liabilities | | [removed: 18,226] [added: 19,250] | | | | [removed: 18,304] [added: 18,226] | |

| Regulatory liabilities | | [removed: 7,033] [added: 7,013] | | | | [removed: 6,818] [added: 7,033] | |

February 28, 2026

| | | 976,000 | | | | 917,772 | |

| | | 246,176 | | | | 236,109 | |

*Includes unsettled purchases of U.S. Treasury Bills of $167* *million and $12.8* *billion at December 31, 2025 and 2024, respectively.

Such amounts were also included in liabilities and were paid shortly after the respective balance sheet date.*

| | 2025 | | | | 2024 | | |

| | | 305,937 | | | | 311,220 | |

| | | 109,581 | | | | 105,136 | |

| Net earnings | | | — | | | — | | | 66,968 | | | — | | | 292 | | | 67,260 | |

| Transactions with noncontrolling interests | | | (53 | ) | | — | | | — | | | — | | | (305 | ) | | (358 | ) |

| Balance at December 31, 2025 | | $ | 35,620 | | $ | (2,448 | ) | $ | 763,186 | | $ | (78,939 | ) | $ | 2,284 | | $ | 719,703 | |

| Net earnings | | $ | 67,260 | | | $ | 89,561 | | | $ | 97,147 | |

| Equity method investment impairment losses | | | 10,681 | | | | — | | | | — | |

| Other assets | | | (861 | ) | | | (206 | ) | | | 98 | |

*(d)*

Equity securities include certain common stock investments, in which we have elected the fair value option.

We include gains or losses on the disposition of equity method investments in earnings as a component of investment gains or losses.

*(g)*

*(k)*

Additionally, we do not record assets or liabilities for leases with terms of one year or less.

*(m)*

*Goodwill and other intangible assets*

*(n)*

We adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”) in 2025 utilizing the retrospective application as permitted in the standard.

See Note 20.

On January 2, 2026, Berkshire completed its acquisition of Occidental Petroleum Corporation’s (“Occidental”) chemicals business (“OxyChem”) pursuant to a definitive agreement as of October 1, 2025.

Consideration paid to Occidental on January 2 was approximately $9.5 billion, which is subject to adjustment pursuant to the terms of the agreement.

Also pursuant to the agreement, Occidental retained OxyChem’s legacy environmental liabilities.

OxyChem is a global manufacturer of basic chemicals, with applications in water treatment, pharmaceuticals, healthcare, construction and other industries.

Final determinations of the values of certain assets and liabilities of OxyChem are not completed due to the proximity of the acquisition date to the date of these Consolidated Financial Statements and the certain complexities inherent with the transaction.

We preliminarily estimate the values of OxyChem assets and liabilities will approximate $10.8 billion and $1.3 billion, respectively, and that assets will primarily consist of property, plant and equipment, trade receivables, inventories, equity method investments and intangible assets.

Goodwill is not expected to be material.

| December 31, 2025 | | | | | | | | | | | | | | | |

| Foreign governments | | 12,493 | | | | 58 | | | | (9 | ) | | | 12,542 | |

| Corporate and other | | 1,197 | | | | 232 | | | | (4 | ) | | | 1,425 | |

| | $ | 17,525 | | | $ | 304 | | | $ | (13 | ) | | $ | 17,816 | |

| Amortized cost | $ | 12,875 | | | $ | 4,040 | | | $ | 406 | | | $ | 100 | | | $ | 104 | | | $ | 17,525 | |

| Fair value | | 12,949 | | | | 4,083 | | | | 558 | | | | 110 | | | | 116 | | | | 17,816 | |

| December 31, 2025 | | | | | | | | | | | | |

| Banks, insurance and finance | | $ | 15,454 | | | $ | 88,675 | | | $ | 104,129 | |

February 22, 2025

| | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- |

| | | 917,772 | | | | 839,215 | |

| | | 236,109 | | | | 230,763 | |

| | | 311,220 | | | | 301,274 | |

| | | 105,136 | | | | 104,925 | |

| Redeemable noncontrolling interests | | — | | | | 3,261 | |

| | | | | | | | | | | | |

| Revenues: | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance at December 31, 2021 | | $ | 35,600 | | $ | (8,123 | ) | $ | 533,886 | | $ | (59,795 | ) | $ | 8,731 | | $ | 510,299 | |

| Net earnings (loss) | | | — | | | — | | | (22,759 | ) | | — | | | 761 | | | (21,998 | ) |

| Acquisitions of common stock | | | — | | | — | | | — | | | (8,031 | ) | | — | | | (8,031 | ) |

| Transactions with noncontrolling interests and other | | | (425 | ) | | — | | | — | | | — | | | (1,174 | ) | | (1,599 | ) |

| Inventories | | | 591 | | | | 1,426 | | | | (4,779 | ) |

| Other assets | | | (797 | ) | | | (1,328 | ) | | | (378 | ) |

(1)

Significant accounting policies and practices

Certain balances in the accompanying Consolidated Financial Statements for 2023 have been reclassified to conform to current year presentations.

We reclassified the asset, liability, revenue and expense balances in 2023 associated with Pilot Travel Centers LLC (“Pilot”) from the Railroad, Utilities and Energy sections of the Balance Sheet, Statement of Earnings and Statement of Cash Flows to the Insurance and Other sections of those statements.

We also reclassified the balances within the affected Notes to the Consolidated Financial Statements.

These reclassifications conform presentations for comparability to presentations in 2024.

These reclassifications had no effect on consolidated total assets, liabilities, shareholders’ equity, revenues, expenses, or on net earnings or cash flows from the amounts previously reported.

See Note 1(y) for a summary of the reclassifications.

Notes to Consolidated Financial Statements

As of the balance sheet date, we evaluate unrealized losses, considering the severity of the decline in value, creditworthiness of the issuer and other relevant factors.

Reinsurance recoverables arise from unpaid losses and loss adjustment expenses on property and casualty claims and benefits under life and health contracts.

*Derivatives*

We carry assets and liabilities arising from derivative contracts at fair value in other assets and accounts payable, accruals and other liabilities in our Consolidated Balance Sheets.

Balances are net of reductions permitted under master netting agreements with counterparties.

We record the changes in fair value of derivative contracts that do not qualify as hedging instruments for financial reporting purposes in earnings or if such contracts involve our regulated utilities subsidiaries, as regulatory assets or liabilities when inclusion in regulated rates is probable.

*(o)*

We manufacture and/or distribute a wide variety of industrial, building and consumer products.

We also sell fuels, including diesel, gasoline and related products, on a retail and wholesale basis.

Direct incremental acquisition costs include commissions, premium taxes and certain other costs associated with successful efforts.

We adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-02, “Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”).

ASU 2023-02 permits reporting entities to elect to account for tax equity investments from which the income tax credits are received using the proportional amortization method at the program level if certain conditions are met.

We elected to apply the proportional accounting method to eligible affordable housing tax credit investments using the modified retrospective method.

There has been no change in the Corporation’s internal control over financial reporting during the quarter ended December 31, [removed: 2024] [added: 2025] that has materially affected, or is reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

Berkshire has not adopted a Rule 10b5-1 trading arrangement (as defined in Item 408(a)(1)(i) of Regulation S-K) and no directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the fourth quarter of [removed: 2024.][added: 2025.]

Except for the information set forth under the caption “Executive Officers of the Registrant” in Part I hereof, information required by this Part (Items 10, 11, 12, 13 and 14) is incorporated by reference from the Registrant’s definitive proxy statement, filed pursuant to Regulation 14A, for the Annual Meeting of Shareholders of the Registrant to be held on May [removed: 3, 2025,] [added: 2, 2026,] which will involve the election of directors.

| [Consolidated Balance Sheets—](#consolidated_balance_sheets) [December 31, [removed: 2024] [added: 2025] and December 31, [removed: 2023](#consolidated_balance_sheets)] [added: 2024](#consolidated_balance_sheets)] | K-66 |

| [Consolidated Statements of Earnings—](#consolidated_statements_earnings) [Years Ended December 31, [removed: 2024,] [added: 2025,] December 31, [removed: 2023,] [added: 2024,] and December 31, [removed: 2022](#consolidated_statements_earnings)] [added: 2023](#consolidated_statements_earnings)] | K-68 |

| [Consolidated Statements of Comprehensive Income—](#consolidated_statements_comprehensive_in) [Years Ended December 31, [removed: 2024,] [added: 2025,] December 31, [removed: 2023,] [added: 2024,] and December 31, [removed: 2022](#consolidated_statements_comprehensive_in)] [added: 2023](#consolidated_statements_comprehensive_in)] | K-69 |

| [Consolidated Statements of Changes in Shareholders’ Equity—](#consolidated_statements_changes_in_share) [Years Ended December 31, [removed: 2024,] [added: 2025,] December 31, [removed: 2023,] [added: 2024,] and December 31, [removed: 2022](#consolidated_statements_changes_in_share)] [added: 2023](#consolidated_statements_changes_in_share)] | K-69 |

| [Consolidated Statements of Cash Flows—](#consolidated_statements_cash_flows) [Years Ended December 31, [removed: 2024,] [added: 2025,] December 31, [removed: 2023,] [added: 2024,] and December 31, [removed: 2022](#consolidated_statements_cash_flows)] [added: 2023](#consolidated_statements_cash_flows)] | K-70 |

| [Report of Independent Registered Public Accounting Firm](#report_of_independent_registered_2) | [removed: K-118] [added: K-117] |

| [Schedule I—Parent Company Condensed Financial Information](#schedule_i) [Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] Statements of Earnings and Comprehensive Income and Cash Flows for the years ended December 31, [removed: 2024,] [added: 2025,] December 31, [removed: 2023,] [added: 2024,] and December 31, [removed: 2022] [added: 2023] and Note to Condensed Financial Information](#schedule_i) | [removed: K-119] [added: K-118] |

| Other schedules are omitted because they are not required, information therein is not [removed: applicable,] [added: applicable] or is reflected in the Consolidated Financial Statements or notes thereto. | |

See the “Exhibit Index” at page [removed: K-121.][added: K-120.]

We have audited the consolidated financial statements of Berkshire Hathaway Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] and have issued our report thereon dated February [removed: 22, 2025;] [added: 28, 2026;] such consolidated financial statements and report are included elsewhere in this Form 10-K.

| | | [added: 2025 | | | |] 2024 | | | | 2023 | | |

| Cash and cash equivalents | | $ | [removed: 6,337] [added: 14,627] | | | $ | [removed: 5,566] [added: 6,337] | |

| Short-term investments in U.S. Treasury Bills | | | [removed: 89,705] [added: 112,811] | | | | [removed: 16,140] [added: 89,705] | |

| Investments in and advances to consolidated subsidiaries | | | [removed: 568,987] [added: 604,100] | | | | [removed: 546,566] [added: 568,987] | |

| Investment in [removed: The] Kraft Heinz [removed: Company] and other assets | | | [removed: 13,417] [added: 8,871] | | | | [removed: 13,246] [added: 13,417] | |

| Payable for purchase of U.S. Treasury Bills and other liabilities | | $ | [removed: 6,510] [added: 150] | | | $ | [removed: 235] [added: 6,510] | |

| Income taxes, principally deferred | | | [removed: 1,477] [added: 178] | | | | [removed: 1,229] [added: 1,477] | |

| Notes payable and other borrowings | | | [removed: 21,091] [added: 22,662] | | | | [removed: 18,781] [added: 21,091] | |

| Berkshire shareholders’ equity | | | [removed: 649,368] [added: 717,419] | | | | [removed: 561,273] [added: 649,368] | |

| | | [removed: 2024] [added: 2025] | | | | [removed: 2023] [added: 2024] | | | | [removed: 2022] [added: 2023] | | |

| [removed: Income items:] [added: Income:] | | | | | | | | | | | | |

| Dividends and distributions | | $ | [removed: 72,607] [added: 43,665] | | | $ | [removed: 9,717] [added: 72,607] | | | $ | [removed: 15,724] [added: 9,717] | |

| Undistributed earnings [removed: (losses)] | | | [removed: 14,314] [added: 24,143] | | | | [removed: 85,550] [added: 14,314] | | | | [removed: (39,579] [added: 85,550] | [removed: )] |

| | | | [removed: 86,921] [added: 67,808] | | | | [removed: 95,267] [added: 86,921] | | | | [removed: (23,855] [added: 95,267] | [removed: )] |

| Equity in earnings [added: (losses)] of [removed: The] Kraft Heinz [removed: Company] | | | [removed: 745] [added: (4,393] | [added: )] | | | [removed: 758] [added: 745] | | | | [removed: 628] [added: 758] | |

| [removed: Other] [added: Interest and other] income | | | [removed: 1,441] [added: 4,098] | | | | [removed: 899] [added: 1,441] | | | | [removed: 379] [added: 899] | |

| | | | [removed: 89,107] [added: 67,513] | | | | [removed: 96,924] [added: 89,107] | | | | [removed: (22,848] [added: 96,924] | [removed: )] |

| General and administrative | | | [removed: 381] [added: 134] | | | | [removed: 244] [added: 381] | | | | [removed: 131] [added: 244] | |

| Interest expense | | | [removed: 535] [added: 353] | | | | [removed: 636] [added: 535] | | | | [removed: 513] [added: 636] | |

| Foreign exchange [removed: gains] [added: losses (gains)] on non-U.S. Dollar denominated debt | | | [removed: (1,376] [added: 501] | [removed: )] | | | [removed: (371] [added: (1,376] | ) | | | [removed: (1,401] [added: (371] | ) |

| Income tax expense [added: (benefit)] | | | [removed: 572] [added: (443] | [added: )] | | | [removed: 192] [added: 572] | | | | [removed: 668] [added: 192] | |

| | | | [removed: 112] [added: 545] | | | | [removed: 701] [added: 112] | | | | [removed: (89] [added: 701] | [removed: )] |

| Net earnings [removed: (loss)] attributable to Berkshire shareholders | | | [removed: 88,995] [added: 66,968] | | | | [removed: 96,223] [added: 88,995] | | | | [removed: (22,759] [added: 96,223] | [removed: )] |

| Other comprehensive income attributable to Berkshire shareholders | | | [removed: 179] [added: 1,136] | | | | [removed: 1,289] [added: 179] | | | | [removed: 3,071] [added: 1,289] | |

| Comprehensive income attributable to Berkshire shareholders | | $ | [removed: 89,174] [added: 68,104] | | | $ | [removed: 97,512] [added: 89,174] | | | $ | [removed: (19,688] [added: 97,512] | [removed: )] |

| Net earnings [removed: (loss)] attributable to Berkshire shareholders | | $ | [removed: 88,995] [added: 66,968] | | | $ | [removed: 96,223] [added: 88,995] | | | $ | [removed: (22,759] [added: 96,223] | [removed: )] |

| Adjustments to reconcile net earnings [removed: (loss)] to operating cash flows: | | | | | | | | | | | | |

| Undistributed [removed: (earnings) losses] [added: earnings] of consolidated subsidiaries | | | [removed: (14,314] [added: (24,143] | ) | | | [removed: (85,550] [added: (14,314] | ) | | | [removed: 39,579] [added: (85,550] | [added: )] |

| Non-cash dividends from subsidiaries | | | [removed: (58,339] [added: (30,479] | ) | | | [removed: (1,811] [added: (58,339] | ) | | | [removed: (7,220] [added: (1,811] | ) |

| Other* | | | [removed: (2,666] [added: 1,582] | [removed: )] | | | [removed: (1,207] [added: (2,666] | ) | | | [removed: (1,799] [added: (1,207] | ) |

K-116

February 28, 2026

| | | 2025 | | | | 2024 | | |

| | | $ | 740,409 | | | $ | 678,446 | |

| | | | 22,990 | | | | 29,078 | |

| | | $ | 740,409 | | | $ | 678,446 | |

| Costs and expenses: | | | | | | | | | | | | |

| Changes in income tax liabilities | | | (1,311 | ) | | | 294 | | | | (44 | ) |

The Parent Company recorded an other-than-temporary impairment charge of $5.0 billion in 2025 on this investment.

| 10.1 | | [Form of Indemnification Agreement between the Registrant and its Directors and Officers.](https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-ex10_1.htm) |

| /S/ GREGORY E. ABEL Gregory E. Abel | Director—President and Chief Executive Officer | February 28, 2026 Date |

February 22, 2025

| | | $ | 678,446 | | | $ | 581,518 | |

| | | | 29,078 | | | | 20,245 | |

| Cost and expense items: | | | | | | | | | | | | |

| Income taxes payable | | | 294 | | | | (44 | ) | | | 661 | |

In September and October 2024, Berkshire acquired the remaining 2.12% of Berkshire Hathaway Energy’s (“BHE”) outstanding common stock held by noncontrolling shareholders in exchange for 2,291,631 shares of Berkshire Class B common stock valued at $1.045 billion.

On October 19, 2022, Berkshire acquired all of the outstanding common stock of Alleghany Corporation for $11.5 billion.

See Note 2 to the Consolidated Financial Statements.

During 2024, the Parent Company repaid approximately $1.9 billion of maturing senior notes.

| | | |

| 10.1 | | [Equity Commitment Letter of Berkshire Hathaway Inc. with Hawk Acquisition Holding Corporation dated February 13, 2013. Incorporated by reference to Exhibit 10.1 on Form 8-K of Berkshire Hathaway Inc. filed on February 14, 2013.](https://www.sec.gov/Archives/edgar/data/1067983/000119312513060036/d487537dex101.htm) |

| /S/ AJIT JAIN Ajit Jain | Director—Vice Chairman—Insurance Operations | February 22, 2025 Date |

| /S/ RONALD L. OLSON Ronald L. Olson | Director | February 22, 2025 Date |

K-123