Item 15. Exhibits and Financial Statement Schedules

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Item 15. Exhibits and Financial Statement Schedules

(a) 1. Financial Statements

The following Consolidated Financial Statements, as well as the Report of Independent Registered Public Accounting Firm, are included in Part II Item 8 of this report:


	PAGE
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)	K-64
Consolidated Balance Sheets— December 31, 2025 and December 31, 2024	K-66
Consolidated Statements of Earnings— Years Ended December 31, 2025, December 31, 2024, and December 31, 2023	K-68
Consolidated Statements of Comprehensive Income— Years Ended December 31, 2025, December 31, 2024, and December 31, 2023	K-69
Consolidated Statements of Changes in Shareholders’ Equity— Years Ended December 31, 2025, December 31, 2024, and December 31, 2023	K-69
Consolidated Statements of Cash Flows— Years Ended December 31, 2025, December 31, 2024, and December 31, 2023	K-70
Notes to Consolidated Financial Statements	K-71
2. Financial Statement Schedule
Report of Independent Registered Public Accounting Firm	K-117
Schedule I—Parent Company Condensed Financial Information Balance Sheets as of December 31, 2025 and 2024, Statements of Earnings and Comprehensive Income and Cash Flows for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 and Note to Condensed Financial Information	K-118
Other schedules are omitted because they are not required, information therein is not applicable or is reflected in the Consolidated Financial Statements or notes thereto.

(b) Exhibits

See the “Exhibit Index” at page K-120.

K-116

REPORT OF INDEPENDENT REGIS****TERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

Berkshire Hathaway Inc.

Opinion on the Financial Statement Schedule

We have audited the consolidated financial statements of Berkshire Hathaway Inc. and subsidiaries (the “Company”) as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, and the Company’s internal control over financial reporting as of December 31, 2025, and have issued our report thereon dated February 28, 2026; such consolidated financial statements and report are included elsewhere in this Form 10-K. Our audits also included the financial statement schedule of the Company listed in the Index at Item 15. This financial statement schedule is the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statement schedule based on our audits. In our opinion, such financial statement schedule, when considered in relation to the financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/s/ Deloitte & Touche LLP

Omaha, Nebraska

February 28, 2026

K-117

BERKSHIRE HATHAWAY INC. (Parent Company)

Condensed Financ****ial Information

(Dollars in millions)

Sched****ule I

Balance Sheets


	December 31,
	2025		2024
Assets:
Cash and cash equivalents	$	14,627	$	6,337
Short-term investments in U.S. Treasury Bills		112,811		89,705
Investments in and advances to consolidated subsidiaries		604,100		568,987
Investment in Kraft Heinz and other assets		8,871		13,417
	$	740,409	$	678,446
Liabilities and Shareholders’ equity:
Payable for purchase of U.S. Treasury Bills and other liabilities	$	150	$	6,510
Income taxes, principally deferred		178		1,477
Notes payable and other borrowings		22,662		21,091
		22,990		29,078
Berkshire shareholders’ equity		717,419		649,368
	$	740,409	$	678,446

Statements of Earnings and Comprehensive Income


	Year ended December 31,
	2025			2024			2023
Income:
From consolidated subsidiaries:
Dividends and distributions	$	43,665		$	72,607		$	9,717
Undistributed earnings		24,143			14,314			85,550
		67,808			86,921			95,267
Equity in earnings (losses) of Kraft Heinz		(4,393	)		745			758
Interest and other income		4,098			1,441			899
		67,513			89,107			96,924
Costs and expenses:
General and administrative		134			381			244
Interest expense		353			535			636
Foreign exchange losses (gains) on non-U.S. Dollar denominated debt		501			(1,376	)		(371	)
Income tax expense (benefit)		(443	)		572			192
		545			112			701
Net earnings attributable to Berkshire shareholders		66,968			88,995			96,223
Other comprehensive income attributable to Berkshire shareholders		1,136			179			1,289
Comprehensive income attributable to Berkshire shareholders	$	68,104		$	89,174		$	97,512

See Note to Condensed Financial Information

K-118

BERKSHIRE HATHAWAY INC. (Parent Company)

Condensed Financial Information

(Dollars in millions)

Schedule I (continued)

Statements of Cash Flows


	Year ended December 31,
	2025			2024			2023
Cash flows from operating activities:
Net earnings attributable to Berkshire shareholders	$	66,968		$	88,995		$	96,223
Adjustments to reconcile net earnings to operating cash flows:
Undistributed earnings of consolidated subsidiaries		(24,143	)		(14,314	)		(85,550	)
Non-cash dividends from subsidiaries		(30,479	)		(58,339	)		(1,811	)
Changes in income tax liabilities		(1,311	)		294			(44	)
Other*		1,582			(2,666	)		(1,207	)
Net cash flows from operating activities		12,617			13,970			7,611
Cash flows from investing activities:
Investments in and advances to consolidated subsidiaries, net		(1,870	)		(1,332	)		2,649
Purchases of U.S. Treasury Bills		(170,445	)		(52,864	)		(27,278	)
Maturities and sales of U.S. Treasury Bills and other		166,935			40,244			31,234
Net cash flows from investing activities		(5,380	)		(13,952	)		6,605
Cash flows from financing activities:
Proceeds from borrowings		2,972			5,525			2,054
Repayments of borrowings		(1,919	)		(1,854	)		(4,310	)
Acquisition of treasury stock		—			(2,918	)		(9,171	)
Net cash flows from financing activities		1,053			753			(11,427	)
Increase in cash and cash equivalents		8,290			771			2,789
Cash and cash equivalents at the beginning of the year		6,337			5,566			2,777
Cash and cash equivalents at the end of the year	$	14,627		$	6,337		$	5,566
Other cash flow information:
Income taxes paid	$	11,665		$	26,455		$	5,630
Interest paid		321			318			297
Class B common stock issued in exchange for noncontrolling interests		—			1,045			—

——————

*** I**ncludes discount accretion on investments, foreign currency exchange (gains) losses and equity method (earnings) losses of The Kraft Heinz Company.

Note to Condensed Financial Information

As of December 31, 2025, the Parent Company owned 27.5% of the outstanding shares of The Kraft Heinz Company (“Kraft Heinz”) common stock, which is accounted for pursuant to the equity method. The Parent Company recorded an other-than-temporary impairment charge of $5.0 billion in 2025 on this investment. See Note 5 to the Consolidated Financial Statements.

At various dates in 2025, the Parent Company borrowed approximately ¥451.6 billion (approximately $3.0 billion) through senior note issuances and term loan agreements. The borrowings have interest rates ranging from 1.35% to 3.12% and maturity dates ranging from 2028 to 2055. As of December 31, 2025, the Parent Company’s non-U.S. Dollar denominated borrowings included €3.6 billion and ¥2,343 billion par value senior notes. The gains and losses from the periodic remeasurement of these non-U.S. Dollar denominated notes due to changes in foreign currency exchange rates are included in earnings.

Parent Company debt maturities in each of the next five years are as follows: 2026—$4.2 billion; 2027—$4.1 billion; 2028—$3.4 billion; 2029—$2.6 billion and 2030—$850 million. The Parent Company guarantees certain debt of subsidiaries, which aggregated approximately $20.1 billion at December 31, 2025 and primarily consisted of debt issued by Berkshire Hathaway Finance Corporation. Such guarantees are an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all present and future payment obligations. The Parent Company has also provided guarantees in connection with certain retroactive reinsurance contracts issued by subsidiaries. The amounts of subsidiary payments under these contracts, if any, are contingent upon the outcome of future events.

K-119

EXHIBIT INDEX


Exhibit No.
2(i)		Agreement and Plan of Merger dated as of June 19, 1998 between Berkshire and General Re Corporation. Incorporated by reference to Annex I to Registration Statement No. 333-61129 filed on Form S-4.

2(ii)		Agreement and Plan of Merger dated as of November 2, 2009 by and among Berkshire, R Acquisition Company, LLC and BNSF. Incorporated by reference to Annex A to Registration Statement No. 333-163343 on Form S-4.

2(iii)		Agreement and Plan of Merger dated August 8, 2015, by and among Berkshire, NW Merger Sub Inc. and Precision Castparts Corporation (“PCC”) Incorporated by reference to Exhibit 2.1 to PCC’s Current Report on Form 8-K filed on August 10, 2015 (SEC File No. 001-10348)


3(i)		Restated Certificate of Incorporation Incorporated by reference to Exhibit 3(i) to Form 10-K filed on March 2, 2015.

3(ii)		Amended and Restated By-Laws Incorporated by reference to Exhibit 3(ii) to Form 8-K filed on October 3, 2025.

4.1		Indenture, dated as of December 22, 2003, between Berkshire Hathaway Finance Corporation, Berkshire Hathaway Inc. and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), as trustee. Incorporated by reference to Exhibit 4.1 on Form S-4 of Berkshire Hathaway Finance Corporation and Berkshire Hathaway Inc. filed on February 4, 2004. SEC File No. 333-112486


4.2		Indenture, dated as of February 1, 2010, among Berkshire Hathaway Inc., Berkshire Hathaway Finance Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee. Incorporated by reference to Exhibit 4.1 to Berkshire’s Registration Statement on Form S-3 filed on February 1, 2010. SEC File No. 333-164611


4.3		Indenture, dated as of January 26, 2016, by and among Berkshire Hathaway Inc., Berkshire Hathaway Finance Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee. Incorporated by reference to Exhibit 4.1 to Berkshire’s Registration Statement on Form S-3 filed on January 26, 2016. SEC File No. 333-209122


4.4		Indenture, dated as of December 1, 1995, between BNSF and The First National Bank of Chicago, as trustee. Incorporated by reference to Exhibit 4 on Form S-3 of BNSF filed on February 8, 1999.

4.5		Indenture, dated as of October 4, 2002, by and between MidAmerican Energy Holdings Company and The Bank of New York, Trustee. Incorporated by reference to Exhibit 4.1 to the Berkshire Hathaway Energy Company Registration Statement No. 333-101699 dated December 6, 2002.


4.6		Indenture, dated as of January 28, 2022, by and among Berkshire Hathaway Inc., as an issuer and a guarantor of the debt securities issued by Berkshire Hathaway Finance Corporation, Berkshire Hathaway Finance Corporation, as an issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee. Incorporated by reference to Exhibit 4.1 to Berkshire’s Registration Statement on Form S-3 filed on January 28, 2022. SEC File No 333-262384.

4.7		Indenture, dated as of January 31, 2025, by and among Berkshire Hathaway Inc., as an issuer and a guarantor of the debt securities issued by Berkshire Hathaway Finance Corporation, Berkshire Hathaway Finance Corporation, as an issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee. Incorporated by reference to Exhibit 4.1 to Berkshire’s Registration Statement on Form S-3 filed on January 31, 2025. SEC File No 333-284622.

		Other instruments defining the rights of holders of long-term debt of Registrant and its subsidiaries are not being filed since the total amount of securities authorized by all other such instruments does not exceed 10% of the total assets of the Registrant and its subsidiaries on a consolidated basis as of December 31, 2025. The Registrant hereby agrees to furnish to the Commission upon request a copy of any such debt instrument to which it is a party.

10.1		Form of Indemnification Agreement between the Registrant and its Directors and Officers.

K-120


Exhibit No.
14		Code of Ethics
		Berkshire’s Code of Business Conduct and Ethics is posted on its Internet website at www.berkshirehathaway.com

19		Insider Trading Policies and Procedures

21		Subsidiaries of Registrant

23		Consent of Independent Registered Public Accounting Firm

31.1		Rule 13a—14(a)/15d-14(a) Certification

31.2		Rule 13a—14(a)/15d-14(a) Certification

32.1		Section 1350 Certification

32.2		Section 1350 Certification

95		Mine Safety Disclosures

97		Policy Relating to Recovery of Erroneously Awarded Compensation

101		The following financial information from Berkshire Hathaway Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, formatted in iXBRL (Inline Extensible Business Reporting Language) includes: (i) the Cover Page (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Earnings, (iv) the Consolidated Statements of Comprehensive Income, (v) the Consolidated Statements of Changes in Shareholders’ Equity, (vi) the Consolidated Statements of Cash Flows, and (vii) the Notes to Consolidated Financial Statements and Schedule I, tagged in summary and detail.

104		Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101)

K-121

SIGNAT****URES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	BERKSHIRE HATHAWAY INC.

Date: February 28, 2026	/S/ MARC D. HAMBURG
	Marc D. Hamburg Senior Vice President and Principal Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


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

/S/ HOWARD G. BUFFETT Howard G. Buffett	Director	February 28, 2026 Date

/S/ SUSAN A. BUFFETT Susan A. Buffett	Director	February 28, 2026 Date

/S/ WARREN E. BUFFETT Warren E. Buffett	Chairman of the Board of Directors	February 28, 2026 Date

/S/ STEPHEN B. BURKE Stephen B. Burke	Director	February 28, 2026 Date

/S/ KENNETH I. CHENAULT Kenneth I. Chenault	Director	February 28, 2026 Date

/S/ CHRISTOPHER C. DAVIS Christopher C. Davis	Director	February 28, 2026 Date

/S/ SUSAN L. DECKER Susan L. Decker	Director	February 28, 2026 Date

/S/ CHARLOTTE GUYMAN Charlotte Guyman	Director	February 28, 2026 Date

/S/ AJIT JAIN Ajit Jain	Director—Vice Chairman—Insurance Operations	February 28, 2026 Date

/S/ THOMAS S. MURPHY, JR. Thomas S. Murphy, Jr.	Director	February 28, 2026 Date

/S/ WALLACE R. WEITZ Wallace R. Weitz	Director	February 28, 2026 Date

/S/ MERYL B. WITMER Meryl B. Witmer	Director	February 28, 2026 Date

/S/ MARC D. HAMBURG Marc D. Hamburg	Senior Vice President—Principal Financial Officer	February 28, 2026 Date

/S/ DANIEL J. JAKSICH Daniel J. Jaksich	Vice President—Principal Accounting Officer	February 28, 2026 Date

K-122

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