Berkshire Hathaway (BRK-B) risk factors: FY2025 10-K

Item 1A of the 10-K for the period ending 2025-12-31, filed 2026-03-02. 13 risk factor headings as filed. Read Item 1A in full · The whole 10-K · What changed since FY2024

0new since FY2024
0reworded
0removed
13unchanged

Headings mentioning a theme: Tariffs 0 · AI 0 · Cybersecurity 1 · China 0 · Interest rates 0. Compare across the S&P 500.

General Business Risks

11
  1. Terrorist acts could hurt our operating businesses.
  2. Cybersecurity risks could result in economic losses to our businesses and reputational damage.Cybersecurity
  3. Geopolitical events could cause losses to our business and losses in the values of securities we own.
  4. We are dependent on a few key people for our major investment and capital allocation decisions.
  5. We need qualified personnel to manage and operate our various businesses.
  6. Investments are unusually concentrated in equity securities and fair values are subject to loss in value.
  7. Competition and technology may erode our business franchises and result in lower earnings.
  8. Unfavorable general economic conditions may significantly reduce our operating earnings and impair our ability to access capital markets at a reasonable cost.
  9. Epidemics, pandemics or other similar outbreaks could hurt our operating businesses.
  10. Regulatory changes may adversely impact our future operating results.
  11. Climate change and the regulation of greenhouse gas (“GHG”) emissions may impact our businesses.

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Risks unique to our regulated businesses

2
  1. Our tolerance for underwriting risk assumed in our various insurance businesses may result in significant underwriting losses.
  2. Changes in regulations and regulatory actions can adversely affect our operating results and our ability to allocate capital.

Read these in Item 1A · See the changes

Headings are the lines of Item 1A set wholly in bold or italics, as the parser reads them, without the introductory paragraph that opens the section. A heading is new when no heading in the prior 10-K matches it after ignoring case and punctuation, and reworded when it shares at least 60 percent of its words with one that went away. Source: the filing on sec.gov.