BERKSHIRE HATHAWAY INC Annual Report, Year Ended Dec 31, 2024

Berkshire Hathaway Inc. (BRK-B) reported a strong financial performance for the year ending December 31, 2024, with net earnings attributable to shareholders reaching $88.995 billion, a slight decrease from $96.223 billion in 2023. This was largely driven by significant investment gains in 2024, which offset softer performance in some operating segments. The insurance businesses demonstrated robust underwriting results, particularly GEICO, which significantly improved its profitability compared to the prior year, although overall insurance underwriting benefited from favorable prior accident year developments. BNSF and Berkshire Hathaway Energy (BHE) reported slight decreases in after-tax earnings year-over-year, impacted by specific charges and market conditions. The manufacturing, service, and retailing segments experienced a modest decline in earnings, impacted by varied performance across its diverse portfolio, with some areas showing strength and others facing headwinds. Berkshire Hathaway ended the year with substantial liquidity, holding $318 billion in cash, cash equivalents, and U.S. Treasury Bills. The company continued its share repurchase program, demonstrating a commitment to returning capital to shareholders when shares are deemed undervalued. Management remains focused on financial strength, prudent capital allocation, and the long-term intrinsic value of its businesses.