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BRK-B · BERKSHIRE HATHAWAY INC

177 filings

8-K

BRK-B 8-K Current Reports

BERKSHIRE HATHAWAY INC - 177 current reports

Filing record · 2016–202610-K1110-Q328-K81

BRK-B filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 81 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jan ’18Jan ’18
  2. FY2020 annual report10-K · Mar ’21Mar ’21
  3. Leadership change8-K · May ’25May ’25
Showing 1-50 of 177 filings
8-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Aug 11, 2026)

Berkshire Hathaway's 8-K (furnished under Item 2.02) reports second-quarter 2026 results: net earnings attributable to Berkshire shareholders of $25.7 billion, versus $12.4 billion in Q2 2025, and $35.8 billion for the first six months versus $17.0 billion a year earlier. The headline increase is driven mainly by investment gains, which were $12.7 billion in the quarter, largely from changes in unrealized gains on equity securities. Management explicitly cautions that quarterly investment gains are usually meaningless for assessing performance, so the more relevant figure is operating earnings. Operating earnings, which exclude investment gains and impairments, rose to $13.0 billion in Q2 2026 from $11.2 billion in Q2 2025, an increase of about 16%. For the first six months, operating earnings were $24.3 billion versus $20.8 billion. Growth came from manufacturing, service and retailing (up to $4.5 billion from $3.6 billion), BNSF (up to $1.6 billion), and Berkshire Hathaway Energy (up to $0.9 billion). Insurance underwriting declined to $1.7 billion from $2.0 billion, and insurance investment income fell to $3.1 billion from $3.4 billion. The 'Other' category benefited from $326 million of foreign currency gains on non-U.S. dollar debt, compared with a $877 million loss a year earlier. Capital allocation remained active: Berkshire repurchased about $4.5 billion of stock in Q2 and roughly $4.8 billion year to date. Insurance float reached approximately $177.5 billion at June 30, 2026, up about $1.1 billion since year-end 2025. Investors should note that the release itself is brief and recommends reading the 10-Q for full detail.

Aug 11, 20268-K
Earnings & ResultsLeadership ChangesShareholder Matters+2

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (May 7, 2026)

Berkshire Hathaway reported first-quarter 2026 net earnings attributable to shareholders of $10.1 billion, up from $4.6 billion a year earlier. The headline improvement is driven largely by investment results: investment gains were a loss of $1.24 billion, versus a loss of $5.04 billion in Q1 2025, and the release notes that GAAP requires unrealized changes in equity holdings to flow through earnings, so this line is noisy and not indicative of operating performance. The more meaningful measure is operating earnings, which rose about 18% to $11.3 billion from $9.6 billion, led by higher underwriting profit ($1.72 billion vs. $1.34 billion), a sharp jump in the 'Other' category to $1.26 billion (helped by $249 million of foreign currency gains versus $713 million of losses a year earlier), and modest growth at BNSF, BHE and manufacturing, service and retailing. Insurance investment income fell to $2.68 billion from $2.89 billion. Balance-sheet and per-share context: insurance float rose about $0.5 billion since year-end 2025 to roughly $176.9 billion. Net earnings per average equivalent Class A share were $7,027 versus $3,200, and per Class B share $4.68 versus $2.13. Governance and leadership items were also disclosed. Charles C. Chang will succeed Marc D. Hamburg as CFO on June 1, 2026, at an $8 million annual salary. Hamburg is receiving a NetJets flight-hour benefit estimated at about $490,000 per year through 2037. The board amended and restated the by-laws effective May 3, 2026, mainly to align officer roles with the current operating structure. At the May 2 annual meeting, all director nominees were elected, though Greg Abel and others faced varying levels of withheld votes; the say-on-pay proposal passed with a large majority, and shareholders voted for a triennial frequency for future advisory votes. A shareholder proposal on a workforce and human-capital oversight report was defeated.

May 7, 20268-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Apr 16, 2026)

Berkshire Hathaway Inc. has announced the issuance of substantial new debt through a series of senior notes denominated in Japanese Yen (JPY). On April 16, 2026, the company successfully priced and issued six tranches of notes totaling a significant aggregate principal amount in JPY, with maturities ranging from 2029 to 2056. These notes carry varying interest rates, from 2.077% to 4.037%, reflecting the different maturity profiles and market conditions at the time of issuance. The offering was conducted under a previously filed Form S-3 registration statement and was facilitated by an underwriting agreement with Mizuho Securities USA LLC and Merrill Lynch International. This move represents Berkshire Hathaway's continued strategy of accessing diverse capital markets to fund its ongoing operations and strategic initiatives, leveraging its strong credit standing to secure favorable terms for its long-term financing. Investors should note that the issuance comprises a mix of short, medium, and long-term debt, indicating a strategic approach to managing its capital structure and debt maturities. The specific amounts and interest rates of each tranche are detailed, providing transparency into the cost of this new capital. The fact that these notes are registered under a Form S-3 and filed with the SEC highlights Berkshire Hathaway's commitment to regulatory compliance and disclosure. The specific use of proceeds is not detailed in this filing, but such debt issuances are typically aimed at supporting acquisitions, capital expenditures, or general corporate purposes, potentially enhancing the company's financial flexibility and capacity for future growth opportunities.

Apr 16, 20268-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Mar 5, 2026)

Berkshire Hathaway Inc. (BRK-B) has announced the recommencement of its common stock repurchase program, effective March 4, 2026. This move, disclosed via an 8-K filing, signals management's belief that the company's Class A and Class B shares are trading below their intrinsic value. Investors should note that this policy is flexible, with no obligation to repurchase a specific number of shares and the flexibility to repurchase in open markets or private transactions. Repurchases can be suspended or discontinued at any time without prior notice, and Berkshire does not commit to providing interim updates beyond their standard periodic filings (10-Q and 10-K).

Mar 5, 20268-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Mar 2, 2026)

Berkshire Hathaway's February 28, 2026 earnings release (furnished under Form 8-K on March 2, 2026) reports fourth-quarter and full-year 2025 results. Net earnings attributable to Berkshire shareholders fell to $19.2 billion in Q4 2025 (from $19.7 billion a year earlier) and to $67.0 billion for full-year 2025 (from $89.0 billion in 2024). However, these headline figures are heavily distorted by investment gains and losses, which the company explicitly warns are not meaningful for assessing quarterly business performance. Investment gains were $13.5 billion in Q4 and $30.7 billion for the full year, and the release also records other-than-temporary impairments of $4.5 billion in Q4 and $8.3 billion for the year on Kraft Heinz and Occidental holdings. The better gauge of underlying business performance is operating earnings, which declined to $10.2 billion in Q4 2025 from $14.5 billion in Q4 2024, and to $44.5 billion for the full year from $47.4 billion. The decline was driven primarily by lower insurance underwriting earnings ($7.3 billion for 2025 versus $9.0 billion in 2024) and lower insurance investment income ($12.5 billion versus $13.7 billion). Partial offsets came from higher BNSF ($5.5 billion versus $5.0 billion), Berkshire Hathaway Energy ($4.0 billion versus $3.7 billion), and manufacturing, service and retailing ($13.6 billion versus $13.1 billion) earnings. Insurance float reached approximately $176 billion at year-end 2025, up $5 billion for the year. Berkshire's release itself urges investors to read the 2025 Annual Report rather than rely on the limited data in the press release, which it states is not adequate for making an informed investment judgment. Investors should therefore treat this 8-K as a summary and direct their analysis to the full annual report for detail on capital allocation, cash position, and segment dynamics.

Mar 2, 20268-K/A
Leadership Changes

BERKSHIRE HATHAWAY INC 8-K/A Report, Executive Changes (Jan 6, 2026)

This 8-K/A filing from Berkshire Hathaway Inc. (BRK-B) primarily serves to update information regarding the compensation of its new President and Chief Executive Officer, Greg Abel. Effective January 1, 2026, Mr. Abel's annual cash salary has been set at $25 million. This adjustment reflects his elevated role and responsibilities following his appointment as CEO, a transition that was previously announced. Investors should note that this filing confirms the finalized compensation for the company's top executive and provides transparency on this significant personnel change.

Jan 6, 20268-K
Leadership ChangesExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Executive Changes (Dec 11, 2025)

Berkshire Hathaway's 8-K filed December 11, 2025 reports a sweeping leadership reshuffle announced December 8, 2025, anchored by a planned succession in the finance chair. Senior Vice President and Chief Financial Officer Marc D. Hamburg will resign as CFO on June 1, 2026, then remain with the company as an advisor-style transition partner until his retirement on June 1, 2027, after 40 years of service. Charles C. Chang, currently CFO of Berkshire Hathaway Energy (BHE) since October 2024 and previously a PricewaterhouseCoopers partner, will succeed him as CFO on June 1, 2026. Compensation terms for Chang have not yet been finalized and will be disclosed in a future 8-K amendment. The broader announcement also signals a transition in operating leadership. Gregory E. Abel becomes President and CEO of Berkshire on January 1, 2026, and will directly oversee the remaining non-insurance businesses, including industrial, building products, BNSF, BHE, Pilot and McLane. Adam M. Johnson, CEO of NetJets, was named President of the Consumer Products, Service and Retailing businesses while keeping his NetJets role. In insurance, Nancy L. Pierce was promoted to CEO of GEICO effective immediately, succeeding Todd A. Combs, who resigned to join JPMorgan Chase & Co. Michael J. O'Sullivan, formerly General Counsel of Snap Inc., will become Berkshire's first in-house General Counsel role as SVP and General Counsel on January 1, 2026, a departure from decades of reliance on external counsel. For investors, the filing contains no financial results or guidance. Its significance lies in governance continuity: the CFO transition is staggered over a year to reduce execution risk, the CEO handover to Abel is scheduled, and the creation of an internal legal function reflects the company's evolving structure. The main open items are Chang's compensation disclosure and any further organizational detail that follows the planned January 2026 transition.

Dec 11, 20258-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Nov 21, 2025)

Berkshire Hathaway Inc. (BRK-B) has filed an 8-K report detailing a significant debt issuance. On November 19, 2025, the company issued an aggregate principal amount of ¥123,700,000,000 of its 1.510% Senior Notes due 2028, ¥53,300,000,000 of its 1.826% Senior Notes due 2030, ¥26,100,000,000 of its 2.422% Senior Notes due 2035, and ¥7,000,000,000 of its 2.810% Senior Notes due 2040. These notes were issued under a previously filed registration statement and an underwriting agreement with Mizuho Securities USA LLC and Merrill Lynch International. This issuance of senior notes in Japanese Yen indicates Berkshire Hathaway's strategy to access diverse funding sources and potentially hedge against currency fluctuations or to finance operations or acquisitions denominated in Yen. The varying interest rates and maturity dates suggest a deliberate approach to managing its debt obligations and capital structure. Investors should note that this issuance increases the company's outstanding debt, although the specific use of proceeds is not detailed in this filing.

Nov 21, 20258-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Nov 3, 2025)

Berkshire Hathaway's third-quarter 2025 earnings release, issued November 1, 2025, shows net earnings attributable to Berkshire shareholders of $30.8 billion, up from $26.3 billion a year earlier. However, this headline figure is heavily inflated by investment gains, which were $17.3 billion in the quarter, driven largely by changes in unrealized gains on equity holdings and $8.2 billion of after-tax realized gains. Management explicitly cautions that quarterly investment gains or losses are usually meaningless and can be misleading on a per-share basis, so investors should focus on operating results. Operating earnings, which exclude investment gains and losses, rose to $13.5 billion in Q3 2025 from $10.1 billion in Q3 2024, a 34% increase. The improvement was led by insurance underwriting, which swung to $2.4 billion from $750 million, and by manufacturing, service and retailing, BNSF, and a $1.4 billion contribution from Other, which included a foreign currency gain on non-U.S. dollar debt of roughly $331 million. Insurance investment income declined modestly to $3.2 billion, and Berkshire Hathaway Energy's earnings fell to $1.5 billion from $1.6 billion. For the first nine months of 2025, net earnings were $47.8 billion versus $69.3 billion in 2024, a decline reflecting much smaller investment gains and a $3.8 billion after-tax other-than-temporary impairment on Kraft Heinz. Operating earnings for the nine-month period were $34.3 billion, up from $32.9 billion. Insurance float reached approximately $176 billion at September 30, 2025, up $5 billion since year-end 2024. The release itself warns that it is not adequate for an informed investment decision and directs readers to the 10-Q for full detail.

Nov 3, 20258-K
Corporate ChangesExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Bylaw Amendment (Oct 3, 2025)

Berkshire Hathaway Inc. (BRK-B) has filed an 8-K reporting an amendment to its By-Laws, effective September 30, 2025. This amendment formally separates the roles of Chairman of the Board and Chief Executive Officer. This strategic governance change is being implemented in anticipation of the CEO transition scheduled for January 1, 2026, when Greg Abel is set to assume the CEO position, succeeding Warren Buffett. Warren Buffett will continue to serve as Chairman of the Board following this transition. The amendment adds a new paragraph to the By-Laws concerning the Board of Directors and makes consequential changes to the sections pertaining to Officers and Agents. Investors should note that this governance restructuring is a proactive step to align with the previously announced leadership succession plan, ensuring a clear delineation of responsibilities at the highest levels of the company.

Oct 3, 20258-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Aug 4, 2025)

Berkshire Hathaway's second-quarter 2025 earnings release, filed August 2, 2025 and furnished under Item 2.02, shows net earnings attributable to Berkshire shareholders of $12.37 billion, down from $30.35 billion a year earlier. The decline is driven mainly by investment results: investment gains were $4.97 billion versus $18.75 billion in Q2 2024, and the quarter also included a $3.76 billion other-than-temporary impairment of the Kraft Heinz investment. The company itself cautions that investment gains or losses in any single quarter are usually not meaningful for assessing business performance, so investors should focus on operating earnings. Operating earnings, which exclude investment gains and impairments, were $11.16 billion in Q2 2025 versus $11.60 billion in Q2 2024, a decline of about 4%. Insurance underwriting fell to $1.99 billion from $2.26 billion, while insurance investment income rose modestly to $3.37 billion. BNSF (rail) grew to $1.47 billion from $1.23 billion, and Berkshire Hathaway Energy rose to $702 million from $655 million. Manufacturing, service and retailing increased to $3.60 billion from $3.38 billion. The steepest drop came in 'Other,' which fell to $32 million from $753 million, largely because of foreign currency exchange losses of $877 million on non-U.S. dollar debt, compared with a $446 million gain in the prior-year quarter. For the first six months, net earnings were $16.97 billion versus $43.05 billion, and operating earnings were $20.80 billion versus $22.82 billion. Insurance float reached approximately $174 billion at June 30, 2025, up $3 billion since year-end 2024. The release points readers to the Form 10-Q for complete information and expressly states that the press release alone is not adequate for making an informed investment decision.

Aug 4, 20258-K
Leadership ChangesExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Executive Changes (May 8, 2025)

This 8-K filing from Berkshire Hathaway Inc. (BRK-B) announces a significant leadership transition. Effective January 1, 2026, Greg Abel will assume the roles of President and Chief Executive Officer, succeeding Warren Buffett in the CEO position. Mr. Buffett will continue to serve as Chairman of the Board of Directors. Mr. Abel, currently Vice Chairman – Non-Insurance Operations and a director since 2018, brings extensive experience from his tenure as CEO and Chairman of Berkshire Hathaway Energy. This planned succession is a critical development for investors, signaling continuity and a clear path forward for the company's operational leadership. Mr. Abel's deep understanding of Berkshire's diverse businesses, particularly its energy operations, positions him well to lead the conglomerate. The filing also confirms no immediate changes to Mr. Buffett's role as Chairman, providing a period of transition and continued guidance.

May 8, 20258-K
Earnings & ResultsShareholder MattersExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (May 6, 2025)

Berkshire Hathaway's first quarter 2025 results were dominated by investment losses, while the underlying operating businesses held up reasonably well. Net earnings attributable to Berkshire shareholders fell to $4.6 billion from $12.7 billion a year earlier, or $2.13 per Class B share versus $5.88. Operating earnings, which exclude investment gains and losses, declined to $9.6 billion from $11.2 billion. The gap is explained by investment losses of $5.0 billion after tax, which include roughly $7.4 billion of unrealized losses on equity holdings partly offset by $2.4 billion of realized after-tax gains. Management explicitly cautions that quarterly investment gains and losses are usually meaningless for assessing performance and can mislead investors on per-share figures. Within operating earnings, insurance underwriting fell sharply to $1.3 billion from $2.6 billion, while insurance investment income rose to $2.9 billion from $2.6 billion, aided by $869 million of income on U.S. Treasury bills and other investments not directly owned by insurance subsidiaries. Berkshire Hathaway Energy grew to $1.1 billion from $717 million, and BNSF rose modestly to $1.2 billion. Manufacturing, service and retailing earnings were roughly flat at $3.1 billion. The 'Other' category dropped to $41 million from $1.1 billion, primarily because of a $713 million foreign currency loss on non-U.S. dollar debt, compared with a $597 million gain a year earlier. Insurance float reached about $173 billion, up $2 billion from year-end 2024. The filing also reports the May 3, 2025 annual shareholder meeting. All thirteen director nominees were re-elected, including Warren Buffett, Greg Abel and Ajit Jain, with withheld votes generally in the 16,000 to 60,000 range. All eight shareholder proposals failed by wide margins, with each receiving fewer than 16,000 votes in favor against roughly 430,000 or more opposed.

May 6, 20258-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Apr 17, 2025)

Berkshire Hathaway Inc. (BRK-B) has filed an 8-K report detailing the issuance of a significant aggregate principal amount of Japanese Yen-denominated senior notes on April 17, 2025. This issuance includes six tranches of notes with varying maturities ranging from 2028 to 2055 and coupon rates from 1.352% to 3.117%. The total principal amount raised across these notes is ¥80,400,000,000. These notes were issued under a previously filed registration statement (Form S-3) and pursuant to an underwriting agreement with Merrill Lynch International and Mizuho Securities USA LLC. The issuance indicates Berkshire's ongoing strategy to diversify its funding sources and potentially hedge against currency fluctuations, given the denomination in Japanese Yen. Investors should note the varying interest rates and maturity dates, which reflect different market conditions and capital needs across the maturity spectrum.

Apr 17, 20258-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Feb 24, 2025)

Berkshire Hathaway's Q4 and full-year 2024 earnings release, furnished under Item 2.02 of this 8-K, shows that reported net earnings are heavily distorted by investment gains and losses. Full-year 2024 net earnings attributable to Berkshire shareholders were $88.995 billion, down from $96.223 billion in 2023, while Q4 2024 net earnings were $19.694 billion versus $37.574 billion a year earlier. Investment gains/losses accounted for much of the swing: after-tax losses of about $38.1 billion from changes in unrealized equity gains, offset by $79.6 billion of after-tax realized gains for the full year, produced a net investment gain of $41.558 billion for 2024 versus $58.873 billion in 2023. Operating earnings, which exclude investment gains and losses, are the more useful measure of underlying performance. They rose to $47.437 billion for full-year 2024 from $37.350 billion in 2023, and to $14.527 billion in Q4 2024 from $8.481 billion. Insurance underwriting earnings jumped to $9.020 billion from $5.428 billion, and insurance investment income rose to $13.670 billion from $9.567 billion. BNSF was slightly lower at $5.031 billion, while Berkshire Hathaway Energy grew to $3.730 billion from $2.331 billion. Other controlled businesses were roughly flat at $13.072 billion. Insurance float reached about $171 billion, up $2 billion year over year, and Berkshire repurchased roughly $2.9 billion of its shares in 2024. The release itself cautions that the limited information it contains is not adequate for an informed investment decision and directs investors to the 2024 Annual Report. Investors should weigh the operating earnings trend and float growth more heavily than quarterly per-share GAAP figures, which the company itself describes as potentially misleading.

Feb 24, 20258-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Nov 4, 2024)

Berkshire Hathaway's Q3 2024 earnings release, furnished under Item 2.02 on November 2, 2024, shows net earnings attributable to Berkshire shareholders of $26.25 billion for the third quarter, versus a loss of $12.77 billion in Q3 2023. The swing is driven almost entirely by investment gains, which were $16.16 billion in Q3 2024 compared with losses of $23.53 billion a year earlier. Operating earnings, which exclude investment gains and losses, were $10.09 billion, down about 6% from $10.76 billion in Q3 2023. For the first nine months of 2024, net earnings were $69.30 billion versus $58.65 billion, and operating earnings were $32.91 billion versus $28.87 billion, an increase of roughly 14%. The quarterly operating earnings decline was concentrated in insurance underwriting, which fell to $750 million from $2.42 billion, and in the "Other" category, which swung to a $877 million loss, largely from roughly $1.1 billion of foreign currency losses on non-U.S. dollar debt. These pressures were partly offset by insurance investment income, which rose to $3.66 billion from $2.47 billion, and by Berkshire Hathaway Energy, which rose to $1.63 billion from $498 million. Insurance float reached about $174 billion, up $5 billion since year-end 2023, and Berkshire repurchased roughly $2.9 billion of its shares in the first nine months. Investors should note that management explicitly cautions that quarterly investment gains and losses are usually meaningless for assessing business performance and that the press release alone is insufficient for an investment decision. The filing directs readers to the Form 10-Q for complete information. Per-share figures are stated as 1/1,500th of the Class A amounts for Class B shares.

Nov 4, 20248-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Oct 23, 2024)

Berkshire Hathaway Inc. (BRK-B) announced on October 23, 2024, the issuance of a significant tranche of senior notes denominated in Japanese Yen. This debt offering comprises seven series of notes with varying principal amounts and interest rates, maturing between 2027 and 2054. The total aggregate principal amount issued is ¥271,800,000,000 (approximately $2.4 billion USD based on current exchange rates, although this conversion is not stated in the filing). The notes were issued under an existing registration statement and an indenture previously filed with the SEC. This issuance indicates Berkshire's strategic utilization of capital markets to secure long-term funding. The diverse maturity profile and fixed interest rates suggest a proactive approach to managing its debt obligations and potentially capitalizing on favorable borrowing conditions in the Japanese market. Investors should note that this 8-K filing primarily concerns the debt issuance itself and does not provide updated financial performance figures, but it does signal ongoing financial activities and capital management strategies by the conglomerate.

Oct 23, 20248-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Aug 5, 2024)

Berkshire Hathaway's Q2 2024 earnings release (filed August 3, 2024 and furnished via this 8-K) shows that headline net earnings fell sharply year over year, to $30.3 billion from $35.9 billion in the second quarter, and to $43.1 billion from $71.4 billion for the first six months. The decline is almost entirely due to investment gains, which dropped to $18.8 billion in Q2 from $25.9 billion and to $20.2 billion for the first half from $53.3 billion. Management explicitly cautions that quarterly investment gains or losses are usually meaningless for evaluating business performance, since they largely reflect changes in unrealized gains on equity holdings required under GAAP. Operating earnings, which exclude investment and derivative gains and losses, rose to $11.6 billion in Q2 from $10.0 billion, a 15% increase, and to $22.8 billion for the first six months from $18.1 billion, up 26%. The growth was driven by insurance underwriting, which nearly doubled in the first half to $4.9 billion, and insurance investment income, which rose to $5.9 billion from $4.3 billion. Results were partly offset by lower contributions from BNSF and non-controlled businesses. Other income also benefited from $1.0 billion in foreign currency gains on non-U.S. dollar debt in the first half. Capital allocation remained active, with about $345 million of Berkshire shares repurchased in Q2 and $2.9 billion year to date. Insurance float reached approximately $169 billion at June 30, 2024. The release is brief by design, and management urges investors to read the full 10-Q for an adequate basis for investment decisions.

Aug 5, 20248-K
Earnings & ResultsShareholder MattersExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (May 7, 2024)

Berkshire Hathaway reported first-quarter 2024 results that were driven by a sharp swing in investment gains and losses rather than by operating performance. Net earnings attributable to Berkshire shareholders fell to $12.7 billion from $35.5 billion a year earlier. The decline reflects roughly $9.7 billion of after-tax losses from changes in unrealized gains on equity holdings, partly offset by about $11.2 billion of realized investment gains. The company's own release cautions that quarterly investment gains or losses are usually meaningless for assessing business performance. Operating earnings, which exclude investment gains and losses, rose about 39% to $11.2 billion from $8.1 billion. The improvement came mainly from insurance underwriting, which swung to $2.6 billion from $0.9 billion, and from higher insurance investment income and Berkshire Hathaway Energy. BNSF's earnings declined to $1.1 billion from $1.2 billion. Insurance float was about $168 billion at quarter-end, and Berkshire spent roughly $2.6 billion repurchasing Class A and Class B shares during the quarter. At the May 4, 2024 annual meeting, shareholders re-elected all 14 directors. All six shareholder proposals on climate, DEI, railroad safety, Energy Policy Research Foundation modeling, and China exposure were defeated by wide margins, which is consistent with management's position on those issues. Investors should focus on the operating earnings trend, the buyback activity, and the reliance of reported net income on mark-to-market equity holdings when evaluating the quarter.

May 7, 20248-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Apr 26, 2024)

On April 25, 2024, Berkshire Hathaway Inc. (BRK-B) issued seven tranches of yen-denominated senior notes totaling ¥264.3 billion (approximately $1.7 billion at April 2024 exchange rates, which is an estimate and not stated in the filing), with maturities ranging from 2027 to 2054. The notes were sold under a Form S-3 shelf registration (No. 333-262384) filed January 28, 2022, and an underwriting agreement dated April 18, 2024 with Merrill Lynch International and Mizuho Securities USA LLC. The filing is a routine Item 8.01 disclosure that documents the issuance and attaches the officers' certificates and legal opinion; it does not report earnings, operating results, or material changes to the business. The issuance is a funding and debt-management event rather than a signal about Berkshire's operations. Coupons are low, ranging from 0.974% on the 2027 notes to 2.498% on the 2054 notes, reflecting the cheap yen funding Berkshire has accessed in Japan, a market where it has been building a long-term debt base to fund operations and capital needs at favorable rates. The ladder of maturities spreads refinancing risk across roughly three decades. Investors should note that the filing does not disclose the use of proceeds, so any stated purpose would come from other Berkshire disclosures. For investors, the key takeaways are that this is a modest, low-cost financing with a long-dated maturity profile, and that the 8-K contains no new financial performance data. Full terms are in the indenture, the officers' certificates (Exhibits 4.2 through 4.8), and the prospectus supplement dated April 18, 2024, which describe covenants, redemption rights, and other provisions.

Apr 26, 20248-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Feb 26, 2024)

Berkshire Hathaway reported fourth-quarter and full-year 2023 results in a February 24, 2024 earnings release, furnished as Exhibit 99.1 to this 8-K. Full-year 2023 net earnings attributable to Berkshire shareholders were $96.2 billion, compared with a loss of $22.8 billion in 2022. That swing was driven mainly by investment and derivative gains of $58.9 billion in 2023 versus losses of $53.6 billion in 2022, so headline GAAP earnings are not a clean measure of operating performance. Operating earnings, which exclude investment and derivative gains/losses, rose about 21% to $37.4 billion from $30.9 billion, a more meaningful indicator of the business's underlying health. Operating performance was broadly strong. Insurance underwriting swung to $5.4 billion of profit from a small loss in 2022, and insurance investment income rose about 48% to $9.6 billion as interest rates remained elevated. Railroad and utilities/energy earnings declined, and other businesses grew to $15.1 billion. Insurance float reached approximately $169 billion, up $5 billion for the year. Berkshire repurchased about $9.2 billion of its shares in 2023, including $2.2 billion in the fourth quarter. The release itself is brief and explicitly directs investors to the 2023 Annual Report for a complete picture. Management also warns that quarterly investment gains are usually meaningless and can be misleading on a per-share basis. Investors should therefore focus on operating earnings, insurance performance, float growth, and capital allocation rather than the headline net earnings figure.

Feb 26, 20248-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Jan 10, 2024)

Berkshire Hathaway Inc. (BRK-B) announced on January 7, 2024, that it has reached an agreement to fully settle the Delaware litigation involving Pilot Corporation. This settlement resolves all claims and counterclaims between Berkshire Hathaway entities, including Pilot Travel Centers LLC and National Indemnity Company, and Pilot Corporation. The filing provides limited details regarding the terms of the settlement, but its conclusion is a significant event for the company as it removes a major legal uncertainty and potential financial liability. Investors should view this settlement positively, as it brings closure to a prolonged legal dispute. While the specific financial impact of the settlement is not disclosed in this 8-K, the resolution allows Berkshire Hathaway to move forward without the distraction and potential costs associated with ongoing litigation. The company furnished the press release announcing this agreement as an exhibit to its Form 8-K filing.

Jan 10, 20248-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Dec 1, 2023)

Berkshire Hathaway filed this Form 8-K on December 1, 2023 under Item 8.01 (Other Events) to disclose the death of Charles T. Munger, Berkshire's Vice Chairman. The company announced the news in a press release dated November 28, 2023, which is furnished as Exhibit 99.1. Munger died peacefully at a California hospital on the morning of November 28, 2023, according to members of his family. The filing contains no financial statements, earnings data, or quantitative disclosures, so it has no direct effect on reported results or financial condition. CEO Warren Buffett said Berkshire "could not have been built to its present status without Charlie's inspiration, wisdom and participation." The release states that Munger's family will handle all affairs in accordance with his instructions. The filing does not describe any leadership succession plan, board changes, or changes to Munger's roles, and it does not address how his death affects Berkshire's investment decisions or management structure. For investors, the event is primarily a governance and key-person consideration rather than a near-term financial event. Munger had served as Vice Chairman for decades and was closely associated with Berkshire's capital allocation philosophy alongside Buffett. Investors will likely look to future filings, such as a proxy statement or subsequent 8-K, for any leadership or board updates. The 8-K itself is a brief, factual notice.

Dec 1, 20238-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Nov 29, 2023)

Berkshire Hathaway Inc. (BRK-B) announced on November 29, 2023, the issuance of substantial aggregate principal amounts of senior notes denominated in Japanese Yen (¥). These notes, issued under a previously filed Form S-3 registration statement, comprise five tranches with maturities ranging from 2026 to 2058 and coupon rates varying from 0.955% to 2.502%. The issuance was facilitated by an underwriting agreement with Merrill Lynch International and Mizuho Securities USA LLC and is governed by an indenture dated January 28, 2022. This debt issuance represents a strategic move by Berkshire Hathaway to access capital markets, likely to fund ongoing operations, potential acquisitions, or to refinance existing debt. Investors should note the diversification of currency exposure, with a significant Yen-denominated offering, and the long-term nature of some of these debt instruments. The filing details the specific terms and conditions of each note series, providing transparency on Berkshire Hathaway's financing activities.

Nov 29, 20238-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Nov 7, 2023)

Berkshire Hathaway's Q3 2023 8-K furnishes the November 4, 2023 earnings release. The headline GAAP result was a net loss attributable to Berkshire shareholders of $12.8 billion for the quarter, versus a $2.8 billion loss in Q3 2022, driven by a $23.5 billion investment and derivative loss. For the first nine months, GAAP net earnings were $58.6 billion, compared with a $40.8 billion loss a year earlier, reflecting a $29.8 billion investment and derivative gain after a $65.1 billion loss in 2022. The more useful signal for investors is operating earnings, which excludes investment and derivative gains and losses. Operating earnings rose 41% to $10.8 billion in Q3 2023 from $7.7 billion, and rose 19% to $28.9 billion for the nine months from $24.2 billion. Insurance underwriting swung to a $2.4 billion profit from a $1.1 billion loss, and insurance investment income climbed to $2.5 billion from $1.4 billion as higher rates lifted returns. Railroad and utilities/energy earnings declined, while Pilot Travel Centers contributed $183 million in the quarter after Berkshire acquired an additional 41.4% stake. Management cautions that quarterly investment gains and losses are usually meaningless for assessing performance and can mislead per-share figures. Capital allocation activity included about $1.1 billion of share repurchases in Q3 and roughly $7.0 billion year to date, and insurance float reached about $167 billion, up $3 billion since year-end 2022. The release itself states it is not adequate for making an informed investment decision and directs readers to the 10-Q.

Nov 7, 20238-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Aug 7, 2023)

Berkshire Hathaway's second-quarter 2023 earnings release (filed August 5, 2023) reported net earnings attributable to Berkshire shareholders of $35.9 billion, compared with a net loss of $43.6 billion in the same quarter of 2022. The swing is driven almost entirely by investment and derivative gains of $25.9 billion versus losses of $53.0 billion a year earlier. Management explicitly cautions that quarterly investment gains or losses are usually meaningless for assessing business performance, so the more useful measure is operating earnings, which rose about 6.6% to $10.0 billion in Q2 2023 from $9.4 billion in Q2 2022. Operating earnings growth was led by insurance: underwriting profit nearly doubled to $1.2 billion and insurance investment income rose 24% to $2.4 billion, reflecting higher interest rates on Berkshire's large fixed-income portfolio. Offsetting these gains, BNSF's railroad earnings fell 24% to $1.3 billion and Berkshire Hathaway Energy was roughly flat, while 'Other' earnings dropped sharply because foreign currency gains on non-dollar debt were much smaller than in 2022. Non-controlled businesses (equity-method holdings) improved meaningfully. Capital allocation remained active, with about $1.4 billion of Berkshire shares repurchased in the quarter and $5.8 billion year to date. Insurance float rose modestly to roughly $166 billion, approximately $2 billion above year-end 2022. The release also notes a roughly $2.4 billion remeasurement gain from acquiring an additional 41.4% interest in Pilot Travel Centers, which is included in first-half investment gains rather than operating earnings.

Aug 7, 20238-K
Earnings & ResultsShareholder MattersCorporate Changes+1

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (May 10, 2023)

Berkshire Hathaway's first quarter 2023 results were dominated by investment gains rather than operating performance. Net earnings attributable to Berkshire shareholders rose to $35.5 billion from $5.6 billion a year earlier, driven by investment and derivative gains of $27.4 billion, including roughly $23.4 billion of unrealized gains on equity holdings and about $2.4 billion from remeasuring the stake in Pilot Travel Centers after Berkshire acquired an additional 41.4% interest. Management explicitly cautions that quarterly investment gains are usually meaningless for assessing business performance, so investors should focus on operating earnings instead. Operating earnings, which exclude investment and derivative gains and goodwill impairments, increased about 13% to $8.1 billion from $7.2 billion. Insurance underwriting improved sharply to $911 million from $167 million, and insurance investment income rose to $1.97 billion from $1.17 billion, reflecting higher interest rates. BNSF ($1.25 billion, down from $1.37 billion) and Berkshire Hathaway Energy ($416 million, down from $775 million) declined, while the 'Other' segment swung to a $111 million loss from $370 million of earnings. The filing also reports governance and capital allocation items. Berkshire spent about $4.4 billion repurchasing Class A and Class B shares in the quarter, insurance float reached roughly $165 billion, and the Board amended and restated the bylaws on May 7, 2023, including advance-notice changes responding to the SEC's Universal Proxy Rule and provisions allowing virtual meetings. At the May 6, 2023 annual meeting, all 16 director nominees were elected, while the shareholder proposals on climate, governance, DEI, and political issues all failed.

May 10, 20238-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (May 2, 2023)

Berkshire Hathaway Inc. (BRK-B) has filed an 8-K report detailing the voluntary bankruptcy filings of four of its indirect wholly owned subsidiaries under Chapter 11 in the U.S. Bankruptcy Court for the District of New Jersey. This event, which occurred on April 26, 2023, was further elaborated upon in a press release issued by the company on April 27, 2023. The filings concern subsidiaries and are not indicative of any direct financial distress of the parent company, Berkshire Hathaway Inc. itself. Investors should review the provided press release for specific details regarding these subsidiaries and the reasons for their Chapter 11 filings.

May 2, 20238-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Apr 20, 2023)

Berkshire Hathaway Inc. (BRK-B) announced on April 20, 2023, the issuance of a significant amount of senior notes denominated in Japanese Yen (JPY). The company raised a total of ¥164,400,000,000 across five different tranches with varying maturity dates and interest rates, ranging from 0.907% due in 2026 to 2.325% due in 2053. This debt offering was conducted under an existing registration statement filed in January 2022 and was facilitated through an underwriting agreement with Merrill Lynch International and Mizuho Securities USA LLC. This issuance indicates Berkshire Hathaway's ongoing strategy of utilizing debt markets to manage its capital structure and potentially fund operations or acquisitions. The multi-tranche nature of the offering and the denomination in JPY suggest strategic financing decisions, possibly to hedge currency exposure or access favorable borrowing conditions in international markets. Investors should note this as an expansion of Berkshire's debt obligations, which will impact its financial leverage and future interest expenses.

Apr 20, 20238-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Mar 1, 2023)

Berkshire Hathaway reported a net loss attributable to shareholders of $22.8 billion for full-year 2022, compared with net earnings of $89.8 billion in 2021. The swing is driven almost entirely by investment and derivative losses of $53.6 billion, reflecting mark-to-market declines in the company's equity holdings under GAAP. Excluding these investment and derivative effects, operating earnings rose to $30.8 billion from $27.5 billion, up about 12%. Fourth-quarter net earnings were $18.2 billion, versus $39.6 billion a year earlier, while Q4 operating earnings fell to $6.7 billion from $7.3 billion. Operating performance was mixed across segments. Insurance investment income climbed to $6.5 billion from $4.8 billion, and Other controlled businesses rose to $12.5 billion from $11.1 billion. Insurance underwriting swung to a $90 million loss from $728 million of profit, and Railroad earnings slipped slightly to $5.9 billion. Utilities and energy grew to $3.9 billion. Berkshire also repurchased roughly $7.9 billion of its shares during 2022, and insurance float rose about $17 billion to approximately $164 billion, including $14 billion from the Alleghany acquisition. The release itself is brief and explicitly directs investors to the 2022 Annual Report for adequate information. Management stresses that quarterly investment gains and losses are largely meaningless for assessing business performance, so investors should focus on operating earnings, float growth, and segment trends rather than headline GAAP net income or per-share figures.

Mar 1, 20238-K
Leadership ChangesExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Executive Changes (Dec 19, 2022)

Berkshire Hathaway Inc. (BRK-B) filed an 8-K on December 19, 2022, to announce a change in its Board of Directors. Thomas S. Murphy, Jr. has been elected to fill the vacancy created by the passing of Board Member David Gottesman. This appointment is a significant event as it impacts the composition of the board overseeing one of the world's largest conglomerates. Investors should note that Mr. Murphy's election was effective December 19, 2022, and there were no pre-existing arrangements or understandings with other board members related to his appointment.

Dec 19, 20228-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Dec 8, 2022)

Berkshire Hathaway Inc. (BRK-B) filed an 8-K on December 8, 2022, to report on the issuance of a substantial aggregate principal amount of Yen-denominated senior notes. This debt offering totals ¥85,000,000,000 across six tranches with varying interest rates and maturity dates, ranging from 2025 to 2052. The issuance was made under a previously filed registration statement and an underwriting agreement, with Merrill Lynch International and Mizuho Securities USA LLC acting as underwriters. For investors, this filing signals Berkshire's proactive management of its capital structure and its ability to access international debt markets efficiently. The issuance of Yen-denominated notes suggests a strategy to either hedge against currency fluctuations, fund Yen-denominated assets or operations, or take advantage of favorable borrowing costs in the Japanese market at the time of issuance. Investors should view this as a strategic financing move rather than an indicator of financial distress, given Berkshire's strong financial position.

Dec 8, 20228-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Nov 8, 2022)

Berkshire Hathaway's Q3 2022 results, released November 5, 2022, were dominated by investment losses rather than operating performance. The company reported a net loss attributable to Berkshire shareholders of $2.688 billion for the third quarter, compared with net earnings of $10.344 billion in Q3 2021. For the first nine months of 2022, the net loss was $40.983 billion versus earnings of $50.149 billion a year earlier. The drop is driven mainly by investment and derivative losses of $10.449 billion in the quarter and $65.067 billion year-to-date, largely reflecting declines in the market value of Berkshire's equity holdings under GAAP's requirement to recognize unrealized gains and losses in earnings. Operating earnings, which exclude investment and derivative gains and losses, tell a more stable story. Q3 2022 operating earnings rose about 20% to $7.761 billion from $6.466 billion, and year-to-date operating earnings increased to $24.084 billion from $20.170 billion. Growth was led by insurance investment income, which rose to $1.408 billion in the quarter, and by other controlled businesses and foreign currency gains on non-dollar debt. Insurance underwriting swung to a loss of $962 million in the quarter, and railroad earnings declined modestly. Management cautions that quarterly investment gains and losses are usually not meaningful for assessing business performance. Capital allocation remained active: Berkshire repurchased about $1.05 billion of its shares in Q3 and roughly $5.25 billion year-to-date. Insurance float reached approximately $150 billion at September 30, 2022, up $3 billion from year-end 2021. The release itself advises investors to read the full 10-Q before making an investment decision.

Nov 8, 20228-K
Securities & Listing

BERKSHIRE HATHAWAY INC 8-K Report, Listing Notice (Oct 4, 2022)

This 8-K filing from Berkshire Hathaway Inc. (BRK-B) discloses a temporary noncompliance with New York Stock Exchange (NYSE) listing requirements regarding the composition of its Board of Directors. The recent death of independent director David S. Gottesman has resulted in the board no longer having a majority of independent directors, a rule mandated by the NYSE. The company has formally notified the NYSE of this noncompliance and intends to rectify the situation by appointing a new independent director as promptly as possible. While this is a procedural matter and doesn't immediately impact operations or financial health, investors should monitor the timeline for the appointment of a new director to ensure continued adherence to listing standards.

Oct 4, 20228-K
Earnings & ResultsShareholder MattersCorporate Changes+2

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (May 4, 2022)

Berkshire Hathaway's first quarter 2022 earnings release reported GAAP net earnings attributable to Berkshire shareholders of $5.46 billion, down sharply from $11.71 billion in the first quarter of 2021. The decline was driven almost entirely by investment and derivative losses of $1.58 billion, compared with gains of $4.69 billion a year earlier. Operating earnings, which exclude investment gains and losses, were essentially flat at $7.04 billion versus $7.02 billion, with growth in railroad, utilities and energy, manufacturing/service/retailing, and other segments offsetting a steep drop in insurance underwriting earnings ($47 million versus $764 million). Management explicitly cautioned that quarterly investment gains and losses are usually meaningless for assessing business performance, and that the press release alone is not adequate for an investment decision, urging readers to consult the 10-Q. Capital allocation remained active: roughly $3.2 billion was spent repurchasing Class A and Class B shares during the quarter, and insurance float reached approximately $148 billion at March 31, 2022, up about $1 billion from year-end 2021. Class A equivalent shares outstanding fell to about 1.47 million. Governance matters were also addressed. At the April 30, 2022 annual meeting, shareholders elected all 15 directors and rejected all four shareholder proposals (on board chair independence, climate risk assessment, greenhouse gas emissions disclosure, and diversity reporting), with most proposals receiving well under 25% support. Wallace R. Weitz's election restored a majority of independent directors, resolving an NYSE listing-standards deficiency reported in February 2022. The Board also amended the bylaws on May 1, 2022, restating Section 12 to designate federal district court for derivative claims outside Delaware Chancery jurisdiction and to require federal forum for Securities Act of 1933 claims.

May 4, 20228-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Mar 18, 2022)

Berkshire Hathaway Inc. (BRK-B) announced through its subsidiary, Berkshire Hathaway Finance Corporation (BHFC), the issuance of senior notes totaling €1.25 billion. This issuance includes €500 million in 1.500% Senior Notes due 2030 and €750 million in 2.000% Senior Notes due 2034. These notes are fully and unconditionally guaranteed by Berkshire Hathaway Inc., providing strong credit backing. The issuance occurred under a Form S-3 registration statement and was facilitated through an underwriting agreement with J.P. Morgan Securities plc and Merrill Lynch International. This debt issuance indicates Berkshire Hathaway's ongoing strategy to manage its capital structure and potentially fund future acquisitions or operations. The interest rates on these notes appear competitive, reflecting Berkshire's strong credit profile. Investors should note that the details of these notes and their terms are further elaborated in incorporated filings and exhibits, including the Indenture and specific Officers' Certificates.

Mar 18, 20228-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Mar 15, 2022)

Berkshire Hathaway Inc. (BRK-B) announced through its subsidiary, Berkshire Hathaway Finance Corporation (BHFC), the issuance of new senior notes totaling $4.5 billion on March 15, 2022. This debt offering was comprised of three tranches: $750 million in 2.300% notes due 2027, $1 billion in 2.875% notes due 2032, and $2.75 billion in 3.850% notes due 2052. These notes are fully and unconditionally guaranteed by Berkshire Hathaway Inc., indicating strong corporate backing and creditworthiness. The issuance was conducted under a previously filed registration statement and pursuant to underwriting agreements with major financial institutions. This move suggests Berkshire Hathaway is proactively managing its capital structure, potentially to fund ongoing operations, acquisitions, or to refinance existing debt. Investors should note the specific interest rates and maturity dates, which reflect prevailing market conditions at the time of issuance and offer varying durations for yield-seeking strategies.

Mar 15, 20228-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Mar 1, 2022)

Berkshire Hathaway's 8-K filed March 1, 2022 furnishes a corrected version of its Q4 and full-year 2021 earnings release, issued February 26, 2022. The correction addresses two errors in footnote 1: the fourth-quarter 2021 change in unrealized investment gains was $31.7 billion (not $56.3 billion), and after-tax realized gains on investment sales in Q4 2021 were $535 million (not $2.3 billion). The core results are unchanged by the correction. Full-year 2021 net earnings attributable to Berkshire shareholders were $89.8 billion, versus $42.5 billion in 2020, and fourth-quarter net earnings were $39.6 billion versus $35.8 billion a year earlier. For investors, the most important point is the gap between GAAP net earnings and operating earnings. Operating earnings, which exclude investment and derivative gains/losses and impairments, were $7.3 billion in Q4 2021 and $27.5 billion for the full year, up from $5.0 billion and $21.9 billion in 2020. Berkshire's own release warns that quarterly investment gains or losses are usually meaningless for judging business performance, since they mainly reflect mark-to-market changes in equity holdings. Operating results were driven by railroad, utilities and energy, and other businesses, while insurance underwriting contributed modestly. Capital allocation and balance sheet items also stood out. Berkshire repurchased roughly $6.9 billion of shares in Q4 and about $27 billion for the full year, and insurance float reached approximately $147 billion at year-end 2021, up $9 billion. The filing itself is a correction and does not introduce new strategic developments, so investors should rely on the 2021 Annual Report for complete context.

Mar 1, 20228-K
Leadership ChangesSecurities & ListingExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Listing Notice (Feb 18, 2022)

Berkshire Hathaway Inc. (BRK-B) filed an 8-K on February 18, 2022, primarily related to a change in its Board of Directors composition. The resignation of independent director Thomas S. Murphy on February 14, 2022, resulted in the Board no longer meeting the New York Stock Exchange (NYSE) requirement of having a majority of independent directors. The company promptly notified the NYSE of this noncompliance and intends to appoint a new independent director as soon as practicable to rectify the situation. This filing is important for investors to note as it addresses a procedural listing requirement. While not indicative of any fundamental business issue, it highlights the importance of corporate governance and compliance with exchange rules. The company's swift action to acknowledge the noncompliance and its stated intention to appoint a new director suggest a commitment to resolving this matter promptly and maintaining its listing status.

Feb 18, 20228-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Jan 25, 2022)

Berkshire Hathaway Inc. (BRK-B) filed an 8-K on January 25, 2022, to report on the issuance of a significant amount of Yen-denominated senior notes. The company issued a total of ¥125 billion (approximately $1.08 billion USD at the time) across six different tranches with maturities ranging from 2027 to 2052 and interest rates between 0.203% and 1.129%. This issuance was conducted under an existing shelf registration statement and an underwriting agreement with several major financial institutions. Investors should note that this action indicates Berkshire's continued access to capital markets and its strategy of managing its debt structure, potentially to take advantage of favorable borrowing costs or currency exposures. This move suggests that Berkshire Hathaway is strategically managing its balance sheet, likely to fund ongoing operations, acquisitions, or investments, or to refinance existing debt. The diversification of its debt maturity profile and the currency of issuance (Japanese Yen) are points for investors to consider when assessing the company's financial strategy and risk management. The specifics of the notes, including their coupon rates and maturity dates, are detailed and were filed with the SEC, providing transparency for market participants.

Jan 25, 20228-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Nov 8, 2021)

Berkshire Hathaway's 8-K furnishes the November 6, 2021 earnings release for the third quarter and first nine months of 2021. Headline GAAP net earnings attributable to Berkshire shareholders were $10.3 billion in Q3 2021, down from $30.1 billion in Q3 2020, and $50.1 billion for the first nine months of 2021, up sharply from $6.7 billion in the prior-year period. These swings are driven mainly by unrealized gains and losses on equity securities, which GAAP requires to flow through earnings. Berkshire itself cautions that quarterly investment gains are usually meaningless for assessing performance. Operating earnings, which exclude investment and derivative gains/losses and goodwill/intangible impairments, were $6.5 billion in Q3 2021 (up from $5.5 billion) and $20.2 billion for the first nine months (up from $16.9 billion). Growth was led by the railroad, utilities and energy segment and other businesses, while insurance underwriting swung to a $784 million loss in the quarter, reflecting a weaker underwriting result. Insurance float rose about $7 billion since year-end 2020 to roughly $145 billion. Capital allocation remained active: Berkshire repurchased about $7.6 billion of its shares in Q3 2021 and about $20.2 billion over the first nine months. Per-share figures are presented for both Class A and Class B shares, with Class B equal to 1/1,500th of a Class A share. Investors should rely on the full 10-Q for complete context, as the press release itself notes the limited information it contains is not adequate for an informed investment judgment.

Nov 8, 20218-K
Leadership ChangesExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Executive Changes (Oct 20, 2021)

Berkshire Hathaway Inc. (BRK-B) announced a significant change to its Board of Directors through an 8-K filing on October 20, 2021. The Board unanimously approved an increase in its size to fifteen members, and subsequently elected Susan A. Buffett and Christopher C. Davis to fill these newly created positions. This expansion of the board with two new directors signals a potential evolution in the company's governance structure and oversight.

Oct 20, 20218-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Aug 9, 2021)

Berkshire Hathaway's second-quarter 2021 earnings release (filed August 9, 2021) reports GAAP net earnings attributable to Berkshire shareholders of $28.1 billion for Q2 2021, up from $26.3 billion in Q2 2020, and $39.8 billion for the first six months of 2021 versus a $23.5 billion loss in the same period of 2020. The swing is driven almost entirely by investment and derivative gains and losses, which are mark-to-market movements on equity holdings required under GAAP. Those gains are not a reliable indicator of the operating business, and the company itself cautions that quarterly investment gains are usually meaningless for per-share analysis. Operating earnings, which exclude investment and derivative gains/losses and goodwill/intangible impairments, rose to $6.7 billion in Q2 2021 from $5.5 billion a year earlier, and to $13.7 billion for the first six months from $11.4 billion. The increase was led by Other businesses ($3.0 billion in Q2 versus $1.4 billion) and Railroad, utilities and energy ($2.3 billion versus $1.8 billion). Insurance underwriting fell sharply to $376 million from $806 million in Q2, while insurance investment income declined to $1.2 billion from $1.4 billion. Q2 2020 also included a $10.9 billion impairment tied to the Precision Castparts acquisition, which is absent in 2021 and accounts for much of the year-over-year comparison in reported net earnings. Capital allocation and balance sheet items were notable. Berkshire repurchased approximately $6.0 billion of its shares in Q2 2021 and $12.6 billion year to date, and insurance float reached roughly $142 billion at June 30, 2021, up $4 billion since year-end 2020. Investors should read the full 10-Q, as the press release itself is intentionally limited in detail.

Aug 9, 20218-K
Earnings & ResultsShareholder MattersExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (May 5, 2021)

Berkshire Hathaway's first-quarter 2021 results, reported May 1, 2021, showed net earnings attributable to Berkshire shareholders of $11.711 billion, or $7,638 per Class A equivalent share, compared with a net loss of $49.746 billion in the first quarter of 2020. The swing is driven mainly by investment and derivative gains of $4.693 billion versus losses of $55.617 billion a year earlier. Operating earnings, which exclude those investment swings, rose about 20% to $7.018 billion from $5.871 billion, led by other businesses ($2.619 billion, up from $2.038 billion), railroad, utilities and energy ($1.954 billion, up from $1.751 billion), and insurance underwriting ($764 million, up from $363 million). Insurance-investment income declined to $1.208 billion from $1.386 billion. Capital allocation was active: roughly $6.6 billion was spent repurchasing Class A and Class B shares during the quarter, and insurance float reached about $140 billion at March 31, 2021, up about $2 billion from year-end 2020. Shareholders also held the annual meeting on May 1, 2021, re-electing all 14 directors. Support for directors was high but not unanimous; Walter Scott, Jr. and Susan Decker drew the most opposition. Both shareholder proposals on climate-risk reporting and diversity and inclusion reporting failed, with each receiving roughly 146,000 to 153,000 votes for and about 388,000 to 395,000 against. For investors, the key takeaway is that the headline GAAP profit is largely a mark-to-market effect from equity holdings and should not be read as a measure of quarterly business performance. The company itself cautions that the press release is not adequate for an informed investment decision and directs readers to the 10-Q. The more meaningful signals are the improvement in operating earnings, the strong underwriting rebound, and the continued buybacks.

May 5, 20218-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Apr 15, 2021)

Berkshire Hathaway Inc. (BRK-B) has filed an 8-K report detailing the issuance of new senior notes denominated in Japanese Yen. On April 14, 2021, the company completed the sale of ¥40 billion in 0.173% Senior Notes due 2026, ¥80 billion in 0.437% Senior Notes due 2031, and ¥40 billion in 0.969% Senior Notes due 2041. These notes were issued under an existing shelf registration statement and an indenture previously established, with the specific terms outlined in officers' certificates. This issuance represents a strategic move by Berkshire Hathaway to raise capital through debt financing in the Japanese market. The low coupon rates on these notes suggest favorable borrowing conditions, potentially to fund ongoing operations, acquisitions, or to manage its overall capital structure. Investors should note that this filing primarily concerns debt issuance and does not provide updates on operating performance or significant business events beyond the financing activity.

Apr 15, 20218-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Mar 1, 2021)

Berkshire Hathaway's February 27, 2021 earnings release reports a sharp swing in headline net earnings driven largely by investment accounting. Full-year 2020 net earnings attributable to Berkshire shareholders were $42.5 billion, down from $81.4 billion in 2019, and fourth-quarter net earnings were $35.8 billion versus $29.2 billion a year earlier. The bulk of this volatility reflects changes in unrealized gains and losses on equity securities, which GAAP requires Berkshire to run through earnings. Investment and derivative gains were $31.6 billion for the full year 2020 (versus $57.4 billion in 2019), while a $11.0 billion pre-tax impairment of goodwill and intangibles tied to the 2016 Precision Castparts acquisition weighed on results. Operating earnings, which exclude investment and derivative gains and goodwill/intangible impairments, are the more informative measure of underlying business performance. Full-year 2020 operating earnings were $21.9 billion, down about 9% from $24.0 billion in 2019, with the decline driven mainly by lower earnings in Other businesses (down to $8.3 billion from $9.4 billion) and a swing to a loss in the Other category. Insurance underwriting improved to $657 million from $325 million, while insurance investment income fell to $5.0 billion from $5.5 billion, reflecting lower interest rates. Railroad, utilities and energy earnings were roughly flat at $8.3 billion. Capital allocation and balance sheet items also stand out. Berkshire repurchased approximately $25 billion of its stock in 2020, including about $9 billion in the fourth quarter, and Class A equivalent shares outstanding fell to 1,543,960 at year-end. Insurance float rose by $9 billion to roughly $138 billion. Berkshire's own release explicitly cautions that the limited information it contains is not adequate for an informed investment decision and directs investors to the 2020 Annual Report, and it notes that quarterly investment gains or losses are usually not meaningful for assessing business performance.

Mar 1, 20218-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Jan 15, 2021)

Berkshire Hathaway Inc. (BRK-B) filed an 8-K on January 15, 2021, to report on the issuance of new debt securities. Specifically, Berkshire Hathaway Inc. issued €600 million aggregate principal amount of 0.500% Senior Notes due 2041. Additionally, its subsidiary, Berkshire Hathaway Finance Corporation (BHFC), issued $750 million aggregate principal amount of 2.500% Senior Notes due 2051, which are fully guaranteed by Berkshire Hathaway Inc. These issuances were made under a previously filed registration statement and underwriting agreements executed in early January 2021. The primary purpose of this filing is to provide notification and documentation of these debt offerings to the market. For investors, this indicates ongoing capital management and financing activities by Berkshire Hathaway and its subsidiaries, leveraging favorable market conditions to secure long-term debt at specified interest rates.

Jan 15, 20218-K
Earnings & ResultsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Financial Results (Nov 9, 2020)

Berkshire Hathaway's third-quarter 2020 earnings release (filed November 9, 2020 under Item 2.02) shows a sharp divergence between GAAP net earnings and operating earnings. Q3 2020 net earnings attributable to Berkshire shareholders were $30.1 billion, up from $16.5 billion a year earlier, but this was driven almost entirely by $24.8 billion of investment and derivative gains, mainly unrealized gains on equity securities. Operating earnings, which exclude those gains and impairments, fell about 32% year over year to $5.5 billion from $8.1 billion. For the first nine months of 2020, GAAP net earnings collapsed to $6.7 billion from $52.3 billion, reflecting a $10.98 billion impairment of intangible assets (mostly goodwill tied to the 2016 Precision Castparts acquisition, with $9.8 billion recorded in Q2) and a sharp reversal in investment gains. The underlying business weakened in several segments. Insurance underwriting swung to a $213 million loss in Q3 from a $440 million profit, and other businesses' operating earnings declined. Railroad, utilities and energy was the bright spot, rising to $2.7 billion in Q3 from $2.6 billion. Insurance float reached roughly $135 billion, up $6 billion since year-end 2019. Berkshire repurchased about $9 billion of its shares in Q3 and about $16 billion year to date, and it had 1,570,636 Class A equivalent shares outstanding at September 30, 2020. Management explicitly cautioned that the press release alone is not adequate for an investment decision and that investment gains or losses in any given quarter are usually meaningless for assessing business performance. Investors should focus on operating earnings, the segment trends, the Precision Castparts impairment, and the buyback activity as disclosed in the full 10-Q.

Nov 9, 20208-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Oct 15, 2020)

Berkshire Hathaway Inc. (BRK-B) reported on October 15, 2020, that its subsidiary, Berkshire Hathaway Finance Corporation (BHFC), successfully issued a total of $2.5 billion in senior notes. This issuance comprises $750 million in 1.450% Senior Notes due 2030 and $1.75 billion in 2.850% Senior Notes due 2050. These notes are fully and unconditionally guaranteed by Berkshire Hathaway Inc., indicating the parent company's direct financial commitment and support for the debt. The proceeds from this issuance are intended to support BHFC's operations and may be used for general corporate purposes. This debt offering demonstrates Berkshire Hathaway's continued access to capital markets at favorable rates, reflecting its strong credit standing. Investors should note that while this filing pertains to debt issuance, it does not involve any material changes to Berkshire Hathaway's core business operations or significant financial transactions beyond the raising of capital. The long-term nature of the notes (10 and 30 years) suggests a strategic approach to funding and capital management.

Oct 15, 20208-K
Other EventsExhibits & Filings

BERKSHIRE HATHAWAY INC 8-K Report, Corporate Update (Aug 31, 2020)

On August 31, 2020, Berkshire Hathaway disclosed through an 8-K (Item 8.01, Other Events) that its wholly owned subsidiary, National Indemnity Company, had acquired slightly more than 5% of the outstanding shares in five leading Japanese trading companies: Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo. The stakes were built over roughly twelve months through regular open-market purchases on the Tokyo Stock Exchange. The filing is a disclosure event rather than a transaction with material financial impact on Berkshire's reported results, and the release was furnished as Exhibit 99.1 alongside the required Japanese regulatory notification to the Kanto Local Finance Bureau. Management characterized the holdings as long-term, passive investments. Berkshire may increase each position up to a self-imposed ceiling of 9.9% depending on price, and Warren Buffett pledged that purchases will not exceed that level without the investee's board approval. Buffett noted the trading houses' extensive global joint-venture networks and suggested future opportunities of mutual benefit. The release also cites Berkshire's long history of substantial passive holdings, such as Coca-Cola (32 years), American Express (29 years), and Moody's (20 years). For investors, the key takeaways are the scale and direction of Berkshire's capital deployment into Japan, the company's yen exposure profile, and the defined ownership cap that limits near-term concentration risk. Berkshire disclosed approximately 625.5 billion yen of yen-denominated bonds maturing between 2023 and 2060, which it says leaves only minor exposure to yen/dollar movements. The filing contains no new financial statements, earnings data, or guidance.

Aug 31, 2020
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