BRK-B · BERKSHIRE HATHAWAY INC

289 filings

BRK-B SEC Filings

BERKSHIRE HATHAWAY INC - 289 total filings

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

Showing 1–50 of 289 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, 2026 10-Q

BERKSHIRE HATHAWAY INC Quarterly Report for Q2 Ended Jun 30, 2026

Berkshire Hathaway Inc. reported strong financial performance for the second quarter and the first six months of 2026, demonstrating resilience and growth across its diverse business segments. Total revenues saw a significant increase, driven by robust performance in the manufacturing, service, and retailing sectors, alongside continued strength in BNSF railroad and Berkshire Hathaway Energy (BHE). Insurance underwriting earnings showed mixed results, with GEICO experiencing higher loss ratios due to increased claims frequencies and severities, while the reinsurance segment benefited from favorable prior accident year adjustments and no major catastrophe events. Investment gains, particularly from equity securities, significantly boosted net earnings, underscoring the importance of its investment portfolio to overall profitability, though this also introduces volatility. The company's financial position remains exceptionally strong, characterized by substantial shareholders' equity of $747.9 billion and ample liquidity. Berkshire Hathaway also continued its share repurchase program, indicating confidence in its intrinsic value. The acquisition of OxyChem and Taylor Morrison Home Corporation were notable strategic moves during the period, integrating new businesses and expanding the company's reach. Despite ongoing macroeconomic uncertainties, Berkshire Hathaway's decentralized management structure and diversified operations position it well to navigate challenges and capitalize on opportunities.

Aug 10, 2026 8-K

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, 2026 10-Q

BERKSHIRE HATHAWAY INC Quarterly Report for Q1 Ended Mar 31, 2026

Berkshire Hathaway Inc.'s Q1 2026 results show robust growth in total assets, increasing to $1.25 trillion from $1.22 trillion at the end of 2025. Net earnings attributable to Berkshire shareholders significantly improved to $10.1 billion, a substantial increase from $4.6 billion in the prior year's first quarter. This strong performance was driven by a notable rebound in investment gains, which shifted from a substantial loss in Q1 2025 to a lesser loss in Q1 2026, alongside solid contributions from operating businesses. The insurance underwriting segment demonstrated improved profitability, with pre-tax underwriting earnings rising to $2.3 billion from $1.7 billion, benefiting from the absence of significant catastrophe events in the current quarter compared to the prior year. The manufacturing, service, and retailing segments also showed resilience, with combined pre-tax earnings increasing to $4.2 billion. While the equity securities portfolio experienced an unrealized loss, realized gains on sold securities were significant, and the company maintained substantial liquidity with over $373 billion in cash, cash equivalents, and U.S. Treasury Bills. Management highlighted the acquisition of OxyChem for $9.5 billion in January 2026 as a key strategic move.

May 4, 2026 8-K

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, 2026 8-K

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, 2026 8-K

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, 2026 10-K

BERKSHIRE HATHAWAY INC Annual Report, Year Ended Dec 31, 2025

Berkshire Hathaway Inc.'s (BRK-B) fiscal year 2025 demonstrated robust performance across its diverse business segments. The insurance operations, a cornerstone of Berkshire's portfolio, generated substantial underwriting earnings and investment income. Burlington Northern Santa Fe (BNSF) and Berkshire Hathaway Energy (BHE) continued to be significant contributors, with BNSF showing improved operating efficiencies and BHE expanding its energy infrastructure and renewable energy investments. The manufacturing, service, and retailing segments collectively delivered solid earnings, with notable performance in industrial products and a mixed but overall positive result across services and retail operations. Financially, Berkshire maintained a strong capital base and ample liquidity. The company continued its strategy of reinvesting earnings and selectively repurchasing shares when deemed attractive. Despite some headwinds such as increased costs for certain raw materials in manufacturing and ongoing litigation accruals in BHE's real estate brokerage business, the overall financial health and diversified revenue streams of Berkshire Hathaway underscore its resilience and strategic financial management. The company remains well-positioned to navigate economic uncertainties and capitalize on future growth opportunities.

Mar 2, 2026 8-K

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, 2026 8-K

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, 2025 8-K

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, 2025 10-Q

BERKSHIRE HATHAWAY INC Quarterly Report for Q3 Ended Sep 30, 2025

Berkshire Hathaway Inc. (BRK-B) reported a robust third quarter and first nine months of 2025, demonstrating resilience and continued growth across its diverse business segments. Total revenues reached $94.97 billion for the third quarter and $277.21 billion for the first nine months, showing modest increases year-over-year, driven by strong performance in manufacturing, service, and retailing, alongside stable contributions from railroad, utilities, and energy. Net earnings attributable to Berkshire shareholders were $30.80 billion for the third quarter and $47.77 billion for the first nine months. While net earnings for the nine-month period saw a decline compared to the strong performance in the prior year, this was largely influenced by a significant non-cash impairment loss of $3.76 billion on the Kraft Heinz investment recognized in the second quarter. The company's insurance underwriting segment continued to perform well, with GEICO showing improved loss ratios and overall profitability. The balance sheet remains exceptionally strong, with total assets growing to $1.23 trillion and shareholders' equity reaching $700.44 billion as of September 30, 2025.

Nov 3, 2025 8-K

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, 2025 8-K

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, 2025 10-Q

BERKSHIRE HATHAWAY INC Quarterly Report for Q2 Ended Jun 30, 2025

Berkshire Hathaway Inc. (BRK-B) reported a solid financial performance for the quarter and six months ending June 30, 2025. The company's total revenues remained robust, driven by its diverse business segments including insurance, railroad, utilities, energy, manufacturing, and services. Net earnings attributable to Berkshire shareholders were $12.4 billion for the second quarter and $17.0 billion for the first six months of 2025. The balance sheet remains exceptionally strong, with total assets growing to $1.16 trillion and shareholders' equity increasing to $670.3 billion, underscoring the company's financial resilience and capacity for future investments and operations. Key financial highlights include a significant increase in cash and cash equivalents, which more than doubled to $96.2 billion in the Insurance and Other segment, indicating strong operational cash generation. While investment gains and losses from equity securities introduced volatility in reported earnings, the underlying operating businesses demonstrated consistent performance. The company continues to manage its debt prudently, with consolidated borrowings at $127 billion, and maintains substantial liquidity, exceeding the $30 billion threshold for share repurchases. The significant goodwill and intangible assets on the balance sheet are being closely monitored for any potential impairments, although none were identified in this period.

Aug 4, 2025 8-K

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, 2025 8-K

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, 2025 8-K

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, 2025 10-Q

BERKSHIRE HATHAWAY INC Quarterly Report for Q1 Ended Mar 31, 2025

Berkshire Hathaway Inc. reported its first quarter 2025 results, showcasing resilience despite a significant drop in net earnings primarily due to investment fluctuations. Net earnings attributable to Berkshire shareholders were $4.6 billion, a sharp decrease from $12.7 billion in the prior year quarter. This decline was largely driven by a substantial unrealized investment loss of $6.8 billion on equity securities held at the end of the period, a reversal from the prior year's gain. However, operating earnings remained robust, with significant contributions from its insurance, railroad, utilities, energy, and manufacturing segments. The company maintained a strong liquidity position, with cash, cash equivalents, and U.S. Treasury Bills totaling $42.9 billion at the end of the quarter. Shareholder equity also saw an increase, reflecting the ongoing strength of its diversified operations. The insurance underwriting segment experienced a notable impact from wildfire losses in Southern California, contributing to a decrease in pre-tax underwriting earnings. Conversely, GEICO showed strong underwriting profit growth, driven by increased premiums and a lower loss ratio. The railroad, utilities, and energy segments demonstrated consistent performance, with BNSF benefiting from increased volumes and BHE showing improved earnings due to stronger utility and energy operations, partially offset by a reduction in real estate brokerage losses from prior year charges. The manufacturing, service, and retailing segments showed a slight decrease in earnings, with mixed performance across individual businesses.

May 5, 2025 8-K

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, 2025 10-K

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.

Feb 24, 2025 8-K

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, 2025 10-Q

BERKSHIRE HATHAWAY INC Quarterly Report for Q3 Ended Sep 30, 2024

Berkshire Hathaway Inc. (BRK-B) reported strong financial results for the nine months ending September 30, 2024, with net earnings attributable to shareholders reaching $69.3 billion, a significant increase from $58.6 billion in the prior year period. This growth was largely driven by substantial investment gains, totaling $46.2 billion for the nine months, compared to $38.0 billion in the same period of 2023. The company maintained a robust balance sheet, with shareholders' equity growing to $629.1 billion from $567.5 billion at year-end 2023. Despite ongoing macroeconomic uncertainties, Berkshire Hathaway demonstrated operational resilience across its diverse business segments, including insurance, railroads, utilities, energy, and manufacturing. The insurance segment's underwriting results showed a mixed performance, with improved profitability at GEICO and the Primary Group in the first nine months of 2024, though the Reinsurance Group experienced a pre-tax underwriting loss. Investment income from the insurance operations saw a notable increase, largely due to higher yields on U.S. Treasury Bills. The railroad, utilities, and energy segments, including BNSF and Berkshire Hathaway Energy, reported solid earnings, reflecting improved operational efficiencies and favorable pricing in certain areas. Manufacturing, service, and retailing businesses also contributed positively, with notable growth in industrial products and consumer segments, although certain areas like retail faced headwinds from increased competition and reduced consumer spending.

Nov 4, 2024 8-K

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, 2024 8-K

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, 2024 8-K

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, 2024 10-Q

BERKSHIRE HATHAWAY INC Quarterly Report for Q2 Ended Jun 30, 2024

Berkshire Hathaway Inc. (BRK-B) reported a strong second quarter and first six months of 2024, with net earnings attributable to shareholders of $30.3 billion and $43.1 billion, respectively. This performance was significantly driven by robust investment gains, with net unrealized gains on equity securities contributing substantially to the overall results. The insurance underwriting segment showed significant improvement, particularly at GEICO, benefiting from higher average premiums, lower claim frequencies, and the absence of major catastrophe events compared to the prior year. Operating businesses across manufacturing, service, and energy segments also demonstrated resilience, though some areas like BNSF and BHE experienced modest declines in earnings due to specific operational and legal challenges. The company maintained a strong liquidity position with substantial holdings in cash, cash equivalents, and U.S. Treasury Bills, reinforcing its financial strength.

Aug 5, 2024 8-K

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, 2024 10-Q

BERKSHIRE HATHAWAY INC Quarterly Report for Q1 Ended Mar 31, 2024

Berkshire Hathaway Inc. reported solid financial results for the first quarter of 2024, demonstrating resilience across its diverse business segments. Net earnings attributable to Berkshire Hathaway shareholders were $12.7 billion, a significant decrease from the prior year's $35.5 billion, largely due to a substantial drop in investment gains, which were a key driver of the prior year's results. However, the underlying operating businesses showed strength, with improvements in insurance underwriting, particularly at GEICO, and robust performance in manufacturing, service, and retailing segments. The company maintained a strong financial position, with shareholders' equity increasing to $571.5 billion. Berkshire continued its disciplined capital allocation, repurchasing $2.6 billion of its own stock while maintaining substantial liquidity with $182.3 billion in cash, cash equivalents, and U.S. Treasury Bills. Despite the year-over-year decrease in net earnings, the operational performance underscores the company's stable and diversified business model.

May 6, 2024 8-K

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, 2024 8-K

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, 2024 10-K

BERKSHIRE HATHAWAY INC Annual Report, Year Ended Dec 31, 2023

Berkshire Hathaway Inc. (BRK-B) reported strong net earnings of $96.2 billion for the fiscal year ended December 31, 2023, a significant turnaround from a net loss of $22.8 billion in the prior year. This turnaround was largely driven by a substantial increase in investment and derivative contract gains, which swung from a loss of $67.9 billion in 2022 to a gain of $74.9 billion in 2023. The company's diverse operations, including insurance, freight rail (BNSF), utilities and energy (BHE), manufacturing, service, and retailing businesses, collectively contributed to the robust financial performance. The insurance underwriting segment also showed a strong recovery, reporting pre-tax earnings of $6.9 billion in 2023, compared to a loss of $22 million in 2022, benefiting from lower catastrophe losses and improved results at GEICO. BNSF's earnings saw a decline, while BHE's earnings were significantly impacted by increased wildfire loss estimates. Despite these challenges, Berkshire Hathaway's overall financial position remains exceptionally strong, with significant cash reserves and a commitment to capital allocation through share repurchases.

Feb 26, 2024 8-K

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, 2024 8-K

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, 2023 8-K

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, 2023 8-K

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, 2023 10-Q

BERKSHIRE HATHAWAY INC Quarterly Report for Q3 Ended Sep 30, 2023

Berkshire Hathaway Inc. reported a net earning of $58.6 billion for the first nine months of 2023, a significant turnaround from a net loss of $40.2 billion in the same period of 2022. This improvement was largely driven by a substantial increase in investment and derivative gains, which swung from a significant loss in the prior year to a gain in the current period. Total revenues for the first nine months also saw a healthy increase, reaching $271.1 billion compared to $223.9 billion in the prior year, boosted by contributions from the consolidated Pilot Travel Centers (PTC) and increased insurance premiums. Shareholders' equity grew to $531.5 billion as of September 30, 2023. The company continued its share repurchase program, acquiring $7.0 billion in the first nine months of 2023, demonstrating a commitment to returning capital to shareholders when valuations are deemed attractive. The balance sheet remains strong with substantial cash, cash equivalents, and U.S. Treasury Bills totaling $152.0 billion. However, investors should note the ongoing impact of legal proceedings, particularly concerning PacifiCorp's wildfire liabilities and HomeServices of America's antitrust cases, which represent significant contingent risks.

Nov 6, 2023 8-K

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, 2023 10-Q

BERKSHIRE HATHAWAY INC Quarterly Report for Q2 Ended Jun 30, 2023

Berkshire Hathaway Inc. reported a strong second quarter and first six months of 2023, driven significantly by a substantial increase in investment and derivative contract gains, largely from its equity securities portfolio. Net earnings attributable to shareholders surged to $35.91 billion in Q2 2023 and $71.42 billion for the first six months, a significant improvement from the net losses reported in the prior year periods. This strong performance was bolstered by the consolidation of Pilot Travel Centers (Pilot) starting February 1, 2023, which contributed billions in revenue and nearly $200 million in net earnings to Berkshire. Despite fluctuations in segment performance, such as a decline in BNSF earnings due to lower volumes and higher costs, and mixed results across manufacturing, service, and retailing segments, the overall financial health remains robust, underscored by a substantial increase in consolidated shareholders' equity and a healthy cash position. The company's strategic acquisitions and ongoing share repurchase program further demonstrate its commitment to enhancing shareholder value. The company's balance sheet remains exceptionally strong, with shareholders' equity growing to $539.9 billion. Berkshire maintained a significant liquidity position with over $141 billion in cash, cash equivalents, and U.S. Treasury Bills held by its insurance and other businesses. Total borrowings stood at $125.3 billion, with a significant portion attributed to major subsidiaries like BNSF, BHE, and Pilot. Capital expenditures for the first six months of 2023 totaled $8.4 billion, reflecting ongoing investments in property, plant, and equipment. The company continues to focus on financial strength and capital allocation, with share repurchases remaining an active strategy, limited only by maintaining a minimum liquidity threshold of $30 billion.

Aug 7, 2023 8-K

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, 2023 10-Q

BERKSHIRE HATHAWAY INC Quarterly Report for Q1 Ended Mar 31, 2023

Berkshire Hathaway Inc. reported strong financial results for the first quarter of 2023, with net earnings attributable to shareholders surging to $35.5 billion, a significant increase from $5.6 billion in the same period last year. This impressive growth was largely driven by a substantial unrealized gain on investments, particularly in equity securities, which surged by $31.3 billion. The company also benefited from the consolidation of Pilot Travel Centers, LLC, acquired in January 2023, which contributed positively to revenues. Operating earnings across its diverse segments, including insurance, railroads, utilities, energy, manufacturing, service, and retailing, showed resilience, although some areas experienced pressures from increased costs and shifting economic conditions. Berkshire Hathaway maintained a robust financial position with consolidated shareholders' equity reaching $504.6 billion. The company continued its share repurchase program, buying back $4.4 billion in stock during the quarter, reflecting management's belief in the undervaluation of its shares. Despite ongoing macroeconomic uncertainties, including inflation and geopolitical conflicts, Berkshire Hathaway's strong liquidity, diversified operations, and disciplined capital allocation strategy position it well for continued performance.

May 8, 2023 8-K

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, 2023 8-K

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, 2023 8-K

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, 2023 10-K

BERKSHIRE HATHAWAY INC Annual Report, Year Ended Dec 31, 2022

Berkshire Hathaway Inc. (BRK-B) reported a net loss attributable to shareholders of $22.8 billion for the year ended December 31, 2022. This significant loss was largely driven by substantial investment and derivative contract losses totaling $67.9 billion, primarily due to market volatility in equity securities. Despite the net loss, the company's diverse operating businesses demonstrated resilience, with strong performance in insurance investment income, utilities and energy, and manufacturing, service, and retailing segments. The insurance underwriting segment experienced a slight loss of $90 million, impacted by catastrophe events and increased claims frequencies and severities at GEICO. However, positive investment income within the insurance segment significantly offset underwriting results. Key strategic moves during the year included the acquisition of Alleghany Corporation for $11.5 billion, which expanded its property and casualty reinsurance and insurance operations. Berkshire also continued its share repurchase program, demonstrating a commitment to returning value to shareholders. The company maintains a strong financial position with substantial liquidity and significant equity, although the balance sheet reflects a decrease in shareholders' equity due to investment market fluctuations. Management anticipates that certain businesses, like GEICO, may return to profitability in the upcoming year.

Feb 27, 2023 8-K

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, 2022 8-K

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, 2022 8-K

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, 2022 10-Q

BERKSHIRE HATHAWAY INC Quarterly Report for Q3 Ended Sep 30, 2022

Berkshire Hathaway Inc. reported a net loss of $2.69 billion for the third quarter of 2022, resulting in a year-to-date net loss of $40.98 billion. This significant loss is primarily driven by investment and derivative contract losses, which amounted to $13.47 billion for the quarter and $82.36 billion for the first nine months of the year, largely due to unrealized losses on equity securities. Despite the net loss, the company's insurance underwriting operations showed improvement, with a pre-tax underwriting loss of $1.15 billion for the quarter, a reduction from the prior year's loss of $1.02 billion. The company also completed the acquisition of Alleghany Corporation for approximately $11.6 billion in October 2022. Berkshire Hathaway maintained substantial liquidity, with cash, cash equivalents, and U.S. Treasury Bills totaling $105.2 billion at the end of the quarter, underscoring its financial strength despite market volatility. Revenues across most segments showed growth compared to the prior year. BNSF reported a 16.8% increase in operating revenues for the quarter driven by higher average revenue per car/unit, while Utilities and Energy saw a 7.1% increase in total revenue driven by energy operating revenues. Manufacturing, Service, and Retailing also experienced revenue growth. However, GEICO's underwriting results deteriorated, with a pre-tax underwriting loss of $759 million for the quarter, impacted by increased claims severity and frequency due to inflation. Management emphasized that investment gains and losses, both realized and unrealized, are considered non-operating and can cause significant volatility in reported earnings, and should not be used to evaluate the economic performance of the businesses.

Nov 7, 2022 8-K

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, 2022