{"asOf":"17 Oct 2026","annual":[{"equity":501568,"classA":617113,"classB":1290474503,"avgShares":2265.269867,"revenue":276185,"ocf":39427,"capex":13276,"cashInsurance":85319,"cashRail":2865,"treasury":58535,"debtInsurance":39272,"debtRail":74990,"equities":350719,"float":147000,"buybacks":27061,"netIncome":89937,"label":"2021","date":"31 Dec 2021","segments":[870,4807,5990,3572,11120,1238],"pretax":[1259,607,-755],"geicoRatio":96.7,"shares":2216.144003,"bv":226.32464285760588,"cash":88184,"debt":114262,"net":-26078,"liquid":146719,"fcf":26151,"operating":27597,"operatingPS":12.182654438673111,"fcfPS":11.544319898022994,"underwriting":870,"investmentIncome":4807,"underwritingPretax":1111,"dividends":0,"source":"B1","evidence":{"equity":{"sources":["B1"],"pages":"97","method":"Calculated"},"shares":{"sources":["B1"],"pages":"131","method":"Calculated"},"avgShares":{"sources":["B1"],"pages":"96","method":"Reported"},"bv":{"sources":["B1"],"pages":"97, 131","method":"Calculated"},"cash":{"sources":["B5"],"pages":"86–87","method":"Calculated"},"treasury":{"sources":["B5"],"pages":"86–87","method":"Reported"},"liquid":{"sources":["B5"],"pages":"86–87","method":"Calculated"},"debt":{"sources":["B5"],"pages":"86–87","method":"Calculated"},"debtInsurance":{"sources":["B5"],"pages":"86–87","method":"Reported"},"debtRail":{"sources":["B5"],"pages":"86–87","method":"Reported"},"net":{"sources":["B5"],"pages":"86–87","method":"Calculated"},"equities":{"sources":["B5"],"pages":"86–87","method":"Reported"},"revenue":{"sources":["B1"],"pages":"96","method":"Reported"},"ocf":{"sources":["B1"],"pages":"98","method":"Reported"},"capex":{"sources":["B1"],"pages":"98","method":"Reported"},"fcf":{"sources":["B1"],"pages":"98","method":"Calculated"},"operating":{"sources":["B1"],"pages":"59","method":"Calculated"},"operatingPS":{"sources":["B1"],"pages":"59, 96","method":"Calculated"},"fcfPS":{"sources":["B1"],"pages":"96, 98","method":"Calculated"},"float":{"sources":["B1"],"pages":"66","method":"Reported · approximate"},"buybacks":{"sources":["B1"],"pages":"98","method":"Reported"},"netIncome":{"sources":["B1"],"pages":"96","method":"Reported"},"geicoRatio":{"sources":["B1"],"pages":"61","method":"Reported"},"underwriting":{"sources":["B1"],"pages":"59","method":"Reported"},"investmentIncome":{"sources":["B1"],"pages":"59","method":"Reported"},"underwritingPretax":{"sources":["B1"],"pages":"61","method":"Calculated"},"dividends":{"sources":["B1"],"pages":"56","method":"Reported"}},"periodStart":"2021-01-01","periodEnd":"2021-12-31","periodType":"annual","reconciliation":{"investmentGains":62340,"specifiedImpairments":0,"impairmentLabel":"Specified excluded impairments","evidence":{"investmentGains":{"sources":["B1"],"pages":"59","method":"Reported · after tax and attributable"},"specifiedImpairments":{"sources":["B1"],"pages":"59","method":"Calculated: no separate excluded impairment in the disclosed earnings reconciliation"}},"note":"Amounts are signed, after tax and attributable to Berkshire. Only impairments excluded from the displayed operating-earnings presentation enter this bridge; other charges can remain within operating earnings. Investment gains/losses include derivative-contract results in the original grouping; the revised 2021–22 earnings are preserved."},"otherEarnings":{"components":[{"key":"nonControlled","label":"Non-controlled businesses · grouped here for comparability","value":804},{"key":"acquisitionAccounting","label":"Acquisition accounting expenses","value":-690},{"key":"corporateInterest","label":"Corporate interest expense before foreign-exchange effects","value":-305},{"key":"foreignExchange","label":"Foreign-exchange gains on Berkshire and BHFC debt","value":955},{"key":"otherResidual","label":"Other earnings · includes parent investment income and corporate items","value":474}],"source":"B1","pages":"59, 81","method":"Reported components; historical regrouping identified","status":"reconciled","note":"The older presentation groups non-controlled businesses with Other to match this page. Parent investment income is included in the residual but is not separately quantified here. Component definitions differ from the 2023–25 presentation.","complete":true}},{"equity":473424,"classA":591564,"classB":1302254076,"avgShares":2203.313642,"revenue":302020,"ocf":37350,"capex":15464,"cashInsurance":32260,"cashRail":3551,"treasury":92774,"debtInsurance":46538,"debtRail":76206,"equities":308793,"float":164000,"buybacks":7854,"netIncome":-22759,"label":"2022","date":"31 Dec 2022","segments":[-30,6484,5946,3904,12512,2037],"pretax":[-1880,393,1465],"geicoRatio":104.8,"shares":2189.600076,"bv":216.21482625487448,"cash":35811,"debt":122744,"net":-86933,"liquid":128585,"fcf":21886,"operating":30853,"operatingPS":14.00299957839593,"fcfPS":9.933220392596288,"underwriting":-30,"investmentIncome":6484,"underwritingPretax":-22,"dividends":0,"source":"B1","evidence":{"equity":{"sources":["B1"],"pages":"95","method":"Reported"},"shares":{"sources":["B1"],"pages":"131","method":"Calculated"},"avgShares":{"sources":["B1"],"pages":"96","method":"Reported"},"bv":{"sources":["B1"],"pages":"95, 131","method":"Calculated"},"cash":{"sources":["B1"],"pages":"94","method":"Calculated"},"treasury":{"sources":["B1"],"pages":"94","method":"Reported"},"liquid":{"sources":["B1"],"pages":"94","method":"Calculated"},"debt":{"sources":["B1"],"pages":"95","method":"Calculated"},"debtInsurance":{"sources":["B1"],"pages":"95","method":"Reported"},"debtRail":{"sources":["B1"],"pages":"95","method":"Reported"},"net":{"sources":["B1"],"pages":"94–95","method":"Calculated"},"equities":{"sources":["B1"],"pages":"94","method":"Reported"},"revenue":{"sources":["B1"],"pages":"96","method":"Reported"},"ocf":{"sources":["B1"],"pages":"98","method":"Reported"},"capex":{"sources":["B1"],"pages":"98","method":"Reported"},"fcf":{"sources":["B1"],"pages":"98","method":"Calculated"},"operating":{"sources":["B1"],"pages":"59","method":"Calculated"},"operatingPS":{"sources":["B1"],"pages":"59, 96","method":"Calculated"},"fcfPS":{"sources":["B1"],"pages":"96, 98","method":"Calculated"},"float":{"sources":["B1"],"pages":"66","method":"Reported · approximate"},"buybacks":{"sources":["B1"],"pages":"98","method":"Reported"},"netIncome":{"sources":["B1"],"pages":"96","method":"Reported"},"geicoRatio":{"sources":["B1"],"pages":"61","method":"Reported"},"underwriting":{"sources":["B1"],"pages":"59","method":"Reported"},"investmentIncome":{"sources":["B1"],"pages":"59","method":"Reported"},"underwritingPretax":{"sources":["B1"],"pages":"61","method":"Calculated"},"dividends":{"sources":["B1"],"pages":"56","method":"Reported"}},"periodStart":"2022-01-01","periodEnd":"2022-12-31","periodType":"annual","reconciliation":{"investmentGains":-53612,"specifiedImpairments":0,"impairmentLabel":"Specified excluded impairments","evidence":{"investmentGains":{"sources":["B1"],"pages":"59","method":"Reported · after tax and attributable"},"specifiedImpairments":{"sources":["B1"],"pages":"59","method":"Calculated: no separate excluded impairment in the disclosed earnings reconciliation"}},"note":"Amounts are signed, after tax and attributable to Berkshire. Only impairments excluded from the displayed operating-earnings presentation enter this bridge; other charges can remain within operating earnings. Investment gains/losses include derivative-contract results in the original grouping; the revised 2021–22 earnings are preserved."},"otherEarnings":{"components":[{"key":"nonControlled","label":"Non-controlled businesses · grouped here for comparability","value":1528},{"key":"acquisitionAccounting","label":"Acquisition accounting expenses","value":-681},{"key":"corporateInterest","label":"Corporate interest expense before foreign-exchange effects","value":-269},{"key":"foreignExchange","label":"Foreign-exchange gains on Berkshire and BHFC debt","value":1263},{"key":"otherResidual","label":"Other earnings · includes parent investment income and corporate items","value":196}],"source":"B1","pages":"59, 81","method":"Reported components; historical regrouping identified","status":"reconciled","note":"The older presentation groups non-controlled businesses with Other to match this page. Parent investment income is included in the residual but is not separately quantified here. Component definitions differ from the 2023–25 presentation.","complete":true}},{"equity":561273,"classA":567775,"classB":1310561508,"avgShares":2173.319709,"revenue":364482,"ocf":49196,"capex":19409,"cashInsurance":33672,"cashRail":4350,"treasury":129619,"debtInsurance":42692,"debtRail":85579,"equities":353842,"float":169000,"buybacks":9171,"netIncome":96223,"label":"2023","date":"31 Dec 2023","segments":[5428,9567,5087,2331,13362,1575],"pretax":[3635,1374,1904],"geicoRatio":90.7,"shares":2162.224008,"bv":259.58133751329615,"cash":38022,"debt":128271,"net":-90249,"liquid":167641,"fcf":29787,"operating":37350,"operatingPS":17.18569055686045,"fcfPS":13.705760766190153,"underwriting":5428,"investmentIncome":9567,"underwritingPretax":6913,"dividends":0,"source":"B1","evidence":{"equity":{"sources":["B1"],"pages":"95","method":"Reported"},"shares":{"sources":["B1"],"pages":"131","method":"Calculated"},"avgShares":{"sources":["B1"],"pages":"96","method":"Reported"},"bv":{"sources":["B1"],"pages":"95, 131","method":"Calculated"},"cash":{"sources":["B1"],"pages":"94","method":"Calculated"},"treasury":{"sources":["B1"],"pages":"94","method":"Reported"},"liquid":{"sources":["B1"],"pages":"94","method":"Calculated"},"debt":{"sources":["B1"],"pages":"95","method":"Calculated"},"debtInsurance":{"sources":["B1"],"pages":"95","method":"Reported"},"debtRail":{"sources":["B1"],"pages":"95","method":"Reported"},"net":{"sources":["B1"],"pages":"94–95","method":"Calculated"},"equities":{"sources":["B1"],"pages":"94","method":"Reported"},"revenue":{"sources":["B1"],"pages":"96","method":"Reported"},"ocf":{"sources":["B1"],"pages":"98","method":"Reported"},"capex":{"sources":["B1"],"pages":"98","method":"Reported"},"fcf":{"sources":["B1"],"pages":"98","method":"Calculated"},"operating":{"sources":["B1"],"pages":"59","method":"Calculated"},"operatingPS":{"sources":["B1"],"pages":"59, 96","method":"Calculated"},"fcfPS":{"sources":["B1"],"pages":"96, 98","method":"Calculated"},"float":{"sources":["B1"],"pages":"66","method":"Reported · approximate"},"buybacks":{"sources":["B1"],"pages":"98","method":"Reported"},"netIncome":{"sources":["B1"],"pages":"96","method":"Reported"},"geicoRatio":{"sources":["B1"],"pages":"61","method":"Reported"},"underwriting":{"sources":["B1"],"pages":"59","method":"Reported"},"investmentIncome":{"sources":["B1"],"pages":"59","method":"Reported"},"underwritingPretax":{"sources":["B1"],"pages":"61","method":"Calculated"},"dividends":{"sources":["B1"],"pages":"56","method":"Reported"}},"periodStart":"2023-01-01","periodEnd":"2023-12-31","periodType":"annual","reconciliation":{"investmentGains":58873,"specifiedImpairments":0,"impairmentLabel":"Specified excluded impairments","evidence":{"investmentGains":{"sources":["B1"],"pages":"59","method":"Reported · after tax and attributable"},"specifiedImpairments":{"sources":["B2"],"pages":"36","method":"Reported: dash is zero"}},"note":"Amounts are signed, after tax and attributable to Berkshire. Only impairments excluded from the displayed operating-earnings presentation enter this bridge; other charges can remain within operating earnings."},"otherEarnings":{"components":[{"key":"corporateInvestmentIncome","label":"Corporate investment income","value":959},{"key":"foreignExchange","label":"Foreign-exchange gains / (losses) on Berkshire and BHFC debt","value":211},{"key":"goodwillImpairments","label":"Goodwill impairment charges","value":0},{"key":"equityMethod","label":"Equity-method earnings","value":1750},{"key":"acquisitionAccounting","label":"Acquisition accounting expenses","value":-693},{"key":"otherResidual","label":"Other earnings / (losses)","value":-652}],"source":"B2","pages":"56–57","method":"Reported components; historical regrouping identified","status":"reconciled","note":"Corporate investment income is reported within Other, separately from insurance investment income. This table retains all disclosed charges within Other; specified equity-method impairments excluded from operating earnings are shown in the earnings bridge.","complete":true}},{"equity":649368,"classA":547562,"classB":1335992139,"avgShares":2156.580296,"revenue":371433,"ocf":30592,"capex":18976,"cashInsurance":44333,"cashRail":3396,"treasury":286472,"debtInsurance":44885,"debtRail":79877,"equities":271588,"float":171000,"buybacks":2918,"netIncome":88995,"label":"2024","date":"31 Dec 2024","segments":[9020,13670,5031,3730,13072,2914],"pretax":[7813,855,2737],"geicoRatio":81.5,"shares":2157.335139,"bv":301.0046924378216,"cash":47729,"debt":124762,"net":-77033,"liquid":334201,"fcf":11616,"operating":47437,"operatingPS":21.996398691013543,"fcfPS":5.38630535646886,"underwriting":9020,"investmentIncome":13670,"underwritingPretax":11405,"dividends":0,"source":"B2","evidence":{"equity":{"sources":["B2"],"pages":"69","method":"Reported"},"shares":{"sources":["B2"],"pages":"104","method":"Calculated"},"avgShares":{"sources":["B6"],"pages":"1","method":"Reported · B-equivalent weighted average"},"bv":{"sources":["B2"],"pages":"69, 104","method":"Calculated"},"cash":{"sources":["B2"],"pages":"68","method":"Calculated"},"treasury":{"sources":["B2"],"pages":"68","method":"Reported"},"liquid":{"sources":["B2"],"pages":"68","method":"Calculated"},"debt":{"sources":["B2"],"pages":"69","method":"Calculated"},"debtInsurance":{"sources":["B2"],"pages":"69","method":"Reported"},"debtRail":{"sources":["B2"],"pages":"69","method":"Reported"},"net":{"sources":["B2"],"pages":"68–69","method":"Calculated"},"equities":{"sources":["B2"],"pages":"68","method":"Reported"},"revenue":{"sources":["B2"],"pages":"70","method":"Reported"},"ocf":{"sources":["B2"],"pages":"72","method":"Reported"},"capex":{"sources":["B2"],"pages":"72","method":"Reported"},"fcf":{"sources":["B2"],"pages":"72","method":"Calculated"},"operating":{"sources":["B6"],"pages":"1–2","method":"Reported · company operating earnings definition"},"operatingPS":{"sources":["B6"],"pages":"1–2","method":"Calculated"},"fcfPS":{"sources":["B2"],"pages":"70, 72","method":"Calculated"},"float":{"sources":["B2"],"pages":"43","method":"Reported · approximate"},"buybacks":{"sources":["B2"],"pages":"72","method":"Reported"},"netIncome":{"sources":["B2"],"pages":"70","method":"Reported"},"geicoRatio":{"sources":["B2"],"pages":"38","method":"Reported"},"underwriting":{"sources":["B2"],"pages":"36","method":"Reported"},"investmentIncome":{"sources":["B2"],"pages":"36","method":"Reported"},"underwritingPretax":{"sources":["B2"],"pages":"37","method":"Calculated"},"dividends":{"sources":["B2"],"pages":"34","method":"Reported"}},"periodStart":"2024-01-01","periodEnd":"2024-12-31","periodType":"annual","reconciliation":{"investmentGains":41558,"specifiedImpairments":0,"impairmentLabel":"Specified excluded impairments","evidence":{"investmentGains":{"sources":["B2"],"pages":"36","method":"Reported · after tax and attributable"},"specifiedImpairments":{"sources":["B2"],"pages":"36","method":"Reported: dash is zero"}},"note":"Amounts are signed, after tax and attributable to Berkshire. Only impairments excluded from the displayed operating-earnings presentation enter this bridge; other charges can remain within operating earnings."},"otherEarnings":{"components":[{"key":"corporateInvestmentIncome","label":"Corporate investment income","value":1445},{"key":"foreignExchange","label":"Foreign-exchange gains / (losses) on Berkshire and BHFC debt","value":1151},{"key":"goodwillImpairments","label":"Goodwill impairment charges","value":-399},{"key":"equityMethod","label":"Equity-method earnings","value":1519},{"key":"acquisitionAccounting","label":"Acquisition accounting expenses","value":-531},{"key":"otherResidual","label":"Other earnings / (losses)","value":-271}],"source":"B2","pages":"56–57","method":"Reported components; historical regrouping identified","status":"reconciled","note":"Corporate investment income is reported within Other, separately from insurance investment income. This table retains all disclosed charges within Other; specified equity-method impairments excluded from operating earnings are shown in the earnings bridge.","complete":true}},{"equity":717419,"classA":515835,"classB":1383582639,"avgShares":2157.335139,"revenue":371444,"ocf":45969,"capex":20927,"cashInsurance":47719,"cashRail":4158,"treasury":321434,"debtInsurance":45763,"debtRail":83318,"equities":297778,"float":176000,"buybacks":0,"netIncome":66968,"label":"2025","date":"31 Dec 2025","segments":[7258,12513,5476,3979,13647,1613],"pretax":[6824,785,1851],"geicoRatio":84.7,"shares":2157.335139,"bv":332.548701882522,"cash":51877,"debt":129081,"net":-77204,"liquid":373311,"fcf":25042,"operating":44486,"operatingPS":20.620810923527078,"fcfPS":11.60783948089208,"underwriting":7258,"investmentIncome":12513,"underwritingPretax":9460,"dividends":0,"source":"B2","evidence":{"equity":{"sources":["B2"],"pages":"69","method":"Reported"},"shares":{"sources":["B2"],"pages":"104","method":"Calculated"},"avgShares":{"sources":["B6"],"pages":"1","method":"Reported · B-equivalent weighted average"},"bv":{"sources":["B2"],"pages":"69, 104","method":"Calculated"},"cash":{"sources":["B2"],"pages":"68","method":"Calculated"},"treasury":{"sources":["B2"],"pages":"68","method":"Reported"},"liquid":{"sources":["B2"],"pages":"68","method":"Calculated"},"debt":{"sources":["B2"],"pages":"69","method":"Calculated"},"debtInsurance":{"sources":["B2"],"pages":"69","method":"Reported"},"debtRail":{"sources":["B2"],"pages":"69","method":"Reported"},"net":{"sources":["B2"],"pages":"68–69","method":"Calculated"},"equities":{"sources":["B2"],"pages":"68","method":"Reported"},"revenue":{"sources":["B2"],"pages":"70","method":"Reported"},"ocf":{"sources":["B2"],"pages":"72","method":"Reported"},"capex":{"sources":["B2"],"pages":"72","method":"Reported"},"fcf":{"sources":["B2"],"pages":"72","method":"Calculated"},"operating":{"sources":["B6"],"pages":"1–2","method":"Reported · company operating earnings definition"},"operatingPS":{"sources":["B6"],"pages":"1–2","method":"Calculated"},"fcfPS":{"sources":["B2"],"pages":"70, 72","method":"Calculated"},"float":{"sources":["B2"],"pages":"43","method":"Reported · approximate"},"buybacks":{"sources":["B2"],"pages":"72","method":"Reported"},"netIncome":{"sources":["B2"],"pages":"70","method":"Reported"},"geicoRatio":{"sources":["B2"],"pages":"38","method":"Reported"},"underwriting":{"sources":["B2"],"pages":"36","method":"Reported"},"investmentIncome":{"sources":["B2"],"pages":"36","method":"Reported"},"underwritingPretax":{"sources":["B2"],"pages":"37","method":"Calculated"},"dividends":{"sources":["B2"],"pages":"34","method":"Reported"}},"periodStart":"2025-01-01","periodEnd":"2025-12-31","periodType":"annual","reconciliation":{"investmentGains":30737,"specifiedImpairments":-8255,"impairmentLabel":"Specified excluded impairments · Kraft Heinz and Occidental","evidence":{"investmentGains":{"sources":["B2"],"pages":"36","method":"Reported · after tax and attributable"},"specifiedImpairments":{"sources":["B2"],"pages":"36","method":"Reported"}},"note":"Amounts are signed, after tax and attributable to Berkshire. Only impairments excluded from the displayed operating-earnings presentation enter this bridge; other charges can remain within operating earnings. The US$1.555bn goodwill charge within Other is already included in operating earnings and is not deducted again."},"otherEarnings":{"components":[{"key":"corporateInvestmentIncome","label":"Corporate investment income","value":3566},{"key":"foreignExchange","label":"Foreign-exchange gains / (losses) on Berkshire and BHFC debt","value":-642},{"key":"goodwillImpairments","label":"Goodwill impairment charges","value":-1555},{"key":"equityMethod","label":"Equity-method earnings","value":900},{"key":"acquisitionAccounting","label":"Acquisition accounting expenses","value":-528},{"key":"otherResidual","label":"Other earnings / (losses)","value":-128}],"source":"B2","pages":"56–57","method":"Reported components; historical regrouping identified","status":"reconciled","note":"Corporate investment income is reported within Other, separately from insurance investment income. This table retains all disclosed charges within Other; specified equity-method impairments excluded from operating earnings are shown in the earnings bridge.","complete":true}}],"interim":[{"equity":727181,"classA":505951,"classB":1397927677,"avgShares":2157.185889,"revenue":93675,"ocf":10438,"capex":4986,"cashInsurance":51478,"cashRail":6644,"treasury":339261,"debtInsurance":42835,"debtRail":86051,"equities":288034,"float":176900,"buybacks":235,"netIncome":10106,"label":"Q1 2026","date":"31 Mar 2026","segments":[1717,2679,1377,1114,3199,1260],"pretax":[1416,476,373],"geicoRatio":87.3,"shares":2156.854177,"bv":337.14889386330543,"cash":58122,"debt":128886,"net":-70764,"liquid":397383,"fcf":5452,"operating":11346,"operatingPS":5.259630177378748,"fcfPS":2.527366801257618,"underwriting":1717,"investmentIncome":2679,"underwritingPretax":2265,"dividends":0,"source":"B3","evidence":{"equity":{"sources":["B3"],"pages":"4","method":"Reported"},"shares":{"sources":["B3"],"pages":"20","method":"Calculated"},"avgShares":{"sources":["B3"],"pages":"5","method":"Reported"},"bv":{"sources":["B3"],"pages":"4, 20","method":"Calculated"},"cash":{"sources":["B3"],"pages":"3","method":"Calculated"},"treasury":{"sources":["B3"],"pages":"3","method":"Reported"},"liquid":{"sources":["B3"],"pages":"3","method":"Calculated"},"debt":{"sources":["B3"],"pages":"4","method":"Calculated"},"debtInsurance":{"sources":["B3"],"pages":"4","method":"Reported"},"debtRail":{"sources":["B3"],"pages":"4","method":"Reported"},"net":{"sources":["B3"],"pages":"3–4","method":"Calculated"},"equities":{"sources":["B3"],"pages":"3","method":"Reported"},"revenue":{"sources":["B3"],"pages":"5","method":"Reported"},"ocf":{"sources":["B3"],"pages":"7","method":"Reported"},"capex":{"sources":["B3"],"pages":"7","method":"Reported"},"fcf":{"sources":["B3"],"pages":"7","method":"Calculated"},"operating":{"sources":["B3"],"pages":"30","method":"Reported"},"operatingPS":{"sources":["B3"],"pages":"5, 30","method":"Calculated"},"fcfPS":{"sources":["B3"],"pages":"5, 7","method":"Calculated"},"float":{"sources":["B3"],"pages":"35","method":"Reported · approximate"},"buybacks":{"sources":["B3"],"pages":"7","method":"Reported"},"netIncome":{"sources":["B3"],"pages":"5","method":"Reported"},"geicoRatio":{"sources":["B3"],"pages":"31","method":"Reported"},"underwriting":{"sources":["B3"],"pages":"30","method":"Reported"},"investmentIncome":{"sources":["B3"],"pages":"30","method":"Reported"},"underwritingPretax":{"sources":["B3"],"pages":"31","method":"Calculated"},"dividends":{"sources":["B3"],"pages":"7","method":"Reported"}},"periodStart":"2026-01-01","periodEnd":"2026-03-31","periodType":"quarter","reconciliation":{"investmentGains":-1240,"specifiedImpairments":0,"impairmentLabel":"Specified excluded impairments","evidence":{"investmentGains":{"sources":["B3"],"pages":"30","method":"Reported · after tax and attributable"},"specifiedImpairments":{"sources":["B3"],"pages":"30","method":"Calculated: no separate excluded impairment in the disclosed earnings reconciliation"}},"note":"Amounts are signed, after tax and attributable to Berkshire. Only impairments excluded from the displayed operating-earnings presentation enter this bridge; other charges can remain within operating earnings."},"otherEarnings":{"components":[{"key":"corporateInvestmentIncome","label":"Corporate investment income","value":967},{"key":"foreignExchange","label":"Foreign-exchange gains / (losses) on Berkshire and BHFC debt","value":249},{"key":"equityMethod","label":"Equity-method earnings","value":155},{"key":"acquisitionAccounting","label":"Acquisition accounting expenses","value":-114},{"key":"otherResidual","label":"Other earnings / (losses)","value":3}],"source":"B3","pages":"44","method":"Reported components; historical regrouping identified","status":"reconciled","note":"Corporate investment income and foreign-exchange changes are components of Other, not separate additions to total operating earnings. The residual includes unallocated corporate expenses, interest, taxes and certain intercompany interest.","complete":true}},{"equity":747910,"classA":501101,"classB":1395887484,"avgShares":2154.664073,"revenue":101808,"ocf":11215,"capex":5645,"cashInsurance":35096,"cashRail":5513,"treasury":324905,"debtInsurance":43302,"debtRail":85297,"equities":323779,"float":177500,"buybacks":4209,"netIncome":25667,"label":"Q2 2026","date":"30 Jun 2026","segments":[1731,3059,1558,891,4470,1274],"pretax":[994,273,913],"geicoRatio":91.2,"shares":2147.538984,"bv":348.2637593879414,"cash":40609,"debt":128599,"net":-87990,"liquid":365514,"fcf":5570,"operating":12983,"operatingPS":6.025533243297365,"fcfPS":2.585089745449151,"underwriting":1731,"investmentIncome":3059,"underwritingPretax":2180,"dividends":0,"source":"B4","evidence":{"equity":{"sources":["B4"],"pages":"4","method":"Reported"},"shares":{"sources":["B4"],"pages":"22","method":"Calculated"},"avgShares":{"sources":["B7"],"pages":"1","method":"Reported · B-equivalent weighted average"},"bv":{"sources":["B4"],"pages":"4, 22","method":"Calculated"},"cash":{"sources":["B4"],"pages":"3","method":"Calculated"},"treasury":{"sources":["B4"],"pages":"3","method":"Reported"},"liquid":{"sources":["B4"],"pages":"3","method":"Calculated"},"debt":{"sources":["B4"],"pages":"4","method":"Calculated"},"debtInsurance":{"sources":["B4"],"pages":"4","method":"Reported"},"debtRail":{"sources":["B4"],"pages":"4","method":"Reported"},"net":{"sources":["B4"],"pages":"3–4","method":"Calculated"},"equities":{"sources":["B4"],"pages":"3","method":"Reported"},"revenue":{"sources":["B4"],"pages":"5","method":"Reported"},"ocf":{"sources":["B3","B4"],"pages":"7–8","method":"Calculated: H1 less Q1"},"capex":{"sources":["B3","B4"],"pages":"7–8","method":"Calculated: H1 less Q1"},"fcf":{"sources":["B3","B4"],"pages":"7–8","method":"Calculated: H1 less Q1"},"operating":{"sources":["B4"],"pages":"34","method":"Reported"},"operatingPS":{"sources":["B4"],"pages":"5, 34","method":"Calculated"},"fcfPS":{"sources":["B4"],"pages":"5, 8","method":"Calculated"},"float":{"sources":["B4"],"pages":"39","method":"Reported · approximate"},"buybacks":{"sources":["B3","B4"],"pages":"7–8","method":"Calculated: H1 less Q1"},"netIncome":{"sources":["B4"],"pages":"5","method":"Reported"},"geicoRatio":{"sources":["B4"],"pages":"35","method":"Reported"},"underwriting":{"sources":["B4"],"pages":"34","method":"Reported"},"investmentIncome":{"sources":["B4"],"pages":"34","method":"Reported"},"underwritingPretax":{"sources":["B4"],"pages":"35","method":"Calculated"},"dividends":{"sources":["B4"],"pages":"8","method":"Reported"}},"periodStart":"2026-04-01","periodEnd":"2026-06-30","periodType":"quarter","reconciliation":{"investmentGains":12684,"specifiedImpairments":0,"impairmentLabel":"Specified excluded impairments","evidence":{"investmentGains":{"sources":["B4"],"pages":"34","method":"Reported · after tax and attributable"},"specifiedImpairments":{"sources":["B4"],"pages":"34","method":"Reported: dash is zero"}},"note":"Amounts are signed, after tax and attributable to Berkshire. Only impairments excluded from the displayed operating-earnings presentation enter this bridge; other charges can remain within operating earnings."},"otherEarnings":{"components":[{"key":"corporateInvestmentIncome","label":"Corporate investment income","value":957},{"key":"foreignExchange","label":"Foreign-exchange gains / (losses) on Berkshire and BHFC debt","value":326},{"key":"equityMethod","label":"Equity-method earnings","value":211},{"key":"acquisitionAccounting","label":"Acquisition accounting expenses","value":-113},{"key":"otherResidual","label":"Other earnings / (losses)","value":-107}],"source":"B4","pages":"48–49","method":"Reported components; historical regrouping identified","status":"reconciled","note":"Corporate investment income and foreign-exchange changes are components of Other, not separate additions to total operating earnings. The residual includes unallocated corporate expenses, interest, taxes and certain intercompany interest.","complete":true}},{"equity":747910,"classA":501101,"classB":1395887484,"avgShares":2155.918015,"revenue":195483,"ocf":21653,"capex":10631,"cashInsurance":35096,"cashRail":5513,"treasury":324905,"debtInsurance":43302,"debtRail":85297,"equities":323779,"float":177500,"buybacks":4444,"netIncome":35773,"label":"H1 2026","date":"30 Jun 2026","segments":[3448,5738,2935,2005,7669,2534],"pretax":[2410,749,1286],"geicoRatio":89.3,"shares":2147.538984,"bv":348.2637593879414,"cash":40609,"debt":128599,"net":-87990,"liquid":365514,"fcf":11022,"operating":24329,"operatingPS":11.28475193895534,"fcfPS":5.112439305814696,"underwriting":3448,"investmentIncome":5738,"underwritingPretax":4445,"dividends":0,"source":"B4","evidence":{"equity":{"sources":["B4"],"pages":"4","method":"Reported"},"shares":{"sources":["B4"],"pages":"22","method":"Calculated"},"avgShares":{"sources":["B7"],"pages":"1","method":"Reported · B-equivalent weighted average"},"bv":{"sources":["B4"],"pages":"4, 22","method":"Calculated"},"cash":{"sources":["B4"],"pages":"3","method":"Calculated"},"treasury":{"sources":["B4"],"pages":"3","method":"Reported"},"liquid":{"sources":["B4"],"pages":"3","method":"Calculated"},"debt":{"sources":["B4"],"pages":"4","method":"Calculated"},"debtInsurance":{"sources":["B4"],"pages":"4","method":"Reported"},"debtRail":{"sources":["B4"],"pages":"4","method":"Reported"},"net":{"sources":["B4"],"pages":"3–4","method":"Calculated"},"equities":{"sources":["B4"],"pages":"3","method":"Reported"},"revenue":{"sources":["B4"],"pages":"5","method":"Reported"},"ocf":{"sources":["B4"],"pages":"8","method":"Reported"},"capex":{"sources":["B4"],"pages":"8","method":"Reported"},"fcf":{"sources":["B4"],"pages":"8","method":"Calculated"},"operating":{"sources":["B4"],"pages":"34","method":"Reported"},"operatingPS":{"sources":["B4"],"pages":"5, 34","method":"Calculated"},"fcfPS":{"sources":["B4"],"pages":"5, 8","method":"Calculated"},"float":{"sources":["B4"],"pages":"39","method":"Reported · approximate"},"buybacks":{"sources":["B4"],"pages":"8","method":"Reported"},"netIncome":{"sources":["B4"],"pages":"5","method":"Reported"},"geicoRatio":{"sources":["B4"],"pages":"35","method":"Reported"},"underwriting":{"sources":["B4"],"pages":"34","method":"Reported"},"investmentIncome":{"sources":["B4"],"pages":"34","method":"Reported"},"underwritingPretax":{"sources":["B4"],"pages":"35","method":"Calculated"},"dividends":{"sources":["B4"],"pages":"8","method":"Reported"}},"periodStart":"2026-01-01","periodEnd":"2026-06-30","periodType":"year-to-date","reconciliation":{"investmentGains":11444,"specifiedImpairments":0,"impairmentLabel":"Specified excluded impairments","evidence":{"investmentGains":{"sources":["B4"],"pages":"34","method":"Reported · after tax and attributable"},"specifiedImpairments":{"sources":["B4"],"pages":"34","method":"Reported: dash is zero"}},"note":"Amounts are signed, after tax and attributable to Berkshire. Only impairments excluded from the displayed operating-earnings presentation enter this bridge; other charges can remain within operating earnings."},"otherEarnings":{"components":[{"key":"corporateInvestmentIncome","label":"Corporate investment income","value":1924},{"key":"foreignExchange","label":"Foreign-exchange gains / (losses) on Berkshire and BHFC debt","value":575},{"key":"equityMethod","label":"Equity-method earnings","value":366},{"key":"acquisitionAccounting","label":"Acquisition accounting expenses","value":-227},{"key":"otherResidual","label":"Other earnings / (losses)","value":-104}],"source":"B4","pages":"48–49","method":"Reported components; historical regrouping identified","status":"reconciled","note":"Corporate investment income and foreign-exchange changes are components of Other, not separate additions to total operating earnings. The residual includes unallocated corporate expenses, interest, taxes and certain intercompany interest.","complete":true}}],"segmentNames":["Insurance underwriting","Insurance investment income","BNSF","Berkshire Hathaway Energy","Manufacturing, services & retailing","Other / equity method & corporate"],"sources":[{"id":"B1","title":"2023 annual report · retrospective 2021–23 comparatives","url":"https://www.berkshirehathaway.com/2023ar/2023ar.pdf"},{"id":"B2","title":"2025 Form 10-K · 2023–25 comparatives","url":"https://www.berkshirehathaway.com/2025ar/202510-k.pdf"},{"id":"B3","title":"Q1 2026 Form 10-Q","url":"https://www.berkshirehathaway.com/qtrly/1stqtr26.pdf"},{"id":"B4","title":"Q2 2026 Form 10-Q","url":"https://www.berkshirehathaway.com/qtrly/2ndqtr26.pdf"},{"id":"B5","title":"2022 annual report · 2021 balance-sheet components","url":"https://www.berkshirehathaway.com/2022ar/2022ar.pdf"},{"id":"B6","title":"2025 earnings release · operating earnings definition","url":"https://www.berkshirehathaway.com/news/feb2826.pdf"},{"id":"B7","title":"Q2 2026 earnings release","url":"https://www.berkshirehathaway.com/news/aug0826.pdf"},{"id":"B8","title":"2025 shareholder letter and annual report","url":"https://www.berkshirehathaway.com/2025ar/2025ar.pdf"},{"id":"B9","title":"2026 proxy statement · management compensation","url":"https://www.berkshirehathaway.com/meet01/2026proxystatement.pdf"},{"id":"B10","title":"18 September 2026 · chairman succession","url":"https://www.berkshirehathaway.com/news/sep1826.pdf"},{"id":"B11","title":"24 July 2026 · Taylor Morrison acquisition completed","url":"https://www.berkshirehathaway.com/news/jul2426.pdf"},{"id":"B12","title":"2 January 2026 · OxyChem acquisition completed","url":"https://www.berkshirehathaway.com/news/jan0226.pdf"}],"previous":{"Q1 2026":{"revenue":89725,"ocf":10903,"capex":4281,"operating":9641,"underwriting":1336,"investmentIncome":2893,"geicoRatio":79.8,"fcf":6622,"label":"Q1 2025","periodStart":"2025-01-01","periodEnd":"2025-03-31","periodType":"quarter","avgShares":2157.335139,"operatingPS":4.468939399220531,"evidence":{"avgShares":{"sources":["B3"],"pages":"5","method":"Reported","unit":"Million B-equivalent shares","reportedShares":2157335139},"operating":{"sources":["B3"],"pages":"30","method":"Calculated: sum of disclosed after-tax operating components"},"operatingPS":{"sources":["B3"],"pages":"5, 30","method":"Calculated","formula":"Operating earnings (USD millions) / weighted-average B-equivalent shares (millions)"}}},"Q2 2026":{"revenue":92515,"ocf":10085,"capex":4858,"operating":11160,"underwriting":1992,"investmentIncome":3367,"geicoRatio":83.5,"fcf":5227,"label":"Q2 2025","periodStart":"2025-04-01","periodEnd":"2025-06-30","periodType":"quarter","avgShares":2157.335139,"operatingPS":5.173048822248846,"evidence":{"avgShares":{"sources":["B7"],"pages":"1","method":"Reported","unit":"Million B-equivalent shares","reportedShares":2157335139},"operating":{"sources":["B7"],"pages":"1","method":"Reported"},"operatingPS":{"sources":["B7"],"pages":"1","method":"Calculated","formula":"Operating earnings (USD millions) / weighted-average B-equivalent shares (millions)"}}},"H1 2026":{"revenue":182240,"ocf":20988,"capex":9139,"operating":20801,"underwriting":3328,"investmentIncome":6260,"geicoRatio":81.7,"fcf":11849,"label":"H1 2025","periodStart":"2025-01-01","periodEnd":"2025-06-30","periodType":"year-to-date","avgShares":2157.335139,"operatingPS":9.641988221469378,"evidence":{"avgShares":{"sources":["B7"],"pages":"1","method":"Reported","unit":"Million B-equivalent shares","reportedShares":2157335139},"operating":{"sources":["B7"],"pages":"1","method":"Reported"},"operatingPS":{"sources":["B7"],"pages":"1","method":"Calculated","formula":"Operating earnings (USD millions) / weighted-average B-equivalent shares (millions)"}}}},"notes":["USD throughout; financial amounts in billions on screen and millions in the source tables. No FX conversion is mixed into growth.","Book value uses Berkshire shareholders’ equity, excluding noncontrolling interests, divided by actual Class B shares plus 1,500 times actual Class A shares at the same date. Weighted-average shares are kept separate for earnings/FCF per share.","2021 and 2022 equity and earnings use the 2023 retrospective ASU 2018-12 presentation. Original equity was $506.199bn and $472.360bn; revised common equity is $501.568bn and $473.424bn. 2021 revised equity is total equity $510.299bn less $8.731bn noncontrolling interests.","FCF proxy = consolidated operating cash flow less purchases of property, plant, equipment and equipment held for lease. It is not cash distributable by the parent. Premium/claim timing, investment-related taxes and growth versus maintenance capex affect it.","Cash combines Insurance & Other and Railroad/Utilities/Energy balance-sheet cash. Cash + T-bills is gross and includes unsettled T-bill purchases (June 2026 payable $0.771bn). T-bills already inside cash equivalents are not added twice. Restricted cash is excluded.","Net cash/(debt) = cash less both groups’ borrowings at carrying amount. It excludes separately reported operating lease liabilities and insurance float. T-bills are shown separately. Cash across subsidiaries is not all freely distributable to the parent.","Operating earnings follow Berkshire’s non-GAAP definition: after-tax attributable earnings excluding investment gains/losses and specified impairments. Historical grouping combines Pilot with manufacturing/services/retailing and non-controlled businesses with other where necessary.","Float is approximate policyholder funding, not equity or spare cash. Annual float is rounded to whole billions; interim disclosures use finer precision. Do not infer precise growth from this rounding difference.","Annual charts include only completed years for flow measures and ratios. Dashed 2026 points are available for balance-sheet quantities. Q1/Q2/H1 remain separate; no annualised 2026 earnings are plotted.","Earnings in the business mix are after tax and attributable to Berkshire. The insurance scorecard uses pre-tax underwriting earnings. GEICO combined ratio is the reported total losses and expenses divided by premiums earned; it is not a whole-group Jain combined ratio."],"refresher":[{"title":"The business has two earnings engines","text":"Berkshire owns operating companies and financial investments. Subsidiaries generate operating earnings; insurers also invest premiums before claims are paid. Track the earnings mix alongside GAAP profit, which moves with equity prices.","source":"B7","pages":"2"},{"title":"What happens to subsidiary cash?","text":"Managers run operations locally; major allocation sits with the CEO. Businesses retain working capital and reinvestment funding, while surplus can move upstream. There is no universal payout percentage. In 2025, BNSF sent $4.4bn of cash dividends to Berkshire. The shareholder letter separately reports $29bn of insurer distributions, subject to capital rules, without identifying that amount as cash alone. The capital-flow view separates cash and noncash subsidiary transfers.","source":"B8","pages":"15–16"},{"title":"Why BHE is different","text":"Regulated utilities, grids and pipelines require large ongoing investment. Regulators allow cost recovery and returns, but actual earnings depend on approvals, execution and demand. Wildfire liabilities can overwhelm normal profits. Monitor earnings, capex and subsidiary debt together.","source":"B4","pages":"20, 41, 49–50"},{"title":"Manufacturing, services and retailing","text":"This is a collection of businesses, not a single shop chain: industrial parts and chemicals, building products, housing, transport and service businesses. Examples include Precision Castparts, Marmon, Lubrizol, Clayton and NetJets. An acquisition can raise revenue without improving existing-business margins.","source":"B2","pages":"17–24"},{"title":"How to assess Ajit Jain","text":"Use several years of underwriting profit, float and reserve development. GEICO, Primary and Reinsurance face different risks. Growth is useful only at adequate prices. Favorable reserve releases and quiet catastrophe periods can flatter a single year; a falling premium volume can reflect discipline.","source":"B4","pages":"17, 35–38"},{"title":"Management and incentives","text":"Greg Abel is CEO; Howard Buffett became chairman on 18 September 2026, while Warren Buffett became chairman emeritus and remains a director. The 2026 proxy reports $22m salaries and no bonuses for both Abel and Jain in 2025. Its description of subsidiary incentives tied to controllable operating results covers the policy through 31 December 2025; the proxy says compensation policies were under review following the CEO transition.","source":"B9","pages":"9–10","extra":"B10"},{"title":"The listed portfolio is not the whole company","text":"June equity securities were $323.779bn. Adding the separately disclosed market value of Kraft Heinz and Occidental common stock gives $344.339bn gross. That is before tax and other adjustments, excludes controlled businesses, and is not Berkshire’s NAV. Avoid counting dividends, equity-method earnings and unrealised gains twice.","source":"B4","pages":"10–12, 21"},{"title":"Todd and Ted: an attribution limit","text":"The 2025 letter says Ted Weschler manages about 6% of investments, including part of Todd Combs’s former portfolio. Berkshire does not provide a complete manager-by-manager record in the reviewed filings. Holdings and Berkshire-wide gains cannot establish each manager’s personal CAGR.","source":"B8","pages":"20"}],"events":[{"date":"2022","title":"Alleghany expands insurance","text":"The acquisition added roughly $14bn of float. Part of float growth therefore came from acquisition rather than existing-policy growth.","source":"B5","pages":"57"},{"date":"2023","title":"Insurance accounting comparatives revised","text":"ASU 2018-12 was adopted retrospectively. The page uses revised 2021–22 common equity and earnings and preserves original equity figures in the notes.","source":"B1","pages":"97, 106"},{"date":"2024–25","title":"Capital allocation and buybacks","text":"Cash-flow repurchases were $2.918bn in 2024 and zero in 2025. The 2025 operating-earnings presentation excludes $8.255bn after-tax impairments on Kraft Heinz and Occidental equity-method investments.","source":"B2","pages":"36, 72"},{"date":"2 Jan 2026","title":"OxyChem acquisition closes","text":"The closing release cited $9.7bn subject to adjustments. The later Q2 filing describes approximately $9.4bn. These are different disclosure vintages; H1 cash-flow acquisitions, net of acquired cash, totalled $9.704bn across acquisitions.","source":"B12","pages":"1","extra":"B4"},{"date":"24 Jul 2026","title":"Taylor Morrison acquisition closes","text":"Approximately $6.8bn equity consideration and $8.5bn enterprise value were announced. This is subsequent to the June balance sheet, not an H1 operating result.","source":"B11","pages":"1"},{"date":"18 Sep 2026","title":"Chairman succession","text":"Howard Buffett becomes chairman; Warren Buffett becomes chairman emeritus and remains a director. Greg Abel continues as CEO.","source":"B10","pages":"1"}],"portfolio":{"date":"30 Jun 2026","equities":323779,"equityMethodFair":20560,"grossCombined":344339,"concentration":66,"holdings":["Alphabet","American Express","Apple","Bank of America","Coca-Cola"]},"insuranceLatest":{"priorReserveRelease":1467,"priorReserveReleasePrevious":240,"catLossPretax":null,"catLossPretaxPrevious":1100,"period":"H1 2026","source":"B4","pages":"17","significantCatastropheEvents":false,"significanceThresholdPretax":150,"catLossNote":"No significant catastrophe events above $150m per event were reported for H1 2026. This does not establish zero total catastrophe losses. Source B4 pp.17,35."},"investmentIncomeClassification":{"text":"Income follows the entity holding the investments. Capital distributed from insurers to the parent can move related income from Insurance investment income into Other. Changes in either line should be read with rates, asset balances and the component breakdown, not treated alone as recurring operating improvement.","source":"B2","pages":"36, 42, 56–57","annualObservation":"The 2025 report attributes changes in insurance investment income partly to capital distributions at the end of 2024; corporate Treasury investment income is included in Other.","interimSource":"B4","interimPages":"48–49"},"phase1Review":{"date":"2026-10-25","scope":"Focused source verification of prior-period EPS denominators, the operating-to-GAAP bridge and Other earnings components. Existing data values, accounting restatements, source register and original review date are preserved; this is not a new verification of every historical cell.","latestAvailableReport":"Q2 2026 / six months ended 30 June 2026","reportsIndex":"https://www.berkshirehathaway.com/reports.html","reportsIndexCheckedOn":"2026-10-25","sourcesChecked":["B1","B2","B3","B4","B6","B7"],"periodsReviewed":["2021","2022","2023","2024","2025","Q1 2026","Q2 2026","H1 2026"],"dataChecks":["All eight operating-earnings bridges equal the preserved GAAP attributable net earnings.","All eight Other-component breakdowns equal the preserved sixth segment.","2025 comparative EPS uses the reported weighted-average B-equivalent denominator for each matched period."],"disclosureLimits":["Corporate investment income is not separately isolated in the 2021–22 Other presentation; the disclosed residual is retained.","Non-GAAP exclusions follow the reported period presentation; not every impairment is excluded."]}}