v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Investments in fixed maturity securities $ 17,816 $ 15,364
Investments in equity securities 297,778 271,588
Equity method investments 19,978 31,134
Loans and finance receivables 29,836 27,798
Inventories 24,424 24,008
Equipment held for lease 18,535 17,828
Goodwill [1] 83,074 83,880
Total assets 1,222,176 1,153,881
Liabilities:    
Life, annuity and health insurance benefits 17,890 17,616
Payable for purchase of U.S. Treasury Bills 167 12,800
Income taxes, principally deferred 86,955 85,870
Total liabilities 502,473 502,226
Shareholders’ equity:    
Common stock at par value 8 8
Capital in excess of par value 35,612 35,665
Accumulated other comprehensive income (2,448) (3,584)
Retained earnings 763,186 696,218
Treasury stock, at cost (78,939) (78,939)
Berkshire shareholders' equity 717,419 649,368
Noncontrolling interests 2,284 2,287
Total shareholders’ equity 719,703 651,655
Total liabilities and shareholders' equity 1,222,176 1,153,881
Insurance and Other [Member]    
Assets:    
Cash and cash equivalents [2] 47,719 44,333
Short-term investments in U.S. Treasury Bills [3] 321,434 286,472
Investments in fixed maturity securities 17,816 15,364
Investments in equity securities 297,778 271,588
Equity method investments 19,978 31,134
Loans and finance receivables 29,836 27,798
Other receivables 44,331 43,887
Inventories 24,424 24,008
Property, plant and equipment 31,885 30,071
Equipment held for lease 18,535 17,828
Goodwill 55,945 56,860
Other intangible assets 33,802 34,638
Deferred charges - retroactive reinsurance 8,104 8,797
Other 24,413 24,994
Total assets 976,000 917,772
Liabilities:    
Unpaid losses and loss adjustment expenses 120,713 115,151
Unpaid losses and loss adjustment expenses - retroactive reinsurance 31,048 32,443
Unearned insurance premiums 31,339 30,808
Life, annuity and health insurance benefits 17,890 17,616
Other insurance policyholder liabilities 10,312 10,703
Accounts payable, accruals and other liabilities 38,019 37,489
Payable for purchase of U.S. Treasury Bills 167 12,769
Aircraft repurchase liabilities and unearned lease revenues 10,686 9,356
Notes payable and other borrowings 45,763 44,885
Liabilities, excluding income taxes, principally deferred, Total 305,937 311,220
Railroad, Utilities and Energy [Member]    
Assets:    
Cash and cash equivalents [2] 4,158 3,396
Receivables 4,387 4,503
Property, plant and equipment 184,740 175,030
Goodwill 27,129 27,020
Regulatory assets 4,821 5,349
Other 20,941 20,811
Total assets 246,176 236,109
Liabilities:    
Accounts payable, accruals and other liabilities 19,250 18,226
Regulatory liabilities 7,013 7,033
Notes payable and other borrowings 83,318 79,877
Liabilities, excluding income taxes, principally deferred, Total $ 109,581 $ 105,136
[1] Net of accumulated goodwill impairments of $13.0 billion as of December 31, 2025, $11.5 billion as of December 31, 2024 and $11.1 billion as of December 31, 2023.
[2] Includes U.S. Treasury Bills with maturities of three months or less when purchased of $17.6 billion at December 31, 2025 and $14.4 billion at December 31, 2024.
[3] Includes unsettled purchases of U.S. Treasury Bills of $167 million and $12.8 billion at December 31, 2025 and 2024, respectively. Such amounts were also included in liabilities and were paid shortly after the respective balance sheet date.