v3.25.4
Notes payable and other borrowings
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Notes payable and other borrowings
(19)
Notes payable and other borrowings

Notes payable and other borrowings of our insurance and other businesses are summarized below (dollars in millions). The weighted average interest rates and maturity date ranges are based on borrowings as of December 31, 2025.

 

 

 

Weighted
Average

 

 

December 31,

 

 

 

Interest Rate

 

 

2025

 

 

2024

 

Insurance and other:

 

 

 

 

 

 

 

 

 

Berkshire Hathaway Inc. (“Berkshire”):

 

 

 

 

 

 

 

 

 

U.S. Dollar denominated due 2026-2047

 

 

3.5

%

 

$

3,547

 

 

$

3,749

 

Euro denominated due 2027-2041

 

 

1.4

%

 

 

4,201

 

 

 

4,733

 

Japanese Yen denominated due 2026-2060

 

 

1.2

%

 

 

14,914

 

 

 

12,609

 

Berkshire Hathaway Finance Corporation (“BHFC”):

 

 

 

 

 

 

 

 

 

U.S. Dollar denominated due 2027-2052

 

 

3.6

%

 

 

14,475

 

 

 

14,469

 

Great Britain Pound denominated due 2039-2059

 

 

2.5

%

 

 

2,323

 

 

 

2,156

 

Euro denominated due 2030-2034

 

 

1.8

%

 

 

1,464

 

 

 

1,290

 

Other subsidiary borrowings due 2026-2051

 

 

5.1

%

 

 

3,518

 

 

 

4,564

 

Short-term subsidiary borrowings

 

 

5.6

%

 

 

1,321

 

 

 

1,315

 

 

 

 

 

$

45,763

 

 

$

44,885

 

 

Berkshire borrowings consist of senior unsecured debt. In 2025, Berkshire repaid approximately $1.9 billion of maturing debt. At various dates in 2025, Berkshire borrowed approximately ¥451.6 billion (approximately $3.0 billion) under senior note issuances and term loan agreements. The borrowings have interest rates ranging from 1.35% to 3.12% and maturity dates ranging from 2028 to 2055.

Borrowings of BHFC, a wholly-owned finance subsidiary of Berkshire, consist of senior unsecured notes used to fund manufactured housing loans originated or acquired and equipment held for lease of certain subsidiaries. BHFC borrowings are fully and unconditionally guaranteed by Berkshire. Berkshire also guarantees certain debt of other subsidiaries, aggregating approximately $1.7 billion at December 31, 2025. Generally, Berkshire’s guarantee of a subsidiary’s debt obligation is an absolute, unconditional and irrevocable guarantee of the full and prompt payment when due of all payment obligations.

The carrying values of Berkshire and BHFC non-U.S. Dollar denominated senior notes (€4.85 billion, £1.75 billion and ¥2,343 billion par at December 31, 2025) reflect the applicable exchange rates as of each balance sheet date. The effects of changes in foreign currency exchange rates during the period on our borrowings are recorded in earnings as a component of selling, general and administrative expenses. Changes in the exchange rates produced pre-tax losses of $840 million in 2025 and pre-tax gains of $1.5 billion in 2024 and $217 million in 2023.

Notes to Consolidated Financial Statements

(19)
Notes payable and other borrowings

Notes payable and other borrowings of our railroad, utilities and energy businesses are summarized below (dollars in millions). The weighted average interest rates and maturity date ranges are based on borrowings as of December 31, 2025.

 

 

Weighted
Average

 

 

December 31,

 

 

Interest Rate

 

 

2025

 

2024

 

Railroad, utilities and energy:

 

 

 

 

 

 

 

Berkshire Hathaway Energy Company (“BHE”) and subsidiaries:

 

 

 

 

 

 

 

BHE senior unsecured debt due 2028-2053

 

4.4

%

 

$

11,461

 

$

13,107

 

Subsidiary and other debt due 2026-2064

 

4.8

%

 

 

45,798

 

 

42,150

 

Short-term borrowings

 

4.9

%

 

 

1,997

 

 

1,123

 

Burlington Northern Santa Fe (“BNSF”) and subsidiaries due 2026-2097

 

4.8

%

 

 

24,062

 

 

23,497

 

 

 

 

$

83,318

 

$

79,877

 

 

BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. Substantially all of the assets of certain BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure such debt. These borrowing arrangements generally contain various covenants, including covenants which pertain to leverage ratios, interest coverage ratios and/or debt service coverage ratios. BNSF’s borrowings are primarily senior unsecured debentures. As of December 31, 2025, BHE, BNSF and their subsidiaries were in compliance with all applicable debt covenants. Berkshire does not guarantee any borrowings of BHE, BNSF or their subsidiaries.

In 2025, BHE subsidiaries issued $4.3 billion of term debt with a weighted average interest rate of 6.2% and maturity dates ranging from 2035 to 2056. BHE and its subsidiaries repaid term debt of approximately $2.7 billion and increased short-term borrowings by approximately $875 million. In 2026, BHE subsidiaries issued $1.5 billion of term debt with a weighted average interest rate of 6.4% and maturity dates ranging from 2029 to 2056. In 2025, BNSF issued $1.85 billion of debentures due in 2056 with a weighted average interest rate of 5.65% and repaid term debt of approximately $1.3 billion.

Unused and available lines of credit and commercial paper capacity to support operations and provide additional liquidity for our subsidiaries were approximately $10.7 billion at December 31, 2025, of which approximately $9.3 billion related to BHE and its subsidiaries.

Debt principal repayments expected during each of the next five years are as follows (in millions). Amounts in 2026 include short-term borrowings.

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

Insurance and other

 

$

5,759

 

 

$

4,972

 

 

$

3,424

 

 

$

2,603

 

 

$

3,222

 

Railroad, utilities and energy

 

 

4,023

 

 

 

1,659

 

 

 

1,769

 

 

 

3,733

 

 

 

2,571

 

 

$

9,782

 

 

$

6,631

 

 

$

5,193

 

 

$

6,336

 

 

$

5,793