The changes in Berkshire’s common stock for each of the three years ending December 31, 2025 are shown in the table below. In addition, one million shares of preferred stock are authorized and none are issued.


	Class A, $5 Par Value (1.65 million shares authorized)									Class B, $0.0033 Par Value (3.225 billion shares authorized)
	Issued			Treasury			Outstanding			Issued		Treasury			Outstanding
Balance at December 31, 2022		651,450			(59,886	)		591,564			1,509,969,352		(207,715,276	)		1,302,254,076
Conversions of Class A to Class B common stock		(12,122	)		—			(12,122	)		18,183,000		—			18,183,000
Treasury stock acquired		—			(11,667	)		(11,667	)		—		(9,875,568	)		(9,875,568	)
Balance at December 31, 2023		639,328			(71,553	)		567,775			1,528,152,352		(217,590,844	)		1,310,561,508
Conversions of Class A to Class B common stock		(15,426	)		—			(15,426	)		23,139,000		—			23,139,000
Treasury stock acquired		—			(4,787	)		(4,787	)		—		—			—
Treasury stock issued		—			—			—			—		2,291,631			2,291,631
Balance at December 31, 2024		623,902			(76,340	)		547,562			1,551,291,352		(215,299,213	)		1,335,992,139
Conversions of Class A to Class B common stock		(31,727	)		—			(31,727	)		47,590,500		—			47,590,500
Balance at December 31, 2025		592,175			(76,340	)		515,835			1,598,881,852		(215,299,213	)		1,383,582,639

Each Class A common share is entitled to one vote per share. Class B common stock possesses dividend and distribution rights equal to one-fifteen-hundredth (1/1,500) of such rights of Class A common stock. Each Class B common share possesses voting rights equal to one-ten-thousandth (1/10,000) of the voting rights of a Class A share. Unless otherwise required under Delaware General Corporation Law, Class A and Class B common shares vote as a single class. Each share of Class A common stock is convertible, at the option of the holder, into 1,500 shares of Class B common stock. Class B common stock is not convertible into Class A common stock. On an equivalent Class A common stock basis, there were 1,438,223 shares outstanding as of December 31, 2025 and December 31, 2024.

We provide earnings per share data on the Consolidated Statements of Earnings for average equivalent Class A shares outstanding and average equivalent Class B shares outstanding. Average equivalent Class A shares outstanding represents average Class A shares outstanding plus one-fifteen-hundredth (1/1,500) of the average Class B shares outstanding. Average equivalent Class B shares outstanding represents average Class B shares outstanding plus 1,500 times average Class A shares outstanding.

Berkshire’s common stock repurchase program currently permits Berkshire to repurchase shares any time that Berkshire’s Chief Executive Officer, after consultation with the Chairman of the Board, believes that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. The program allows share repurchases in the open market or through privately negotiated transactions and does not specify a maximum number of shares to be repurchased. However, repurchases will not be made if they would reduce the total value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bill holdings below $30 billion. Under the program, Berkshire is not obligated to repurchase any specific dollar amount or number of Class A or Class B shares. There is no expiration date to the program.