| Condensed Financial Information |
BERKSHIRE HATHAWAY INC. (Parent Company) Condensed Financial Information (Dollars in millions) Schedule I Balance Sheets
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December 31, |
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2025 |
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2024 |
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Assets: |
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Cash and cash equivalents |
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$ |
14,627 |
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$ |
6,337 |
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Short-term investments in U.S. Treasury Bills |
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112,811 |
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89,705 |
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Investments in and advances to consolidated subsidiaries |
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604,100 |
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568,987 |
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Investment in Kraft Heinz and other assets |
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8,871 |
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13,417 |
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$ |
740,409 |
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$ |
678,446 |
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Liabilities and Shareholders’ equity: |
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Payable for purchase of U.S. Treasury Bills and other liabilities |
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$ |
150 |
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$ |
6,510 |
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Income taxes, principally deferred |
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178 |
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1,477 |
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Notes payable and other borrowings |
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22,662 |
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21,091 |
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22,990 |
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29,078 |
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Berkshire shareholders’ equity |
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717,419 |
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649,368 |
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$ |
740,409 |
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$ |
678,446 |
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Statements of Earnings and Comprehensive Income
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Year ended December 31, |
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2025 |
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2024 |
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2023 |
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Income: |
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From consolidated subsidiaries: |
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Dividends and distributions |
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$ |
43,665 |
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$ |
72,607 |
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$ |
9,717 |
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Undistributed earnings |
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24,143 |
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14,314 |
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85,550 |
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67,808 |
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86,921 |
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95,267 |
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Equity in earnings (losses) of Kraft Heinz |
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(4,393 |
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745 |
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758 |
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Interest and other income |
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4,098 |
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1,441 |
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899 |
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67,513 |
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89,107 |
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96,924 |
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Costs and expenses: |
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General and administrative |
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134 |
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381 |
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244 |
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Interest expense |
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353 |
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535 |
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636 |
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Foreign exchange losses (gains) on non-U.S. Dollar denominated debt |
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501 |
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(1,376 |
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(371 |
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Income tax expense (benefit) |
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(443 |
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572 |
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192 |
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545 |
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112 |
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701 |
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Net earnings attributable to Berkshire shareholders |
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66,968 |
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88,995 |
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96,223 |
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Other comprehensive income attributable to Berkshire shareholders |
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1,136 |
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179 |
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1,289 |
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Comprehensive income attributable to Berkshire shareholders |
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$ |
68,104 |
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$ |
89,174 |
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$ |
97,512 |
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See Note to Condensed Financial Information BERKSHIRE HATHAWAY INC. (Parent Company) Condensed Financial Information (Dollars in millions) Schedule I (continued) Statements of Cash Flows
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Year ended December 31, |
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2025 |
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2024 |
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2023 |
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Cash flows from operating activities: |
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Net earnings attributable to Berkshire shareholders |
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$ |
66,968 |
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$ |
88,995 |
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$ |
96,223 |
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Adjustments to reconcile net earnings to operating cash flows: |
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Undistributed earnings of consolidated subsidiaries |
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(24,143 |
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(14,314 |
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(85,550 |
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Non-cash dividends from subsidiaries |
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(30,479 |
) |
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(58,339 |
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(1,811 |
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Changes in income tax liabilities |
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(1,311 |
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294 |
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(44 |
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Other* |
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1,582 |
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(2,666 |
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(1,207 |
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Net cash flows from operating activities |
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12,617 |
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13,970 |
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7,611 |
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Cash flows from investing activities: |
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Investments in and advances to consolidated subsidiaries, net |
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(1,870 |
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(1,332 |
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2,649 |
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Purchases of U.S. Treasury Bills |
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(170,445 |
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(52,864 |
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(27,278 |
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Maturities and sales of U.S. Treasury Bills and other |
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166,935 |
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40,244 |
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31,234 |
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Net cash flows from investing activities |
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(5,380 |
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(13,952 |
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6,605 |
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Cash flows from financing activities: |
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Proceeds from borrowings |
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2,972 |
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5,525 |
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2,054 |
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Repayments of borrowings |
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(1,919 |
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(1,854 |
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(4,310 |
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Acquisition of treasury stock |
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— |
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(2,918 |
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(9,171 |
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Net cash flows from financing activities |
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1,053 |
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753 |
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(11,427 |
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Increase in cash and cash equivalents |
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8,290 |
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771 |
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2,789 |
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Cash and cash equivalents at the beginning of the year |
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6,337 |
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5,566 |
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2,777 |
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Cash and cash equivalents at the end of the year |
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$ |
14,627 |
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$ |
6,337 |
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$ |
5,566 |
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Other cash flow information: |
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Income taxes paid |
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$ |
11,665 |
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$ |
26,455 |
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$ |
5,630 |
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Interest paid |
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321 |
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318 |
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297 |
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Class B common stock issued in exchange for noncontrolling interests |
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— |
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1,045 |
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— |
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—————— * Includes discount accretion on investments, foreign currency exchange (gains) losses and equity method (earnings) losses of The Kraft Heinz Company. Note to Condensed Financial Information As of December 31, 2025, the Parent Company owned 27.5% of the outstanding shares of The Kraft Heinz Company (“Kraft Heinz”) common stock, which is accounted for pursuant to the equity method. The Parent Company recorded an other-than-temporary impairment charge of $5.0 billion in 2025 on this investment. See Note 5 to the Consolidated Financial Statements. At various dates in 2025, the Parent Company borrowed approximately ¥451.6 billion (approximately $3.0 billion) through 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. As of December 31, 2025, the Parent Company’s non-U.S. Dollar denominated borrowings included €3.6 billion and ¥2,343 billion par value senior notes. The gains and losses from the periodic remeasurement of these non-U.S. Dollar denominated notes due to changes in foreign currency exchange rates are included in earnings. Parent Company debt maturities in each of the next five years are as follows: 2026—$4.2 billion; 2027—$4.1 billion; 2028—$3.4 billion; 2029—$2.6 billion and 2030—$850 million. The Parent Company guarantees certain debt of subsidiaries, which aggregated approximately $20.1 billion at December 31, 2025 and primarily consisted of debt issued by Berkshire Hathaway Finance Corporation. Such guarantees are an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all present and future payment obligations. The Parent Company has also provided guarantees in connection with certain retroactive reinsurance contracts issued by subsidiaries. The amounts of subsidiary payments under these contracts, if any, are contingent upon the outcome of future events.
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