UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2025
OR
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 |
For the transition period from __________ to __________
Commission file number 001-14905
(Full title of the plan and the address of the plan, if different from that of the issuer named below)
Acme Brick Company
401(k) Retirement & Savings Plan
3024 Acme Brick Plaza
Fort Worth, Texas 76109
(Name of issuer of the securities held pursuant to the plan and the address of its principal executive office)
BERKSHIRE HATHAWAY INC.
3555 Farnam Street
Omaha, Nebraska 68131
ACME BRICK COMPANY 401(k) RETIREMENT & SAVINGS PLAN
Table of Contents
* All other supplemental schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable or the information required therein has been included in the financial statements or notes hereto.
Report of Independent registered public accounting firm
To the Administrative Committee, Plan Administrator and Plan Participants of
Acme Brick Company 401(k) Retirement & Savings Plan:
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of Acme Brick Company 401(k) Retirement & Savings Plan (the “Plan”) as of December 31, 2025, and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes and schedules (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Other Matter
The financial statements of Acme Brick Company 401(k) Retirement & Savings Plan as December 31, 2024 and for the year ended December 31, 2024 were audited by Freed Maxick, P.C. On August 1, 2025, Freed Maxick, P.C. joined with WithumSmith+Brown, PC. Freed Maxick, P.C. expressed an unqualified opinion on those financial statements dated June 20, 2025.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purposes of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying schedule of Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
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/s/ WithumSmith+Brown PC |
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We have served as the Plan’s auditor since 2022. |
Buffalo, New York |
June 12, 2026 PCAOB ID Number: 100 |
Report of Independent registered public accounting firm
To the Administrative Committee, Plan Administrator, and Plan Participants of the
Acme Brick Company 401(k) Retirement & Savings Plan:
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of the Acme Brick Company 401(k) Retirement & Savings Plan (the Plan) as of December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
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/s/ Freed Maxick P.C. |
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We have served as the Plan’s auditor since 2022. |
Buffalo, New York |
June 12, 2026 |
ACME BRICK COMPANY 401(k) RETIREMENT & SAVINGS PLAN
Statements of Net Assets Available for Benefits
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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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Investments, at fair value |
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$ |
144,996,860 |
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$ |
135,399,080 |
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Non-interest-bearing cash |
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1,906 |
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1,197 |
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Receivables: |
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Notes receivable from participants |
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1,412,026 |
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1,794,909 |
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Company contributions |
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311,854 |
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329,280 |
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Participant contributions |
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— |
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83,151 |
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Total receivables |
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1,723,880 |
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2,207,340 |
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Total assets |
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146,722,646 |
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137,607,617 |
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Liabilities: |
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Excess contributions payable |
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159,863 |
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140,929 |
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Total liabilities |
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159,863 |
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140,929 |
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Net assets available for benefits |
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$ |
146,562,783 |
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$ |
137,466,688 |
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See accompanying notes to financial statements.
ACME BRICK COMPANY 401(k) RETIREMENT & SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
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Year Ended December 31, 2025 |
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Additions: |
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Investment income: |
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Dividends and interest |
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$ |
3,076,952 |
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Net appreciation in fair value of investments |
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13,760,024 |
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Total investment income |
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16,836,976 |
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Interest income on notes receivable from participants |
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151,629 |
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Contributions: |
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Participants |
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5,908,149 |
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Company |
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1,847,070 |
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Rollovers |
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206,302 |
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Total contributions |
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7,961,521 |
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Total additions |
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24,950,126 |
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Deductions: |
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Benefits paid to participants |
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15,430,182 |
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Administrative expenses |
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423,849 |
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Total deductions |
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15,854,031 |
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Net increase in net assets available for benefits |
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9,096,095 |
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Net assets available for benefits: |
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Beginning of year |
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137,466,688 |
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End of year |
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$ |
146,562,783 |
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See accompanying notes to financial statements.
ACME BRICK COMPANY 401(k) RETIREMENT & SAVINGS PLAN
Notes to Financial Statements
Year Ended December 31, 2025
The following description of the Acme Brick Company (the “Company”) 401(k) Retirement & Savings Plan (the “Plan”) provides only general information. The Company is an indirect subsidiary of Berkshire Hathaway, Inc. (“Berkshire”). Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
a.General. The Plan is a defined contribution plan which covers all employees. Employees are eligible to participate in the Plan as of the first day of the month on or after each employee has completed sixty (60) days of service and reached the age of eighteen (18). Employees hired on or after July 1, 2019 are automatically enrolled in the Plan at a deferral rate of 3% after the two aforementioned criteria are met and after a 30-day grace period to opt out. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). The Company’s Board of Directors is responsible for oversight of the Plan. The Administrative Committee determines the appropriateness of the Plan’s investment offerings, monitors investment performance and reports to the Company’s Board of Directors.
b.Contributions. Employees may make voluntary pre-tax contributions or after-tax Roth 401(k) contributions through salary deferrals, limited to 65% of each employee’s eligible earnings, but not more than the maximum allowed by law. Contributions for employees hired on or after July 1, 2019 automatically increase 1% each year, up to a maximum of 5%, on the employee's enrollment anniversary. Employee contributions are subject to Internal Revenue Code (the “Code”) limitations. The maximum contribution allowed by the Plan was $23,500 in 2025. Employees who are 50 or older as of December 31, 2025 and reach either the maximum before-tax contribution limit of 65% or maximum contribution allowed by the Plan may make catch-up contributions. The catch-up contribution limit was $7,500 for 2025, or $11,250 for participants aged 60 to 63, and is eligible for Company matching.
For the year ended December 31, 2025, Company matching contributions were equal to 50% of the sum of each employee’s voluntary pre-tax contributions and after-tax Roth contributions up to five percent of the employee’s eligible earnings. The Company’s Board of Directors determines the matching percentage. Company matching contributions totaled $1,847,070 for the year ended December 31, 2025. Forfeiture balances of $225,000 will be applied against the 4th quarter amount due of $536,854 in 2026.
Any employee of the Company may roll over distributions made from a previous employer’s qualified retirement plan into the Plan.
c.Participant accounts. Each participant’s account is credited with the employee’s contributions and an allocation of the Company’s contributions and investment earnings. Allocations are based on participants’ earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
d.Vesting. Participants have a fully vested, nonforfeitable right to employee contributions. Company matching contributions are allocated to all participants and become fully vested after participants have completed three years of vested service. A participant’s account balance shall be 100% vested upon normal retirement (age 65), disability or death. Effective January 1, 2020, Company matching contributions are fully vested for any participant whose separation from service is the result of a reduction in force. One year of vested service is credited for each calendar year in which a participant has at least 1,000 hours of service. Forfeitures of the Company match may be used to pay Plan expenses or fund other matching contributions; however, the forfeiture amount is credited back to participants upon re-employment with the Company. Forfeiture balances as of December 31, 2025 and 2024 were approximately $235,000 and $236,000, respectively.
e.Payment of benefits. Withdrawals of vested contributions from the Plan by participants can be made at normal retirement (age 65), when a participant dies, becomes disabled or a break in service occurs. There is no plan provision for early retirement. Distributions upon withdrawal are made in accordance with the Plan document.
f.Notes receivable from participants. Participants are allowed to apply for and receive loans from their vested account balance, subject to certain requirements, including the provision that they may not have more than one outstanding loan at a time. The minimum loan amount is $1,000 and the maximum is 50% of the participant’s vested balance, but never more than $50,000 minus the highest outstanding balance of the participant’s total Plan loans during the last 12 months. The loans are secured by the balance in the participant’s account. A reasonable rate of interest is charged on loans. Currently, the Plan charges interest at the federal Prime rate plus 2%.
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a.Basis of accounting. The financial statements of the Plan are prepared under the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
ACME BRICK COMPANY 401(k)
RETIREMENT & SAVINGS PLAN
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
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Acme Brick Company 401(k) Retirement & Savings Plan |
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By: |
/s/ Elaine Suleski |
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Elaine Suleski |
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Vice President of Accounting |
Date: June 12, 2026