| Business segment data |
Note 24. Business segment data Berkshire’s numerous and diverse businesses are managed on an unusually decentralized basis. These businesses are aggregated into operating segments in a manner that reflects how Berkshire views the business activities. Certain operating segments are aggregated into reportable business segments based upon similar products or product lines, marketing strategies, and selling and distribution characteristics. The tabular information that follows shows data of Berkshire’s business segments reconciled to amounts reflected in our Consolidated Financial Statements. Intersegment transactions are not eliminated from segment results when those transactions are considered in assessing the results of the respective segments and are not considered to be material. Furthermore, investment gains and losses, goodwill and indefinite-lived intangible asset impairments and amortization of certain acquisition accounting adjustments or certain other corporate income and expense items are not considered in assessing the financial performance of operating businesses. Collectively, these items are included in corporate, eliminations and other to reconcile segment totals to consolidated amounts. Notes to Consolidated Financial Statements Note 24. Business segment data We view our insurance segment as possessing two distinct activities – underwriting and investing. Our underwriting activities are summarized for GEICO, Berkshire Hathaway Primary Group (“BH Primary”) and Berkshire Hathaway Reinsurance Group (“BHRG”). Earnings data of our business segments are shown in the following tables (in millions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2026 |
|
Insurance |
GEICO |
|
BH Primary |
|
BHRG |
|
Total
Underwriting |
|
Investment
Income |
|
Total |
|
Premiums earned and investment income |
$ |
11,291 |
|
$ |
4,673 |
|
$ |
6,511 |
|
$ |
22,475 |
|
$ |
3,701 |
|
$ |
26,176 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE |
|
8,644 |
|
|
3,011 |
|
|
2,619 |
|
|
14,274 |
|
|
— |
|
|
14,274 |
|
Life, annuity and health benefits |
|
— |
|
|
— |
|
|
1,233 |
|
|
1,233 |
|
|
— |
|
|
1,233 |
|
Other segment items |
|
1,653 |
|
|
1,389 |
|
|
1,746 |
|
|
4,788 |
|
|
16 |
|
|
4,804 |
|
Total costs and expenses |
|
10,297 |
|
|
4,400 |
|
|
5,598 |
|
|
20,295 |
|
|
16 |
|
|
20,311 |
|
Earnings before income taxes |
$ |
994 |
|
$ |
273 |
|
$ |
913 |
|
$ |
2,180 |
|
$ |
3,685 |
|
$ |
5,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Six Months 2026 |
|
Insurance |
GEICO |
|
BH Primary |
|
BHRG |
|
Total
Underwriting |
|
Investment
Income |
|
Total |
|
Premiums earned and investment income |
$ |
22,477 |
|
$ |
9,264 |
|
$ |
12,739 |
|
$ |
44,480 |
|
$ |
7,008 |
|
$ |
51,488 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE |
|
16,921 |
|
|
5,803 |
|
|
5,754 |
|
|
28,478 |
|
|
— |
|
|
28,478 |
|
Life, annuity and health benefits |
|
— |
|
|
— |
|
|
2,252 |
|
|
2,252 |
|
|
— |
|
|
2,252 |
|
Other segment items |
|
3,146 |
|
|
2,712 |
|
|
3,447 |
|
|
9,305 |
|
|
19 |
|
|
9,324 |
|
Total costs and expenses |
|
20,067 |
|
|
8,515 |
|
|
11,453 |
|
|
40,035 |
|
|
19 |
|
|
40,054 |
|
Earnings before income taxes |
$ |
2,410 |
|
$ |
749 |
|
$ |
1,286 |
|
$ |
4,445 |
|
$ |
6,989 |
|
$ |
11,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2025 |
|
Insurance |
GEICO |
|
BH Primary |
|
BHRG |
|
Total
Underwriting |
|
Investment
Income |
|
Total |
|
Premiums earned and investment income |
$ |
11,064 |
|
$ |
4,677 |
|
$ |
6,454 |
|
$ |
22,195 |
|
$ |
4,053 |
|
$ |
26,248 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE |
|
7,945 |
|
|
3,193 |
|
|
2,935 |
|
|
14,073 |
|
— |
|
|
14,073 |
|
Life, annuity and health benefits |
— |
|
— |
|
|
1,132 |
|
|
1,132 |
|
— |
|
|
1,132 |
|
Other segment items |
|
1,298 |
|
|
1,421 |
|
|
1,737 |
|
|
4,456 |
|
|
50 |
|
|
4,506 |
|
Total costs and expenses |
|
9,243 |
|
|
4,614 |
|
|
5,804 |
|
|
19,661 |
|
|
50 |
|
|
19,711 |
|
Earnings before income taxes |
$ |
1,821 |
|
$ |
63 |
|
$ |
650 |
|
$ |
2,534 |
|
$ |
4,003 |
|
$ |
6,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Six Months 2025 |
|
Insurance |
GEICO |
|
BH Primary |
|
BHRG |
|
Total
Underwriting |
|
Investment
Income |
|
Total |
|
Premiums earned and investment income |
$ |
21,816 |
|
$ |
9,254 |
|
$ |
12,929 |
|
$ |
43,999 |
|
$ |
7,624 |
|
$ |
51,623 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE |
|
15,369 |
|
|
6,645 |
|
|
6,705 |
|
|
28,719 |
|
— |
|
|
28,719 |
|
Life, annuity and health benefits |
— |
|
— |
|
|
2,200 |
|
|
2,200 |
|
— |
|
|
2,200 |
|
Other segment items |
|
2,453 |
|
|
2,690 |
|
|
3,681 |
|
|
8,824 |
|
|
60 |
|
|
8,884 |
|
Total costs and expenses |
|
17,822 |
|
|
9,335 |
|
|
12,586 |
|
|
39,743 |
|
|
60 |
|
|
39,803 |
|
Earnings before income taxes |
$ |
3,994 |
|
$ |
(81 |
) |
$ |
343 |
|
$ |
4,256 |
|
$ |
7,564 |
|
$ |
11,820 |
|
Other segment items related to insurance underwriting include commissions and brokerage expenses and other insurance underwriting expenses. Notes to Consolidated Financial Statements Note 24. Business segment data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
First Six Months |
|
BNSF |
|
|
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Revenues |
|
|
|
|
$ |
6,601 |
|
$ |
5,769 |
|
$ |
12,595 |
|
$ |
11,489 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
|
|
|
1,398 |
|
|
1,372 |
|
|
2,772 |
|
|
2,759 |
|
Fuel |
|
|
|
|
|
1,173 |
|
|
698 |
|
|
1,941 |
|
|
1,468 |
|
Depreciation and amortization |
|
|
|
|
|
698 |
|
|
679 |
|
|
1,388 |
|
|
1,350 |
|
Interest expense |
|
|
|
|
|
276 |
|
|
270 |
|
|
553 |
|
|
542 |
|
Other segment items |
|
|
|
|
|
995 |
|
|
941 |
|
|
2,060 |
|
|
1,958 |
|
Total costs and expenses |
|
|
|
|
|
4,540 |
|
|
3,960 |
|
|
8,714 |
|
|
8,077 |
|
Earnings before income taxes |
|
|
|
|
$ |
2,061 |
|
$ |
1,809 |
|
$ |
3,881 |
|
$ |
3,412 |
|
Other segment items of BNSF include purchased services, equipment rents and materials and other expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
First Six Months |
|
BHE |
|
|
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Revenues |
|
|
|
|
$ |
6,735 |
|
$ |
6,418 |
|
$ |
13,396 |
|
$ |
12,774 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Energy cost of sales |
|
|
|
|
1,376 |
|
|
1,434 |
|
|
3,046 |
|
|
2,965 |
|
Energy operations and maintenance |
|
|
|
|
1,412 |
|
|
1,392 |
|
|
2,710 |
|
|
2,641 |
|
Energy depreciation and amortization |
|
|
|
|
1,039 |
|
|
1,054 |
|
|
2,119 |
|
|
2,063 |
|
Real estate operating costs and expenses |
|
|
|
|
1,250 |
|
|
1,210 |
|
|
2,129 |
|
|
2,081 |
|
Interest expense |
|
|
|
|
745 |
|
|
664 |
|
|
1,445 |
|
|
1,310 |
|
Other segment items |
|
|
|
|
309 |
|
|
279 |
|
|
599 |
|
|
606 |
|
Total costs and expenses |
|
|
|
|
|
6,131 |
|
|
6,033 |
|
|
12,048 |
|
|
11,666 |
|
Earnings before income taxes |
|
|
|
|
$ |
604 |
|
$ |
385 |
|
$ |
1,348 |
|
$ |
1,108 |
|
Other segment items of BHE primarily consist of property taxes and other expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufacturing |
|
Service and retailing |
|
|
Second Quarter |
|
First Six Months |
|
Second Quarter |
|
First Six Months |
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Revenues |
$ |
22,568 |
|
$ |
19,969 |
|
$ |
43,240 |
|
$ |
38,735 |
|
$ |
11,884 |
|
$ |
10,688 |
|
$ |
22,873 |
|
$ |
20,825 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales and services |
|
14,540 |
|
|
12,980 |
|
|
28,327 |
|
|
25,309 |
|
|
7,083 |
|
|
6,394 |
|
|
13,603 |
|
|
12,458 |
|
Cost of leasing |
|
292 |
|
|
305 |
|
|
576 |
|
|
599 |
|
|
1,880 |
|
|
1,587 |
|
|
3,646 |
|
|
3,176 |
|
Interest expense |
|
331 |
|
|
298 |
|
|
675 |
|
|
583 |
|
|
27 |
|
|
29 |
|
|
53 |
|
|
56 |
|
Other segment items |
|
3,288 |
|
|
3,139 |
|
|
6,486 |
|
|
6,281 |
|
|
1,628 |
|
|
1,573 |
|
|
3,224 |
|
|
3,089 |
|
Total costs and expenses |
|
18,451 |
|
|
16,722 |
|
|
36,064 |
|
|
32,772 |
|
|
10,618 |
|
|
9,583 |
|
|
20,526 |
|
|
18,779 |
|
Earnings before income taxes |
$ |
4,117 |
|
$ |
3,247 |
|
$ |
7,176 |
|
$ |
5,963 |
|
$ |
1,266 |
|
$ |
1,105 |
|
$ |
2,347 |
|
$ |
2,046 |
|
Other segment items of manufacturing, service and retailing primarily consist of selling, general and administrative expenses. Notes to Consolidated Financial Statements Note 24. Business segment data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
McLane |
|
Pilot |
|
|
Second Quarter |
|
First Six Months |
|
Second Quarter |
|
First Six Months |
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Revenues |
$ |
12,118 |
|
$ |
12,601 |
|
$ |
24,054 |
|
$ |
24,776 |
|
$ |
14,932 |
|
$ |
10,109 |
|
$ |
26,177 |
|
$ |
20,539 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales and services |
|
11,039 |
|
|
11,505 |
|
|
21,921 |
|
|
22,606 |
|
|
13,585 |
|
|
9,010 |
|
|
23,849 |
|
|
18,294 |
|
Depreciation and amortization |
|
48 |
|
|
47 |
|
|
98 |
|
|
96 |
|
|
279 |
|
|
260 |
|
|
560 |
|
|
517 |
|
Other segment items |
|
858 |
|
|
873 |
|
|
1,718 |
|
|
1,717 |
|
|
778 |
|
|
720 |
|
|
1,528 |
|
|
1,441 |
|
Total costs and expenses |
|
11,945 |
|
|
12,425 |
|
|
23,737 |
|
|
24,419 |
|
|
14,642 |
|
|
9,990 |
|
|
25,937 |
|
|
20,252 |
|
Earnings before income taxes |
$ |
173 |
|
$ |
176 |
|
$ |
317 |
|
$ |
357 |
|
$ |
290 |
|
$ |
119 |
|
$ |
240 |
|
$ |
287 |
|
Other segment items of McLane include distribution center operating and delivery expenses and general and administrative expenses. Other segment items of Pilot primarily consist of store operating, interest and general and administrative expenses. Reconciliations of revenues and earnings before income taxes of our business segments to the consolidated amounts follow (in millions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
Earnings before income taxes |
|
|
Second Quarter |
|
First Six Months |
|
Second Quarter |
|
First Six Months |
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Total operating businesses |
$ |
101,014 |
|
$ |
91,802 |
|
$ |
193,823 |
|
$ |
180,761 |
|
$ |
14,376 |
|
$ |
13,378 |
|
$ |
26,743 |
|
$ |
24,993 |
|
Investment gains (losses) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
16,077 |
|
|
6,364 |
|
|
14,472 |
|
|
(71 |
) |
Equity method earnings |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
248 |
|
|
(4,745 |
) |
|
424 |
|
|
(4,619 |
) |
Corporate, eliminations and other |
|
794 |
|
|
713 |
|
|
1,660 |
|
|
1,479 |
|
|
1,362 |
|
|
(247 |
) |
|
2,743 |
|
|
(405 |
) |
|
$ |
101,808 |
|
$ |
92,515 |
|
$ |
195,483 |
|
$ |
182,240 |
|
$ |
32,063 |
|
$ |
14,750 |
|
$ |
44,382 |
|
$ |
19,898 |
|
Notes to Consolidated Financial Statements Note 24. Business segment data Additional segment data follows (in millions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
Income tax expense (benefit) |
|
|
Second Quarter |
|
First Six Months |
|
Second Quarter |
|
First Six Months |
|
Business segments |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Insurance |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,074 |
|
$ |
1,177 |
|
$ |
2,246 |
|
$ |
2,231 |
|
BNSF |
|
276 |
|
|
270 |
|
|
553 |
|
|
542 |
|
|
503 |
|
|
343 |
|
|
946 |
|
|
732 |
|
BHE |
|
745 |
|
|
664 |
|
|
1,445 |
|
|
1,310 |
|
|
(333 |
) |
|
(357 |
) |
|
(763 |
) |
|
(779 |
) |
Manufacturing |
|
331 |
|
|
298 |
|
|
675 |
|
|
583 |
|
|
925 |
|
|
701 |
|
|
1,641 |
|
|
1,312 |
|
Service and retailing |
|
27 |
|
|
29 |
|
|
53 |
|
|
56 |
|
|
299 |
|
|
243 |
|
|
560 |
|
|
468 |
|
McLane |
|
8 |
|
|
6 |
|
|
16 |
|
|
13 |
|
|
45 |
|
|
43 |
|
|
79 |
|
|
88 |
|
Pilot |
|
50 |
|
|
49 |
|
|
97 |
|
|
121 |
|
|
65 |
|
|
26 |
|
|
56 |
|
|
63 |
|
|
|
1,437 |
|
|
1,316 |
|
|
2,839 |
|
|
2,625 |
|
|
2,578 |
|
|
2,176 |
|
|
4,765 |
|
|
4,115 |
|
Reconciliation to consolidated amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment gains (losses) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,379 |
|
|
1,379 |
|
|
3,033 |
|
|
(11 |
) |
Equity method earnings |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
36 |
|
|
(1,170 |
) |
|
57 |
|
|
(1,159 |
) |
Corporate, eliminations and other |
|
(102 |
) |
|
(63 |
) |
|
(203 |
) |
|
(115 |
) |
|
298 |
|
|
(92 |
) |
|
576 |
|
|
(176 |
) |
|
$ |
1,335 |
|
$ |
1,253 |
|
$ |
2,636 |
|
$ |
2,510 |
|
$ |
6,291 |
|
$ |
2,293 |
|
$ |
8,431 |
|
$ |
2,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
Depreciation and amortization |
|
|
Second Quarter |
|
First Six Months |
|
Second Quarter |
|
First Six Months |
|
Business segments |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Insurance |
$ |
38 |
|
$ |
11 |
|
$ |
63 |
|
$ |
35 |
|
$ |
108 |
|
$ |
110 |
|
$ |
209 |
|
$ |
217 |
|
BNSF |
|
996 |
|
|
947 |
|
|
1,740 |
|
|
1,599 |
|
|
698 |
|
|
679 |
|
|
1,388 |
|
|
1,350 |
|
BHE |
|
2,531 |
|
|
2,445 |
|
|
4,949 |
|
|
4,573 |
|
|
1,048 |
|
|
1,064 |
|
|
2,137 |
|
|
2,083 |
|
Manufacturing |
|
955 |
|
|
603 |
|
|
1,859 |
|
|
1,310 |
|
|
868 |
|
|
612 |
|
|
1,614 |
|
|
1,222 |
|
Service and retailing |
|
799 |
|
|
553 |
|
|
1,382 |
|
|
1,097 |
|
|
412 |
|
|
404 |
|
|
820 |
|
|
803 |
|
McLane |
|
54 |
|
|
45 |
|
|
104 |
|
|
67 |
|
|
48 |
|
|
47 |
|
|
98 |
|
|
96 |
|
Pilot |
|
272 |
|
|
254 |
|
|
534 |
|
|
458 |
|
|
279 |
|
|
260 |
|
|
560 |
|
|
517 |
|
|
$ |
5,645 |
|
$ |
4,858 |
|
$ |
10,631 |
|
$ |
9,139 |
|
|
3,461 |
|
|
3,176 |
|
|
6,826 |
|
|
6,288 |
|
Reconciliation to consolidated amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, eliminations and other |
|
|
|
|
|
|
|
|
145 |
|
|
153 |
|
|
290 |
|
|
306 |
|
|
|
|
|
|
|
|
|
|
$ |
3,606 |
|
$ |
3,329 |
|
$ |
7,116 |
|
$ |
6,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
Identifiable assets |
|
Business segments |
|
|
June 30,
2026 |
|
December 31,
2025 |
|
June 30,
2026 |
|
December 31,
2025 |
|
Insurance |
|
|
$ |
16,557 |
|
$ |
16,557 |
|
$ |
597,919 |
|
$ |
571,145 |
|
BNSF |
|
|
|
15,351 |
|
|
15,351 |
|
|
82,794 |
|
|
82,532 |
|
BHE |
|
|
|
11,630 |
|
|
11,778 |
|
|
142,651 |
|
|
136,515 |
|
Manufacturing |
|
|
|
27,172 |
|
|
26,928 |
|
|
136,140 |
|
|
122,132 |
|
Service and retailing |
|
|
|
5,685 |
|
|
5,682 |
|
|
40,705 |
|
|
39,124 |
|
McLane |
|
|
|
232 |
|
|
232 |
|
|
7,429 |
|
|
7,135 |
|
Pilot |
|
|
|
6,546 |
|
|
6,546 |
|
|
19,715 |
|
|
18,828 |
|
|
|
|
$ |
83,173 |
|
$ |
83,074 |
|
|
1,027,353 |
|
|
977,411 |
|
Reconciliation to consolidated amount |
|
|
|
|
|
|
|
|
|
Corporate and other |
|
|
|
|
|
|
|
152,545 |
|
|
161,691 |
|
Goodwill |
|
|
|
|
|
|
|
83,173 |
|
|
83,074 |
|
|
|
|
|
|
|
|
$ |
1,263,071 |
|
$ |
1,222,176 |
|
|