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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) February 22, 2025 BERKSHIRE HATHAWAY INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 001-14905 47-0813844 (STATE OR OTHER JURISDICTION OF INCORPORATION) (COMMISSION FILE NUMBER) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 (I.R.S. EMPLOYER IDENTIFICATION NO.) 3555 Farnam Street Omaha, Nebraska 68131 (ADDRESS OF PRINCI ...

Financial Performance - Net earnings attributable to Berkshire shareholders for 2024 were $88.995 billion, a decrease of 7.8% from $96.223 billion in 2023[277]. - Investment gains for 2024 were $41.558 billion, a decrease from $58.873 billion in 2023, reflecting significant volatility in market prices[277]. - Total revenue for 2024 was $26,348 million, a slight increase of 1.3% compared to $26,008 million in 2023[358]. - Net earnings attributable to Berkshire shareholders increased to $3,730 million in 2024, up 60.0% from $2,331 million in 2023[358]. - After-tax earnings from non-controlled businesses decreased by $231 million in 2024 compared to 2023, primarily due to lower earnings from Kraft Heinz and Pilot[435]. - Investment gains in 2024 were $52.8 billion, a decrease from $74.9 billion in 2023, while net earnings were $41.6 billion[438]. - Berkshire's shareholders' equity increased by $88.1 billion to $649.4 billion as of December 31, 2024[444]. Insurance Operations - Insurance underwriting generated after-tax earnings of $9.0 billion in 2024, up from $5.4 billion in 2023, with significant improvements at GEICO[280]. - GEICO's pre-tax underwriting earnings increased to $7.813 billion in 2024 from $3.635 billion in 2023, driven by higher average premiums and lower claims frequencies[290]. - Losses and loss adjustment expenses for GEICO decreased by $1.5 billion (4.7%) in 2024, resulting in a loss ratio of 71.8% compared to 81.0% in 2023[296]. - Estimated ultimate liabilities for losses from prior accident years were reduced by $1.7 billion in 2024, compared to $1.4 billion in 2023[316]. - The Berkshire Hathaway Reinsurance Group recorded a pre-tax charge of $490 million in 2024 related to a settlement agreement concerning non-insurance affiliates[317]. - The company anticipates claims payments in 2025 of approximately $38 billion related to claims occurring prior to 2025[455]. - A one percentage point change in BI claims severities could result in a $220 million increase or decrease in recorded liabilities, impacting pre-tax earnings correspondingly[465]. Investment Income - Net investment income for 2024 was $13.67 billion, up from $9.57 billion in 2023, reflecting a significant increase in interest and other investment income[330]. - Interest and other investment income increased by $5.5 billion in 2024 compared to 2023, primarily due to increases in U.S. Treasury Bill and short-term investment balances[331]. - Dividend income declined by $302 million (5.5%) in 2024 compared to 2023, reflecting net reductions in equity security holdings[332]. Operating Segments - BNSF's after-tax earnings declined by 1.1% in 2024 compared to 2023, impacted by labor agreement charges and ongoing litigation[281]. - Railroad operating revenues decreased by 0.5% in 2024 to $23.355 billion compared to 2023, with a net volume increase of 6.5%[340]. - Operating revenues from consumer products increased by 7.1% in 2024 to $8.4 billion, driven by a volume increase of 16.2%[343]. - Manufacturing revenues reached $77,231 million in 2024, a 2.4% increase from $75,405 million in 2023[374]. - Service and retailing revenues decreased by 3.9% to $138,672 million in 2024, down from $144,342 million in 2023[374]. Expenses and Liabilities - Losses and loss adjustment expenses rose by $1.4 billion (12.8%) in 2024, with a loss ratio increase of 2.1 percentage points compared to 2023[307]. - Underwriting expenses increased by $681 million (15.0%) in 2024, resulting in an expense ratio of 27.8%, up 1.3 percentage points from 2023[308]. - The company recorded approximately $147.6 billion in consolidated claim liabilities as of December 31, 2024, with 74% related to GEICO and the Berkshire Hathaway Reinsurance Group[460]. - The gross unpaid losses and loss adjustment expenses total $51.636 billion, consisting of $16.570 billion in property and $35.066 billion in casualty[467]. Capital Management - The company repurchased $2.9 billion of its common stock in 2024, maintaining a focus on financial strength and liquidity[445]. - Cash, cash equivalents, and U.S. Treasury Bills held by insurance and other businesses totaled $318.0 billion as of December 31, 2024[446]. - Consolidated capital expenditures for 2024 were $19.0 billion, with BNSF and BHE forecasting approximately $14.0 billion in capital expenditures for 2025[452]. Miscellaneous - Float was approximately $171 billion at December 31, 2024, up from $169 billion in 2023 and $164 billion in 2022[334]. - The effective income tax rate for BNSF increased to 24.3% in 2024 from 23.1% in 2023[340]. - The methodologies for estimating IBNR liabilities involve various actuarial techniques, including paid and incurred loss development methods and Bornhuetter-Ferguson methods[473][474].

Earnings Announcement and Reporting - Berkshire Hathaway Inc. announced its earnings for the third quarter and first nine months ended September 30, 2024 [4] - The earnings release was issued on November 2, 2024 [4] - The press release is included as an exhibit to the Form 8-K filing [4] Executive Signatory - Marc D. Hamburg, Senior Vice President and Chief Financial Officer, signed the report on November 4, 2024 [5]

Earnings and Financial Performance - Net earnings attributable to Berkshire Hathaway shareholders for the third quarter of 2024 were $26.251 billion, compared to a loss of $12.767 billion in the same period in 2023[85] - Net earnings for Q3 2024 were $16.2 billion, compared to a loss of $23.5 billion in Q3 2023[132] - Net earnings attributable to Berkshire shareholders were $69.3 billion for the first nine months of 2024[134] - Investment gains in Q3 2024 were $20.5 billion, compared to a loss of $29.8 billion in Q3 2023[132] - Pre-tax unrealized investment gains were $18.6 billion in Q3 2024 and $45.1 billion in the first nine months of 2024[132] - Taxable gains from equity securities sales were $23.4 billion in Q3 2024 and $97.1 billion in the first nine months of 2024[132] - Berkshire's shareholders' equity increased by $67.8 billion to $629.1 billion as of September 30, 2024[134] Insurance Operations - Insurance underwriting after-tax earnings decreased by $1.7 billion in the third quarter of 2024, primarily due to Hurricane Helene losses of $565 million[84] - Insurance investment income after-tax earnings increased by $1.2 billion in the third quarter of 2024, driven by higher interest income from U.S. Treasury Bills[84] - GEICO's pre-tax underwriting earnings increased to $2.033 billion in the third quarter of 2024, up from $1.053 billion in 2023, driven by higher average premiums and lower claims frequencies[91] - GEICO's premiums written increased by $761 million (7.3%) in the third quarter of 2024, with average written premiums per auto policy rising by 10.1%[91] - GEICO's loss ratio improved to 71.4% in the third quarter of 2024, down from 80.0% in 2023, reflecting higher average earned premiums and lower claims frequencies[91] - Hurricane Milton is estimated to cause pre-tax incurred losses between $1.3 billion and $1.5 billion, which will be reflected in the fourth quarter of 2024[87] - Premiums written increased by $85 million (1.7%) in Q3 2024 and $594 million (4.3%) in the first nine months of 2024 compared to 2023, driven by growth at NICO Primary, BH Direct, and BHHC[94] - Premiums earned increased by 5.3% in Q3 2024 and 9.8% in the first nine months of 2024 compared to 2023[94] - Losses and loss adjustment expenses increased by $1.3 billion (48.8%) in Q3 2024 and $1.7 billion (20.9%) in the first nine months of 2024, with a loss ratio increase of 25.4 percentage points in Q3 and 6.5 percentage points in the first nine months[94] - Underwriting expenses increased by $102 million (8.5%) in Q3 2024 and $492 million (14.7%) in the first nine months of 2024 compared to 2023[94] - Property/casualty premiums written were relatively unchanged in Q3 and the first nine months of 2024 compared to 2023, with premiums earned decreasing by 5.0% in Q3 and 1.7% in the first nine months[99] - Losses from significant catastrophe events (Hurricane Helene) were approximately $380 million in 2024, compared to $550 million in the first nine months of 2023[99] - Underwriting expenses increased by $677 million (50.8%) in Q3 2024 and $793 million (19.3%) in the first nine months of 2024, including a $490 million pre-tax charge related to a settlement agreement[99] - Estimated liabilities for unpaid losses and loss adjustment expenses from insurance contracts were $148.9 billion as of September 30, 2024[137] Railroad Operations (BNSF) - BNSF after-tax earnings increased by 13.3% in the third quarter of 2024, benefiting from higher unit volume and improved employee productivity[84] - BNSF's railroad operating revenues increased to $5.881 billion in Q3 2024 from $5.719 billion in Q3 2023, with total railroad operating earnings rising to $2.053 billion in Q3 2024 from $1.809 billion in Q3 2023[108] - BNSF's net earnings for Q3 2024 were $1.383 billion, up from $1.221 billion in Q3 2023, with an effective income tax rate of 25.1%[108] - Consumer products revenue increased by 7.0% to $2.1 billion in Q3 2024 and by 8.2% to $6.2 billion in the first nine months of 2024, driven by higher volumes of 16.7% and 16.9% respectively[109] - Industrial products revenue decreased by 1.6% to $1.4 billion in Q3 2024 and by 1.1% to $4.2 billion in the first nine months of 2024, due to lower volumes of 1.9% and 1.2% respectively[109] - Agricultural products revenue increased by 14.1% to $1.4 billion in Q3 2024 and by 6.5% to $4.2 billion in the first nine months of 2024, driven by higher volumes of 14.9% and 9.6% respectively[109] - Coal revenue decreased by 14.7% to $795 million in Q3 2024 and by 25.2% to $2.2 billion in the first nine months of 2024, due to reduced volumes of 12.5% and 20.5% respectively[111] - Railroad operating expenses decreased by 2.1% to $3.8 billion in Q3 2024 and by 1.5% to $11.6 billion in the first nine months of 2024, primarily due to lower fuel expenses[111] Energy Operations (Berkshire Hathaway Energy) - Berkshire Hathaway Energy (BHE) after-tax earnings increased by $1.1 billion in the third quarter of 2024, reflecting lower litigation-related charges and higher earnings from natural gas pipelines[84] - BHE's net earnings attributable to Berkshire Hathaway shareholders increased to $1.629 billion in Q3 2024 and $3.001 billion in the first nine months of 2024, compared to $498 million and $1.699 billion respectively in 2023[112] - U.S. utilities net earnings increased by 190.6% to $1.569 billion in the first nine months of 2024, driven by higher retail customer rates and volumes[113] - Natural gas pipelines net earnings increased by 26.8% to $927 million in the first nine months of 2024, due to higher transportation revenue and increased margin on gas sales[113] - Other energy businesses net earnings increased by 17.4% to $1.019 billion in the first nine months of 2024, driven by higher distribution revenue and lower income tax expense[113] Manufacturing, Service, and Retailing - Manufacturing, service, and retailing after-tax earnings decreased by 5.9% in the third quarter of 2024, with lower earnings from service and retailing businesses partially offset by gains in manufacturing[84] - Manufacturing revenues increased by 2.6% in Q3 2024 and 2.6% in the first nine months of 2024 compared to 2023, with pre-tax earnings rising by 1.9% in Q3 and 4.4% in the first nine months[116] - Service and retailing revenues declined by 3.7% in Q3 2024 and 3.3% in the first nine months of 2024, with pre-tax earnings decreasing by 21.5% in Q3 and 20.4% in the first nine months[116] - Industrial products revenues increased by $289 million (3.3%) in Q3 2024 and $706 million (2.7%) in the first nine months of 2024, with pre-tax earnings rising by $62 million (4.3%) in Q3 and $322 million (7.3%) in the first nine months[118] - PCC's revenues increased by 11.9% in Q3 2024 and 12.4% in the first nine months of 2024, driven by higher demand for aerospace and power generation products[118] - Lubrizol's pre-tax earnings increased by 36.2% in Q3 2024 and 44.7% in the first nine months of 2024, primarily due to lower raw material costs and higher sales volumes[118] - Marmon's revenues remained flat in Q3 2024 but declined by 2.6% in the first nine months of 2024, with pre-tax earnings decreasing by 13.0% in Q3 and 9.4% in the first nine months[118] - Building products group revenues increased by $167 million (2.5%) in Q3 2024 and $450 million (2.3%) in the first nine months of 2024 compared to 2023[119] - Clayton Homes' revenues increased by 8.7% to $3.2 billion in Q3 2024 and 8.8% to $9.1 billion in the first nine months of 2024 compared to 2023[121] - Clayton Homes' loan balances, net of allowances for credit losses, were approximately $26.4 billion as of September 30, 2024, an increase of 14.2% since September 30, 2023[121] - Consumer products group revenues increased by 1.2% to $3.8 billion in Q3 2024 and 3.0% to $11.0 billion in the first nine months of 2024 compared to 2023[122] - Forest River revenues increased by 6.5% in the first nine months of 2024, reflecting a 9.1% increase in unit sales[122] - Service group revenues increased by $30 million (0.6%) in Q3 2024 but declined by $108 million (0.7%) in the first nine months of 2024 compared to 2023[125] - Retailing group revenues declined by 2.8% to $4.7 billion in Q3 2024 and 2.9% to $14.0 billion in the first nine months of 2024 compared to 2023[127] - McLane revenues declined by 5.6% in Q3 2024 and 4.5% in the first nine months of 2024 compared to 2023[128] - Pre-tax earnings of the building products group decreased by $97 million (8.3%) in Q3 2024 and $135 million (4.1%) in the first nine months of 2024 compared to 2023[119] Investments and Cash Management - Dividend income declined by $131 million (10.7%) in Q3 2024 and $207 million (5.2%) in the first nine months of 2024 compared to 2023, reflecting changes in equity security holdings[104] - Interest and other investment income increased by $1.8 billion in Q3 2024 and $3.8 billion in the first nine months of 2024, driven by increased short-term investments including U.S. Treasury Bills[104] - Float approximated $174 billion at September 30, 2024, up from $169 billion at December 31, 2023[104] - Cash, cash equivalents, and U.S. Treasury Bills increased to $271.835 billion at September 30, 2024, from $121.845 billion at December 31, 2023[105] - Cash, cash equivalents, and U.S. Treasury Bills held by insurance and other businesses totaled $305.5 billion as of September 30, 2024[134] - After-tax equity earnings in non-controlled businesses declined by $27 million in Q3 2024 and $505 million in the first nine months of 2024 compared to 2023[129] Legal and Regulatory Risks - Berkshire does not believe routine litigation will have a material effect on its financial condition[141] - The company faces risks from changes in market prices of equity securities, catastrophic events, and changes in laws or regulations[139] - Berkshire is involved in various legal actions, some of which may seek punitive or exemplary damages[141] - The company's forward-looking statements are subject to risks and uncertainties, including economic and market factors[139] - Berkshire's significant business risks are described in its 2023 Form 10-K, with additional risks potentially impacting operations[142] Share Repurchases and Capital Expenditures - Berkshire repurchased $2.9 billion of its common stock in the first nine months of 2024[134] - No Class A or Class B shares were repurchased in the third quarter of 2024[144] - Berkshire's common stock repurchase program allows repurchases when the price is below intrinsic value[144] - Consolidated capital expenditures for property, plant, and equipment were $13.6 billion in the first nine months of 2024[134] Internal Controls and Disclosure - Berkshire's disclosure controls and procedures are effective in timely alerting management to material information[140] - No material changes in market risks as of September 30, 2024[140] - The company's internal control over financial reporting has not seen significant changes during the quarter[140] Life and Health Insurance - Life/health premiums earned declined by $110 million (8.3%) in Q3 2024 and $171 million (4.5%) in the first nine months of 2024, primarily due to reductions in non-U.S. life business[100] - Life and health benefits decreased to 67.1% in Q3 2024 from 77.9% in Q3 2023, and to 68.0% in the first nine months of 2024 from 74.3% in the same period of 2023[100] - Pre-tax underwriting earnings for life/health were $98 million in Q3 2024 and $279 million in the first nine months of 2024, compared to $50 million and $234 million in the respective periods of 2023[100] - Pre-tax underwriting earnings for Life/health increased by $48 million in Q3 2024 and $45 million in the first nine months of 2024 compared to 2023, driven by gains from life contract commutations and increased U.S. life business earnings[101] - Pre-tax underwriting losses from retroactive reinsurance decreased to $498 million in the first nine months of 2024 from $622 million in 2023, primarily due to net reductions in estimated ultimate claim liabilities[101] - Unpaid losses assumed under retroactive reinsurance contracts declined by $1.6 billion to $33.1 billion at September 30, 2024, mainly due to loss payments[101] Real Estate and Other Businesses - Real estate brokerage net earnings decreased by $121 million in the first nine months of 2024, primarily due to expense accruals related to ongoing litigation matters[113] - Pilot's revenues declined by $2.5 billion (19.3%) in Q3 2024 and $6.3 billion (14.9%) in the first nine months of 2024 compared to 2023, primarily due to lower fuel prices and reduced wholesale fuel volumes[115] - Pilot's pre-tax earnings decreased by 25.4% in Q3 2024 and 30.8% in the first nine months of 2024 compared to 2023, with gross sales margins increasing by 1.0% in Q3 but declining by 2.3% in the first nine months[115] - Pilot's selling, general, and administrative expenses increased by 14.3% in Q3 2024 and 6.6% in the first nine months of 2024, driven by higher labor, marketing, and maintenance costs[115] - Pilot's interest expense decreased by 41.6% in Q3 2024 and 24.3% in the first nine months of 2024, due to reduced borrowings and lower interest rates[115]

Financial Performance - Total revenues for the third quarter of 2024 were $92.995 billion, a slight decrease from $93.210 billion in the same quarter of 2023[7]. - The company reported a net income of $29.5 billion for the first nine months of 2024, compared to $25.5 billion for the same period in 2023, indicating a year-over-year increase of 15.7%[7]. - Net earnings for Q3 2024 were $26,480 million, compared to a loss of $12,567 million in Q3 2023, representing a significant turnaround[9]. - Comprehensive income for Q3 2024 was $26,674 million, compared to a loss of $12,619 million in Q3 2023[9]. - Net earnings for the first nine months of 2024 reached $69,810 million, up from $59,389 million in 2023, representing a growth of approximately 17.5%[11]. Assets and Liabilities - Total assets as of September 30, 2024, reached $1,147.251 billion, up from $1,069.978 billion at the end of 2023, reflecting a growth of 7.3%[6]. - The total liabilities as of September 30, 2024, were $515.445 billion, up from $499.208 billion at the end of 2023, an increase of 3.5%[6]. - Shareholders' equity increased to $631.806 billion as of September 30, 2024, compared to $567.509 billion at the end of 2023, marking an increase of 11.3%[6]. - The company’s retained earnings rose to $676.524 billion as of September 30, 2024, compared to $607.350 billion at the end of 2023, reflecting an increase of 11.4%[6]. Investment Gains and Securities - Investment gains for the third quarter of 2024 were $20.514 billion, a significant recovery from a loss of $29.778 billion in Q3 2023[7]. - The company reported unrealized gains on investments of $134 million in Q3 2024, up from $11 million in Q3 2023[9]. - The total fair value of equity securities as of September 30, 2024, was $271,650 million, with a cost basis of $78,112 million, resulting in net unrealized gains of $193,538 million[21]. - Investment gains on equity securities sold in Q3 2024 were $23.4 billion, a significant increase from $759 million in Q3 2023[29]. Insurance Operations - Total insurance revenues for the first nine months of 2024 were $77.3 billion, compared to $70.0 billion in 2023[83]. - GEICO's revenues for the third quarter of 2024 were $10.7 billion, up from $9.8 billion in 2023, while year-to-date revenues increased to $31.4 billion from $29.2 billion[83]. - Premiums written by GEICO increased by $2.5 billion (8.4%) in the first nine months of 2024 compared to 2023, driven by a 10.1% increase in average written premiums per auto policy[90]. - Losses and loss adjustment expenses for GEICO declined by $1.3 billion (5.2%) in the first nine months of 2024 compared to 2023, with a loss ratio of 72.6%, down 9.9 percentage points[90]. Cash Flow and Capital Management - Cash and cash equivalents at the end of Q3 2024 were $37,992 million, compared to $31,604 million at the end of Q3 2023, reflecting an increase of approximately 20.3%[11]. - Net cash flows from operating activities decreased to $25,971 million in 2024 from $34,796 million in 2023, a decline of about 25.5%[11]. - Berkshire repaid approximately $1.9 billion of maturing senior notes in the first nine months of 2024, demonstrating active debt management[59]. - The total borrowings of Berkshire as of September 30, 2024, amounted to $43,651 million, an increase from $42,692 million at the end of 2023[58]. Legal and Regulatory Matters - The company anticipates that liabilities from pending legal actions will not materially affect its consolidated financial condition[76]. - National Indemnity Company recorded a pre-tax charge of $490 million related to a settlement agreement concerning bankruptcy filings[76]. - HomeServices of America, Inc. is facing antitrust claims with potential damages totaling approximately $9 billion, as indicated by plaintiffs in Texas[75]. Operational Highlights - Revenues from manufactured products totaled $62,048 million for Q3 2024, with significant contributions from industrial and commercial sectors at $18,347 million[78]. - The electricity, natural gas, and fuel segment generated $49,655 million in revenue for the nine months ending September 30, 2024[79]. - BNSF's railroad operating revenues for Q3 2024 were $5,881 million, a 2.8% increase from $5,719 million in Q3 2023[108]. - BHE's total revenue for Q3 2024 was $7,335 million, slightly up from $7,281 million in Q3 2023[111]. Shareholder Returns - The company repurchased 5.85% of Berkshire Hathaway Energy Company's outstanding common stock for $2,400 million and a promissory note for $600 million[14]. - In the first nine months of 2024, Berkshire repurchased $2.9 billion of its common stock and held cash and equivalents of $305.5 billion[132]. - The company’s common stock repurchase program allows for repurchases when the price is below intrinsic value, with no specified maximum number of shares[66].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) August 3, 2024 BERKSHIRE HATHAWAY INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 001-14905 47-0813844 (STATE OR OTHER JURISDICTION OF INCORPORATION)(COMMISSION FILE NUMBER)(I.R.S. EMPLOYER IDENTIFICATION NO.) 3555 Farnam Street Omaha, Nebraska 68131 (ADDRESS OF PRINCIPAL E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14905 BERKSHIRE HATHAWAY INC. (Exact name of registrant as specified in its charter) Delaware 47-0813844 (State or other jurisdic ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 (402) 346-1400 REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ On May 4, 2024, Berksh ...