| --- | --- | --- | |--------------------------------------|-------------------------------------------------------------------|------------------------------------| | Year | Annual Percentage Change \nin Per-Share Market Value of Berkshire | in S&P 500 with Dividends Included | | 1965 | 49.5 | 10.0 | | 1966 | (3.4) | (11.7) | | -- 1967 | 13.3 | 30.9 | | 1968 | 77.8 | 11.0 | | 1969 | 19 4 | (8.4) | | 1970 | (4.6) | 3 9 | | | | | | 1971 . | 80.5 | 14.6 | | | | | | 1972 | 8.1 | 18.9 | | 1973 . | (2.5) | (14.8 ...

Financial Performance - Net earnings attributable to Berkshire Hathaway shareholders reached $89.8 billion in 2021, up from $42.5 billion in 2020 and $81.4 billion in 2019[124]. - The effective income tax rate for Berkshire Hathaway was 22.2% in 2021, slightly up from 21.5% in 2020[130]. - Consolidated shareholders' equity increased by $63.0 billion to $506.2 billion by December 31, 2021, with net earnings attributable to shareholders at $89.8 billion[219]. - Net earnings for the company reached $11.12 billion in 2021, up from $8.3 billion in 2020[180]. Insurance Operations - Insurance underwriting earnings were $728 million in 2021, compared to $657 million in 2020 and $325 million in 2019, with significant catastrophe losses of approximately $2.3 billion in 2021[126]. - GEICO's pre-tax underwriting earnings were $1.26 billion in 2021, down from $3.43 billion in 2020, impacted by changes in average claims frequencies due to the COVID-19 pandemic[131]. - Berkshire Hathaway's insurance businesses face ongoing challenges from the COVID-19 pandemic, including increased claims and operational costs[129]. - After-tax earnings from insurance investment income decreased by 4.6% in 2021 compared to 2020, affected by declining interest rates[124]. Revenue Growth - Total revenue for Berkshire Hathaway increased to $25.0 billion in 2021, compared to $21.0 billion in 2020, reflecting growth across various segments[170]. - Manufacturing, service, and retailing businesses saw a 34.0% increase in earnings in 2021 compared to 2020, despite higher input costs due to global supply chain disruptions[126]. - Operating revenues from consumer products increased by 13.7% to $8.3 billion in 2021, with volumes up by 7.7% driven by growth in intermodal shipments[163]. - Energy operating revenue for Berkshire Hathaway Energy increased to $18.9 billion in 2021 from $15.6 billion in 2020, marking a significant growth in the energy sector[170]. Investment Performance - Investment and derivative gains totaled $62.34 billion in 2021, significantly up from $31.59 billion in 2020, reflecting strong market performance[124]. - Net investment income decreased to $4,807 million in 2021 from $5,039 million in 2020, primarily due to a decline in interest and other investment income[153]. - The fair value of investments in equity securities was $350.7 billion as of December 31, 2021, with a hypothetical 30% increase potentially raising it to $452.9 billion[242]. Operational Metrics - After-tax earnings from the railroad business increased by 16.1% in 2021 compared to 2020, driven by higher freight volumes and improved productivity[126]. - Railroad operating revenues increased by 11.6% in 2021 to $22.5 billion compared to $20.2 billion in 2020, driven by a 6.9% increase in volumes and a 3.5% increase in average revenue per car/unit[161]. - Total railroad operating expenses increased by 10.2% to $13.7 billion in 2021, with the operating expenses to revenue ratio decreasing to 60.9%[163]. Claims and Liabilities - GEICO's gross unpaid losses were $23.9 billion, with net claim liabilities of $22.7 billion as of December 31, 2021[227]. - Estimated ultimate claim liabilities for contracts written in prior years were reduced by $974 million in 2021, contributing to pre-tax underwriting earnings of $142 million[147]. - Consolidated claim liabilities, including retroactive reinsurance, were approximately $125 billion as of December 31, 2021, with 80% related to GEICO and Berkshire Hathaway Reinsurance Group[226]. Capital Expenditures and Borrowings - Consolidated capital expenditures for property, plant, and equipment were $13.3 billion in 2021, with forecasts of approximately $11.1 billion for 2022[221]. - Consolidated borrowings were $114.3 billion as of December 31, 2021, with expected principal and interest payments outlined for the next five years[219]. - BHE and its subsidiaries had outstanding borrowings of $51.8 billion, a decrease of $382 million since December 31, 2020, and issued new term debt of approximately $2.2 billion in 2021[221]. Market Conditions and Challenges - The building products group experienced supply chain disruptions, contributing to raw material and logistics cost inflation[190]. - GEICO's claims frequencies increased across all coverages in 2021, with average claims severities also rising significantly[134]. - The company does not utilize derivative contracts to manage foreign currency risks in a meaningful way[248].

Financial Performance - Net earnings attributable to Berkshire Hathaway shareholders for the third quarter of 2021 were $10,344 million, a decrease from $30,137 million in the same quarter of 2020[92]. - Net earnings attributable to Berkshire Hathaway shareholders were $1.496 billion in Q3 2021, up from $1.395 billion in Q3 2020, a 7.2% increase[128]. - Net earnings attributable to Berkshire shareholders were $50.1 billion in the first nine months of 2021, including after-tax gains on investments of approximately $29.4 billion[159]. - Berkshire's consolidated shareholders' equity at September 30, 2021, was $472 billion, an increase of $29.3 billion since December 31, 2020[159]. Insurance Operations - Insurance underwriting reported after-tax losses of $784 million in the third quarter of 2021, compared to a loss of $213 million in the same quarter of 2020[95]. - Losses and loss adjustment expenses for GEICO increased by $1.6 billion (23.7%) in the third quarter of 2021 compared to 2020, attributed to higher claims frequencies and severities[98]. - Unpaid loss estimates for insurance businesses were approximately $125.5 billion as of September 30, 2021, indicating significant potential future liabilities[94]. - The effective income tax rate for the third quarter of 2021 was 23.0%, compared to 26.6% in the same quarter of 2020[95]. Investment Performance - Investment and derivative gains/losses in 2021 were significantly influenced by market price changes, contributing to volatility in reported earnings[92]. - Interest and other investment income declined by $55 million (28.1%) in Q3 2021 and $412 million (47.4%) in the first nine months of 2021 compared to the same periods in 2020[118]. - Net investment income for the third quarter of 2021 was $1,161 million, compared to $1,015 million in Q3 2020, while for the first nine months it was $3,588 million compared to $3,769 million in the same period of 2020[117]. Railroad and Utilities - After-tax earnings from the railroad business increased by 14.2% in the third quarter of 2021 compared to 2020, driven by higher freight volumes[92]. - Railroad operating revenues increased by $590 million (11.8%) in Q3 2021 and $1,723 million (11.7%) in the first nine months of 2021 compared to 2020[122]. - Energy operating revenue for BHE was $5.225 billion in Q3 2021, up from $4.451 billion in Q3 2020, representing a 17.4% increase[128]. - Total revenue for BHE reached $7.013 billion in Q3 2021, compared to $6.226 billion in Q3 2020, a 12.7% increase[128]. Manufacturing and Retail - Manufacturing revenues were $17.5 billion in Q3 2021, a 15.3% increase, and $50.8 billion for the first nine months, up 17.5% year-over-year[135]. - Service and retailing revenues reached $21.3 billion in Q3 2021, a 10.2% increase, and $62.1 billion for the first nine months, up 12.3% compared to 2020[135]. - Retailing revenues totaled $4.5 billion in Q3 2021 and $13.9 billion in the first nine months, with pre-tax earnings of $414 million in Q3 and $1.2 billion year-to-date[147]. Capital Management - Berkshire repurchased $20.2 billion of its Class A and B common stock in the first nine months of 2021[159]. - Berkshire's parent company outstanding debt at September 30, 2021, was $21.8 billion, a decrease of $886 million since December 31, 2020[159]. - In the first nine months of 2021, Berkshire issued term debt of approximately $5.9 billion, with expected principal and interest payments of $27 million in 2021 and $121 million per annum from 2022 through 2025, totaling $8.8 billion thereafter[162]. Miscellaneous - The company experienced a year-to-date reduction of $420 million in estimated ultimate liabilities for prior years' loss events in 2021 compared to $190 million in 2020[104]. - There were no material changes in market risks as of September 30, 2021, compared to the previous Annual Report[166]. - Berkshire believes that normal litigation will not have a material effect on its consolidated financial condition or results of operations[168].

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (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, 2021 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 ...

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 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 jurisdi ...

| --- | --- | --- | |--------------------------------------|-------------------------------------------------------------------|------------------------------------| | Year | Annual Percentage Change \nin Per-Share Market Value of Berkshire | in S&P 500 with Dividends Included | | 1965 | 49.5 | 10.0 | | 1966 | (3.4) | (11.7) | | 1967 . | 13 3 | 30.9 | | 1968 | 77.8 | 11.0 | | 1969 | 19.4 | (8.4) | | 1970 | | 3.9 | | | (4.6) | | | 1971 | 80.5 | 14.6 | | 1972 | 8.1 | 18.9 | | | | | | | | | | 1973 | (2.5) | (1 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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 jurisdiction of incorpor ...

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 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 jur ...

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (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, 2020 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 ...

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 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 jurisdi ...