5 BERKSHIRE HATHAWAY INC. and Subsidiaries CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (dollars in millions) (Unaudited) Berkshire Hathaway shareholders' equity Common stock and capital in excess of | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|-------|-----------|-------|-------|-----------------------|-------------------|----------------|-------|--------------------------|----------|-------- ...

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, 2023 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 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 March 31, 2023 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 ...

Berkshire’s Performance vs. the S&P 500 Annual Percentage Change Berkshire’sPerformancevs.theS&P500 AnnualPercentageChange inPer-Share inS&P500 MarketValueof withDividends Berkshire Included Year 1965 ......................................................................... 49.5 10.0 1966 ......................................................................... (3.4) (11.7) 1967 ......................................................................... 13.3 30.9 1968 ......................................... ...

Earnings Performance - After-tax earnings of BNSF railroad were relatively unchanged in 2022 compared to 2021, with a 16.1% increase in 2021 versus 2020 [198]. - After-tax earnings from utilities and energy business increased by 9.3% in 2022 compared to 2021, and by 13.7% in 2021 versus 2020 [198]. - Earnings from manufacturing, service, and retailing businesses rose by 12.5% in 2022 compared to 2021, and by 34.0% in 2021 versus 2020 [198]. Insurance Operations - GEICO reported pre-tax underwriting losses of $1.88 billion in 2022, compared to pre-tax earnings of $1.26 billion in 2021 and $3.43 billion in 2020 [201]. - Berkshire Hathaway Reinsurance Group achieved pre-tax underwriting earnings of $1.39 billion in 2022, recovering from a loss of $930 million in 2021 [201]. - Total losses and expenses for GEICO in 2022 amounted to $40.86 billion, representing 104.8% of premiums earned [201]. - The effective income tax rate for net underwriting earnings was 8.5% in 2022, compared to 22.2% in 2021 [201]. Tax Expenses and Liabilities - The company reported an income tax expense of $(8,518) million for 2022, a significant decrease from $20,879 million in 2021 [212]. - The effective income tax rate for 2022 was 27.9%, compared to 18.7% in 2021 and 22.3% in 2020 [213]. - The company has net unrecognized tax benefits of $440 million as of December 31, 2022, down from $1,046 million in 2021 [213]. - The current income tax expense for 2022 was $4,815 million, a decrease from $5,326 million in 2021 [212]. - The hypothetical income tax expense at the U.S. federal statutory rate for 2022 was $(6,421) million [213]. - The company has settled income tax liabilities with the IRS for tax years through 2011 [213]. - The company is currently under audit for tax years 2014 through 2019, with potential settlements expected in 2023 [213]. Stock Repurchases - A total of 3,046,794 shares of Class B common stock were repurchased in December at an average price of $303.83 per share [215]. - The company purchased 2,146 shares of Class A common stock in November at an average price of $463,584.86 per share [215]. Foreign Exchange and Loss Estimates - The company experienced after-tax foreign exchange rate gains of approximately $1.3 billion in 2022 and $1.0 billion in 2021 [198]. - Unpaid loss estimates were approximately $143 billion as of December 31, 2022, up from $125 billion as of December 31, 2021 [199]. Defined Contribution Plan Expenses - Defined contribution plan expenses were approximately $0.8 billion in 2022, down from $1.0 billion in 2021 and $1.4 billion in 2020 [202]. Deferred Income Taxes - The company has not established deferred income taxes on accumulated undistributed earnings of certain foreign subsidiaries, which are expected to be reinvested indefinitely [211].

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 September 30, 2022 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 ...

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, 2022 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, 2022 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 | (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].