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 ...

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, 2019 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, 2019 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) | --- | --- | --- | |------------------ ...

Part I – Financial Information [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents Berkshire Hathaway Inc.'s unaudited consolidated financial statements, showing significant asset growth and net earnings driven by investment gains Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$760,108** | **$707,794** | | Cash and cash equivalents | $44,634 | $30,361 | | Investments in equity securities | $200,516 | $172,757 | | **Total Liabilities** | **$373,717** | **$355,294** | | **Total Shareholders' Equity** | **$386,391** | **$352,500** | Consolidated Earnings Highlights (in millions, except per share) | Metric | H1 2019 | H1 2018 | | :--- | :--- | :--- | | Total Revenues | $124,276 | $120,673 | | Investment Gains (Losses) | $29,387 | $(1,819) | | **Net Earnings Attributable to BRK** | **$35,734** | **$10,873** | | Net Earnings per Avg. Class A Share | $21,824 | $6,610 | Consolidated Cash Flow Highlights - First Six Months (in millions) | Metric | 2019 | 2018 | | :--- | :--- | :--- | | Net cash flows from operating activities | $16,762 | $16,091 | | Net cash flows from investing activities | $(2,908) | $22,430 | | Net cash flows from financing activities | $411 | $(5,516) | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, distinguishing operating earnings from volatile investment gains/losses, highlighting segment performance, liquidity, and stock repurchases - Management states that investment and derivative gains/losses, whether realized or unrealized, are generally meaningless in understanding reported results or evaluating economic performance, as they cause significant volatility in periodic earnings[109](index=109&type=chunk) After-Tax Earnings by Segment (in millions) | Segment | H1 2019 | H1 2018 | | :--- | :--- | :--- | | Insurance – underwriting | $742 | $1,350 | | Insurance – investment income | $2,603 | $2,154 | | Railroad | $2,591 | $2,454 | | Utilities and energy | $1,212 | $1,166 | | Manufacturing, service and retailing | $4,687 | $4,613 | | Investment and derivative gains (losses) | $24,040 | $(1,308) | | **Total Net Earnings** | **$35,734** | **$10,873** | - The company's consolidated shareholders' equity increased by **$33.8 billion** since year-end 2018 to **$382.5 billion** at June 30, 2019[179](index=179&type=chunk) - Berkshire repurchased **$2.1 billion** of its Class A and B common stock in the first six months of 2019 under its amended repurchase program[181](index=181&type=chunk) [Insurance Operations](index=29&type=section&id=Insurance%20Operations) Insurance operations saw lower underwriting profits due to reduced prior-year loss estimates and reinsurance losses, offset by a 20.8% increase in investment income and growing float Net Underwriting Gain by Insurance Group (in millions) | Group | H1 2019 | H1 2018 | | :--- | :--- | :--- | | GEICO | $1,163 | $1,350 | | Berkshire Hathaway Reinsurance Group | $(357) | $39 | | Berkshire Hathaway Primary Group | $137 | $333 | | **Total Pre-tax Underwriting Gain** | **$943** | **$1,722** | - GEICO's loss ratio for H1 2019 increased to **79.1%** from **77.7%** in H1 2018, driven by smaller reductions in prior years' loss estimates (**$54 million** in 2019 vs. **$430 million** in 2018) and higher claims severities[114](index=114&type=chunk)[116](index=116&type=chunk) - Insurance investment income for H1 2019 increased **20.8%** year-over-year to **$2.6 billion**, benefiting from higher interest rates on short-term investments and increased dividend income[109](index=109&type=chunk)[132](index=132&type=chunk)[134](index=134&type=chunk) - The total insurance float was approximately **$125 billion** at June 30, 2019, an increase from **$123 billion** at December 31, 2018[134](index=134&type=chunk) [Railroad (Burlington Northern Santa Fe)](index=35&type=section&id=Railroad%20%28Burlington%20Northern%20Santa%20Fe%29) BNSF's net earnings increased by 5.6% despite volume challenges from weather and trade policy, benefiting from higher rates, cost control, and an improved operating ratio BNSF Financial Summary - First Six Months (in millions) | Metric | 2019 | 2018 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $11,655 | $11,502 | +1.3% | | Total operating expenses | $7,682 | $7,822 | -1.8% | | **Net Earnings** | **$2,591** | **$2,454** | **+5.6%** | - Freight volumes for H1 2019 decreased by **4.5%** compared to H1 2018, negatively impacted by severe weather and flooding[139](index=139&type=chunk) - The operating ratio (operating expenses to revenues) improved to **65.9%** in H1 2019 from **68.0%** in H1 2018, reflecting cost controls and a retirement plan curtailment gain[141](index=141&type=chunk) [Utilities and Energy (Berkshire Hathaway Energy Company)](index=36&type=section&id=Utilities%20and%20Energy%20%28Berkshire%20Hathaway%20Energy%20Company%29) Berkshire Hathaway Energy's net earnings grew 3.9% driven by improved performance at PacifiCorp and MidAmerican Energy, despite flat revenues and a decline in real estate brokerage earnings BHE Net Earnings Attributable to BRK - First Six Months (in millions) | Metric | 2019 | 2018 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $9,642 | $9,562 | +0.8% | | **Net Earnings** | **$1,212** | **$1,166** | **+3.9%** | - MidAmerican Energy Company's after-tax earnings for H1 2019 increased **67%** year-over-year, primarily due to higher production tax credits from wind-powered generation[146](index=146&type=chunk) - The real estate brokerage business experienced a **6%** decrease in pre-tax earnings in H1 2019, as contributions from acquisitions were offset by lower earnings at existing businesses and higher interest expense[152](index=152&type=chunk) [Manufacturing, Service and Retailing](index=39&type=section&id=Manufacturing%2C%20Service%20and%20Retailing) The Manufacturing, Service, and Retailing segments collectively reported a 1.6% increase in after-tax earnings, with varied performance across sub-segments Pre-Tax Earnings by Sub-Segment - First Six Months (in millions) | Segment | 2019 | 2018 | % Change | | :--- | :--- | :--- | :--- | | Manufacturing | $4,721 | $4,736 | -0.3% | | Service | $974 | $948 | +2.7% | | Retailing | $392 | $388 | +1.0% | | McLane Company | $170 | $127 | +33.9% | - Building products revenues grew **11.2%** in H1 2019, driven by a **25%** revenue increase at Clayton Homes from higher site-built home sales via acquisitions[162](index=162&type=chunk) - Consumer products pre-tax earnings fell **12.8%** in H1 2019, primarily due to lower unit sales at Forest River (leisure vehicles) and shipping delays at Brooks Sports[163](index=163&type=chunk) - McLane Company's pre-tax earnings increased **34%** in H1 2019, benefiting from changes in LIFO inventory valuation and improved gross margins, despite a highly competitive environment[170](index=170&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in market risks since its 2018 Annual Report on Form 10-K - There were no material changes in market risks since the 2018 year-end report[187](index=187&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no significant changes to internal controls over financial reporting during the quarter - The company's management, including the CEO and CFO, concluded that disclosure controls and procedures are effective[188](index=188&type=chunk) - No significant changes in internal control over financial reporting occurred during the quarter[188](index=188&type=chunk) Part II – Other Information [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal actions, none of which are expected to materially affect its consolidated financial condition or results of operations - Berkshire and its subsidiaries are party to routine legal actions but do not expect them to have a material financial impact[190](index=190&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%20and%20Issuer%20Repurchases%20of%20Equity%20Securities) This section details the company's stock repurchases during Q2 2019 under its amended program, allowing repurchases when the price is below intrinsic value - The stock repurchase program was amended in July 2018 to allow repurchases when the price is below Berkshire's intrinsic value, as determined by Warren Buffett and Charlie Munger[192](index=192&type=chunk) Share Repurchases in Q2 2019 | Stock Class | Total Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | Class A | 281 | $307,154.98 | | Class B | 1,766,140 | $201.88 | [Item 6. Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO, mine safety disclosures, and iXBRL formatted financial statements - Exhibits filed include Rule 13a-14(a)/15d-14(a) and Section 1350 certifications, Mine Safety Disclosures, and iXBRL formatted financial data[196](index=196&type=chunk)

Table of Contents 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, 2019 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 | --- | --- | |----------------------------------------------------------------------------------------- ...

Financial Performance - Net earnings attributable to Berkshire Hathaway shareholders in 2018 were $4.021 billion, a significant decrease from $44.94 billion in 2017, which included a one-time benefit of approximately $29.1 billion from the Tax Cuts and Jobs Act[131]. - After-tax earnings from insurance underwriting improved to approximately $1.566 billion in 2018, compared to after-tax losses of approximately $2.219 billion in 2017, driven by reduced estimated liabilities and lower catastrophe losses[131]. - The effective income tax rate for Berkshire Hathaway in 2018 was 21.4%, down from 32.0% in 2017, reflecting the impact of the reduced U.S. corporate tax rate[137]. - After-tax losses from investments and derivative contracts were $17.737 billion in 2018, primarily due to $18 billion in losses from changes in market values of equity securities[133]. - Net earnings for 2018 were $4,322 million, a significant decrease from $45,353 million in 2017, reflecting a decline of approximately 90.5%[253]. - Total revenues increased to $247,837 million in 2018, up from $239,933 million in 2017, representing a growth of about 3.8%[251]. - Investment gains (losses) for 2018 were $(22,155) million, compared to a gain of $1,410 million in 2017, indicating a substantial negative shift[251]. Business Segments Performance - The railroad business reported a 31.8% increase in after-tax earnings in 2018, totaling $5.219 billion, reflecting increased unit volume and higher average revenue per car[131]. - After-tax earnings from manufacturing, service, and retailing businesses rose by 29% in 2018, reaching $9.364 billion, supported by a 13% increase in pre-tax earnings[133]. - GEICO's premiums written increased by 11.7% to $34.123 billion in 2018, with a loss ratio of 78.8%, down 7.8 percentage points from 2017[138]. - The utilities and energy businesses reported higher after-tax earnings in 2018, attributed to a lower effective income tax rate, despite some declines in pre-tax earnings in regulated utilities[131]. - BNSF's revenues reached $23.855 billion in 2018, an increase of $2.468 billion (11.5%) from $21.387 billion in 2017[164]. - Berkshire Hathaway Energy's total revenues in 2018 were $19.987 billion, an increase from $18.854 billion in 2017, with pre-tax earnings of $2.472 billion[170]. Investment and Financial Position - The company held cash, cash equivalents, and U.S. Treasury Bills of approximately $109 billion at year-end 2018, including $85 billion in U.S. Treasury Bills[213]. - Berkshire's consolidated shareholders' equity was approximately $349 billion as of December 31, 2018, a decrease of $26.9 billion since September 30, 2018[213]. - The company reported a foreign currency translation loss of $1.424 billion in 2018, contrasting with a gain of $2.151 billion in 2017[237]. - Total liabilities rose to $355,294 million in 2018, compared to $350,141 million in 2017, an increase of about 1.3%[253]. - The company maintained effective internal control over financial reporting as of December 31, 2018, as confirmed by an independent audit[240]. Claims and Liabilities - The company's consolidated claim liabilities were approximately $110 billion, with 84% related to GEICO and the Berkshire Hathaway Reinsurance Group[217]. - GEICO's gross unpaid losses were reported at $19.5 billion, with net claim liabilities of $18.6 billion as of December 31, 2018[218]. - The company recorded a decrease of $222 million in claim liability estimates during 2018, resulting in a corresponding increase in pre-tax earnings[218]. - The company anticipates that a one percentage point change in bodily injury claim severities could result in a $275 million increase or decrease in recorded liabilities[218]. - The company utilizes various actuarial estimation methods for claim liabilities, including Bornhuetter-Ferguson and chain-ladder methodologies[218]. Acquisitions and Investments - The acquisition of Medical Liability Mutual Insurance Company was completed for approximately $2.5 billion, with fair value of assets at $6.1 billion and liabilities at $3.6 billion[296]. - The total consideration for bolt-on acquisitions was approximately $1.0 billion in 2018, $2.7 billion in 2017, and $1.4 billion in 2016[296]. - Berkshire's investment in Kraft Heinz had a fair value of approximately $14.0 billion as of December 31, 2018, down from $25.3 billion in 2017[308]. - Approximately 68% of the aggregate fair value of equity securities was concentrated in five companies, including Apple Inc. at $40.3 billion[305]. Operational Metrics - Total operating expenses for BNSF increased by $1.908 billion (13.6%) to $16.992 billion in 2018, with a ratio of operating expenses to revenues of 66.9%[164]. - The company reported a comprehensive income of $2,059 million in 2018, down from $66,768 million in 2017, a decrease of about 96.9%[253]. - The average equivalent Class A shares outstanding remained stable at approximately 1,643,795 in 2018, compared to 1,644,615 in 2017[251]. - The company evaluated approximately 99% of loan balances as performing and 95% as current in payment status as of December 31, 2018[314].