Part I – Financial Information [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The company's financial statements reflect a significant net loss driven by unrealized losses in the equity portfolio [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets and shareholders' equity decreased, primarily driven by a reduction in the fair value of equity securities | Balance Sheet Items | June 30, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $30,608 million | $88,184 million | | Investments in equity securities | $327,662 million | $350,719 million | | Total Assets | $909,860 million | $958,784 million | | **Liabilities & Equity** | | | | Total Liabilities | $440,207 million | $443,854 million | | Total Shareholders' Equity | $469,653 million | $514,930 million | [Consolidated Statements of Earnings](index=5&type=section&id=Consolidated%20Statements%20of%20Earnings) The company reported a substantial net loss due to investment and derivative losses, despite growth in total revenues | (in millions, except per share) | Q2 2022 | Q2 2021 | First Six Months 2022 | First Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $76,180 | $69,114 | $146,990 | $133,713 | | Investment/Derivative Gains (Losses) | $(66,919) | $27,394 | $(68,897) | $33,094 | | Net Earnings (Loss) Attributable to BRK | $(43,755) | $28,094 | $(38,295) | $39,805 | | Net Earnings (Loss) per Class A Share | $(29,754) | $18,488 | $(26,005) | $26,078 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased while investing activities saw a large outflow due to net equity security purchases | (in millions) | First Six Months 2022 | First Six Months 2021 | | :--- | :--- | :--- | | Net cash flows from operating activities | $15,361 | $19,559 | | Net cash flows from investing activities | $(74,173) | $(11,433) | | Net cash flows from financing activities | $1,607 | $(13,578) | | **Increase (decrease) in cash** | **$(57,482)** | **$(5,564)** | - Significant investing activities in the first six months of 2022 included **$57.3 billion in purchases** of equity securities, partially offset by $12.0 billion in sales[20](index=20&type=chunk) - The company acquired **$4.2 billion** of its own treasury stock in the first half of 2022, compared to $12.6 billion in the same period of 2021[20](index=20&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the high concentration in the equity portfolio and significant acquisition and repurchase activities - Approximately **73% of the aggregate fair value** of the equity securities portfolio was concentrated in four companies as of June 30, 2022[29](index=29&type=chunk) - During the first six months of 2022, Berkshire acquired approximately **17% of the outstanding common stock of Occidental Petroleum**, with a fair value of $9.3 billion as of June 30, 2022[31](index=31&type=chunk) - Berkshire entered into an agreement to acquire Alleghany Corporation for approximately **$11.6 billion in cash**, with the transaction expected to close in the fourth quarter of 2022[74](index=74&type=chunk) - The company's common stock repurchase program allows for repurchases when the price is below intrinsic value, provided that consolidated cash holdings do not fall below **$30 billion**[69](index=69&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management highlights strong operating earnings from diverse businesses despite the reported net loss from investments - Management emphasizes that investment and derivative gains/losses, which are the primary cause of the reported net loss, are **'generally meaningless in understanding our reported quarterly or annual results'**[85](index=85&type=chunk) - The company's financial condition remains strong, with insurance and other businesses holding **$101.3 billion in cash**, cash equivalents, and U.S. Treasury Bills at June 30, 2022[155](index=155&type=chunk) - In the first six months of 2022, Berkshire paid **$4.2 billion** to repurchase its Class A and B common stock[155](index=155&type=chunk) | After-Tax Earnings by Segment (in millions) | Q2 2022 | Q2 2021 | First Six Months 2022 | First Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Insurance – underwriting | $581 | $376 | $628 | $1,140 | | Insurance – investment income | $1,906 | $1,219 | $3,076 | $2,427 | | Railroad | $1,664 | $1,516 | $3,035 | $2,767 | | Utilities and energy | $766 | $740 | $1,516 | $1,443 | | Manufacturing, service and retailing | $3,249 | $3,004 | $6,274 | $5,623 | | Investment and derivative gains (losses) | $(53,038) | $21,408 | $(54,618) | $26,101 | | **Net Earnings (Loss)** | **$(43,755)** | **$28,094** | **$(38,295)** | **$39,805** | [Insurance—Underwriting](index=26&type=section&id=Insurance%E2%80%94Underwriting) Underwriting results were mixed, with a significant loss at GEICO offset by improved reinsurance earnings | Pre-tax Underwriting Earnings (Loss) (in millions) | Q2 2022 | Q2 2021 | First Six Months 2022 | First Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | GEICO | $(487) | $626 | $(665) | $1,649 | | Berkshire Hathaway Primary Group | $242 | $166 | $334 | $372 | | Berkshire Hathaway Reinsurance Group | $967 | $(327) | $1,123 | $(590) | | **Total** | **$722** | **$465** | **$792** | **$1,431** | - GEICO's underwriting loss was driven by **increased claims severities** from significant cost inflation in automobile markets[92](index=92&type=chunk) - BHRG's property/casualty underwriting expenses included **foreign currency exchange gains of $308 million in Q2** and $389 million in H1 2022, significantly boosting results[102](index=102&type=chunk) - BHRG's life/health reinsurance results improved as 2021 results were negatively affected by **significant, pandemic-related increases in mortality**[105](index=105&type=chunk) [Insurance—Investment Income](index=30&type=section&id=Insurance%E2%80%94Investment%20Income) Net investment income grew significantly, driven by higher dividend income and rising short-term interest rates | (in millions) | Q2 2022 | Q2 2021 | First Six Months 2022 | First Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Dividend income | $2,055 | $1,298 | $3,252 | $2,551 | | Interest and other | $228 | $158 | $392 | $317 | | **Pre-tax net investment income** | **$2,283** | **$1,456** | **$3,644** | **$2,868** | - The increase in dividend income was due to an **overall increase in equity security investments** during the first half of 2022[111](index=111&type=chunk) - The increase in interest income was primarily due to **increases in short-term interest rates**[111](index=111&type=chunk) - The float of the insurance businesses was approximately **$147 billion** at both June 30, 2022, and December 31, 2021[113](index=113&type=chunk) [Railroad (BNSF)](index=31&type=section&id=Railroad) BNSF's net earnings grew due to higher revenue per car, which offset a decline in total freight volumes | BNSF Performance (in millions) | Q2 2022 | Q2 2021 | First Six Months 2022 | First Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Railroad operating revenues | $6,640 | $5,609 | $12,231 | $10,830 | | Railroad operating earnings | $2,564 | $2,220 | $4,421 | $4,115 | | Net earnings | $1,664 | $1,516 | $3,035 | $2,767 | - Revenue growth was primarily due to a **17.9% year-to-date increase in average revenue per car/unit**, driven by higher fuel surcharge revenue[119](index=119&type=chunk) - Total freight volumes **decreased by 4.5%** in the first six months of 2022, with consumer products volumes seeing the largest decline[118](index=118&type=chunk)[119](index=119&type=chunk) - Fuel expenses **increased by 71.9%** in the first six months of 2022 due to higher fuel prices[119](index=119&type=chunk) [Utilities and Energy (BHE)](index=33&type=section&id=Utilities%20and%20Energy) BHE's net earnings increased slightly, with growth in some segments offsetting declines in others like PacifiCorp | BHE Net Earnings Attributable to BHE (in millions) | Q2 2022 | Q2 2021 | First Six Months 2022 | First Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | PacifiCorp | $83 | $226 | $213 | $395 | | MidAmerican Energy Company | $204 | $211 | $445 | $355 | | Natural gas pipelines | $188 | $100 | $497 | $483 | | Real estate brokerage | $84 | $135 | $105 | $219 | | **Total BHE Net Earnings** | **$865** | **$849** | **$1,715** | **$1,658** | - PacifiCorp's earnings **decreased significantly**, reflecting higher operating expenses related to wildfires and plant maintenance, and lower production tax credits[125](index=125&type=chunk) - Real estate brokerage earnings **decreased sharply** due to lower mortgage volumes, reduced refinancing activity, and a decrease in closed units[125](index=125&type=chunk) [Manufacturing, Service and Retailing](index=35&type=section&id=Manufacturing%2C%20Service%20and%20Retailing) This diverse group reported increased pre-tax earnings, led by strong performance in the Building Products segment | Pre-tax Earnings (in millions) | Q2 2022 | Q2 2021 | First Six Months 2022 | First Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Manufacturing | $3,028 | $2,714 | $5,852 | $5,150 | | Service and retailing | $1,275 | $1,270 | $2,492 | $2,311 | | **Total** | **$4,303** | **$3,984** | **$8,344** | **$7,461** | - The Building Products group's pre-tax earnings **increased 40.6%** in the first six months, driven by strong residential construction[136](index=136&type=chunk) - The Consumer Products group's pre-tax earnings **declined 10.6%** in the first six months, as apparel businesses were negatively impacted by lower sales volumes and higher input costs[138](index=138&type=chunk) - McLane's foodservice and grocery distribution business saw revenues increase but **earnings decline** due to higher costs and supply chain constraints[147](index=147&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in market risks from those described in its 2021 Annual Report - There were **no material changes** in the market risks described in Berkshire's Annual Report on Form 10-K for the year ended December 31, 2021[164](index=164&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no significant changes noted - Based on an evaluation, the CEO and CFO concluded that the Company's disclosure controls and procedures are **effective**[165](index=165&type=chunk) - **No significant changes** in the Company's internal control over financial reporting occurred during the quarter[165](index=165&type=chunk) Part II – Other Information [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company does not expect pending legal actions from normal business operations to have a material financial effect - The company states its belief that pending legal actions arising from the normal course of business **will not have a material effect** on its financial condition or operations[166](index=166&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) The report references the significant business risks previously described in the annual Form 10-K filing - The report references the risk factors disclosed in the **Form 10-K for the year ended December 31, 2021**, without adding new ones[167](index=167&type=chunk) [Issuer Repurchases of Equity Securities](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%20and%20Issuer%20Repurchases%20of%20Equity%20Securities) The company repurchased both Class A and Class B common stock during the second quarter of 2022 | Period (2022) | Class | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | :--- | | April | A & B | 0 | N/A | | May | A & B | 0 | N/A | | June | A | 2,397 | $425,870.54 | | June | B | 25,462 | $276.75 | - The repurchase program does not specify a maximum number of shares and has no expiration date, but repurchases will not be made if they reduce consolidated cash holdings **below $30 billion**[170](index=170&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications and iXBRL data - The exhibits filed include certifications under Rule 13a-14(a)/15d-14(a) and Section 1350, as well as Mine Safety Disclosures and iXBRL data files[172](index=172&type=chunk)[173](index=173&type=chunk)[176](index=176&type=chunk)

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 ...

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, 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 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, 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 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, 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 ...

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 ...