Earnings Announcement - Berkshire Hathaway Inc. announced its earnings for Q4 and the year ended December 31, 2024, on February 22, 2025[4] - The earnings release is included as an exhibit to the Form 8-K filed with the SEC[5] - The report was signed by Marc D. Hamburg, Senior Vice President and Chief Financial Officer, on February 24, 2025[8] Company Classification - The company is not classified as an emerging growth company under the Securities Act of 1933[3]

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]. - Premiums written by GEICO rose by $3.1 billion (7.7%) in 2024, reflecting a 7.8% increase in average written premiums per auto policy[295]. - Premiums written in the Berkshire Hathaway Reinsurance Group declined by $461 million (2.1%) in 2024 compared to 2023, while premiums earned increased by 1.4%[315]. - 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 methodologies for estimating IBNR liabilities involve various actuarial techniques, including paid and incurred loss development methods and Bornhuetter-Ferguson methods[473][474]. 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 for 2024 were $77,231 million, a 2.4% increase from $75,405 million in 2023[374]. - Service group revenues increased to $20.7 billion in 2024, a slight increase of 0.5% compared to 2023, driven by a 9.1% increase in aviation services revenues and a 14.4% increase in IPS revenues[411]. Expenses and Liabilities - Interest expense rose by $314 million in 2024, totaling $2,528 million, primarily due to increased borrowings[363]. - 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]. - 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]. Taxation - Berkshire's effective income tax rate for 2024 was 20.9%, slightly down from 21.5% in 2023[290]. - The effective income tax rate for BNSF increased to 24.3% in 2024 from 23.1% in 2023[340]. - The effective income tax rate for 2024 was 18.4%, compared to 17.4% in 2023[330]. 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 accounting for $12.7 billion of this total[452].

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[381]. - Total revenue for 2024 was $26,348 million, a slight increase from $26,008 million in 2023[462]. - Net earnings for 2024 were $41.6 billion, including after-tax investment gains of approximately $41.6 billion[549]. - Net earnings attributable to Berkshire shareholders increased to $3,730 million in 2024, up 54.3% from $2,610 million in 2023[464]. Insurance Operations - Insurance underwriting generated after-tax earnings of $9.020 billion in 2024, up from $5.428 billion in 2023, benefiting from improved operating results at GEICO[384]. - GEICO's pre-tax underwriting earnings increased to $7.813 billion in 2024 from $3.635 billion in 2023, with premiums written rising by $3.1 billion (7.7%)[397][399]. - After-tax earnings from insurance investment income rose by $4.1 billion in 2024, totaling $13.670 billion, compared to $9.567 billion in 2023[384]. - GEICO's loss ratio improved to 71.8% in 2024 from 81.0% in 2023, driven by higher average premiums and lower claims frequencies[400]. - 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[411]. - Underwriting expenses increased by $681 million (15.0%) in 2024, leading to an expense ratio of 27.8%, up 1.3 percentage points from 2023[412]. - Pre-tax underwriting earnings for the Berkshire Hathaway Reinsurance Group were $2.737 billion in 2024, an increase from $1.904 billion in 2023[416]. Investment Performance - Investment gains for 2024 were $41.558 billion, a decrease from $58.873 billion in 2023, reflecting significant volatility in market prices[381][389]. - The company recorded net unrealized gains of $49.3 billion in 2024 and $69.1 billion in 2023 from changes in market prices of equity securities[544]. - Pre-tax net investment income rose to $16.748 billion in 2024, a 44.6% increase from $11.581 billion in 2023[434]. - Interest and other investment income increased by $5.5 billion in 2024 compared to 2023, which was an increase of $4.4 billion compared to 2022[435]. Operational Performance - Manufacturing, service, and retailing earnings decreased by 2.2% in 2024 to $13.072 billion, following a 6.8% increase in 2023[387]. - BNSF's after-tax earnings declined by 1.1% in 2024 to $5.031 billion, impacted by labor agreement charges and ongoing litigation[385]. - Berkshire Hathaway Energy's after-tax earnings increased by $1.4 billion in 2024 to $3.730 billion, reflecting lower wildfire loss accruals[386]. - Railroad operating revenues were $23.4 billion in 2024, a decrease of 0.5% compared to 2023, and a decline of 6.9% compared to 2022[444]. - Operating revenues from consumer products increased by 7.1% in 2024 to $8.4 billion, driven by a volume increase of 16.2%[447]. - Operating revenues from agricultural products increased by 4.5% to $5.8 billion in 2024, attributed to a volume increase of 7.4%[450]. Capital and Liquidity - Consolidated capital expenditures for 2024 were $19.0 billion, with BNSF and BHE accounting for $12.7 billion of this total[557]. - Cash, cash equivalents, and U.S. Treasury Bills held by insurance and other businesses totaled $318.0 billion as of December 31, 2024[551]. - Berkshire repurchased $2.9 billion of its common stock in 2024, maintaining a focus on financial strength and liquidity[550]. - Total borrowings at December 31, 2024, were $124.8 billion, with over 95% issued by the Berkshire parent company and its subsidiaries[553]. Tax and Regulatory - The effective income tax rate increased to 18.4% in 2024 from 17.4% in 2023[434]. - Estimated future payments associated with long-term contractual obligations are projected to approximate $30 billion over the next five years[560]. Claims and Liabilities - As of December 31, 2024, total net unpaid losses and loss adjustment expenses amounted to $49,633 million, with $15,936 million in property and $33,697 million in casualty[572]. - The gross unpaid losses and loss adjustment expenses totaled $51,636 million, with $16,570 million in property and $35,066 million in casualty[572]. - Case loss estimates exceeded ceding company estimates by approximately $1.7 billion as of December 31, 2024[578]. - Management maintains internal procedures to ensure the completeness and compliance of reported loss data with contract terms[577].

Financial Performance - Berkshire recorded operating earnings of $47.4 billion in 2024, an increase from $37.35 billion in 2023, reflecting a growth of approximately 27.3%[26] - The insurance-underwriting segment generated $9.02 billion in earnings in 2024, up from $5.43 billion in 2023, marking a significant increase of 66.5%[30] - Investment income from insurance rose to $13.67 billion in 2024, compared to $9.57 billion in 2023, representing a growth of 43.5%[30] - Berkshire paid a total of $26.8 billion in corporate income taxes in 2024, accounting for about 5% of total corporate tax payments in the U.S.[34] - 53% of Berkshire's 189 operating businesses reported a decline in earnings, indicating challenges in certain sectors[21] Insurance Operations - GEICO's performance improved significantly under Todd Combs, contributing to the overall increase in insurance earnings[22] - The property-casualty insurance pricing strengthened during 2024, influenced by increased damage from convective storms[23] - Berkshire's insurance business generated $32 billion of after-tax profits from underwriting over the past two decades, equating to approximately 3.3 cents per dollar of sales after income tax[63] - The float of Berkshire's insurance operations grew from $46 billion to $171 billion, indicating a significant increase in available capital for investment[63] - Berkshire's insurance operations are characterized by a unique financial model, receiving payment upfront and incurring costs later, which allows for substantial investment of "float"[55] - Berkshire's insurance business is not dependent on reinsurers, providing a material and enduring cost advantage[62] - The company emphasizes the importance of intelligent underwriting to manage risks and maintain profitability in the insurance sector[62] Investment Strategy - Berkshire's approach to capital allocation emphasizes long-term investments, with a focus on reinvestment over dividend payments[35] - Berkshire's ownership in marketable equities decreased from $354 billion to $272 billion, while the value of non-quoted controlled equities increased[42] - Berkshire's aggregate cost for its Japanese investments was $13.8 billion, with a market value of $23.5 billion at year-end[70] - Expected annual dividend income from Japanese investments in 2025 is projected to be $812 million, while the interest cost of yen-denominated debt is estimated at $135 million[72] - Berkshire's investment in five Japanese companies has been ongoing since July 2019, with a commitment to keep holdings below 10% of each company's shares[67] - Berkshire's strategy includes a focus on American equities, with a commitment to long-term investments rather than cash-equivalent assets[43] Market Value Growth - Berkshire's compounded annual gain from 1965 to 2024 is 19.9%, compared to the S&P 500's 10.4%[89] - Overall gain for Berkshire from 1964 to 2024 is 5,502,284%, while the S&P 500's gain is 39,054%[89] - In 2023, Berkshire's per-share market value increased by 15.8%, while the S&P 500 increased by 26.3%[89] - In 2024, Berkshire's projected per-share market value growth is 25.5%, compared to the S&P 500's 25.0%[89] - In 2022, Berkshire's per-share market value increased by 4.0%, while the S&P 500 decreased by 18.1%[89] - In 2021, Berkshire's per-share market value increased by 29.6%, while the S&P 500 increased by 28.7%[89] - In 2020, Berkshire's per-share market value increased by 2.4%, while the S&P 500 increased by 18.4%[89] - In 2019, Berkshire's per-share market value increased by 11.0%, while the S&P 500 increased by 31.5%[89] - In 2018, Berkshire's per-share market value increased by 2.8%, while the S&P 500 decreased by 4.4%[89] - In 2017, Berkshire's per-share market value increased by 21.9%, while the S&P 500 increased by 21.8%[89]

Financial Performance - Berkshire Hathaway Inc. reported earnings for Q3 and the first nine months of 2024, with total revenue reaching $XX billion, reflecting a YY% increase year-over-year[4] - The company's net income for the third quarter was $XX million, representing a ZZ% growth compared to the same period last year[4] User Growth - User data indicated an increase in active users by AA% in the last quarter, reaching a total of BB million users[4] Future Outlook - Berkshire Hathaway's future outlook includes a projected revenue growth of CC% for the next fiscal year, driven by new product launches and market expansion strategies[4] Investment in Technology - The company is investing $DD billion in research and development for new technologies aimed at enhancing operational efficiency and customer experience[4] Market Expansion - Market expansion efforts have led to a DD% increase in market share in key segments, particularly in the insurance and energy sectors[4] - Berkshire Hathaway is exploring potential acquisitions to further diversify its portfolio, with a focus on companies that align with its long-term growth strategy[4] Product Development - The company has introduced several new products this quarter, contributing to an increase in sales by EE%[4] Cost Management - Operational costs have been managed effectively, resulting in a cost reduction of FF% compared to the previous quarter[4] Strategic Initiatives - Berkshire Hathaway's strategic initiatives include enhancing digital capabilities to improve customer engagement and streamline operations[4]

Insurance Underwriting Performance - Insurance underwriting after-tax earnings decreased by $1.7 billion in Q3 2024 compared to 2023, primarily due to Hurricane Helene losses ($565 million), increased liabilities for prior claims, and foreign currency exchange losses[84] - Hurricane Milton is estimated to cause pre-tax incurred losses between $1.3 billion and $1.5 billion, which will be reflected in Q4 2024 earnings[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 the loss ratio rising by 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 remained relatively unchanged in Q3 and the first nine months of 2024 compared to 2023, while premiums earned decreased by 5.0% in Q3 and 1.7% in the first nine months[99] - Losses and loss adjustment expenses for property/casualty increased by $364 million (12.5%) in Q3 2024 and $301 million (3.3%) in the first nine months of 2024, with the loss ratio rising by 9.4 percentage points in Q3 and 0.9 percentage points in the first nine months[99] - Underwriting expenses for property/casualty 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 in Q3 2024[99] - 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 compared to 2023, primarily due to reductions in non-U.S. life business[100] - Life and health benefits decreased by $217 million (21.0%) in Q3 2024 and $240 million (8.8%) in the first nine months of 2024 compared to 2023[100] - Pre-tax underwriting earnings for life/health increased to $98 million in Q3 2024 and $279 million in the first nine months of 2024, compared to $50 million and $234 million in 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, with gains of $50 million from life contract commutations in 2024[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, primarily due to loss payments[101] Insurance Investment Income - Insurance investment income after-tax earnings increased by $1.2 billion in Q3 2024 and $2.8 billion in the first nine months of 2024, driven by higher interest income from U.S. Treasury Bills[84] - Pre-tax net investment income increased by 56.6% in Q3 2024 and 43.5% in the first nine months of 2024 compared to 2023, driven by higher interest and other investment income[102] - Dividend income declined by 10.7% in Q3 2024 and 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 over 2023, driven by increased short-term investments[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] BNSF Performance - BNSF after-tax earnings increased by 13.3% in Q3 2024, benefiting from higher unit volume and improved employee productivity, but were offset by higher litigation charges[84] - BNSF's railroad operating revenues increased to $5.881 billion in Q3 2024 from $5.719 billion in Q3 2023, with operating earnings rising to $2.053 billion from $1.809 billion[108] - BNSF's net earnings increased to $1.383 billion in Q3 2024 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 a 16.7% volume increase in Q3 and a 16.9% increase in the first nine months[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 a 1.9% volume decline in Q3 and a 1.2% decline in the first nine months[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 a 14.9% volume increase in Q3 and a 9.6% increase in the first nine months[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 a 12.5% volume decline in Q3 and a 20.5% decline in the first nine months[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 and cost reductions[111] Berkshire Hathaway Energy (BHE) Performance - Berkshire Hathaway Energy (BHE) after-tax earnings increased by $1.1 billion in Q3 2024 and $1.3 billion in the first nine months of 2024, driven by lower litigation charges and higher earnings from natural gas pipelines[84] - BHE's net earnings increased by 218.1% to $1.778 billion in Q3 2024 and by 72.7% to $3.288 billion in the first nine months of 2024, driven by higher earnings from U.S. utilities and natural gas pipelines[113] - U.S. utilities net earnings increased by 190.6% to $926 million in Q3 2024 and by 72.7% to $1.569 billion in the first nine months of 2024, reflecting higher electric utility margins and income tax benefits[113] - Natural gas pipelines net earnings increased by 10.9% to $194 million in Q3 2024 and by 26.8% to $927 million in the first nine months of 2024, driven by higher transportation revenue and gas sales margins[113] - Other energy businesses net earnings increased by 20.9% to $358 million in Q3 2024 and by 17.4% to $1.019 billion in the first nine months of 2024, primarily due to higher earnings at Northern Powergrid[113] - Real estate brokerage net earnings decreased by 20.0% to $20 million in Q3 2024 and by 72.7% to -$96 million in the first nine months of 2024, mainly due to expense accruals related to ongoing litigation[113] Manufacturing, Service, and Retailing Performance - Manufacturing, service, and retailing after-tax earnings decreased by 5.9% in Q3 2024 and 3.5% in the first nine months of 2024, reflecting lower earnings from service and retailing businesses[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 grew 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, with pre-tax earnings increasing by 25.1% in Q3 and 23.4% in the first nine months[118] - Lubrizol's revenues increased by 2.8% in Q3 2024, with pre-tax earnings rising by 36.2% in Q3 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 relatively unchanged 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, driven by lower revenues in the Transportation Products, Metals Services, and Retail Solutions groups[118] - Building products group revenues increased by $167 million (2.5%) in Q3 and $450 million (2.3%) in the first nine months of 2024 compared to 2023, while pre-tax earnings decreased by $97 million (8.3%) in Q3 and $135 million (4.1%) in the first nine months[119] - Clayton Homes' revenues increased by 8.7% to $3.2 billion in Q3 and 8.8% to $9.1 billion in the first nine months of 2024, with financial services revenues up 15.2% due to higher average loan balances of $26.4 billion as of September 30, 2024[121] - Clayton Homes' pre-tax earnings declined by $86 million (15.6%) in Q3 and $95 million (6.3%) in the first nine months of 2024, primarily due to increased losses from insurance claims and higher interest expenses[121] - Consumer products group revenues increased by 1.2% to $3.8 billion in Q3 and 3.0% to $11.0 billion in the first nine months of 2024, driven by higher revenues from Forest River, Jazwares, and Brooks Sports[122] - Consumer products group pre-tax earnings increased by $93 million (19.3%) in Q3 and $200 million (18.0%) in the first nine months of 2024, primarily due to higher earnings from apparel and footwear businesses and Duracell[122] - Service group revenues increased by $30 million (0.6%) in Q3 but declined by $108 million (0.7%) in the first nine months of 2024, with TTI revenues declining by 10.0% in Q3 and 12.1% in the first nine months[125] - Service group pre-tax earnings decreased by 26.3% in both Q3 and the first nine months of 2024, primarily due to lower earnings from TTI and aviation services businesses[125] - Retailing group revenues declined by 2.8% to $4.7 billion in Q3 and 2.9% to $14.0 billion in the first nine months of 2024, with BHA vehicle sales revenues decreasing by 1.4% in the first nine months[127] - Retailing group pre-tax earnings declined by $106 million (25.6%) in Q3 and $275 million (22.2%) in the first nine months of 2024, primarily due to lower vehicle gross margins[127] - McLane revenues declined by 5.6% in Q3 and 4.5% in the first nine months of 2024, but pre-tax earnings increased by $29 million (25.0%) in Q3 and $94 million (26.3%) in the first nine months due to higher gross margin rates and lower operating expenses[128] GEICO Performance - GEICO's pre-tax underwriting earnings increased to $2.033 billion in Q3 2024 and $5.747 billion in the first nine months of 2024, driven by higher average premiums per auto policy and lower claims frequencies[91] - GEICO's premiums written increased by $761 million (7.3%) in Q3 2024 and $2.5 billion (8.4%) in the first nine months of 2024, reflecting a 10.1% increase in average written premiums per auto policy[91] - GEICO's loss ratio decreased to 71.4% in Q3 2024 and 72.6% in the first nine months of 2024, down by 8.6 and 9.9 percentage points respectively, due to higher earned premiums and lower claims frequencies[91] - GEICO's expense ratio decreased to 9.1% in the first nine months of 2024, down by 0.6 percentage points, due to improved operating efficiencies and increased operating leverage[91] Investment Performance - Investment gains in Q3 2024 were $20.5 billion, compared to a loss of $29.8 billion in Q3 2023[132] - Net earnings for Q3 2024 were $16.2 billion, compared to a loss of $23.5 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] - Berkshire repurchased $2.9 billion of its common stock in the first nine months of 2024[134] - Cash, cash equivalents, and U.S. Treasury Bills held by insurance and other businesses totaled $305.5 billion as of September 30, 2024[134] - Investments in equity and fixed maturity securities, excluding Kraft Heinz and Occidental, were $287.7 billion as of September 30, 2024[134] - Net operating cash flows for the first nine months of 2024 were $26.0 billion, including $17.5 billion in income tax payments[134] - Consolidated capital expenditures for property, plant, and equipment were $13.6 billion in the first nine months of 2024[134] - No Class A or Class B shares were repurchased in the third quarter of 2024[144] Legal and Regulatory Matters - Legal proceedings are not expected to have a material effect on financial condition or results of operations[141] - Significant business risks are described in the 2023 Form 10-K[142] - Forward-looking statements are subject to risks and uncertainties, including market price changes and catastrophic events[139] - No significant changes in internal control over financial reporting during the quarter[140] - 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] - Berkshire's common stock repurchase program allows repurchases when the price is below intrinsic value[144] Pilot Performance - 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 average fuel prices and reduced volumes in wholesale fuel and fuel marketing businesses[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 1.0% in Q3 but declining 2.3% in the first nine months[115] - 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, as well as increased depreciation and amortization expenses[115] - Interest expense decreased by 41.6% in Q3 2024 and 24.3% in the first nine months of 2024, attributed to reduced borrowings and lower 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 $20.514 billion for the third quarter of 2024, compared to a net loss of $29.778 billion in the same quarter of 2023[7]. - Net earnings for the third quarter of 2024 were $26,480 million, compared to a loss of $12,567 million in the same period of 2023, representing a significant turnaround[9]. - Comprehensive income for the third quarter of 2024 was $26,674 million, compared to a loss of $12,619 million in the third quarter of 2023[9]. - Net earnings attributable to Berkshire Hathaway shareholders for the third quarter of 2024 were $26,251 million, compared to a loss of $12,767 million in the same quarter of 2023[8]. - 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]. - The effective income tax rate for the third quarter of 2024 was 18.5%, down from 25.9% in the same quarter of 2023, reflecting changes in pre-tax earnings and tax benefits[67]. Insurance Operations - Insurance premiums earned increased to $22.055 billion in Q3 2024 from $21.360 billion in Q3 2023, representing a growth of 3.3%[7]. - Total insurance revenues for the first nine months of 2024 were $77.3 billion, compared to $70.0 billion in the same period of 2023, reflecting a growth of approximately 10%[83]. - Insurance underwriting after-tax earnings decreased by $1.7 billion in Q3 2024 compared to Q3 2023, primarily due to estimated losses from Hurricane Helene[85]. - After-tax earnings from insurance investment income increased by $1.2 billion in Q3 2024, driven by higher interest income from U.S. Treasury Bills[85]. - GEICO's pre-tax underwriting earnings for the first nine months of 2024 were $5.747 billion, an increase from $2.270 billion in the same period of 2023[88]. - 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]. Investment Gains - Investment gains for the third quarter of 2024 were $20.5 billion, with net earnings of $16.2 billion, compared to a loss of $29.8 billion in Q3 2023[130]. - Investment gains for the third quarter of 2024 were $16.2 billion, a significant recovery from losses of $23.5 billion in Q3 2023[86]. - Investment gains from equity securities sold in the third quarter of 2024 were $23.4 billion, a significant increase from $759 million in the same period of 2023[29]. - The total proceeds from sales of equity securities in the first nine months of 2024 reached approximately $133.2 billion, compared to $32.8 billion in 2023[29]. 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, indicating a growth of approximately 7.3%[6]. - The total liabilities as of September 30, 2024, were $515.445 billion, an increase from $499.208 billion at the end of 2023, representing a growth of approximately 3.5%[6]. - The balance for future net premiums at September 30, 2024, is $38,785 million, down from $43,407 million in 2023, indicating a decrease of approximately 10.0%[54]. - Estimated liabilities for unpaid losses and loss adjustment expenses from property and casualty insurance and reinsurance contracts amounted to $148.9 billion[134]. Shareholder Equity - Shareholders' equity increased to $631.806 billion as of September 30, 2024, compared to $567.509 billion at the end of 2023, reflecting a growth of about 11.3%[6]. - The total shareholders' equity as of September 30, 2024, was $631,806 million, an increase from $531,497 million at the same date in 2023[10]. - Berkshire's shareholders' equity increased by $67.8 billion to $629.1 billion as of September 30, 2024, with net earnings of $69.3 billion for the first nine months of 2024[132]. Cash Flow and Capital Management - Cash and cash equivalents decreased to $32.287 billion from $33.672 billion at the end of 2023, a decline of approximately 4.1%[5]. - Cash and cash equivalents at the end of the third quarter of 2024 were $37,992 million, compared to $31,604 million at the end of the third quarter of 2023, an increase of approximately 20.3%[11]. - The company repurchased $2.9 billion of its common stock in the first nine months of 2024, maintaining a cash and cash equivalents balance of $305.5 billion[132]. - Berkshire repaid approximately $1.9 billion of maturing senior notes in the first nine months of 2024, demonstrating active debt management[59]. 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 - BNSF's after-tax earnings increased by 13.3% in Q3 2024, benefiting from higher unit volume and improved employee productivity[85]. - Berkshire Hathaway Energy (BHE) reported an increase of $1.1 billion in after-tax earnings in Q3 2024 compared to Q3 2023, attributed to reduced litigation-related charges and higher earnings from natural gas pipelines[85]. - The electricity, natural gas, and fuel segment generated $49,655 million in revenue for the nine months ending September 30, 2024[79]. - Revenues from manufactured products totaled $62,048 million for Q3 2024, with significant contributions from industrial and commercial sectors at $18,347 million[78].

Financial Performance - Berkshire Hathaway Inc. reported earnings for Q2 and the first six months ended June 30, 2024[4] - The company issued a press release detailing its financial performance on August 3, 2024[4] - The earnings release is included as an exhibit to the Form 8-K filing[3] Report Details - The report was signed by Marc D. Hamburg, Senior Vice President and Chief Financial Officer, on August 5, 2024[4]

Investment Performance - Investment gains in the first six months of 2023 included an after-tax non-cash remeasurement gain of approximately $2.4 billion related to a 38.6% interest in Pilot[86] - Investment gains in Q2 2024 were $23.9 billion, down from $33.1 billion in Q2 2023, while first six months gains were $25.7 billion compared to $67.8 billion in 2023[128] - After-tax equity earnings from non-controlled businesses decreased by $315 million in Q2 2024 and $478 million in the first six months compared to 2023[126] - Other earnings increased to $533 million in Q2 2024 from $340 million in Q2 2023, driven by higher interest income[129] Underwriting Earnings - GEICO's pre-tax underwriting earnings for Q2 2024 were $1.786 billion, a significant increase from $514 million in Q2 2023, while the first six months of 2024 saw earnings of $3.714 billion compared to $1.217 billion in 2023[87] - Berkshire Hathaway Primary Group's pre-tax underwriting earnings were $279 million in Q2 2024, up from $272 million in Q2 2023, and $765 million in the first six months of 2024 compared to $540 million in 2023[92] - Pre-tax underwriting earnings for property/casualty were $1,022 million in Q2 2024, down from $1,124 million in Q2 2023, and $2,030 million for the first six months, compared to $1,514 million in the same period last year[96] - Pre-tax earnings for BHE in Q2 2024 were $326 million, down from $624 million in Q2 2023[110] Premiums and Revenue - Premiums written by GEICO increased by $1.0 billion (10.7%) in Q2 2024 and $1.7 billion (8.9%) in the first six months of 2024 compared to 2023, driven by an 11.3% increase in average written premiums per auto policy[89] - Premiums written by Berkshire Hathaway Primary Group increased by $174 million (3.7%) in Q2 2024 and $509 million (5.7%) in the first six months of 2024 compared to 2023[92] - Property/casualty premiums earned increased by 5.3% in Q2 2024 to $5,608 million compared to $5,325 million in Q2 2023, and by 5.4% in the first six months to $11,043 million compared to $10,474 million in the same period last year[94] - Life/health premiums earned decreased by $69 million (5.4%) in Q2 2024 to $1,220 million compared to $1,289 million in Q2 2023, but increased by $100 million (4.3%) in the first six months to $2,449 million compared to $2,349 million in the same period last year[98] Loss Ratios and Expenses - Losses and loss adjustment expenses for GEICO declined by $437 million (5.3%) in Q2 2024 and $1.0 billion (6.3%) in the first six months of 2024 compared to 2023[89] - The loss ratio for Berkshire Hathaway Primary Group decreased by 1.2 percentage points in Q2 2024 and 3.1 percentage points in the first six months of 2024 compared to 2023, reflecting lower incurred losses from significant catastrophes[92] - GEICO's loss ratio was 74.1% in Q2 2024, a decrease of 10.2 percentage points compared to 2023, indicating improved claims management[89] - Underwriting expenses for GEICO declined by $80 million (7.9%) in Q2 2024 and $119 million (6.1%) in the first six months of 2024 compared to 2023[89] Tax Rates - The effective income tax rate for Berkshire Hathaway's net underwriting earnings was 20.5% in Q2 2024, down from 22.6% in Q2 2023[87] - The effective income tax rate for Q2 2024 was 18.4%, slightly down from 18.6% in Q2 2023, and 18.0% for the first six months compared to 18.1% in the same period last year[102] - The effective income tax rate for BHE in Q2 2024 was significantly negative at (133.1%), reflecting substantial production tax credits[110] - Effective income tax rate remained stable at 21.3% for both Q2 2024 and the first six months of 2024[128] Earnings and Cash Flow - Net earnings for Q2 2024 were $1,227 million, compared to $1,264 million in Q2 2023, reflecting a decrease of 2.9%[106] - Net earnings attributable to Berkshire Hathaway shareholders for Q2 2024 were $655 million, down from $785 million in Q2 2023[110] - Net earnings attributable to Berkshire shareholders for the first six months of 2024 were $43.1 billion, including after-tax investment gains of approximately $20.2 billion[130] - Operating cash flows for the first six months of 2024 were $24.2 billion, expected to be reduced by significant income tax payments in the remainder of the year[130] Revenue Trends - Operating revenues from consumer products increased by 12.0% in Q2 2024 to $2.1 billion, driven by a volume increase of 15.0%[107] - Operating revenues from coal decreased by 35.0% in Q2 2024 to $608 million, primarily due to a volume decline of 28.9%[109] - Total revenue for BHE in Q2 2024 was $6,492 million, up from $6,362 million in Q2 2023, with energy operating revenue increasing to $5,115 million[110] - Revenues for Pilot Travel Centers declined by $1.8 billion (11.9%) in Q2 2024 and $3.8 billion (12.9%) in the first six months compared to 2023[113] Capital and Investments - Berkshire's shareholders' equity increased by $40.4 billion to $601.7 billion as of June 30, 2024[130] - Berkshire repurchased $2.9 billion of its common stock in the first half of 2024[130] - Cash, cash equivalents, and U.S. Treasury Bills held by Berkshire's insurance and other businesses totaled $271.5 billion, including $237.6 billion in U.S. Treasury Bills[130] - Consolidated capital expenditures for property, plant, and equipment were $8.9 billion in the first six months of 2024, with forecasted capital expenditures for BHE and BNSF of approximately $7.4 billion for the remainder of 2024[130] Debt and Liabilities - Estimated liabilities for unpaid losses and loss adjustment expenses from property and casualty insurance and reinsurance contracts amounted to $146.3 billion as of June 30, 2024[133] - Berkshire's consolidated borrowings were $123.6 billion, with the parent company debt decreasing by $710 million to $18.1 billion[130] - BNSF's outstanding debt increased by $750 million to $24.2 billion as of June 30, 2024[130] Miscellaneous - The financial information from Berkshire Hathaway Inc.'s Quarterly Report for the quarter ended June 30, 2024, includes consolidated balance sheets and earnings statements[101] - The report is formatted in iXBRL, ensuring compliance with modern financial reporting standards[101] - The report was signed by Marc D. Hamburg, Senior Vice President and Principal Financial Officer, on August 3, 2024[145]

Cash and Investments - Cash and cash equivalents increased to $36.884 billion in June 2024 from $33.672 billion in December 2023[4] - Short-term investments in U.S. Treasury Bills surged to $234.618 billion in June 2024 from $129.619 billion in December 2023[4] - Investments in equity securities decreased to $284.871 billion in June 2024 from $353.842 billion in December 2023[4] - Cash, cash equivalents, and U.S. Treasury Bills increased to $224.2 billion at June 30, 2024, compared to $121.8 billion at December 31, 2023[98] - Purchases of U.S. Treasury Bills and fixed maturity securities in 2024 totaled $229,505 million, compared to $99,060 million in 2023[9] - Investments in fixed maturity securities as of June 30, 2024 had a fair value of $16,802 million, with 94% of foreign government holdings rated AA or higher[14][15] - Total amortized cost of investments is $16.603 billion, with $11.002 billion due within one year, $4.754 billion due after one year through five years, $577 million due after five years through ten years, and $129 million due after ten years[16] - Fair value of investments is $16.802 billion, with $10.990 billion due within one year, $4.756 billion due after one year through five years, $766 million due after five years through ten years, and $139 million due after ten years[16] - Investments in equity securities have a total fair value of $284.871 billion, with $94.926 billion in banks, insurance, and finance, $113.269 billion in consumer products, and $76.676 billion in commercial, industrial, and other sectors[18] - Approximately 72% of the aggregate fair value of equity securities is concentrated in five companies: American Express Company ($35.1 billion), Apple Inc. ($84.2 billion), Bank of America Corporation ($41.1 billion), The Coca-Cola Company ($25.5 billion), and Chevron Corporation ($18.6 billion)[18] - As of June 30, 2024, the company owns 151.6 million shares of American Express Company common stock, representing 21.3% of its outstanding common stock[19] - The company's investment in Occidental preferred stock has an aggregate liquidation value of approximately $8.5 billion as of June 30, 2024[19] - The company owns 26.9% of the outstanding Kraft Heinz common stock and 28.8% of the outstanding Occidental common stock as of June 30, 2024[20] - The carrying value of the company's investment in Occidental common stock exceeded its share of shareholders' equity by approximately $10 billion as of March 31, 2024[21] - Equity in earnings from Kraft Heinz was $242 million in the first six months of 2024, while distributions received were $260 million[22] - Equity in earnings from Occidental was $463 million in the first six months of 2024, while distributions received were $96 million[22] - Equity securities investment gains in Q2 2024 were $23.885 billion, compared to $33.077 billion in Q2 2023[27] - Taxable gains from equity securities sales in Q2 2024 were $59.6 billion, significantly higher than $2.4 billion in Q2 2023[27] - Investment gains (losses) recorded $23.9 billion in Q2 2024 and $25.7 billion in the first six months of 2024, with net earnings of $18.8 billion and $20.2 billion respectively[121] - Investment gains in Q2 2024 included after-tax realized gains of $47.0 billion from sales of investments[146] Financial Performance - Total revenues for Q2 2024 increased to $93.653 billion, up from $92.503 billion in Q2 2023[6] - Net earnings attributable to Berkshire Hathaway shareholders for Q2 2024 were $30.348 billion, compared to $35.912 billion in Q2 2023[6] - Comprehensive income attributable to Berkshire Hathaway shareholders for Q2 2024 was $30.543 billion, compared to $36.648 billion in Q2 2023[7] - Total costs and expenses for Q2 2024 decreased to $79.625 billion from $80.640 billion in Q2 2023[6] - Net earnings per average equivalent Class A share for Q2 2024 were $21,122, compared to $24,775 in Q2 2023[6] - Net earnings for the first six months of 2024 were $43,330 million, compared to $71,956 million in 2023[9] - Net cash flows from operating activities in 2024 were $24,168 million, up from $21,127 million in 2023[9] - Sales of equity securities in 2024 generated $97,123 million, significantly higher than $25,833 million in 2023[9] - Net earnings attributable to Berkshire Hathaway shareholders were $30.348 billion in Q2 2024, down from $35.912 billion in Q2 2023, with a six-month total of $43.050 billion in 2024 compared to $71.416 billion in 2023[79] - Investment gains in Q2 2024 were $18.750 billion, down from $25.869 billion in Q2 2023, with a six-month total of $20.230 billion in 2024 compared to $53.308 billion in 2023[79] - Operating earnings for Q2 2024 were $11.598 billion, up from $10.043 billion in Q2 2023[145] - Net earnings attributable to Berkshire shareholders for Q2 2024 were $30.348 billion, compared to $35.912 billion in Q2 2023[145] Insurance Operations - Insurance premiums earned in Q2 2024 rose to $21.953 billion, up from $20.561 billion in Q2 2023[6] - Insurance underwriting after-tax earnings increased by $1.0 billion in Q2 2024 and $2.7 billion in the first six months of 2024 compared to 2023, driven by improved GEICO performance[78] - GEICO's underwriting revenue increased to $10.469 billion in Q2 2024 from $9.714 billion in Q2 2023, with a total of $20.703 billion for the first six months of 2024 compared to $19.340 billion in 2023[76] - Total insurance revenue for Q2 2024 was $26.030 billion, up from $23.479 billion in Q2 2023, with a six-month total of $50.668 billion in 2024 compared to $45.667 billion in 2023[76] - GEICO's pre-tax underwriting earnings for the first six months of 2024 were $3,714 million, a significant increase from $1,217 million in 2023, driven by higher average premiums per auto policy and lower claims frequencies[83] - GEICO's premiums written increased by $1.7 billion (8.9%) in the first six months of 2024 compared to 2023, with average written premiums per auto policy rising by 11.3%[83] - GEICO's loss ratio decreased to 73.3% in the first six months of 2024, down 10.4 percentage points from 2023, reflecting lower claims frequencies and higher average earned premiums[83] - Berkshire Hathaway Primary Group's premiums written increased by $509 million (5.7%) in the first six months of 2024 compared to 2023, with premiums earned rising by 12.2%[86] - Berkshire Hathaway Primary Group's loss ratio decreased by 3.1 percentage points in the first six months of 2024 compared to 2023, due to lower incurred losses from significant catastrophes[86] - Berkshire Hathaway Reinsurance Group's property/casualty premiums earned increased to $11,043 million in the first six months of 2024, up from $10,474 million in 2023[88] - Berkshire Hathaway Reinsurance Group's pre-tax underwriting earnings for property/casualty were $2,030 million in the first six months of 2024, compared to $1,514 million in 2023[88] - GEICO's underwriting expenses declined by $119 million (6.1%) in the first six months of 2024 compared to 2023, with the expense ratio decreasing to 8.8%[83] - Berkshire Hathaway Primary Group's underwriting expenses increased by $390 million (18.2%) in the first six months of 2024 compared to 2023, reflecting higher premiums earned[86] - GEICO's claims frequencies in 2024 declined for property damage (2-3%) and collision (6-7%) coverages compared to 2023, while average claims severities increased across all coverages[83] - Premiums written declined by 5.4% in Q2 2024 and 1.1% in the first six months of 2024 compared to 2023, primarily due to reductions in property volumes[90] - Premiums earned increased by 5.3% in Q2 2024 and 5.4% in the first six months of 2024 compared to 2023[90] - Losses and loss adjustment expenses increased by $331 million (11.9%) in Q2 2024 but decreased by $63 million (1.0%) in the first six months of 2024 compared to 2023[90] - Underwriting expenses increased by $54 million (3.8%) in Q2 2024 and $116 million (4.2%) in the first six months of 2024 compared to 2023[90] - Pre-tax underwriting earnings from variable annuity guarantee reinsurance contracts were $11 million in Q2 2024 and $105 million in the first six months of 2024[95] - Insurance-underwriting earnings for Q2 2024 were $2.263 billion, up from $1.247 billion in Q2 2023[149] - Insurance-investment income for Q2 2024 was $3.320 billion, compared to $2.369 billion in Q2 2023[149] - Insurance float (net liabilities under insurance contracts) was approximately $169 billion as of June 30, 2024[150] Railroad, Utilities, and Energy - Property, plant and equipment in the Railroad, Utilities and Energy segment increased to $179.907 billion in June 2024 from $177.616 billion in December 2023[4] - Notes payable and other borrowings in the Railroad, Utilities and Energy segment decreased to $81.688 billion in June 2024 from $85.579 billion in December 2023[5] - Freight rail transportation revenues for Q2 2024 were $5.720 billion, slightly down from $5.808 billion in Q2 2023[6] - Utility and energy operating revenues for Q2 2024 were $18.048 billion, down from $19.593 billion in Q2 2023[6] - BNSF's after-tax earnings declined by 2.9% in Q2 2024 and 5.6% in the first six months of 2024 compared to 2023, reflecting litigation-related charges[78] - BHE's after-tax earnings decreased by $130 million in Q2 2024 but increased by $171 million in the first six months of 2024 compared to 2023, with mixed results across utilities and natural gas pipelines[78] - BNSF's railroad operating revenues were $5,704 million in Q2 2024, relatively unchanged from 2023, but decreased by 2.0% to $11,361 million in the first six months of 2024 compared to 2023[100] - BNSF's net earnings were $1,264 million in Q2 2024, a decrease from $1,378 million in 2023, and $2,370 million in the first six months of 2024, down from $2,511 million in 2023[100] - Consumer products volumes increased by 15.0% in Q2 2024 and 17.0% in the first six months of 2024 compared to 2023, driven by higher intermodal shipments and a new intermodal customer[101] - Industrial products volumes decreased by 1.5% in Q2 2024 and 0.9% in the first six months of 2024, primarily due to lower aggregates, taconite, minerals, and waste shipments[101] - Agricultural products volumes increased by 10.8% in Q2 2024 and 7.1% in the first six months of 2024, driven by higher grain exports, renewable fuels, and fertilizer shipments[101] - Coal volumes decreased by 28.9% in Q2 2024 and 24.7% in the first six months of 2024, primarily due to lower natural gas prices displacing coal as a fuel source[102] - BNSF's railroad operating expenses were $3,890 million in Q2 2024, a slight increase of 0.2% from 2023, and $7,818 million in the first six months of 2024, a decrease of 1.2% from 2023[102] - BHE's energy operating revenue increased to $5,115 million in Q2 2024 from $4,933 million in 2023, but decreased to $10,360 million in the first six months of 2024 from $10,404 million in 2023[103] - BHE's net earnings attributable to Berkshire Hathaway shareholders were $655 million in Q2 2024, down from $785 million in 2023, and $1,372 million in the first six months of 2024, up from $1,201 million in 2023[103] - BHE's effective income tax rate was (133.1)% in Q2 2024 and (109.1)% in the first six months of 2024, reflecting significant production tax credits from wind-powered electricity generation[103] - U.S. utilities net earnings declined by $163 million (37.9%) in Q2 2024 compared to 2023, primarily due to wildfire-related pre-tax loss accruals of $251 million[105] - Natural gas pipelines net earnings increased by $47 million (25.1%) in Q2 2024, driven by higher gas sales margin and transportation revenue[105] - Other energy businesses net earnings decreased by $10 million (2.6%) in Q2 2024, with renewable energy business earnings declining due to lower wind tax equity investments[105] - Real estate brokerage net earnings increased by $9 million (26.5%) in Q2 2024, but declined by $116 million in the first six months due to litigation-related expense accruals[105] - BNSF earnings for Q2 2024 were $1.227 billion, slightly down from $1.264 billion in Q2 2023[149] - Berkshire Hathaway Energy Company earnings for Q2 2024 were $655 million, down from $785 million in Q2 2023[149] Manufacturing, Service, and Retailing - Manufacturing revenues increased by $738 million (3.9%) in Q2 2024, with industrial products leading growth at $397 million (4.5%)[109] - Service and retailing revenues decreased by $619 million (2.7%) in Q2 2024, with pre-tax earnings declining by 20.1%[109] - Industrial products pre-tax earnings increased by $144 million (9.5%) in Q2 2024, with pre-tax margin improving to 17.9% from 17.1%[110] - Building products pre-tax earnings decreased by $144 million (11.7%) in Q2 2024, with pre-tax margin declining to 15.7% from 18.3%[110] - Consumer products pre-tax earnings increased by $26 million (7.3%) in Q2 2024, with pre-tax margin improving to 10.4% from 10.1%[110] - Industrial products group revenues increased by $397 million (4.5%) in Q2 2024 and $417 million (2.4%) in the first six months of 2024 compared to 2023[111] - PCC's revenues reached $2.7 billion in Q2 2024, a 15.0% increase, and $5.2 billion in the first six months of 2024, a 12.6% increase, driven by higher demand for aerospace products[111] - Lubrizol's revenues increased by 4.4% to $1.7 billion in Q2 2024, but decreased by 0.7% to $3.3 billion in the first six months of 2024 due to lower selling prices and unfavorable product mix[111] - Marmon's revenues decreased by 1.5% to $3.2 billion in Q2 2024 and 3.5% to $6.2 billion in the first six months of 2024, primarily due to reduced volumes in the Transportation Products group[111] - Clayton Homes' revenues increased by 8.7% to $3.1 billion in Q2 2024 and 8.9% to $5.9 billion in the first six months of 2024, driven by higher new home unit sales and increased financial services revenues[113] - Consumer products group revenues increased by $137 million (3.9%) in Q2 2024 and $278 million (4.0%) in the first six months of 2024, led by higher revenues from Forest River, Jazwares, and Brooks Sports[114] - Service group revenues increased by $30 million (0.6%) in Q2 2024 but declined by $138 million (1.3%) in the first six months of 2024, with TTI revenues declining by 10.6% in Q2 and 13.1% in the first six months[116] - Pre-tax earnings for the service group declined by $191 million (23.2%) in Q2 2024 and $437 million (26.3%) in the first six months of 2024, with TTI earnings declining by 50.8% in Q2 and 50.0% in the first six months[116] - Aviation services revenues increased by 10.4% in Q2 2024 and 9.5% in the first six months of 2024