Berkshire Hathaway

Berkshire’s balance sheet is exceptionally strong. As of September 30, 2025, cash, cash equivalents and U.S. Treasury bills net of payables were approximately 354.3 billion dollars, and investments in equity and fixed maturity securities were about 301.2 billion dollars.

Consolidated borrowings were roughly 127.2 billion dollars against shareholders’ equity of about 698 billion dollars. The company made no share repurchases in the first nine months of 2025, preserving liquidity. This level of redundancy and flexibility provides substantial resilience to shocks and optionality for future deployment.

We deduct a small amount for potential utility wildfire liabilities and associated liquidity needs at PacifiCorp but overall financial strength remains near the top of our scale.