{"schemaVersion":1,"research":true,"symbol":"brk.b","name":"Berkshire Hathaway","topic":"moat","path":"/stock/brk.b/moat","status":"published","version":3,"updatedAt":"2026-10-18T12:04:14.992Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Berkshire has a narrow moat supported by established rail infrastructure, regulated utility networks and selected specialty manufacturing capabilities. Current rail volume and yield gains and utility customer growth support these advantages. Pricing power is mixed: rail and Lubrizol demonstrate price realization, while insurance competition, regulated tariffs and retail weakness constrain it. Profitable insurance float supports financing economics but does not establish a comparative insurance cost advantage. Exceptional conglomerate-wide durability is not demonstrated.","advantages":[{"mechanism":"efficient_scale","claim":"BNSF's established network of terminals, maintenance facilities and intermodal hubs supports an infrastructure advantage. Higher volumes, yield and disclosed intermodal market-share gains provide operating support beyond asset size alone.","durability":"The integrated physical network supports persistence, but the passages do not quantify duplication barriers or establish exclusive routes. Historical customer losses demonstrate that traffic remains contestable.","risks":"Trucking competition, customer switching, fuel and labor costs, maintenance requirements and declining coal demand can erode returns.","invalidation":"Sustained market-share losses and declining volumes despite competitive pricing, or persistent inability to recover operating and maintenance costs through yield and productivity, would undermine this advantage.","competitors":[],"evidenceIds":["e73","e74","e77","e565","e566","e567","e570","e1324"],"counterEvidenceIds":["e1138","e429","e576"]},{"mechanism":"efficient_scale","claim":"BHE's existing transmission and distribution systems, utility service territories and supporting rights provide a local infrastructure advantage. Increased customer numbers and usage demonstrate continuing demand.","durability":"Physical networks and rights support persistence, subject to regulatory permission and adequate cost recovery. The supplied text does not establish perpetual exclusivity or guaranteed returns.","risks":"Regulated pricing and financing constrain commercial freedom. Wildfire liabilities, prevention spending and tax-policy changes can weaken the economics of the installed infrastructure.","invalidation":"Repeated denial of necessary cost recovery, sustained customer displacement or liabilities that make continued network investment uneconomic would invalidate the economic advantage.","competitors":[],"evidenceIds":["e79","e81","e82","e441","e440"],"counterEvidenceIds":["e69","e72","e106","e407","e1353"]},{"mechanism":"intangible_assets","claim":"PCC's technical capabilities and established customer relationships, and Lubrizol's formulation knowledge and intellectual property, support selected specialty manufacturing advantages. PCC's limited cancellations and Lubrizol's realized price and volume increases provide operating corroboration, although the comparative superiority claims remain issuer assertions.","durability":"Relationships and accumulated expertise can persist, but patents expire, alternative manufacturing exists and production reliability matters. The evidence supports a bounded advantage rather than exceptional durability.","risks":"Substantial competition, alternative production processes, raw-material inflation, delivery delays and capacity constraints can reduce customer dependence and pricing effectiveness.","invalidation":"Sustained cancellations or displacement by alternative suppliers, loss of technical differentiation, or repeated inability to pass through costs without losing demand would undermine this advantage.","competitors":[],"evidenceIds":["e28","e35","e42","e44","e867","e446","e448","e449"],"counterEvidenceIds":["e31","e33","e444","e447","e868"]}],"evidence":[{"id":"e28","sourceId":"filing-1","location":"Business / PCC order cancellations","excerpt":"PCC typically does not experience significant order cancellations, although periodically it receives requests for delays in delivery schedules."},{"id":"e31","sourceId":"filing-1","location":"Business / PCC competition","excerpt":"PCC is subject to substantial competition in each of its markets."},{"id":"e33","sourceId":"filing-1","location":"Business / PCC alternative manufacturing","excerpt":"Although PCC believes its manufacturing processes, technology and experience provide its customers with advantages, such as high quality, competitive prices and physical properties that often meet more stringent demands, alternative forms of manufacturing can be used to produce many of the same components and products."},{"id":"e35","sourceId":"filing-1","location":"Business / PCC competitive capabilities","excerpt":"Several factors, including long-standing customer relationships, technical expertise, state-of-the-art facilities and dedicated employees, aid PCC in maintaining competitive advantages."},{"id":"e42","sourceId":"filing-1","location":"Business / Lubrizol technical capabilities","excerpt":"Lubrizol uses its technological leadership position and applies its scientific capabilities, formulation know-how and market expertise in product development to improve the demand, quality and value of its products."},{"id":"e44","sourceId":"filing-1","location":"Business / Lubrizol intellectual property","excerpt":"While Lubrizol typically has patents that expire each year, it invests resources to protect its intellectual property and to develop or acquire innovative products for the markets it serves."},{"id":"e69","sourceId":"filing-1","location":"Risk factors / utility regulatory constraints","excerpt":"Regulations broadly apply and may limit management’s ability to independently make and implement decisions regarding numerous matters including: acquiring businesses; constructing, acquiring, disposing or retiring of operating assets; operating and maintaining generating facilities and transmission and distribution system assets; complying with pipeline safety and integrity and environmental requirements; setting rates charged to customers; establishing capital structures and issuing debt; managing and reporting transactions between our domestic utilities and our other subsidiaries and affiliates; and paying dividends or similar distributions."},{"id":"e72","sourceId":"filing-1","location":"Risk factors / regulated energy rates","excerpt":"The energy rates charged by our regulated energy subsidiaries to customers are based on the costs of the business and require regulatory approval."},{"id":"e73","sourceId":"filing-1","location":"Properties / BNSF network support facilities","excerpt":"Support facilities for rail operations include yards and terminals throughout its rail network, system locomotive shops to perform locomotive servicing and maintenance, a centralized network operations center for train dispatching and network operations monitoring and management, computers, telecommunications equipment, signal systems and other support systems."},{"id":"e74","sourceId":"filing-1","location":"Properties / BNSF intermodal hubs","excerpt":"Transfer facilities are maintained for rail-to-rail as well as intermodal transfer of containers, trailers and other freight traffic and include approximately 27 intermodal hubs located across the system."},{"id":"e77","sourceId":"filing-1","location":"Properties / BNSF maintenance expenditure","excerpt":"In 2025, BNSF recorded approximately $2.4 billion in repairs and maintenance expense."},{"id":"e79","sourceId":"filing-1","location":"Properties / BHE electricity infrastructure","excerpt":"Properties of BHE’s electricity businesses include electric generation, transmission and distribution facilities, as well as coal mining assets that support certain of BHE’s electric generating facilities."},{"id":"e81","sourceId":"filing-1","location":"Properties / BHE service territories","excerpt":"The transmission and distribution assets are primarily within each of BHE’s utility service territories."},{"id":"e82","sourceId":"filing-1","location":"Properties / BHE supporting rights","excerpt":"In addition to these physical assets, BHE has rights-of-way, mineral rights and water rights that enable BHE to utilize its facilities."},{"id":"e106","sourceId":"filing-1","location":"MD&A / BHE tax-policy exposure","excerpt":"Although the OBBBA did not have a material impact on BHE’s 2025 financial results, BHE’s future financial results and capital expenditures related to renewable energy, storage and technology neutral projects, including the potential impact on the economics and viability of such projects, may be affected by the combined effects of the OBBBA and broader macroeconomic and geopolitical conditions, including changes in international trade policies and tariff regimes."},{"id":"e150","sourceId":"filing-1","location":"Consolidated balance sheets / equity and financing","excerpt":"Treasury Bills 167 12,769 Aircraft repurchase liabilities and unearned lease revenues 10,686 9,356 Notes payable and other borrowings 45,763 44,885 305,937 311,220 Railroad, Utilities and Energy: Accounts payable, accruals and other liabilities 19,250 18,226 Regulatory liabilities 7,013 7,033 Notes payable and other borrowings 83,318 79,877 109,581 105,136 Income taxes, principally deferred 86,955 85,870 Total liabilities 502,473 502,226 Shareholders’ equity: Common stock at par value 8 8 Capital in excess of par value 35,612 35,665 Accumulated other comprehensive income (2,448 ) (3,584 ) Retained earnings 763,186 696,218 Treasury stock, at cost (78,939 ) (78,939 ) Berkshire shareholders’ equity 717,419 649,368 Noncontrolling interests 2,284 2,287 Total shareholders’ equity 719,703 651,655 Total liabilities and shareholders’ equity $ 1,222,176 $ 1,153,881 See accompanying Notes to Consolidated Financial Statements K-67 BERKSHIRE HATHAWAY INC."},{"id":"e151","sourceId":"filing-1","location":"Consolidated statements of earnings / earnings and average shares","excerpt":"and Subsidiaries CONSOLIDATED STATEMENTS OF EARNINGS (dollars in millions except per share amounts) Year Ended December 31, 2025 2024 2023 Revenues: Insurance and Other: Insurance premiums earned $ 88,902 $ 88,257 $ 83,403 Sales and service revenues 199,524 202,334 207,148 Leasing revenues 10,034 9,227 8,416 Interest, dividend and other investment income 23,261 21,825 15,764 321,721 321,643 314,731 Railroad, Utilities and Energy: Railroad transportation revenues 23,330 23,355 23,791 Utility and energy operating revenues 21,856 21,518 21,232 Service revenues and other income 4,537 4,917 4,728 49,723 49,790 49,751 Total revenues 371,444 371,433 364,482 Investment gains (losses) 39,078 52,799 74,855 Costs and expenses: Insurance and Other: Insurance losses and loss adjustment expenses 57,307 56,186 57,187 Life, annuity and health insurance benefits 4,379 3,858 4,029 Insurance underwriting expenses 17,756 16,808 15,270 Cost of sales and services 160,062 163,642 169,281 Cost of leasing 7,685 7,069 6,037 Selling, general and administrative expenses 29,735 25,642 25,458 Interest expense 1,329 1,594 1,671 278,253 274,799 278,933 Railroad, Utilities and Energy: Freight rail transportation expenses 15,366 15,965 16,464 Utilities and energy cost of sales and other expenses 16,959 16,984 18,399 Other expenses 4,155 4,343 4,016 Interest expense 3,740 3,606 3,332 40,220 40,898 42,211 Total costs and expenses 318,473 315,697 321,144 Earnings before income taxes and equity method earnings 92,049 108,535 118,193 Equity method earnings (losses) (9,590 ) 1,841 1,973 Earnings before income taxes 82,459 110,376 120,166 Income tax expense 15,199 20,815 23,019 Net earnings 67,260 89,561 97,147 Earnings attributable to noncontrolling interests 292 566 924 Net earnings attributable to Berkshire shareholders $ 66,968 $ 88,995 $ 96,223 Net earnings per average equivalent Class A share $ 46,563 $ 61,900 $ 66,412 Net earnings per average equivalent Class B share* $ 31.04 $ 41.27 $ 44.27 Average equivalent Class A shares outstanding 1,438,223 1,437,720 1,448,880 Average equivalent Class B shares outstanding 2,157,335,139 2,156,580,296 2,173,319,709 —————— * Net earnings per average equivalent Class B share outstanding is equal to one-fifteen-hundredth of the equivalent Class A amount."},{"id":"e173","sourceId":"filing-1","location":"Note 26 / insurance underwriting results","excerpt":"2025 Insurance GEICO BH Primary BHRG Total Underwriting Investment Income Total Premiums earned and investment income $ 44,481 $ 18,713 $ 25,708 $ 88,902 $ 15,310 $ 104,212 Costs and expenses: Losses and LAE 32,144 12,519 12,644 57,307 — 57,307 Life, annuity and health benefits — — 4,379 4,379 — 4,379 Other segment items 5,513 5,409 6,834 17,756 49 17,805 Total costs and expenses 37,657 17,928 23,857 79,442 49 79,491 Earnings before income taxes $ 6,824 $ 785 $ 1,851 $ 9,460 $ 15,261 $ 24,721 2024 Insurance GEICO BH Primary BHRG Total Underwriting Investment Income Total Premiums earned and investment income $ 42,252 $ 18,733 $ 27,272 $ 88,257 $ 16,812 $ 105,069 Costs and expenses: Losses and LAE 30,331 12,666 13,189 56,186 — 56,186 Life, annuity and health benefits — — 3,858 3,858 — 3,858 Other segment items 4,108 5,212 7,488 16,808 64 16,872 Total costs and expenses 34,439 17,878 24,535 76,852 64 76,916 Earnings before income taxes $ 7,813 $ 855 $ 2,737 $ 11,405 $ 16,748 $ 28,153 2023 Insurance GEICO BH Primary BHRG Total Underwriting Investment Income Total Premiums earned and investment income $ 39,264 $ 17,129 $ 27,010 $ 83,403 $ 11,619 $ 95,022 Costs and expenses: Losses and LAE 31,814 11,224 14,149 57,187 — 57,187 Life, annuity and health benefits — — 4,029 4,029 — 4,029 Other segment items 3,815 4,531 6,928 15,274 38 15,312 Total costs and expenses 35,629 15,755 25,106 76,490 38 76,528 Earnings before income taxes $ 3,635 $ 1,374 $ 1,904 $ 6,913 $ 11,581 $ 18,494 Other segment items related to insurance underwriting include commissions and brokerage expenses and other insurance underwriting expenses."},{"id":"e221","sourceId":"filing-1","location":"Business / insurance entry barriers","excerpt":"Except for regulatory considerations, there are virtually no barriers to entry into the insurance and reinsurance industry."},{"id":"e228","sourceId":"filing-1","location":"Business / insurance dividend regulation","excerpt":"States regulate the payment of shareholder dividends by insurance companies and other transactions with affiliates."},{"id":"e230","sourceId":"filing-1","location":"Business / admitted insurance rate approval","excerpt":"Admitted insurers are generally required to obtain regulatory approval of their policy forms and/or premium rates."},{"id":"e278","sourceId":"filing-1","location":"MD&A / GUARD underwriting remediation","excerpt":"GUARD’s decline was due to significant volume reductions across numerous product categories, including personal lines, business owners’ and workers’ compensation business, from initiatives to exit unprofitable lines and tightened underwriting standards."},{"id":"e281","sourceId":"filing-1","location":"MD&A / BH Primary prior-year loss development","excerpt":"Prior accident years’ ultimate loss estimates increased by approximately $190 million in 2025 compared to reductions of $52 million in 2024."},{"id":"e282","sourceId":"filing-1","location":"MD&A / liability claims inflation","excerpt":"Claim costs for liability coverages continue to be negatively impacted by unfavorable social inflation trends, including the impacts of jury awards and litigation costs."},{"id":"e337","sourceId":"filing-1","location":"Insurance notes / statutory policyholder surplus","excerpt":"Combined shareholders’ equity of U.S.-based insurance subsidiaries determined pursuant to statutory accounting rules (Surplus as Regards Policyholders) was approximately $333 billion at December 31, 2025 and $310 billion at December 31, 2024."},{"id":"e338","sourceId":"filing-1","location":"Insurance notes / statutory versus GAAP equity","excerpt":"Statutory surplus differs from the corresponding amount based on GAAP due to differences in accounting for certain assets and liabilities."},{"id":"e352","sourceId":"filing-2","location":"Consolidated cash flows / operating cash generation","excerpt":"Treasury Bills (6,116 ) (6,169 ) Other 60 7,826 Changes in operating assets and liabilities: Unpaid losses and loss adjustment expenses 1,102 2,144 Deferred charges - retroactive reinsurance 429 323 Unearned insurance premiums 1,443 1,512 Receivables and originated loans (5,407 ) (4,234 ) Other assets (2,620 ) (862 ) Other liabilities 1,552 (370 ) Income taxes 2,615 (2,976 ) Net cash flows from operating activities 21,653 20,988 Cash flows from investing activities: Purchases of equity securities (39,405 ) (7,092 ) Sales of equity securities 27,780 11,592 Purchases of U.S."},{"id":"e355","sourceId":"filing-2","location":"Consolidated cash flows / investment, financing, repurchases and cash","excerpt":"Treasury Bills and fixed maturity securities 291,677 268,859 Acquisitions of businesses, net of cash acquired (9,704 ) (101 ) Purchases of property, plant and equipment and equipment held for lease (10,631 ) (9,139 ) Other (95 ) 498 Net cash flows from investing activities (28,644 ) 32,957 Cash flows from financing activities: Proceeds from borrowings of insurance and other businesses 1,713 723 Repayments of borrowings of insurance and other businesses (3,426 ) (2,653 ) Proceeds from borrowings of railroad, utilities and energy businesses 4,564 3,570 Repayments of borrowings of railroad, utilities and energy businesses (1,788 ) (2,569 ) Changes in short-term borrowings, net (573 ) 570 Acquisitions of treasury stock (4,444 ) — Other, principally transactions with noncontrolling interests (155 ) (754 ) Net cash flows from financing activities (4,109 ) (1,113 ) Effects of foreign currency exchange rate changes (109 ) 20 Increase (decrease) in cash and cash equivalents and restricted cash (11,209 ) 52,852 Cash and cash equivalents and restricted cash at the beginning of the year* 52,569 48,376 Cash and cash equivalents and restricted cash at the end of the second quarter* $ 41,360 $ 101,228 * Cash and cash equivalents and restricted cash are comprised of: Beginning of the year— Insurance and Other $ 47,719 $ 44,333 Railroad, Utilities and Energy 4,158 3,396 Restricted cash included in other assets 692 647 $ 52,569 $ 48,376 End of the second quarter— Insurance and Other $ 35,096 $ 96,193 Railroad, Utilities and Energy 5,513 4,293 Restricted cash included in other assets 751 742 $ 41,360 $ 101,228 See accompanying Notes to Consolidated Financial Statements 7 BERKSHIRE HATHAWAY INC."},{"id":"e358","sourceId":"filing-2","location":"Acquisitions / Taylor Morrison cash consideration","excerpt":"On May 31, 2026, Berkshire entered into an Agreement and Plan of Merger (the “Agreement”) with Taylor Morrison Home Corporation (“Taylor Morrison”) to acquire all outstanding shares of Taylor Morrison common stock for $72.50 per share in cash, or approximately $6.8 billion in the aggregate."},{"id":"e359","sourceId":"filing-2","location":"Acquisitions / Taylor Morrison completion","excerpt":"A majority of the Taylor Morrison shareholders voted to adopt the Agreement on July 22, 2026, and with receipt of all necessary regulatory approvals, the acquisition was completed on July 24, 2026."},{"id":"e381","sourceId":"filing-2","location":"Note 5 / investment impairments","excerpt":"The carrying values of Kraft Heinz and Occidental include reductions for other-than-temporary impairment losses recorded in the second and fourth quarters of 2025, respectively."},{"id":"e407","sourceId":"filing-2","location":"Contingencies / outstanding wildfire claims","excerpt":"For the Santiam Canyon, Echo Mountain Complex, South Obenchain and 242 fires, while PacifiCorp settled claims with individual plaintiffs who were granted substitution of counsel in the James case, claims remain outstanding for a substantial number of plaintiffs associated with the James case."},{"id":"e429","sourceId":"filing-2","location":"MD&A / BNSF fuel cost increases","excerpt":"Fuel expenses increased $475 million (68.1%) in the second quarter and $473 million (32.2%) in the first six months of 2026 compared to 2025, reflecting higher average fuel prices in the second quarter and higher volume, partially offset by increased fuel efficiency."},{"id":"e440","sourceId":"filing-2","location":"MD&A / utility rates, volumes and costs","excerpt":"The first six months increase reflected higher retail customer rates in certain territories, lower thermal generation cost of sales, higher retail customer volumes and higher wholesale volumes and prices, partially offset by higher purchased electricity cost of sales."},{"id":"e441","sourceId":"filing-2","location":"MD&A / utility customer growth and usage","excerpt":"Retail customer volumes increased 3.1% overall (up 6.0% at MEC, 4.3% at NV Energy and 0.8% at PacifiCorp) in the first six months of 2026 compared to 2025, primarily due to higher customer usage and an increase in the average number of customers, partially offset by an overall unfavorable impact of weather."},{"id":"e444","sourceId":"filing-2","location":"MD&A / PCC capacity requirements","excerpt":"Future sales and earnings growth will depend on successfully increasing production and expanding capacity, as necessary, to meet customer demand."},{"id":"e446","sourceId":"filing-2","location":"MD&A / Lubrizol realized volumes and prices","excerpt":"The increases were primarily attributable to higher volumes and selling prices and favorable foreign currency translation effects, partially offset by unfavorable product mix."},{"id":"e447","sourceId":"filing-2","location":"MD&A / Lubrizol cost inflation and pricing","excerpt":"The increases in selling prices were necessitated by significant increases in raw materials, energy and supply chain costs that began in the latter part of the first quarter and continued through the second quarter of 2026, resulting in increased production costs."},{"id":"e448","sourceId":"filing-2","location":"MD&A / Lubrizol earnings growth","excerpt":"Lubrizol’s pre-tax earnings increased 23.4% in the second quarter and 16.5% in the first six months of 2026 compared to 2025."},{"id":"e449","sourceId":"filing-2","location":"MD&A / Lubrizol earnings drivers","excerpt":"The increases were primarily attributable to the impacts of higher sales volumes and selling prices, partially offset by higher raw materials and manufacturing costs and unfavorable product mix."},{"id":"e460","sourceId":"filing-2","location":"MD&A / OxyChem post-acquisition earnings","excerpt":"OxyChem generated pre-tax earnings of $149 million in the second quarter and $121 million in the first six months of 2026, which included the impacts of incremental acquisition accounting depreciation and amortization, as well as other transition costs associated with the acquisition."},{"id":"e466","sourceId":"filing-2","location":"MD&A / Clayton realized home prices and mix","excerpt":"In the first six months of 2026, average prices for factory-built homes increased 3.3%, attributable to changes in sales mix, while average prices for site-built homes declined 2.3% versus 2025."},{"id":"e472","sourceId":"filing-2","location":"MD&A / Clayton homebuilding earnings pressure","excerpt":"The decline in home building earnings was due to lower year-to-date sales volume and overall gross margin rates and slightly higher selling general and administrative expenses."},{"id":"e498","sourceId":"filing-2","location":"MD&A / retail demand and competition","excerpt":"Several of our other retailing businesses continued to experience sluggish customer demand, attributable to a combination of increased competition and the impacts of higher economic uncertainty and changes in consumer confidence."},{"id":"e500","sourceId":"filing-2","location":"MD&A / BHA earnings and gross sales margins","excerpt":"BHA’s pre-tax earnings increased 5.1% in the second quarter and 4.4% in the first six months of 2026 compared to 2025, primarily attributable to increased earnings from service contracts operations, partially offset by lower gross sales margins."},{"id":"e511","sourceId":"filing-2","location":"MD&A / investment gains and earnings volatility","excerpt":"Second Quarter First Six Months 2026 2025 2026 2025 Investment gains (losses) $ 16,077 $ 6,364 $ 14,472 $ (71 ) Income taxes and noncontrolling interests 3,393 1,394 3,028 (3 ) Net earnings (losses) $ 12,684 $ 4,970 $ 11,444 $ (68 ) Effective income tax rate 21.0 % 21.7 % 21.0 % 14.9 % Unrealized gains and losses arising from changes in market prices of our investments in equity securities are included in our reported earnings, which significantly increases the volatility of our periodic net earnings due to the magnitude of our equity securities portfolio and the inherent volatility of equity securities prices."},{"id":"e515","sourceId":"filing-2","location":"Repurchases / valuation policy and authorization","excerpt":"Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities Berkshire’s common stock repurchase program currently permits Berkshire to repurchase its Class A and Class B shares any time that Berkshire’s Chief Executive Officer, after consultation with the Chairman of the Board, believes that the repurchase price is below Berkshire’s intrinsic value, conservatively determined."},{"id":"e519","sourceId":"filing-2","location":"Repurchases / liquidity restriction","excerpt":"Berkshire will not repurchase its common stock if the repurchases reduce the value of Berkshire’s consolidated cash, cash equivalents and U.S."},{"id":"e520","sourceId":"filing-2","location":"Repurchases / liquidity floor amount","excerpt":"Treasury Bills holdings to less than $30 billion."},{"id":"e552","sourceId":"filing-2","location":"MD&A / insurance float balance","excerpt":"Float was approximately $177.5 billion at June 30, 2026, an increase of approximately $1.1 billion from December 31, 2025."},{"id":"e554","sourceId":"filing-2","location":"MD&A / underwriting profitability and float cost","excerpt":"Our combined insurance operations generated pre-tax underwriting earnings in the first six months of 2026 and 2025, and the average cost of float was negative in each period."},{"id":"e565","sourceId":"filing-2","location":"MD&A / BNSF volume growth","excerpt":"Car/unit volume increased 6.5% and 4.3%, respectively, in the second quarter and the first six months of 2026 relative to the same periods in 2025."},{"id":"e566","sourceId":"filing-2","location":"MD&A / BNSF revenue per unit and yield","excerpt":"Average revenue per car/unit increased 7.6% in the second quarter and 5.3% in the first six months of 2026, primarily from higher fuel surcharge revenue and higher yield."},{"id":"e567","sourceId":"filing-2","location":"MD&A / BNSF earnings growth","excerpt":"Pre-tax earnings increased 13.9% in the second quarter and 13.7% in the first six months of 2026 versus 2025."},{"id":"e570","sourceId":"filing-2","location":"MD&A / BNSF intermodal market-share gains","excerpt":"Volumes in the second quarter and the first six months of 2026 increased 9.3% and 5.3%, respectively, in relation to 2025, primarily due to higher intermodal shipments resulting from higher west coast imports, market share gains and tightening truck capacity."},{"id":"e576","sourceId":"filing-2","location":"MD&A / coal demand erosion","excerpt":"The volume declines were primarily due to plant retirements and lower demand, attributable to lower natural gas prices."},{"id":"e631","sourceId":"filing-3","location":"Proxy / chairman voting and economic ownership","excerpt":"Mr. Buffett is Berkshire’s largest shareholder and owns shares of Berkshire that represent approximately 30.0% of the voting interest and 13.7% of the economic interest."},{"id":"e639","sourceId":"filing-3","location":"Proxy / Audit Committee risk oversight","excerpt":"In addition, as part of its charter, the Audit Committee discusses Berkshire’s policies with respect to risk assessment and risk management."},{"id":"e647","sourceId":"filing-3","location":"Proxy / Audit Committee meetings","excerpt":"The Audit Committee held six meetings during 2025."},{"id":"e682","sourceId":"filing-3","location":"Compensation discussion / excluded performance measures","excerpt":"The Committee has established a policy that neither the profitability of Berkshire nor the market value of its stock are to be considered in the compensation of any executive officer."},{"id":"e683","sourceId":"filing-3","location":"Compensation discussion / stock compensation policy","excerpt":"Under the Committee’s compensation policy, Berkshire never intends to use Berkshire stock in compensating employees."},{"id":"e699","sourceId":"filing-3","location":"Summary compensation table / actual Abel and Jain compensation","excerpt":"Abel (1) 2025 22,000,000 — 17,500 (3) 22,017,500 Vice Chairman-Non Insurance Operations 2024 21,000,000 — 17,250 (3) 21,017,250 2023 20,000,000 — 16,500 (3) 20,016,500 Ajit Jain 2025 22,000,000 — 17,500 (3) 22,017,500 Vice Chairman-Insurance Operations 2024 21,000,000 — 17,250 (3) 21,017,250 2023 20,000,000 — 16,500 (3) 20,016,500 Marc D."},{"id":"e703","sourceId":"filing-3","location":"Proxy / CEO succession effective date","excerpt":"Abel to become Berkshire’s President and Chief Executive Officer effective on January 1, 2026."},{"id":"e721","sourceId":"filing-3","location":"Pay versus performance / defined net operating earnings history","excerpt":"In that regard, net operating earnings were $27.6 billion in 2021; $30.8 billion in 2022; $37.4 billion in 2023; $47.4 billion in 2024; and $44.4 billion in 2025, which grew 103% over the past five years."},{"id":"e867","sourceId":"filing-4","location":"Business / PCC long-term agreements","excerpt":"The majority of PCC’s sales are from customer orders or demand schedules pursuant to long-term agreements."},{"id":"e868","sourceId":"filing-4","location":"Business / PCC customer termination rights","excerpt":"Contractual terms may provide for termination by the customer, subject to payment for work performed."},{"id":"e1138","sourceId":"filing-5","location":"MD&A / realized intermodal customer loss and trucking competition","excerpt":"The volume decrease was primarily due to lower intermodal shipments resulting from reduced West Coast imports, the loss of an intermodal customer and competition from lower spot rates in the trucking market, which has impacted our domestic intermodal demand."},{"id":"e1301","sourceId":"filing-6","location":"MD&A / reinsurance competition and lower rates","excerpt":"Dollar. The property volume decline was attributable to the impacts of increased competition and lower rates."},{"id":"e1307","sourceId":"filing-6","location":"MD&A / favorable prior-year loss development","excerpt":"Additionally, changes in prior accident years’ ultimate loss estimates in the first quarter reduced incurred losses by $260 million in 2026 and $330 million in 2025."},{"id":"e1324","sourceId":"filing-6","location":"MD&A / BNSF core pricing gains","excerpt":"Railroad operating revenues increased 5.0% in the first quarter of 2026 compared to 2025, reflecting increases in car/unit volume of 2.2% and average revenue per car/unit of 2.8% resulting from business mix, core pricing gains and higher fuel surcharge revenue from higher fuel prices."},{"id":"e1353","sourceId":"filing-6","location":"MD&A / utility wildfire prevention and operating costs","excerpt":"The increase in energy operating expenses was primarily due to vegetation management and other wildfire prevention costs, general and plant maintenance costs, insurance expenses and technology costs."}],"changes":["Retain the previous narrow verdict; current rail market-share, volume and yield gains and Lubrizol price realization strengthen operating corroboration without establishing a wide moat.","Add explicit low insurance entry barriers and realized reinsurance rate competition as limits; negative-cost float remains demonstrated financing economics rather than proof of comparative superiority.","Add proxy-based management alignment and governance assessments and insurer-specific financial assessments, preserving missing solvency and asset-liability evidence."],"limitations":["Only the supplied passages were assessed. Filing dates retain dateKind=filed; the most recent supplied filing is August 10, 2026.","No named competitors are identified as competitors in the supplied passages. Named customers, investees, acquisition targets and partners are not competitor coverage; competitor arrays are therefore empty.","Technical leadership and comparative advantage descriptions are issuer assertions. Operating results corroborate selected capabilities but do not demonstrate exceptional durability or comparative insurance costs.","Insurance regulatory requirements and statutory policyholder surplus are disclosed, but applicable required capital, RBC denominators and entity-level headroom are absent. GAAP equity and statutory surplus are not interchangeable.","Insurance-specific liquid investment balances, claims-payment timing, duration matching and reinsurance recoverability are incomplete. Consolidated cash does not establish unrestricted insurance funding availability.","The proxy describes compensation through December 2025 and contemplated evaluation after the CEO transition. Current CEO ownership and any subsequently adopted compensation changes are not established.","Current financial grades use filings dated within 550 days of October 18, 2026. Older evidence supports moat history only."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Installed rail and utility networks and supporting rights provide demonstrated structural advantages, with current traffic and customer growth. These advantages do not extend uniformly to insurance or retail.","evidenceIds":["e73","e74","e79","e81","e82","e570","e441","e221"]},{"criterion":"durability","grade":3,"rationale":"Existing infrastructure, supporting rights and continuing PCC customer demand support persistence. Historical rail customer loss, alternative manufacturing and regulatory constraints prevent an exceptional grade.","evidenceIds":["e73","e82","e28","e33","e69","e1138"]},{"criterion":"customer_dependency","grade":2,"rationale":"Utility delivery networks and PCC's limited cancellations indicate dependence in selected businesses. Rail switching has occurred, and broader retail customers face alternatives. No group-wide lock-in is demonstrated.","evidenceIds":["e81","e28","e1138","e498"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Rail share gains and Lubrizol's price and earnings growth demonstrate resilience, balanced against realized insurance rate competition, retail weakness and unresolved wildfire claims.","evidenceIds":["e570","e446","e448","e1301","e498","e407"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Rail core pricing gains and Lubrizol price increases are observed outcomes. Fuel surcharges explain part of rail realization, Clayton factory-built price increases reflect mix, site-built prices declined and reinsurance experienced lower rates.","evidenceIds":["e1324","e566","e446","e447","e466","e1301"]},{"criterion":"retention","grade":2,"rationale":"Assessed partly through indirect operating evidence: PCC reports limited cancellations, utility customers and usage increased, and rail gained intermodal share. Historical rail customer loss and current retail weakness show uneven repeat demand; no retention rate is inferred.","evidenceIds":["e28","e441","e570","e1138","e498"]},{"criterion":"margin_resilience","grade":2,"rationale":"Lubrizol's price and volume gains supported earnings despite higher inputs, and rail earnings grew despite fuel inflation. Homebuilding and vehicle gross-margin pressure show incomplete protection across Berkshire.","evidenceIds":["e449","e429","e567","e472","e500"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Utility rates require regulatory approval, admitted insurance forms or premium rates generally require approval, and PCC agreements can allow customer termination. Unrestricted group-wide price-setting authority is not demonstrated.","evidenceIds":["e72","e230","e868"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual operating cash generation, investment spending and repurchases show active allocation; exiting unprofitable insurance lines supports discipline. Investment impairments and limited post-acquisition outcomes make the record mixed. The stated buyback valuation rule alone does not prove value creation.","evidenceIds":["e352","e355","e278","e381","e460","e515"]},{"criterion":"incentive_alignment","grade":2,"rationale":"The chairman's disclosed 13.7% economic interest supplies meaningful alignment. Actual senior executive compensation is predominantly salary, while policy excludes profitability and stock value as pay determinants. The evidence does not establish equivalent ownership alignment for the new CEO.","evidenceIds":["e631","e682","e683","e699"]},{"criterion":"execution","grade":3,"rationale":"Multi-year underwriting profits, continued negative-cost float and rail earnings and share gains demonstrate strong execution. This is assessed from operating outcomes rather than reputation; it includes inherited results and does not establish the new CEO's independent long-term record.","evidenceIds":["e173","e554","e567","e570","e703"]},{"criterion":"governance","grade":2,"rationale":"Audit Committee risk oversight and six meetings in 2025 provide actual governance evidence. Separation of CEO and chairman roles follows the succession, but the chairman's 30% voting interest versus 13.7% economic interest concentrates influence. Effectiveness is not established merely by these structures.","evidenceIds":["e639","e647","e703","e631"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":null,"rationale":"U.S. insurance statutory Surplus as Regards Policyholders increased to approximately $333 billion at December 2025. Applicable required capital and RBC denominators are absent, preventing an assessment of regulatory sufficiency or headroom. Consolidated GAAP equity cannot fill that gap.","evidenceIds":["e337","e338"]},{"criterion":"liquidity_funding","grade":2,"rationale":"June 2026 consolidated cash, equivalents and restricted cash of $41.36 billion, positive operating cash generation and profitable float support funding capacity. Insurance and Other cash is not an insurance-only balance, and missing Treasury balances, claim timing and transfer constraints limit the assessment.","evidenceIds":["e355","e352","e552","e554","e228"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Disclosed claims experience is mixed: BH Primary had adverse prior-year development in 2025, while the first-quarter reinsurance discussion reports favorable development. Liability claims inflation and substantial equity-driven earnings volatility are demonstrated exposures. Matching and recoverability data are insufficient for a stronger assessment.","evidenceIds":["e281","e282","e1307","e511"]},{"criterion":"earnings_resilience","grade":3,"rationale":"Insurance underwriting remained profitable across 2023–2025 and both first-half periods, supporting resilience. Defined operating earnings remained substantial despite declining in 2025. Investment mark-to-market volatility limits predictability of consolidated earnings.","evidenceIds":["e173","e554","e721","e511"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":2,"rationale":"2025 attributable net earnings divided by average 2024–2025 Berkshire shareholders' equity imply approximately 9.8% consolidated GAAP ROE. This includes investment gains and equity-method losses and is not an insurance statutory-capital return. Profitable float supports financing efficiency, but exceptional risk-adjusted returns are not established.","evidenceIds":["e150","e151","e554"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"First-half 2026 repurchases of $4.444 billion occurred alongside $21.653 billion of operating cash generation and substantial remaining consolidated cash. The disclosed $30 billion cash-and-Treasury floor is a policy rather than verified insurer solvency headroom; insurance dividend restrictions and missing required capital limit the grade.","evidenceIds":["e355","e352","e519","e520","e228"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Average equivalent Class B shares were nearly unchanged in 2025 versus 2024 and below 2023; actual executive compensation and the policy against stock compensation support limited disclosed dilution. First-half 2026 buybacks and mixed borrowing and repayment flows are documented, but current share counts and comprehensive financing costs are incomplete.","evidenceIds":["e151","e683","e699","e355"]},{"criterion":"investment_discipline","grade":2,"rationale":"Actual acquisition and capital spending and subsequent OxyChem earnings are disclosed, alongside 2025 investment impairments. Taylor Morrison's approximately $6.8 billion cash acquisition was completed after quarter-end, with no demonstrated operating outcome supplied. The evidence supports a mixed assessment rather than assuming acquisition success.","evidenceIds":["e355","e460","e381","e358","e359"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","financialAssessmentPolicy":"financial-industry-1","financialSector":"insurance","basisHash":"82665d471ace021c17f18a1943946d0d56fa7b918783b1b74a06b5ce19d7004e","updatedAt":"2026-10-18T12:04:14.992Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm","publishedAt":"2026-03-02","sha256":"c514e87d668db2538659307babd2528d60396f5b2dd5fe2b6a7c8c626dccb1f4","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526341032/brka-20260630.htm","publishedAt":"2026-08-10","sha256":"175b31d092060e4859633af04da516a77c3822b035be4b07870c01026d16e9b4","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526106253/d882687ddef14a.htm","publishedAt":"2026-03-13","sha256":"678931c1f8a06a713e7eb3597ef2b3c09cc77905e6fcf22730e9b0a17e644d5c","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1067983/000095017025025210/brka-20241231.htm","publishedAt":"2025-02-24","sha256":"5b00ceb979f6cc36ea641610ef19858b93adec003e9303f21ac4d05bdf1f7032","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1067983/000095017024019719/brka-20231231.htm","publishedAt":"2024-02-26","sha256":"fb26736c6a24730e3b216ae47b546227ddc9f60c3480cb4008084e9d7074474d","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526202243/brka-20260331.htm","publishedAt":"2026-05-04","sha256":"66ac014fafade86a1248db16459f93fd12c0f7d06d83074754922e8b0108a5d0","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:9916bd68db28b6955d4a1fd7c87681ff9ba1df92409630856ecc10df7306284e","usage":{"input_tokens":85683,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":6137,"reasoning_output_tokens":167}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":9.469600933015569,"sbc_revenue":null},"issues":{"pe":"Berkshire’s A/B share conversion has not been validated for this calculation.","peg":"Berkshire’s A/B share conversion has not been validated for this calculation.","ps":"Berkshire’s A/B share conversion has not been validated for this calculation.","pfcf":"Berkshire’s A/B share conversion has not been validated for this calculation.","pfcf_growth":"Berkshire’s A/B share conversion has not been validated for this calculation.","pocf":"Berkshire’s A/B share conversion has not been validated for this calculation.","pb":"Berkshire’s A/B share conversion has not been validated for this calculation.","fcf_yield":"Berkshire’s A/B share conversion has not been validated for this calculation.","earnings_yield":"Berkshire’s A/B share conversion has not been validated for this calculation.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","eps":"Berkshire’s A/B share conversion has not been validated for this calculation.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the 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