⚡What does Berkshire Hathaway do, in 30 seconds?
Berkshire Hathaway is a holding company whose businesses include insurance, a freight railroad and energy utilities 11. Its businesses took in $371.4bn ✓ in FY2025. Insurance, including GEICO, was the biggest part, at 28% ✓ of revenue.
📱What does Berkshire Hathaway sell?
Here are the groups of businesses Berkshire reports, from car insurance to candy shops. Insurance is the biggest, at 28% ✓ of FY2025 revenue.
Insurance
Berkshire runs three insurance groups: GEICO, the Primary Group and the Reinsurance Group 1. GEICO mainly sells car insurance to individuals, mostly over the internet or by phone 1. The Primary Group mainly insures businesses, for example with workers' compensation and commercial auto cover 1. The Reinsurance Group insures other insurers and does business in 23 countries 1. Insurance brought in $104.2bn ✓ in FY2025.
👥 Drivers, businesses, and other insurers and reinsurers 1 1 1.
BNSF railroad
BNSF, based in Fort Worth, Texas, runs one of the largest freight rail systems in North America 3. It took in $23.3bn ✓ in FY2025.
👥 Companies shipping consumer products, industrial products, farm and energy products, and coal 3.
Berkshire Hathaway Energy
Four regulated US utilities serving about 5.4 million retail customers, plus five gas pipelines with about 20,900 miles of pipe 3. It also owns Northern Powergrid in England, AltaLink in Alberta and HomeServices, a US real estate brokerage 3. It took in $25.4bn ✓ in FY2025.
👥 Retail customers in its utilities' service areas 3.
Manufacturing
Industrial businesses include Precision Castparts (aerospace parts), Lubrizol (specialty chemicals), IMC (metal-cutting tools) and Marmon 4. Building businesses include Shaw flooring, Johns Manville, Acme Brick and Benjamin Moore paint 4. Consumer brands include Forest River RVs, Fruit of the Loom, Brooks Sports and Duracell 4. Clayton Homes shipped about 49,400 factory-built homes in 2025 4. Manufacturing took in $72.8bn ✓ in FY2025.
👥 Buyers of aerospace parts, specialty chemicals, metal-cutting tools and building products, plus families buying homes, RVs, clothes, shoes and batteries 4 4 4 4.
McLane
A wholesale distributor that supplies about 43,100 stores, such as convenience stores, and about 35,300 restaurants across the US 4. It took in $50.2bn ✓ in FY2025.
👥 Walmart, 7-Eleven and Yum! Brands were its major customers in 2025 4.
Pilot travel centers
Truck stops, mainly under the Pilot and Flying J names, with 675 travel centers and 82 fuel-only sites in the US and Canada 4. Pilot sold about 10.9 billion gallons of fuel in 2025 4. It took in $41.9bn ✓ in FY2025.
👥 Drivers who stop at its travel centers, and buyers of fuel through its wholesale business 4 4.
Service and retailing
Services include NetJets private flights, FlightSafety pilot training, TTI electronic parts and about 7,800 franchised Dairy Queen restaurants 4. Shops include 83 car dealerships, Nebraska Furniture Mart, Helzberg jewelers and about 250 See's Candies stores 4. Together they took in $33.8bn ✓ in FY2025.
👥 Private flyers, aviation trainees and buyers of electronic parts, plus diners, car buyers and shoppers 4 4.
Other revenue
In FY2025, revenue that the filing does not tag to one of the seven groups was worth $20.0bn ✓. The filing does not split this amount. Berkshire's revenue as a whole includes leasing revenues 6. Berkshire also makes loans, mainly for factory-built homes 6.
👥 The filing does not say which customers this revenue comes from.
How the mix has shifted
💸How does Berkshire Hathaway make money?
Follow the money from left to rightfrom top to bottom: what comes in (after paying interest to savers and lenders), what it costs to run, what is lost on bad loans, and what is left as profit.
Berkshire's businesses took in $371.4bn ✓ in FY2025. Running them cost $318.1bn ✓. That left an operating profit of $53.0bn ✓.
Investment gains and other items then added $29.2bn ✓. After tax of $15.2bn ✓, net income was $67.0bn ✓. Net income included after-tax write-downs of $3.76 billion on the Kraft Heinz stake and $4.50 billion on the Occidental stock 6. Put simply, out of every hundred dollars of revenue, about $86 ✓ went on costs and $4 ✓ on tax. Investment gains and other items added $8 ✓, so Berkshire kept $18 ✓ as profit.
Out of every $100 of revenue in FY2025…
Interest, investment gains and other income added +$8 for every $100 of revenue, so the slices above add up to a little more than $100.
⏱️ Berkshire Hathaway by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: Berkshire Hathaway Inc. 10-K [5].
📈How is Berkshire Hathaway doing?
Berkshire is growing slowly but steadily, while its reported profit jumps around. From FY2016 to FY2025, revenue grew 6.3% ✓ a year on average, from $215.1bn ✓ to $371.4bn ✓. Revenue rose in 8 ✓ of those 9 ✓ years, though the FY2025 rise rounds to 0.0% ✓. The only fall was in FY2020, when revenue changed by -3.6% ✓.
Profit is harder to read. Accounting rules put changes in the value of Berkshire's stocks into its net earnings, even before it sells them 22. Net income was -$22.8bn ✓ in FY2022, then $96.2bn ✓ a year later. Berkshire says the investment gains or losses in any one quarter usually mean little 22. FY2025 net income was $67.0bn ✓. Shareholders' equity, the owners' stake, grew from $282.1bn ✓ in FY2016 to $717.4bn ✓ in FY2025.
The latest four quarters, to 30 June 2026, look a little better. Revenue reached $384.7bn ✓, up 3.9% ✓ on the four quarters before. After-tax operating earnings, which leave out investment gains and losses, were $24,329 million in the first six months of 2026 22. That was up from $20,801 million a year earlier 22. BNSF's after-tax earnings rose 9.5% in the first half of 2026 16. Berkshire Hathaway Energy's rose 11.5% 16. But GEICO's loss ratio rose 4.9 points to 75.3% in the first six months of 2026 16.
📝 The report card
Berkshire earns top marks for its balance sheet and solid marks for profit and steadiness, but only a middling mark for growth. Cash generation is not graded ✓ for insurers. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Berkshire Hathaway (orange) and its 4 peers land; further right is better.
Growth
Berkshire's revenue grew 7.1% ✓ a year over its last three fiscal years, which earns a C ✓ on the fixed scale. That is below the 10.5% ✓ median of its four insurance peers. Progressive grew fastest, at 20.9% ✓ a year, good for an A ✓.
Why this measure? (higher is better)
Growing revenue is the engine of a business. For a bank, revenue is what it earns after paying interest to savers and lenders; for an insurer, it is mostly premiums. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
For insurers, we grade profit against the owners' money rather than revenue. Over the last three years combined, Berkshire earned 13.1% ✓ on its shareholders' equity, which earns a B ✓. That is below the 18.9% ✓ peer median. Progressive earned 31.1% ✓, an A ✓.
Why this measure? (higher is better)
Banks and insurers work with other people's money, so profit margins on revenue say little. Return on equity shows how much profit they make on the owners' money; above 15% is excellent for a big bank or insurer.
Cash generation
Not graded for banks and insurers: their cash flow mostly moves customers' money (deposits, loans, premiums), so it says little about the business.
Cash generation is not graded ✓ for Berkshire or its peers. For insurers, cash flow mostly moves customers' money, such as premiums paid before claims, so it says little about the business ✓. Even so, Berkshire's businesses brought in $46.0bn ✓ of operating cash flow in FY2025.
Balance sheet
For insurers, we grade the balance sheet on shareholders' equity as a share of everything the company owns. At the end of FY2025, Berkshire's figure was 58.7% ✓, an A ✓, the highest of the five companies. The median for its peers is 25.1% ✓, so Berkshire leans far less on other people's money.
Why this measure? (higher is better)
Owners' equity is the cushion that absorbs losses before customers' money is at risk. The thicker the cushion compared with everything the company owns, the safer it is.
Steadiness
Berkshire's yearly revenue growth swings by 7.6% ✓ (a standard deviation), which earns a B ✓. Travelers is steadier at 3.7% ✓, an A ✓. Chubb is also steadier, at 5.1% ✓, a B ✓. Berkshire's biggest jump was 20.7% ✓ in FY2023.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean revenue depends on interest rates, markets or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Banks and insurers are graded differently. They lend or invest customers' money, so profitability uses return on equity, the balance sheet uses the owners' share of total assets, and cash generation is not graded. They are compared only with other banks and insurers.
- Peers for context. The rank shows how Berkshire Hathaway compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
10 years at a glance
Where the cash goes
Berkshire keeps almost all of its profit inside the company. It has not declared a cash dividend since 1967 11. From FY2016 to FY2025 it returned $77.9bn ✓ to shareholders, all through share buybacks. It made no buybacks in 2025 6. It began buying back its shares again on 4 March 2026 18. It bought about $4.8 billion of its own shares in the first half of 2026 22.
🧮Ratios 101: what are Berkshire Hathaway's key financial ratios?
Ratios shrink Berkshire's giant numbers into easy comparisons, and a few look odd until you know how much profit it keeps. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Berkshire Hathaway's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each dollar of revenue is kept?
Net margin
The bottom line: profit after interest and taxes, per dollar of revenue.
👉 Berkshire kept 18.0% ✓ of FY2025 revenue as final profit, above the 14.0% ✓ peer median and a little below the FY2017 figure of 18.7% ✓. Changes in the value of the stocks it owns are counted in that profit 22.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE was 9.3% ✓ in FY2025, down from 12.9% ✓ in FY2017 and well below the 26.4% ✓ peer median. The bottom of the sum, shareholders' equity, was $717.4bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA was 5.5% ✓, down from 6.4% ✓ in FY2017. It sits a little below the 6.5% ✓ peer median, on total assets of $1,222.2bn ✓.
📏 Rule of thumb: For big banks, about 1% on assets is usual and above 1.2% is strong; insurers are not judged on that scale.
💵 Cash and owners: where does the money end up?
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Berkshire paid out 0.0% ✓ of FY2025 profit, against a 37.9% ✓ peer median. It has not declared a cash dividend since 1967 11. It made no buybacks in 2025 6.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Berkshire Hathaway's competitors?
Insurance is Berkshire's biggest business, so we compare it with four insurers. In FY2025 it made up 28% ✓ of revenue. Progressive and Allstate sell car insurance against GEICO 113 115. Chubb and Travelers sell business insurance against Berkshire's Primary Group, and both also buy reinsurance from Berkshire 112 114. Berkshire's profit also counts changes in the value of its stocks, so it can swing from year to year 22. Its pretax margin was 33.0% ✓ in FY2023 and 22.2% ✓ in FY2025.
| Company | Where they compete | Revenue | Growth/yr (3y) | Pretax margin | Return on equity (3y) |
|---|---|---|---|---|---|
| Berkshire Hathaway (BRK.B, FY2025) | Car, business and reinsurance cover, plus a railroad, utilities and many other businesses 1 11 | $371.4bn | 7.1% | 22.2% | 13.1% |
| Chubb (CB, FY2025) | Commercial and specialty insurance for businesses; also buys reinsurance from Berkshire 112 | $59.4bn | 11.3% | 22.0% | 14.5% |
| Progressive (PGR, FY2025) | US car insurance against GEICO; second in the US market by 2024 premiums written 113 | $87.7bn | 20.9% | 16.2% | 31.1% |
| Travelers (TRV, FY2025) | Property and casualty insurance for US businesses; also buys reinsurance from Berkshire 114 | $48.8bn | 9.8% | 16.0% | 16.7% |
| Allstate (ALL, FY2025) | Car and home insurance sold through agents, contact centers and online, against GEICO 115 | $67.7bn | 9.6% | 19.4% | 21.1% |
GEICO also competes with State Farm and USAA 1. Union Pacific is BNSF's primary rail rival in the western US 3. Pilot is one of a few large travel center operators, along with Love's Travel Stops and TravelCenters of America 4.
🧭Berkshire Hathaway SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Insurance float was about $177.5 billion at 30 June 2026 16. Float is money Berkshire holds and invests until claims are paid 1.
- Its insurers made pre-tax underwriting gains in each of the three years to 2025, so the average cost of float was negative 1.
- At the end of FY2025, shareholders' equity was 58.7% ✓ of total assets, an A ✓ and the highest of its peers.
- Berkshire's insurance and other businesses held $359.2 billion in cash and Treasury bills at 30 June 2026 16.
🩹 Weaknesses
- Reported profit swings a lot, from net income of -$22.8bn ✓ in FY2022 to $96.2bn ✓ in FY2023.
- Its five largest stock holdings made up 66% of the value of its stocks at 30 June 2026 16.
- Pilot's pre-tax earnings fell 69.1% in 2025, hurt by lower wholesale fuel and in-store margins and higher overhead costs 6.
- Revenue grew 7.1% ✓ a year over three years, below the 10.5% ✓ median of its insurance peers.
🚀 Opportunities
- Berkshire bought OxyChem, the chemicals business of Occidental Petroleum, for about $9.4 billion in cash on 2 January 2026 616.
- It bought homebuilder Taylor Morrison for about $6.8 billion in cash in July 2026 16. Combined with Clayton Properties Group, the companies called it the fourth-largest US homebuilding operation 17.
- BNSF's after-tax earnings rose 9.5% in the first half of 2026, helped by higher volumes and better efficiency 16.
- Berkshire began buying back its shares on 4 March 2026 18, after making no buybacks in 2025 6.
⚠️ Threats
- Unsettled wildfire claims against PacifiCorp in Oregon and some in California sought about $50 billion when the FY2025 10-K was filed, before any extra or punitive damages 6.
- Berkshire tries to avoid policies whose pre-tax losses from one disaster could add up to more than $15 billion 1.
- GEICO's loss ratio rose to 72.3% in 2025, from 71.8% in 2024, as the average claim cost more 6.
- In the first half of 2026, McLane's revenue fell 2.9%, and its retail business shrank 8.9%, mainly from net customer losses 16.
🏰Does Berkshire Hathaway have a moat?
Why 3?
GEICO had the third-largest share of US private car insurance in 2024, about 11.6% of premiums written 1. Berkshire says GEICO's name and trademarks are material assets 1. But insurers compete on many things besides a name, such as financial strength, service and price 1. GEICO's rivals include State Farm, Progressive, Allstate and USAA 1.
Why 3?
With limited exceptions, Berkshire Hathaway Energy's US utilities have the sole right to serve retail customers in their areas 3. BNSF's primary rail rival in the western US is Union Pacific, though trucking companies also work in parts of the same areas 3. Drivers can choose GEICO's rivals, which sell direct or through agents 1. In the first half of 2026, McLane's retail business shrank 8.9%, mainly from net customer losses 16.
Why 4?
Float grew from about $138 billion at the end of 2020 to about $176 billion at the end of 2025 1. The insurers made underwriting gains in each of the three years to 2025, so that float cost less than nothing 1. Their US capital cushion, called statutory surplus, was about $333 billion at the end of 2025, and Berkshire says such strength sets them apart 16. Berkshire also says GEICO's low-cost direct marketing lets it offer competitive rates 1. BNSF's operating ratio improved to 65.5% in 2025 6. Berkshire's insurance and other businesses held $369.0 billion in cash and Treasury bills at the end of 2025 6.
Why 4?
With limited exceptions, Berkshire Hathaway Energy's US utilities have an exclusive right to serve retail customers in their areas 3. In the western US, BNSF's primary rail rival is Union Pacific 3. But Berkshire's 10-K says that, apart from regulation, insurance has virtually no barriers to entry 1. Regulated businesses carry risks too: PacifiCorp had recorded about $2.85 billion of estimated wildfire losses through 30 June 2026 16.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Berkshire Hathaway; grey dots are peers).
🔭What should you watch next?
Oregon Supreme Court hearing in a PacifiCorp wildfire case
The court scheduled oral argument for 3 November 2026 in its review of an April 2026 appeals ruling in the James case 16. That ruling reversed a class-action verdict against PacifiCorp 16. Figures on this page run to FY2025 and the four quarters to 30 June 2026.
Warren Buffett's Thanksgiving message
Buffett said in November 2025 that he would keep talking to shareholders through a yearly Thanksgiving message 26.
FY2026 annual report and the next shareholder letter
Last year's report was posted on 28 February 2026 and carried Greg Abel's first letter to shareholders 27.
James wildfire damages trial
A damages trial for 21 plaintiffs in the James case against PacifiCorp is scheduled to begin in September 2027 16.
📚Learn the words
❓Frequently asked questions about Berkshire Hathaway
How does Berkshire Hathaway make money?
Berkshire makes money from the many businesses it owns, led by insurance, a freight railroad and utilities 11. In FY2025, insurance brought in $104.2bn ✓, manufacturing $72.8bn ✓ and McLane $50.2bn ✓. Its insurers also invest the float, the premium money they hold until claims are paid 1.
Who runs Berkshire Hathaway now?
Greg Abel runs Berkshire as CEO, a job he took on 1 January 2026 19. He took over from Warren Buffett 20. Howard G. Buffett, a director since 1993, became Chairman on 18 September 2026 21. Warren Buffett is now Chairman Emeritus and stays on the board 21.
What is insurance float?
Float is the money customers pay for insurance that Berkshire holds and invests until claims are paid 1. It was about $177.5 billion at 30 June 2026 16. Berkshire's insurers made underwriting gains in each of the three years to 2025, so the float cost less than nothing 1.
How much cash does Berkshire have?
Berkshire's insurance and other businesses held $359.2 billion in cash and Treasury bills at 30 June 2026 16. At the end of 2025 the figure was $369.0 billion 6. Berkshire will not buy back shares if that would cut its cash and Treasury bills below $30 billion 6.
Does Berkshire pay a dividend?
No. Berkshire has not declared a cash dividend since 1967 11. It made no buybacks in 2025 6. It began buying back its own shares again on 4 March 2026 18.
Does Berkshire own Apple?
Yes. Apple was one of Berkshire's five largest stock holdings at 30 June 2026, along with Alphabet, American Express, Bank of America and Coca-Cola 16.
Is GEICO part of Berkshire?
Yes. GEICO is one of Berkshire's three insurance groups 1. Based on 2024 industry data cited in the 10-K, it had the third-largest share of US private car insurance, about 11.6% of premiums written 1.
Why does Berkshire's profit jump around so much?
Berkshire's profit jumps because accounting rules put changes in the value of its stocks into net earnings, even before it sells them 22. Net income went from -$22.8bn ✓ in FY2022 to $96.2bn ✓ the next year. Berkshire says the investment gains or losses in any one quarter usually mean little 22.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [5] [7] [8] [9] [10].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of Berkshire's FY2025 revenue came from insurance?
2. What is insurance float?
3. Berkshire Hathaway began as a merger of what kind of companies?
4. Who became Berkshire's CEO on 1 January 2026?
5. When did Berkshire last declare a cash dividend?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Berkshire Hathaway Form 10-K for fiscal year 2025 — Item 1 insurance and reinsurance: GEICO, BH Primary, BH Reinsurance Group, competition, float, statutory surplus, catastrophe limit (accessed 2026-10-29)
- Berkshire Hathaway (BRK.B) Form 10-K for fiscal year 2025, filed 2026-03-02 — revenue and cost of sales by product, segment and geography (accessed 2026-10-28)
- Berkshire Hathaway Form 10-K for fiscal year 2025 — Item 1 railroad (BNSF) and utilities and energy (BHE): network, customers, regulation, rivals (accessed 2026-10-29)
- Berkshire Hathaway Form 10-K for fiscal year 2025 — Item 1 manufacturing, McLane, Pilot, service and retailing businesses (accessed 2026-10-29)
- SEC EDGAR companyfacts: Berkshire Hathaway (BRK.B) — annual 10-K facts (accessed 2026-10-28)
- Berkshire Hathaway Form 10-K for fiscal year 2025 — Item 7 and notes: segment results, cash and Treasury Bills, repurchase policy, equity investments, impairments, revenue and loan notes, PacifiCorp wildfire litigation, OxyChem (accessed 2026-10-29)
- SEC EDGAR companyfacts: Chubb Ltd (CB) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: PROGRESSIVE CORP/OH/ (PGR) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: TRAVELERS COMPANIES, INC. (TRV) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: ALLSTATE CORP (ALL) — annual 10-K facts (accessed 2026-10-28)
- Berkshire Hathaway Form 10-K for fiscal year 2025 — Item 1 general: holding company, domicile and headquarters, employees, decentralized management; Item 5: dividend history; cover: fiscal year end (accessed 2026-10-29)
- Chubb Limited Form 10-K for fiscal year 2025 — Business overview (54 countries, commercial and specialty lines); list of largest reinsurers (accessed 2026-10-29)
- Progressive Corporation Form 10-K for fiscal year 2025 — Personal auto market position and number of competitors (accessed 2026-10-29)
- Travelers Companies Form 10-K for fiscal year 2025 — Business Insurance overview; top five reinsurer groups by reinsurance recoverable at December 31, 2025 (accessed 2026-10-29)
- Allstate Corporation Form 10-K for fiscal year 2025 — Business overview: personal lines insurer, products and distribution channels (accessed 2026-10-29)
- Berkshire Hathaway Form 10-Q for the quarter ended June 30, 2026 — Acquisitions (OxyChem, Taylor Morrison), float, cash and Treasury Bills, largest equity holdings, segment results, PacifiCorp wildfire litigation (accessed 2026-10-29)
- Berkshire Hathaway and Taylor Morrison news release, July 24, 2026: acquisition completed — Combined site-built homebuilding operation with Clayton Properties Group: closings, states, communities (accessed 2026-10-29)
- Berkshire Hathaway Form 8-K Item 8.01: share repurchases commenced (filed March 5, 2026) — Repurchases under the company repurchase policy began on March 4, 2026 (accessed 2026-10-29)
- Berkshire Hathaway proxy statement (DEF 14A) for the 2026 annual meeting — Director biographies: Gregory Abel, Ajit Jain (accessed 2026-10-29)
- Berkshire Hathaway news release, May 5, 2025: Greg Abel to become CEO — Board vote of May 4, 2025 on the next CEO (accessed 2026-10-29)
- Berkshire Hathaway news release, September 18, 2026: Warren Buffett becomes Chairman Emeritus; Howard G. Buffett elected Chairman — Board chair change and attached Buffett letter (service since 1965, 96th birthday) (accessed 2026-10-29)
- Berkshire Hathaway Form 8-K Exhibit 99.1: second-quarter 2026 earnings release (August 8, 2026) — First-half 2026 operating earnings, treasury share purchases, Class B per-share basis, investment gains explanation (accessed 2026-10-29)
- Berkshire Hathaway 2014 letter to shareholders (50-year review) — Company history: textile origins, National Indemnity purchase, textile closure, Buffett and GEICO (accessed 2026-10-29)
- SEC EDGAR companyfacts: Berkshire Hathaway (BRK.B) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Berkshire Hathaway (BRK.B) — balance sheet at 2026-06-30 (accessed 2026-10-28)
- Berkshire Hathaway news release, November 10, 2025: Thanksgiving message from Warren Buffett — Buffett stops writing the annual report letter and keeps a yearly Thanksgiving message (accessed 2026-10-29)
- Berkshire Hathaway news release, February 12, 2026: 2025 Annual Report release — Annual report posting date and the first shareholder letter from Greg Abel (accessed 2026-10-29)
- Berkshire Hathaway Form 8-K Exhibit 99.1: leadership appointments (December 8, 2025) — New heads of consumer products, service and retailing and of GEICO; CFO succession; new General Counsel role (accessed 2026-10-29)