BERKSHIRE HATHAWAY INC 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements 2 Consolidated Balance Sheets—June 30, 2026 and December 31, 2025 2 Consolidated Statements of Earnings—Second Quarter and First Six Months 2026 and 2025 4 Consolidated Statements of Comprehensive Income—Second Quarter and First Six Months 2026 and 2025 5 Consolidated Statements of Changes in Shareholders’ Equity—Second Quarter and First Six Months 2026 and 2025 6 Consolidated Statements of Cash Flows—First Six Months 2026 and 2025 7 Notes to Consolidated Financial Statements 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3. Quantitative and Qualitative Disclosures About Market Risk 51 Item 4. Controls and Procedures 51 Part II – Other Information 51 Item 1. Legal Proceedings 51 Item 1A. Risk Factors 51 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities 51 Item 3. Defaults Upon Senior Securities 51 Item 4. Mine Safety Disclosures 52 Item 5. Other Information 52 Item 6. Exhibits 52 Signature 52 1 Part I Financia l Information Item 1. Financi al Statements BERKSHIRE HATHAWAY INC. and Subsidiaries CONSOLIDATED BA LANCE SHEETS (dollars in millions) June 30, 2026 December 31, 2025 (Unaudited) Assets: Insurance and Other: Cash and cash equivalents* $ 35,096 $ 47,719 Short-term investments in U.S. Treasury Bills** 324,905 321,434 Investments in fixed maturity securities 17,034 17,816 Investments in equity securities 323,779 297,778 Equity method investments 19,948 19,978 Loans and finance receivables 30,724 29,836 Other receivables 48,635 44,331 Inventories 26,575 24,424 Property, plant and equipment 39,409 31,885 Equipment held for lease 18,912 18,535 Goodwill 56,192 55,945 Other intangible assets 33,949 33,802 Deferred charges - retroactive reinsurance 7,675 8,104 Other 27,813 24,413 1,010,646 976,000 Railroad, Utilities and Energy: Cash and cash equivalents* 5,513 4,158 Receivables 4,562 4,387 Property, plant and equipment 185,815 184,740 Goodwill 26,981 27,129 Regulatory assets 4,385 4,821 Other 25,169 20,941 252,425 246,176 Total assets $ 1,263,071 $ 1,222,176 —————— * Includes U.S. Treasury Bills with maturities of three months or less when purchased of $ 3.2 billion at June 30, 2026 and $ 17.6 billion at December 31, 2025. ** Includes unsettled purchases of U.S. Treasury Bills of $ 771 million at June 30, 2026 and