Consolidated Statements of Earnings - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenues:

Leasing revenues

$ 2,671

$ 2,431

Total revenues

93,675

89,725

Investment gains (losses)

(1,605)

(6,435)

Costs and expenses:

Interest expense

1,301

1,257

Total costs and expenses

79,927

78,268

Earnings before income taxes and equity method earnings

12,143

5,022

Equity method earnings

176

126

Earnings before income taxes

12,319

5,148

Income tax expense

2,140

476

Net earnings

10,179

4,672

Earnings attributable to noncontrolling interests

Net earnings attributable to Berkshire shareholders

$ 10,106

$ 4,603

Equivalent Class A [Member]

Earnings per share:

Net earnings per average equivalent

$ 7,027

$ 3,200

Average equivalent shares outstanding

1,438,124

1,438,223

Equivalent Class B [Member]

Earnings per share:

Net earnings per average equivalent

^[1]

$ 4.68

$ 2.13

Average equivalent shares outstanding

2,157,185,889

2,157,335,139

Insurance and Other [Member]

Revenues:

Insurance premiums earned

$ 22,005

$ 21,804

Sales and service revenues

50,946

47,815

Leasing revenues

2,671

2,431

Interest, dividend and other investment income

5,430

5,632

Total revenues

81,052

77,682

Costs and expenses:

Insurance losses and loss adjustment expenses

14,204

14,646

Life, annuity and health insurance benefits

1,019

1,068

Insurance underwriting expenses

4,517

4,368

Cost of sales and services

41,207

38,551

Cost of leasing

2,027

1,887

Selling, general and administrative expenses

6,556

7,681

Interest expense

324

340

Total costs and expenses

69,854

68,541

Railroad, Utilities and Energy [Member]

Revenues:

Railroad transportation revenues

5,940

5,671

Utility and energy operating revenues

5,807

5,494

Service revenues and other income

876

878

Total revenues

12,623

12,043

Costs and expenses:

Freight rail transportation expenses

3,923

3,873

Utilities and energy cost of sales and other expenses

4,317

4,091

Other expenses

856

846

Interest expense

977

917

Total costs and expenses

$ 10,073

$ 9,727

[1]	Net earnings per average equivalent Class B share outstanding is equal to one-fifteen-hundredth of the equivalent Class A amount. See Note 18.

BERKSHIRE HATHAWAY INC 10-Q