BERKSHIRE HATHAWAY INC

Berkshire Hathaway Inc. operates as a diversified holding company with subsidiaries engaged in insurance, freight rail transportation, energy generation and distribution, and numerous manufacturing, services, and retailing businesses. The company is incorporated in Delaware with headquarters in Omaha, Nebraska, and maintains a website at https://www.berkshirehathaway.com.

The insurance segment represents a cornerstone of Berkshire's operations, conducted through both primary and reinsurance businesses. GEICO, the company's largest insurance subsidiary, is the third-largest private passenger automobile insurer in the United States with approximately 11.6% market share. The Berkshire Hathaway Primary Group comprises independently managed insurers offering workers' compensation, commercial auto, property, specialty, and healthcare liability coverages. The Berkshire Hathaway Reinsurance Group provides global property, casualty, life, and health reinsurance through multiple subsidiaries including General Re Corporation and Transatlantic Reinsurance Company. Insurance subsidiaries maintain exceptional capital strength, with combined statutory surplus of approximately $333 billion as of December 31, 2025, and hold significant invested assets including a concentrated portfolio of publicly traded equities.

Burlington Northern Santa Fe operates one of North America's largest freight rail transportation systems, serving the Midwest, Pacific Northwest, Western, Southwestern, and Southeastern regions with approximately 35,000 employees. The railroad transports consumer products, industrial products, agricultural and energy products, and coal.

Berkshire Hathaway Energy Company, headquartered in Iowa, operates a diversified energy portfolio including four regulated U.S. utility companies serving approximately 5.4 million retail customers, five interstate natural gas pipeline companies with approximately 20,900 miles of operated pipeline, and independent power projects generating approximately 6,400 net megawatts of capacity primarily from renewable sources. BHE also operates electricity distribution networks in Great Britain and Canada and maintains interests in liquefied natural gas facilities.

Berkshire employs approximately 387,800 people worldwide, with approximately 80% in the United States and 19% represented by unions. Insurance float has grown from approximately $138 billion in 2020 to approximately $176 billion at the end of 2025. The company's decentralized management structure allows operating subsidiaries substantial autonomy while the Chief Executive Officer maintains responsibility for significant capital allocation decisions and investment activities.