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Business segment data (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of revenues, earnings before income taxes, interest expense, income tax expense, capital expenditures, depreciation, goodwill and identifiable assets by segment | We view our insurance segment as possessing two distinct activities – underwriting and investing. Our underwriting activities are summarized for GEICO, Berkshire Hathaway Primary Group (“BH Primary”) and Berkshire Hathaway Reinsurance Group (“BHRG”). Earnings data of our business segments are shown in the following tables (in millions).
| First Quarter 2025 |
| GEICO |  | BH Primary |  | BHRG |  | Total Underwriting |  | Investment Income |  | Total |
Revenues | $ | 10,752 |  | $ | 4,577 |  | $ | 6,475 |  | $ | 21,804 |  | $ | 3,571 |  | $ | 25,375 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Losses and LAE |  | 7,424 |  |  | 3,452 |  |  | 3,770 |  |  | 14,646 |  |  | — |  |  | 14,646 |
Life, annuity and health benefits |  | — |  |  | — |  |  | 1,068 |  |  | 1,068 |  |  | — |  |  | 1,068 |
Other segment items |  | 1,155 |  |  | 1,269 |  |  | 1,944 |  |  | 4,368 |  |  | 10 |  |  | 4,378 |
Total costs and expenses |  | 8,579 |  |  | 4,721 |  |  | 6,782 |  |  | 20,082 |  |  | 10 |  |  | 20,092 |
Earnings before income taxes | $ | 2,173 |  | $ | (144 | ) | $ | (307 | ) | $ | 1,722 |  | $ | 3,561 |  | $ | 5,283 |
| First Quarter 2024 |
| GEICO |  | BH Primary |  | BHRG |  | Total Underwriting |  | Investment Income |  | Total |
Revenues | $ | 10,234 |  | $ | 4,541 |  | $ | 6,699 |  | $ | 21,474 |  | $ | 3,164 |  | $ | 24,638 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Losses and LAE |  | 7,414 |  |  | 2,812 |  |  | 3,222 |  |  | 13,448 |  |  | — |  |  | 13,448 |
Life, annuity and health benefits |  | — |  |  | — |  |  | 945 |  |  | 945 |  |  | — |  |  | 945 |
Other segment items |  | 892 |  |  | 1,243 |  |  | 1,620 |  |  | 3,755 |  |  | 12 |  |  | 3,767 |
Total costs and expenses |  | 8,306 |  |  | 4,055 |  |  | 5,787 |  |  | 18,148 |  |  | 12 |  |  | 18,160 |
Earnings before income taxes | $ | 1,928 |  | $ | 486 |  | $ | 912 |  | $ | 3,326 |  | $ | 3,152 |  | $ | 6,478 |
Other segment items related to insurance underwriting include commissions and brokerage expenses and other insurance underwriting expenses.
|  |  | BNSF |
|  |  | First Quarter |
|  |  | 2025 |  | 2024 |
Revenues |  |  | $ | 5,720 |  | $ | 5,660 |
Costs and expenses: |  |  |  |  |  |
Compensation and benefits |  |  |  | 1,387 |  |  | 1,412 |
Fuel |  |  |  | 770 |  |  | 855 |
Depreciation and amortization |  |  |  | 671 |  |  | 657 |
Interest expense |  |  |  | 272 |  |  | 265 |
Other segment items |  |  |  | 1,017 |  |  | 952 |
Total costs and expenses |  |  |  | 4,117 |  |  | 4,141 |
Earnings before income taxes |  |  | $ | 1,603 |  | $ | 1,519 |
Other segment items of BNSF include purchased services, equipment rents and materials expenses. Notes to Consolidated Financial Statements Note 24. Business segment data
|  |  | BHE |
|  |  | First Quarter |
|  |  | 2025 |  | 2024 |
Revenues |  |  | $ | 6,356 |  | $ | 6,277 |
Costs and expenses: |  |  |  |  |  |
Energy cost of sales |  |  |  | 1,531 |  |  | 1,670 |
Energy operations and maintenance |  |  |  | 1,249 |  |  | 1,235 |
Energy depreciation and amortization |  |  |  | 1,009 |  |  | 982 |
Real estate costs and expenses |  |  |  | 871 |  |  | 1,086 |
Interest expense |  |  |  | 646 |  |  | 645 |
Other segment items |  |  |  | 327 |  |  | 227 |
Total costs and expenses |  |  |  | 5,633 |  |  | 5,845 |
Earnings before income taxes |  |  | $ | 723 |  | $ | 432 |
Other segment items of BHE primarily consist of property taxes and other expenses.
| Manufacturing |  | Service and retailing |
| First Quarter |  | First Quarter |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Revenues | $ | 18,766 |  | $ | 18,529 |  | $ | 10,137 |  | $ | 9,703 |
Costs and expenses: |  |  |  |  |  |  |  |
Cost of sales and services |  | 12,329 |  |  | 12,232 |  |  | 6,064 |  |  | 5,786 |
Cost of leasing |  | 294 |  |  | 243 |  |  | 1,589 |  |  | 1,448 |
Interest expense |  | 285 |  |  | 198 |  |  | 27 |  |  | 29 |
Other segment items |  | 3,142 |  |  | 2,942 |  |  | 1,516 |  |  | 1,532 |
Total costs and expenses |  | 16,050 |  |  | 15,615 |  |  | 9,196 |  |  | 8,795 |
Earnings before income taxes | $ | 2,716 |  | $ | 2,914 |  | $ | 941 |  | $ | 908 |
Other segment items of the manufacturing, services and retailing segments primarily consist of selling, general and administrative expenses.
| Pilot |  | McLane |
| First Quarter |  | First Quarter |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Revenues | $ | 10,430 |  | $ | 12,503 |  | $ | 12,175 |  | $ | 12,475 |
Costs and expenses: |  |  |  |  |  |  |  |
Cost of sales and services |  | 9,284 |  |  | 11,557 |  |  | 11,101 |  |  | 11,443 |
Depreciation and amortization |  | 257 |  |  | 245 |  |  | 49 |  |  | 50 |
Other segment items |  | 721 |  |  | 631 |  |  | 844 |  |  | 817 |
Total costs and expenses |  | 10,262 |  |  | 12,433 |  |  | 11,994 |  |  | 12,310 |
Earnings before income taxes | $ | 168 |  | $ | 70 |  | $ | 181 |  | $ | 165 |
Other segment items of Pilot primarily consist of store operating, interest and general and administrative expenses. Other segment items of McLane include general and administrative expenses. Reconciliations of revenues and earnings before income taxes of our business segments to the consolidated amounts follow (in millions).
| Revenues |  | Earnings before income taxes |
| First Quarter |  | First Quarter |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Total operating businesses | $ | 88,959 |  | $ | 89,785 |  | $ | 11,615 |  | $ | 12,486 |
Investment gains (losses) |  | — |  |  | — |  |  | (6,435 | ) |  | 1,876 |
Equity method investments |  | — |  |  | — |  |  | 126 |  |  | 493 |
Corporate, eliminations and other |  | 766 |  |  | 84 |  |  | (158 | ) |  | 851 |
| $ | 89,725 |  | $ | 89,869 |  | $ | 5,148 |  | $ | 15,706 |
Notes to Consolidated Financial Statements Note 24. Business segment data Additional segment data follows (in millions).
| Interest expense |  | Income tax expense (benefit) |
| First Quarter |  | First Quarter |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Business segments |  |  |  |  |  |  |  |
Insurance | $ | — |  | $ | — |  | $ | 1,054 |  | $ | 1,282 |
BNSF |  | 272 |  |  | 265 |  |  | 389 |  |  | 376 |
BHE |  | 646 |  |  | 645 |  |  | (422 | ) |  | (393 | )
Manufacturing |  | 285 |  |  | 198 |  |  | 611 |  |  | 684 |
Pilot |  | 72 |  |  | 94 |  |  | 37 |  |  | (1 | )
McLane |  | 7 |  |  | 5 |  |  | 45 |  |  | 42 |
Service and retailing |  | 27 |  |  | 29 |  |  | 225 |  |  | 214 |
|  | 1,309 |  |  | 1,236 |  |  | 1,939 |  |  | 2,204 |
Reconciliation to consolidated amount |  |  |  |  |  |  |  |
Investment gains (losses) |  | — |  |  | — |  |  | (1,390 | ) |  | 394 |
Equity method investments |  | — |  |  | — |  |  | 11 |  |  | 88 |
Corporate, eliminations and other |  | (52 | ) |  | 80 |  |  | (84 | ) |  | 188 |
| $ | 1,257 |  | $ | 1,316 |  | $ | 476 |  | $ | 2,874 |
| Capital expenditures |  | Depreciation and amortization |
| First Quarter |  | First Quarter |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Business segments |  |  |  |  |  |  |  |
Insurance | $ | 24 |  | $ | 35 |  | $ | 107 |  | $ | 98 |
BNSF |  | 652 |  |  | 721 |  |  | 671 |  |  | 657 |
BHE |  | 2,128 |  |  | 2,153 |  |  | 1,019 |  |  | 994 |
Manufacturing |  | 707 |  |  | 708 |  |  | 610 |  |  | 601 |
Pilot |  | 204 |  |  | 172 |  |  | 257 |  |  | 245 |
McLane |  | 22 |  |  | 25 |  |  | 49 |  |  | 50 |
Service and retailing |  | 544 |  |  | 579 |  |  | 399 |  |  | 367 |
| $ | 4,281 |  | $ | 4,393 |  |  | 3,112 |  |  | 3,012 |
Reconciliation to consolidated amount |  |  |  |  |  |  |  |
Corporate, eliminations and other |  |  |  |  |  | 153 |  |  | 156 |
|  |  |  |  | $ | 3,265 |  | $ | 3,168 |
| Goodwill |  | Identifiable assets |
| March 31, |  | December 31, |  | March 31, |  | December 31, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Business segments |  |  |  |  |  |  |  |
Insurance | $ | 16,557 |  | $ | 16,557 |  | $ | 532,016 |  | $ | 539,884 |
BNSF |  | 15,351 |  |  | 15,351 |  |  | 81,559 |  |  | 80,813 |
BHE |  | 11,683 |  |  | 11,669 |  |  | 130,643 |  |  | 128,276 |
Manufacturing |  | 27,829 |  |  | 27,716 |  |  | 120,901 |  |  | 119,860 |
Pilot |  | 6,477 |  |  | 6,477 |  |  | 19,460 |  |  | 19,652 |
McLane |  | 232 |  |  | 232 |  |  | 7,283 |  |  | 7,165 |
Service and retailing |  | 5,878 |  |  | 5,878 |  |  | 38,130 |  |  | 37,198 |
| $ | 84,007 |  | $ | 83,880 |  |  | 929,992 |  |  | 932,848 |
Reconciliation to consolidated amount |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  | 150,533 |  |  | 137,153 |
Goodwill |  |  |  |  |  | 84,007 |  |  | 83,880 |
|  |  |  |  | $ | 1,164,532 |  | $ | 1,153,881 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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