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Business segment data | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Business segment data | Note 24. Business segment data Berkshire’s numerous and diverse businesses are managed on an unusually decentralized basis. These businesses are aggregated into operating segments in a manner that reflects how Berkshire views the business activities. The tabular information that follows shows data of Berkshire’s reportable business segments reconciled to amounts reflected in our Consolidated Financial Statements. Intersegment transactions are not eliminated from segment results when those transactions are considered in assessing the results of the respective segments. Furthermore, investment gains and losses, goodwill and indefinite-lived intangible asset impairments and amortization of certain acquisition accounting adjustments or certain other corporate income and expense items are not considered in assessing the financial performance of operating businesses. Collectively, these items are included in corporate, eliminations and other to reconcile segment totals to consolidated amounts. The information in the following tables includes additional disclosures pursuant to ASU 2023-07, which we adopted as of December 31, 2024. 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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