Business segment data

9 Months Ended

Sep. 30, 2025

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.

Notes to Consolidated Financial Statements

Note 24. Business segment data

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).


	Third Quarter 2025
	GEICO		BH Primary		BHRG		Total Underwriting		Investment Income		Total
Revenues	$	11,264	$	4,711	$	6,470	$	22,445	$	3,736	$	26,181
Costs and expenses:
Losses and loss adjustment expenses (“LAE”)		8,047		2,842		2,846		13,735		—		13,735
Life, annuity and health benefits		—		—		1,116		1,116		—		1,116
Other segment items		1,444		1,363		1,624		4,431		20		4,451
Total costs and expenses		9,491		4,205		5,586		19,282		20		19,302
Earnings before income taxes	$	1,773	$	506	$	884	$	3,163	$	3,716	$	6,879


	First Nine Months 2025
	GEICO		BH Primary		BHRG		Total Underwriting		Investment Income		Total
Revenues	$	33,080	$	13,965	$	19,399	$	66,444	$	11,360	$	77,804
Costs and expenses:
Losses and LAE		23,416		9,487		9,551		42,454		—		42,454
Life, annuity and health benefits		—		—		3,316		3,316		—		3,316
Other segment items		3,897		4,053		5,305		13,255		80		13,335
Total costs and expenses		27,313		13,540		18,172		59,025		80		59,105
Earnings before income taxes	$	5,767	$	425	$	1,227	$	7,419	$	11,280	$	18,699


	Third Quarter 2024
	GEICO		BH Primary			BHRG			Total Underwriting		Investment Income		Total
Revenues	$	10,699	$	4,685		$	6,671		$	22,055	$	4,609	$	26,664
Costs and expenses:
Losses and LAE		7,634		4,066			3,463			15,163		—		15,163
Life, annuity and health benefits		—		—			925			925		—		925
Other segment items		1,032		1,308			2,593			4,933		15		4,948
Total costs and expenses		8,666		5,374			6,981			21,021		15		21,036
Earnings before income taxes	$	2,033	$	(689	)	$	(310	)	$	1,034	$	4,594	$	5,628


	First Nine Months 2024
	GEICO		BH Primary		BHRG		Total Underwriting		Investment Income		Total
Revenues	$	31,402	$	13,882	$	20,198	$	65,482	$	11,850	$	77,332
Costs and expenses:
Losses and LAE		22,803		9,971		9,944		42,718		—		42,718
Life, annuity and health benefits		—		—		2,824		2,824		—		2,824
Other segment items		2,852		3,835		6,046		12,733		36		12,769
Total costs and expenses		25,655		13,806		18,814		58,275		36		58,311
Earnings before income taxes	$	5,747	$	76	$	1,384	$	7,207	$	11,814	$	19,021

Other segment items related to insurance underwriting include commissions and brokerage expenses and other insurance underwriting expenses.

Notes to Consolidated Financial Statements

Note 24. Business segment data


	BNSF
	Third Quarter				First Nine Months
	2025		2024		2025		2024
Revenues	$	6,039	$	5,940	$	17,528	$	17,405
Costs and expenses:
Compensation and benefits		1,400		1,407		4,159		4,140
Fuel		772		799		2,240		2,475
Depreciation and amortization		684		644		2,034		1,964
Interest expense		279		275		821		807
Other segment items		992		969		2,950		3,032
Total costs and expenses		4,127		4,094		12,204		12,418
Earnings before income taxes	$	1,912	$	1,846	$	5,324	$	4,987

Other segment items of BNSF include purchased services, equipment rents and materials expenses.


	BHE
	Third Quarter				First Nine Months
	2025		2024		2025		2024
Revenues	$	7,304	$	7,335	$	20,078	$	20,104
Costs and expenses:
Energy cost of sales		1,876		1,902		4,841		5,099
Energy operations and maintenance		1,473		1,342		4,114		4,139
Energy depreciation and amortization		1,025		986		3,088		2,944
Real estate operating costs and expenses		1,146		1,151		3,227		3,477
Interest expense		658		630		1,968		1,900
Other segment items		213		223		819		686
Total costs and expenses		6,391		6,234		18,057		18,245
Earnings before income taxes	$	913	$	1,101	$	2,021	$	1,859

Other segment items of BHE primarily consist of property taxes and other expenses.


	Manufacturing								Service and retailing
	Third Quarter				First Nine Months				Third Quarter				First Nine Months
	2025		2024		2025		2024		2025		2024		2025		2024
Revenues	$	20,047	$	19,675	$	58,782	$	58,044	$	10,593	$	9,842	$	31,418	$	29,492
Costs and expenses:
Cost of sales and services		12,848		12,801		38,157		38,091		6,388		5,907		18,846		17,652
Cost of leasing		288		297		887		827		1,587		1,473		4,763		4,378
Interest expense		303		264		886		657		28		30		84		88
Other segment items		3,024		3,178		9,305		9,291		1,610		1,555		4,699		4,620
Total costs and expenses		16,463		16,540		49,235		48,866		9,613		8,965		28,392		26,738
Earnings before income taxes	$	3,584	$	3,135	$	9,547	$	9,178	$	980	$	877	$	3,026	$	2,754

Other segment items of the manufacturing, service and retailing segments primarily consist of selling, general and administrative expenses.

Notes to Consolidated Financial Statements

Note 24. Business segment data


	Pilot									McLane
	Third Quarter					First Nine Months				Third Quarter				First Nine Months
	2025			2024		2025		2024		2025		2024		2025		2024
Revenues	$	10,882		$	10,630	$	31,421	$	36,132	$	13,191	$	12,723	$	37,967	$	37,656
Costs and expenses:
Cost of sales and services		9,881			9,453		28,175		32,903		12,054		11,683		34,660		34,556
Depreciation and amortization		266			254		783		750		50		50		146		149
Other segment items		752			706		2,193		1,993		914		845		2,631		2,499
Total costs and expenses		10,899			10,413		31,151		35,646		13,018		12,578		37,437		37,204
Earnings before income taxes	$	(17	)	$	217	$	270	$	486	$	173	$	145	$	530	$	452

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
	Third Quarter				First Nine Months				Third Quarter					First Nine Months
	2025		2024		2025		2024		2025		2024			2025			2024
Total operating businesses	$	94,237	$	92,809	$	274,998	$	276,165	$	14,424	$	12,949		$	39,417		$	38,737
Investment gains (losses)		—		—		—		—		21,939		20,514			21,868			46,247
Equity method investments		—		—		—		—		330		222			(4,289	)		967
Corporate, eliminations and other		735		186		2,214		352		1,412		(1,177	)		1,007			400
	$	94,972	$	92,995	$	277,212	$	276,517	$	38,105	$	32,508		$	58,003		$	86,351

Additional segment data follows (in millions).


	Interest expense											Income tax expense (benefit)
	Third Quarter						First Nine Months					Third Quarter						First Nine Months
	2025			2024			2025			2024		2025			2024			2025			2024
Business segments
Insurance	$	—		$	—		$	—		$	—	$	1,329		$	1,212		$	3,560		$	3,826
BNSF		279			275			821			807		463			463			1,195			1,234
BHE		658			630			1,968			1,900		(606	)		(708	)		(1,385	)		(1,535	)
Manufacturing		303			264			886			657		768			726			2,080			2,137
Service and retailing		28			30			84			88		265			218			733			676
Pilot		53			69			174			246		(3	)		18			60			45
McLane		6			4			19			14		42			38			130			114
		1,327			1,272			3,952			3,712		2,258			1,967			6,373			6,497
Reconciliation to consolidated amount
Investment gains (losses)		—			—			—			—		4,622			4,325			4,611			9,801
Equity method investments		—			—			—			—		54			23			(1,105	)		143
Corporate, eliminations and other		(66	)		(58	)		(181	)		48		307			(287	)		131			100
	$	1,261		$	1,214		$	3,771		$	3,760	$	7,241		$	6,028		$	10,010		$	16,541

Notes to Consolidated Financial Statements

Note 24. Business segment data


	Capital expenditures								Depreciation and amortization
	Third Quarter				First Nine Months				Third Quarter				First Nine Months
	2025		2024		2025		2024		2025		2024		2025		2024
Business segments
Insurance	$	30	$	10	$	65	$	59	$	112	$	94	$	329	$	292
BNSF		998		1,024		2,597		2,779		684		644		2,034		1,964
BHE		2,954		2,108		7,527		6,236		1,035		997		3,118		2,979
Manufacturing		646		669		1,956		2,028		606		614		1,828		1,828
Service and retailing		677		656		1,774		1,818		413		398		1,216		1,141
Pilot		233		174		691		570		266		254		783		750
McLane		48		60		115		139		50		50		146		149
	$	5,586	$	4,701	$	14,725	$	13,629		3,166		3,051		9,454		9,103
Reconciliation to consolidated amount
Corporate, eliminations and other										167		155		473		469
									$	3,333	$	3,206	$	9,927	$	9,572


	Goodwill				Identifiable assets
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Business segments
Insurance	$	16,557	$	16,557	$	593,230	$	539,884
BNSF		15,351		15,351		81,537		80,813
BHE		11,756		11,669		134,614		128,276
Manufacturing		28,273		27,716		122,969		119,860
Service and retailing		5,879		5,878		39,320		37,198
Pilot		6,477		6,477		19,192		19,652
McLane		232		232		7,344		7,165
	$	84,525	$	83,880		998,206		932,848
Reconciliation to consolidated amount
Corporate and other						143,232		137,153
Goodwill						84,525		83,880
					$	1,225,963	$	1,153,881

- 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

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+ Details