Business segment data

3 Months Ended

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