{
  "slug": "berkshire-hathaway-inc-brk-b",
  "symbol": "BRK-B",
  "name": "Berkshire Hathaway Inc",
  "fiscalYearEnd": "2025-12-31",
  "filing": {
    "accession": "0001193125-26-083899",
    "form": "10-K",
    "filed": "2026-03-02",
    "url": "https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm"
  },
  "model": "claude-haiku-5-5",
  "promptVersion": "2026-10-31.2",
  "generatedAt": "2026-10-31T19:38:16.686507+00:00",
  "segments": null,
  "sections": {
    "businessModel": [
      {
        "de": "Berkshire ist eine Holdinggesellschaft, die Tochtergesellschaften in vielen verschiedenen Geschäftsbereichen besitzt.",
        "en": "Berkshire is a holding company that owns subsidiaries in many different business areas.",
        "quote": "Berkshire Hathaway Inc. (“Berkshire,” “Company” or “Registrant”) is a holding company owning subsidiaries engaged in numerous diverse business activities."
      },
      {
        "de": "Die Versicherungstochtergesellschaften von Berkshire bieten weltweit Versicherung und Rückversicherung für Sach-, Haftpflicht-, Lebens- und Krankheitsrisiken an.",
        "en": "Berkshire's insurance subsidiaries sell insurance and reinsurance covering property, casualty, life and health risks worldwide.",
        "quote": "Berkshire’s insurance subsidiaries provide insurance and reinsurance of property and casualty risks as well as life and health risks worldwide."
      },
      {
        "de": "Die Versicherungsgesellschaften von GEICO verkaufen hauptsächlich Kfz-Privatversicherungen an Privatpersonen in allen 50 Bundesstaaten und im District of Columbia.",
        "en": "GEICO's insurance companies mainly sell private car insurance to individuals in all 50 states and the District of Columbia.",
        "quote": "The GEICO insurance subsidiaries’ principal business is the sale of private passenger automobile insurance to individuals in all 50 states and the District of Columbia."
      },
      {
        "de": "BNSF Railway transportiert Produkte aus Fertigungs-, Agrar- und Rohstoffindustrien.",
        "en": "BNSF Railway transports products from manufacturing, farming and natural resource industries.",
        "quote": "BNSF Railway transports a range of products and commodities derived from manufacturing, agricultural and natural resource industries."
      },
      {
        "de": "Die regulierten Energiegeschäfte von BHE in den USA umfassen vier Versorgungsunternehmen, die etwa 5,4 Millionen Endkunden beliefern, sowie fünf Erdgas-Pipelinegesellschaften.",
        "en": "BHE's domestic regulated energy businesses are four US utility companies serving approximately 5.4 million retail customers, plus five US natural gas pipeline companies.",
        "quote": "BHE’s domestic regulated energy interests are comprised of four regulated U.S. utility companies (collectively, “U.S. utilities”) serving approximately 5.4 million retail customers and five U.S. interstate natural gas pipeline companies"
      }
    ],
    "customers": [
      {
        "de": "BH Direct und GUARD verkaufen hauptsächlich Gewerbeversicherungen an kleine und mittlere Unternehmen.",
        "en": "BH Direct and GUARD mainly sell commercial insurance to small and medium-sized businesses.",
        "quote": "Berkshire Hathaway Direct Insurance Company and its affiliates (“BH Direct”) and the GUARD Insurance Companies (“GUARD”) primarily offer commercial insurance products to small and medium-sized businesses."
      },
      {
        "de": "McLane vertreibt Waren im Großhandel in allen 50 Bundesstaaten. Zu seinen Kunden zählen Convenience-Stores, Discounter, Großhandelsclubs, Drogerien und Restaurants.",
        "en": "McLane distributes goods wholesale in all 50 states. Its customers include convenience stores, discount retailers, wholesale clubs, drug stores and restaurants.",
        "quote": "McLane Company, Inc. (“McLane”) provides wholesale distribution services in all 50 states to customers that include convenience stores, discount retailers, wholesale clubs, drug stores, military bases, quick service restaurants and casual dining restaurants."
      },
      {
        "de": "Shaw verkauft seine Produkte im Großhandel an über 42.000 Einzelhändler, Distributoren und gewerbliche Nutzer weltweit.",
        "en": "Shaw sells its products wholesale to more than 42,000 retailers, distributors and commercial users worldwide.",
        "quote": "Shaw products are sold wholesale to over 42,000 retailers, distributors and commercial users throughout the world."
      }
    ],
    "competition": [
      {
        "de": "Der wichtigste Schienenkonkurrent von BNSF Railway im Westen der USA ist Union Pacific Railroad.",
        "en": "BNSF Railway's main rail competitor in the western US is Union Pacific Railroad.",
        "quote": "BNSF Railway’s primary rail competitor in the Western region of the U.S. is Union Pacific Railroad Company."
      },
      {
        "de": "Versicherer konkurrieren über Faktoren wie Verlässlichkeit, Finanzkraft und Stabilität, Finanzratings, Service, Preis und Versicherungsbedingungen.",
        "en": "Insurers compete on factors such as reliability, financial strength and stability, financial ratings, service, price and policy terms.",
        "quote": "Insurers compete based on reliability, financial strength and stability, financial ratings, underwriting consistency, service, business ethics, price, performance, capacity, policy terms and coverage conditions."
      },
      {
        "de": "Je nach Markt können Lkw-Unternehmen, andere Eisenbahnen, Binnenschiffe, Schiffe und Pipelines die Preise und Servicestandards unter Druck setzen.",
        "en": "Depending on the specific market, trucking companies, other railroads, barges, ships and pipelines may put pressure on prices and service levels.",
        "quote": "Depending on the specific market, deregulated motor carriers and other railroads, as well as river barges, ships and pipelines, may exert pressure on price and service levels."
      }
    ],
    "risks": [
      {
        "de": "Berkshire könnte durch eine einzige Katastrophe einen erheblichen Verlust erleiden, etwa durch eine Naturkatastrophe, Terrorismus oder einen Cyberangriff.",
        "en": "Berkshire could suffer a large loss from one catastrophe, such as a natural disaster, terrorism or a cyber-attack.",
        "quote": "Accordingly, we could incur a significant loss from a single catastrophe event resulting from a natural disaster or man-made catastrophes such as terrorism or cyber-attacks."
      },
      {
        "de": "Die geschätzten nicht gezahlten Schäden aus Sach- und Haftpflichtverträgen sind hoch, nämlich 151,8 Milliarden US-Dollar zum 31. Dezember 2025. Eine kleine prozentuale Erhöhung kann den ausgewiesenen Gewinn erheblich mindern.",
        "en": "Estimated unpaid losses on property and casualty contracts are large, at $151.8 billion at December 31, 2025. A small percentage increase in them can cause a material drop in reported earnings.",
        "quote": "Our estimated unpaid losses arising under contracts covering property and casualty insurance risks are large ($151.8 billion at December 31, 2025), and a small percentage increase to those liabilities can result in a material reduction in reported earnings."
      },
      {
        "de": "Ein erheblicher Wertverlust bei den größeren Aktienbeteiligungen von Berkshire kann das Eigenkapital der Aktionäre und die Gewinne erheblich mindern.",
        "en": "A significant fall in the value of Berkshire's larger stock investments may cause a material drop in its shareholders' equity and earnings.",
        "quote": "A significant decline in the fair values of our larger investments in equity securities may produce a material decline in our consolidated shareholders’ equity and our consolidated earnings."
      },
      {
        "de": "Berkshire ist bei seinen wichtigen Investitions- und Kapitalallokationsentscheidungen auf wenige Schlüsselpersonen angewiesen.",
        "en": "Berkshire depends on a few key people for its major investment and capital allocation decisions.",
        "quote": "We are dependent on a few key people for our major investment and capital allocation decisions."
      },
      {
        "de": "Änderungen staatlicher Vorgaben, die Kohle als Brennstoff zur Stromerzeugung einschränken, beschränken oder verdrängen, oder andere von BNSF transportierte Güter beschränken, könnten die Erlöse und Gewinne von BNSF nachteilig beeinflussen.",
        "en": "Government policy changes that limit or replace coal as a power fuel, or restrict other goods BNSF carries, could hurt BNSF's revenue and earnings.",
        "quote": "Changes in government policies that limit, restrict or displace coal as a fuel source in generating electricity, or limit or restrict other commodities that BNSF transports, could adversely affect revenues and earnings."
      }
    ]
  }
}