Berkshire Hathaway (BRK.A, BRK.B): Company Profile & Investor Guide

What is Berkshire Hathaway?

> Berkshire Hathaway is a decentralized holding company that owns insurance businesses, BNSF Railway, Berkshire Hathaway Energy and dozens of manufacturing, service and retail companies, while also holding a large portfolio of publicly traded securities. Its economics are unusual because insurance operations can generate large pools of investable “float,” while wholly owned businesses produce cash that management can reinvest across the conglomerate. Berkshire trades on the New York Stock Exchange through Class A shares (BRK.A) and Class B shares (BRK.B). Greg Abel became chief executive officer on January 1, 2026, succeeding Warren Buffett, who remains chairman. For investors, Berkshire is best understood as a capital-allocation system rather than a single operating business.

Primary sources:

• 2025 Form 10-K: https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm
• Q2 2026 Form 10-Q: https://www.sec.gov/Archives/edgar/data/1067983/000119312526341032/brka-20260630.htm
• Berkshire reports: https://www.berkshirehathaway.com/reports.html

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Company snapshot

| Item | Berkshire Hathaway | |---|---| | Legal name | Berkshire Hathaway Inc. | | Headquarters | Omaha, Nebraska | | State of incorporation | Delaware | | SEC CIK | 0001067983 | | Primary listings | NYSE: BRK.A and BRK.B | | CEO | Gregory E. Abel | | Chairman | Warren E. Buffett | | Fiscal year end | December 31 | | Core business model | Holding company / insurer / capital allocator | | Major operating groups | Insurance, BNSF, Berkshire Hathaway Energy, manufacturing, services and retailing | | S&P 500 relationship | Current constituent through Berkshire's eligible listed security line(s); membership should be stored as dated index metadata |

Sources:

• https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm
• https://www.sec.gov/Archives/edgar/data/1067983/000119312526106253/d882687ddef14a.htm

The simplest way to understand Berkshire

Berkshire Hathaway looks complicated because its consolidated financial statements combine businesses that would normally be analyzed with completely different toolkits. An auto insurer, a railroad, a regulated utility, an industrial manufacturer, a retailer and a portfolio of public stocks do not share one natural operating metric.

The most useful mental model is therefore not “What industry is Berkshire in?” but “How does Berkshire move capital among a collection of businesses and investments?”

The company has three broad economic engines:

• Insurance. GEICO, Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group underwrite risks. When premiums are collected before claims are paid, Berkshire holds insurance float that can be invested subject to the obligations associated with those policies.
• Wholly owned operating businesses. BNSF, Berkshire Hathaway Energy and a large collection of manufacturing, service and retail subsidiaries produce operating cash flow and earnings.
• Investments and capital allocation. Berkshire invests in public equities, fixed-income securities, U.S. Treasury bills, acquisitions and internal projects. Management decides where incremental dollars can earn attractive long-term returns while preserving extraordinary liquidity.

This combination is why Berkshire should not be analyzed like a normal conglomerate that merely adds together unrelated subsidiaries. The central corporate office is intentionally small and operating subsidiaries are highly decentralized. The corporate center's most important jobs are capital allocation, risk tolerance, leadership selection and preserving the balance sheet.

The 2025 10-K describes Berkshire as a holding company with important operations in insurance and reinsurance, freight rail transportation, utilities and energy, manufacturing, service and retailing. It also says subsidiaries are managed on an unusually decentralized basis with few centralized or integrated business functions.

Source: https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm

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How Berkshire makes money

Berkshire does not have one revenue stream. Investors should separate operating earnings from investment gains and losses, because accounting rules can make Berkshire's reported net income swing sharply when the market value of public equity holdings changes.

For 2025, Berkshire reported after-tax operating earnings of approximately $44.5 billion, while net earnings attributable to shareholders were about $67.0 billion. The distinction matters: investment gains and losses can be economically real over long periods, but quarter-to-quarter market movements are not the same thing as the operating performance of GEICO, BNSF or an industrial subsidiary.

Berkshire's own earnings release explicitly warns readers that the abbreviated release is not adequate for an informed investment judgment and points them to the annual report. That is a useful clue about how Swoopr should present the company: the headline net-income number is not enough.

Sources:

• 2025 earnings release: https://www.sec.gov/Archives/edgar/data/1067983/000119312526085801/d117283dex991.htm
• 2025 annual report: https://www.berkshirehathaway.com/2025ar/2025ar.pdf

### Insurance underwriting

Insurance can create value in two ways.

First, an insurer can earn an underwriting profit when premiums exceed claims and operating expenses over time. Second, insurers receive premiums before many claims are paid, creating investable funds known as float.

Berkshire reported insurance underwriting after-tax earnings of about $7.3 billion in 2025, compared with $9.0 billion in 2024 and $5.4 billion in 2023. At year-end 2025, Berkshire said insurance float was approximately $176 billion.

Float is powerful but easy to misunderstand. It is not free cash that belongs permanently to shareholders. It represents net insurance liabilities Berkshire expects to pay. Its economic value depends on how long Berkshire can hold it, what the insurance operations cost to generate it and how intelligently the funds are invested while claims obligations are honored.

Sources:

• https://www.berkshirehathaway.com/2025ar/2025ar.pdf
• https://www.nasdaq.com/press-release/berkshire-hathaway-inc-news-release-2026-02-28

### Insurance investment income

Berkshire's insurance operations also earn interest, dividends and other investment income on the assets held against float and other capital. After-tax insurance investment income was about $12.5 billion in 2025.

This line is sensitive to the size and composition of Berkshire's investment portfolio and prevailing interest rates. A large Treasury-bill balance can generate substantial interest income when short-term rates are high, but that benefit can diminish when rates fall unless the capital is redeployed elsewhere at attractive returns.

Source: https://www.berkshirehathaway.com/2025ar/2025ar.pdf

### BNSF Railway

BNSF is one of North America's largest freight railroad systems. Its economics are driven by freight volumes, pricing, fuel costs, network efficiency, labor productivity, capital intensity and the mix of commodities and intermodal traffic moving across its network.

For the first six months of 2026, BNSF reported approximately $12.6 billion in revenue and $3.9 billion in pretax earnings. After-tax BNSF earnings attributable to Berkshire were about $2.94 billion for the first half, up from about $2.68 billion in the first half of 2025.

Railroads are capital-intensive. An investor should therefore watch not only earnings but also maintenance capital, network performance, fuel efficiency, volumes and the degree to which pricing can offset inflation.

Source: https://www.sec.gov/Archives/edgar/data/1067983/000119312526341032/brka-20260630.htm

### Berkshire Hathaway Energy

Berkshire Hathaway Energy owns regulated electric utilities, natural gas pipelines, renewable and other generation assets, and additional energy/real-estate operations. Its regulated utility subsidiaries include PacifiCorp, MidAmerican Energy and NV Energy.

For the first six months of 2026, Berkshire reported roughly $13.4 billion of BHE revenue and about $2.0 billion of after-tax BHE earnings attributable to Berkshire.

Utilities are not primarily growth-by-unit-volume businesses. Much of their economics depend on capital investment, regulatory approval, allowed returns, financing costs, reliability obligations and the relationship between new infrastructure needs and customer affordability. This makes BHE's capital program and regulatory outcomes more important than a superficial comparison of quarterly revenue growth.

Source: https://www.sec.gov/Archives/edgar/data/1067983/000119312526341032/brka-20260630.htm

### Manufacturing, service and retailing

This broad group includes dozens of businesses across industrial manufacturing, building products, consumer products, aviation services, distribution, retail and other categories. Berkshire reported about $13.6 billion of after-tax earnings from manufacturing, service and retailing in 2025, and about $7.7 billion for the first six months of 2026.

The danger for investors is treating this as one homogeneous segment. It is better viewed as a portfolio of operating businesses whose sensitivity differs by end market. Industrial demand, housing, aviation, consumer spending, raw materials and interest rates can affect different subsidiaries in different ways.

Sources:

• https://www.berkshirehathaway.com/2025ar/2025ar.pdf
• https://www.sec.gov/Archives/edgar/data/1067983/000119312526341032/brka-20260630.htm

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The numbers that actually matter

A Berkshire investor can drown in hundreds of line items. These are among the most useful indicators to track.

| Metric | Why it matters | Current reference point | |---|---|---| | Operating earnings | Better indicator of underlying operating-business performance than quarterly net income alone | $44.5B for 2025 | | Insurance underwriting profit | Shows whether float is being generated at an attractive underwriting cost | $7.3B after tax in 2025 | | Insurance float | Large source of investable funding tied to insurance liabilities | ~$176B at year-end 2025 | | Insurance investment income | Shows earnings from invested insurance assets | $12.5B after tax in 2025 | | BNSF earnings | Captures a major railroad franchise and industrial/economic sensitivity | $2.94B after tax, first half 2026 | | BHE earnings | Tracks regulated energy and infrastructure economics | $2.01B after tax, first half 2026 | | Manufacturing/service/retail earnings | Measures the broad collection of non-insurance operating companies | $7.67B after tax, first half 2026 | | Cash + U.S. Treasury bills | Indicates liquidity and unallocated capital | $35.1B cash + $324.9B T-bills in Insurance & Other at June 30, 2026 | | Equity securities | Measures public-equity exposure | $323.8B at June 30, 2026 | | Share repurchases | Shows whether management views Berkshire shares as an attractive use of capital | monitor quarterly |

Sources:

• 2025 annual report: https://www.berkshirehathaway.com/2025ar/2025ar.pdf
• Q2 2026 report: https://www.berkshirehathaway.com/qtrly/2ndqtr26.pdf

### Why cash is not automatically “wasted capital”

Berkshire's liquidity can look excessive when equity markets are rising. At June 30, 2026, its Insurance and Other balance sheet showed about $35.1 billion in cash and cash equivalents and $324.9 billion in short-term U.S. Treasury bills.

That reserve has several jobs:

• support insurance obligations and extreme-loss scenarios,
• protect Berkshire's credit strength,
• preserve flexibility for large acquisitions or market dislocations,
• avoid forced selling,
• earn interest while management waits for better opportunities.

The opportunity cost is real: cash-like assets can lag equities during strong bull markets. But judging the reserve only by short-term relative performance misses the option value of having enormous deployable liquidity when markets or individual companies become stressed.

Source: https://www.berkshirehathaway.com/qtrly/2ndqtr26.pdf

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Berkshire's capital-allocation engine

Berkshire's central competitive claim is not that every subsidiary is best-in-class. It is that the organization can retain large amounts of capital and move that capital to where management believes long-term returns are attractive.

The main choices are:

• invest internally in existing subsidiaries,
• acquire entire businesses,
• buy public securities,
• repurchase Berkshire shares,
• hold cash and Treasury bills,
• reduce or issue debt where appropriate.

This creates a high hurdle for management. Retained earnings are valuable only if the next dollar can be deployed intelligently. Berkshire's scale makes this harder over time: an investment that would have been meaningful decades ago may now be too small to affect overall results.

### Acquisition discipline

Berkshire's model historically favored businesses with durable economics, understandable cash generation, strong managers and the ability to operate autonomously. But acquisition outcomes are not automatically successful just because Berkshire made the purchase.

A strong Swoopr dossier should therefore include Investment Autopsies rather than repeating the mythology of perfect capital allocation. The 2025 annual report, for example, included an other-than-temporary impairment related to investments in Kraft Heinz and Occidental. Impairments are reminders that even long-term investors with extraordinary records can overpay, misjudge industry economics or face outcomes that differ materially from the original thesis.

Source: https://www.berkshirehathaway.com/2025ar/2025ar.pdf

### Recent large acquisitions

Berkshire completed its acquisition of OxyChem in January 2026 and announced/completed the acquisition of Taylor Morrison during 2026, illustrating that the conglomerate remains willing to deploy very large sums into wholly owned operating businesses under Greg Abel.

Berkshire's 2026 news archive provides the event trail: https://www.berkshirehathaway.com/news/2026news.html

The investor question is not simply “Is Berkshire buying companies again?” The more important questions are:

• What return on incremental capital is implied?
• How cyclical are the acquired earnings?
• Does Berkshire gain a durable advantage from permanent ownership?
• What leverage or integration risk is introduced?
• Does the deal consume capital that could have produced better returns elsewhere?

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Leadership after Warren Buffett

Greg Abel became Berkshire's president and chief executive officer on January 1, 2026. Before becoming CEO, he served as vice chairman responsible for non-insurance operations and earlier led Berkshire Hathaway Energy. Warren Buffett remains chairman.

This transition matters because Berkshire's identity has been unusually tied to Buffett's judgment, communication style and capital-allocation record. A normal leadership change can be evaluated through strategy, margins and execution. Berkshire's succession also raises a cultural question: Can the institution preserve decentralized operating autonomy and rational capital allocation without turning into a conventional headquarters-driven conglomerate?

The early evidence investors should monitor is behavioral rather than rhetorical:

• size and price of acquisitions,
• willingness to hold cash when opportunities are poor,
• treatment of subsidiary managers,
• repurchase discipline,
• use of leverage,
• tolerance for short-term underperformance,
• communication about errors.

Abel's background matters because he spent years inside Berkshire's operating-company system rather than arriving as an outside financial engineer.

Sources:

• Berkshire 2026 proxy: https://www.sec.gov/Archives/edgar/data/1067983/000119312526106253/d882687ddef14a.htm
• CEO transition filing: https://www.sec.gov/Archives/edgar/data/1067983/000119312526004727/d32284d8ka.htm

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Competitive advantages

### 1. Permanent capital

Berkshire is not an investment fund that must satisfy redemptions. This allows it to hold businesses and securities through difficult periods without being forced to sell simply because outside investors demand cash back.

### 2. Insurance float

When insurance is underwritten profitably over time, float can provide a large, relatively durable source of investable funds. The advantage disappears if underwriting deteriorates, claims inflation is mispriced or catastrophic losses are poorly managed.

### 3. Decentralization

Subsidiaries generally retain substantial operating autonomy. This can reduce bureaucracy and allow managers closest to a business to make decisions. The trade-off is that a decentralized structure requires excellent manager selection and strong cultural controls.

### 4. Balance-sheet strength

Large liquidity and diversified cash generation can make Berkshire an unusually credible counterparty in stressed markets. That can create opportunities unavailable to more leveraged buyers.

### 5. Reputation with sellers

Owners of private businesses may value Berkshire's reputation for long-term ownership and operational autonomy. That can matter in negotiated acquisitions where price is not the seller's only objective.

### What could break the moat?

Berkshire's advantages are not permanent laws of nature. They could weaken if:

• underwriting discipline deteriorates,
• managers begin empire-building,
• acquisitions are made to avoid the appearance of excess cash,
• decentralization becomes insufficient oversight,
• regulatory or catastrophe losses consume more insurance capital than expected,
• scale makes attractive capital deployment too difficult,
• cultural norms fade after the founder era.

The moat is therefore partly financial and partly institutional.

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Risks investors should take seriously

### Catastrophe and insurance reserving risk

Insurance profits can be volatile. Large catastrophes, unexpected claim inflation, litigation trends or reserve errors can create losses long after premiums were written.

### Utility wildfire and regulatory risk

Berkshire Hathaway Energy operates in jurisdictions where wildfire liabilities, grid investment and regulatory decisions can materially affect returns. Utility assets can appear stable until extraordinary liabilities or regulatory disallowances change the economics.

### Railroad cyclicality and capital intensity

BNSF depends on the movement of physical goods. Industrial activity, trade, fuel costs and competition affect volumes and margins, while continuous infrastructure investment is unavoidable.

### Public-equity concentration

Berkshire's equity portfolio can be concentrated in a relatively small number of large holdings. That can create substantial mark-to-market volatility and economic dependence on a handful of businesses.

### Succession and culture

The CEO transition is complete legally, but cultural succession is a multi-year process. Berkshire's future record will depend on whether its operating and capital-allocation systems remain disciplined under new leadership.

### Scale

Berkshire's size is itself a constraint. A $1 billion success has little impact on a company with more than $1 trillion of consolidated assets. Future investments must be very large to move the needle, which narrows the opportunity set.

### Cash opportunity cost

Huge liquidity reduces financial fragility but can weigh on returns during periods when equities and other risk assets compound rapidly.

Primary risk sources:

• 2025 10-K risk factors: https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm
• Q2 2026 filing: https://www.sec.gov/Archives/edgar/data/1067983/000119312526341032/brka-20260630.htm

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What investors commonly misunderstand about Berkshire

### Myth 1: Berkshire is basically Warren Buffett's stock portfolio

The public-equity portfolio is important, but Berkshire also owns major operating businesses outright. Insurance, rail, energy, industrial, service and retail operations are central to the economics.

### Myth 2: Reported net income tells you how the operating businesses performed

Quarterly net earnings can be heavily affected by market-value changes in equity securities. Operating segment earnings and cash-generating ability need to be analyzed separately.

### Myth 3: Insurance float is free money

Float comes with insurance liabilities. It creates value only when underwriting economics and investment returns justify the risk.

### Myth 4: A huge cash balance means management has no ideas

Sometimes that interpretation may be partly true, but cash also protects the insurance balance sheet and creates optionality. The correct question is whether the long-run return from waiting exceeds the alternatives available at the time.

### Myth 5: Berkshire is automatically low risk because it is diversified

Diversification reduces dependence on any single operating business, but it does not remove catastrophe risk, regulatory risk, equity-market risk, succession risk or capital-allocation risk.

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Early-warning signals

| Signal | Why it matters | Where to monitor | |---|---|---| | Multi-year underwriting losses | Could make insurance float expensive rather than advantageous | 10-K/10-Q insurance tables | | Rising catastrophe/reserve charges | May indicate deteriorating risk economics | Insurance notes / risk factors | | BNSF margin deterioration without volume explanation | Could signal loss of operating efficiency/pricing power | BNSF segment MD&A | | BHE returns pressured by regulatory outcomes | Could impair capital-heavy utility economics | BHE filings / Berkshire segment notes | | Large acquisitions at aggressive prices | Tests post-Buffett capital discipline | 8-Ks / acquisition filings | | Persistent share issuance or poor repurchase discipline | Changes per-share economics | equity statement / repurchase table | | Major increase in corporate leverage | Would alter Berkshire's conservative financial profile | balance sheet / debt notes | | Cultural centralization | Could undermine decentralized management advantage | proxy, leadership changes, operating structure |

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What to watch each quarter

• Insurance underwriting profit and combined-ratio direction where disclosed.
• Insurance investment income and the interest-rate backdrop.
• Insurance float growth and claims liabilities.
• BNSF revenue, volume, fuel and operating costs.
• BHE earnings, capital spending and major regulatory/legal developments.
• Manufacturing/service/retail earnings and cyclical weakness.
• Cash and U.S. Treasury-bill balances.
• Public-equity purchases and sales.
• Berkshire share repurchases.
• Acquisition activity and post-acquisition results.

The objective is not to react to every quarterly fluctuation. It is to identify whether Berkshire's capital-generating and capital-allocation system is improving or deteriorating.

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Berkshire through the lens of the S&P 500

Berkshire is useful for understanding why an S&P 500 company page should not be a generic template.

A software company may be analyzed through recurring revenue, retention and R&D. A bank requires credit, deposits and regulatory capital. Berkshire combines insurance, transportation, regulated utilities, industrial operations, retailing and investment assets in one legal entity.

Its S&P 500 membership is therefore a relationship, not the organizing principle of the company analysis. The same Berkshire dossier should power Swoopr links from:

• S&P 500,
• S&P 100 if applicable/current,
• NYSE company browse pages,
• insurance and financial sector pages,
• rail and transportation topics,
• utilities/energy topics,
• conglomerate explainers,
• capital allocation content,
• Warren Buffett / Greg Abel profiles,
• insurance float glossary content.

That is how Swoopr builds entity authority instead of hundreds of isolated ticker pages.

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Investor checklist

Before forming an opinion on Berkshire, an investor should be able to answer:

• [ ] I understand why operating earnings and net income can diverge sharply.
• [ ] I understand how insurance float works and why it is a liability as well as a funding source.
• [ ] I know the major economic drivers of GEICO/BHRG/BH Primary, BNSF and BHE.
• [ ] I understand why cash and Treasury bills are part of the strategy rather than merely idle assets.
• [ ] I can explain Berkshire's decentralized operating model.
• [ ] I know what changed when Greg Abel became CEO.
• [ ] I understand the main utility, insurance and catastrophe risks.
• [ ] I know why Berkshire's scale makes future capital allocation harder.
• [ ] I can separate public-equity portfolio volatility from operating-business trends.
• [ ] I know where to find Berkshire's 10-K, 10-Q, proxy and shareholder letters.

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Research Berkshire yourself

### 10-K Use the annual 10-K for:

• business descriptions,
• segment economics,
• risk factors,
• insurance float,
• investments,
• debt,
• accounting policy,
• capital allocation context.

2025 filing: https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm

### 10-Q Use quarterly reports to track:

• underwriting,
• BNSF and BHE trends,
• cash/Treasury balances,
• equity investments,
• repurchases,
• new risks and acquisitions.

Q2 2026 filing: https://www.sec.gov/Archives/edgar/data/1067983/000119312526341032/brka-20260630.htm

### Proxy Use the proxy for:

• board structure,
• leadership biographies,
• governance,
• executive compensation.

2026 proxy: https://www.sec.gov/Archives/edgar/data/1067983/000119312526106253/d882687ddef14a.htm

### Berkshire's own archive Annual/interim reports: https://www.berkshirehathaway.com/reports.html

2026 news: https://www.berkshirehathaway.com/news/2026news.html

Official home page: https://www.berkshirehathaway.com/

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Frequently Asked Questions

### What does Berkshire Hathaway actually do? Berkshire is a holding company that owns insurance, railroad, energy, manufacturing, service and retail businesses and also invests significant capital in publicly traded securities and fixed-income assets.

### What is the difference between BRK.A and BRK.B? They are two classes of Berkshire Hathaway common stock with different per-share economics and voting characteristics. They represent ownership in the same underlying company. Swoopr should treat them as security aliases attached to one Berkshire entity rather than separate company pages.

### Who is Berkshire Hathaway's CEO? Greg Abel became CEO on January 1, 2026. Warren Buffett remains chairman.

### How does Berkshire make money from insurance? It can earn underwriting profits and investment income on assets held against insurance float and other capital. Float is valuable only if the insurance obligations are priced and managed well.

### Why does Berkshire hold so much cash and Treasury bills? Liquidity supports insurance obligations, protects balance-sheet strength and preserves the ability to make large investments or acquisitions when opportunities arise. The trade-off is the opportunity cost when risk assets produce higher returns.

### Why can Berkshire's net income be volatile? Accounting for unrealized gains and losses on public equity investments can cause large swings in reported net earnings even when operating businesses change much less.

### Does Berkshire pay a dividend? Historically, Berkshire has generally retained capital rather than paying a regular common-stock dividend, preferring internal reinvestment, acquisitions, investments and repurchases when management considers those uses attractive. Investors should verify current policy from the latest filings rather than assuming historical practice can never change.

### What are Berkshire's biggest risks? Major risks include insurance catastrophe/reserving losses, utility wildfire/regulatory exposure, railroad cyclicality, public-equity concentration, succession/cultural execution and the difficulty of allocating very large amounts of capital at attractive returns.

### What should investors watch after Buffett's CEO transition? The most informative signals are acquisition discipline, leverage, repurchase behavior, subsidiary autonomy, willingness to hold cash when prices are unattractive and management's response to mistakes.

### Is Berkshire just a financial company? No. Insurance is foundational, but Berkshire owns major operating companies across rail transportation, energy, manufacturing, services and retail.

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Recommended next Berkshire pages

• Berkshire Hathaway History & Timeline : textile origins, Buffett control, insurance expansion, GEICO, BNSF, BHE, major acquisitions, succession.
• Berkshire Hathaway Earnings & Financial History : operating earnings, float, segment history, cash, equity portfolio, share count and capital allocation.
• Berkshire Hathaway Stock History, Returns & Valuation : BRK.A/BRK.B structure, major drawdowns, book value history, valuation frameworks and S&P-relative performance using licensed market data.
• Berkshire Hathaway Investment Analysis, Risks & What to Watch : bull/base/bear drivers, capital-deployment scenarios, succession scorecard and risk matrix.

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Sources & Further Research

Primary:

• Berkshire 2025 Form 10-K: https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm
• Berkshire 2025 Annual Report: https://www.berkshirehathaway.com/2025ar/2025ar.pdf
• Berkshire Q2 2026 Form 10-Q: https://www.sec.gov/Archives/edgar/data/1067983/000119312526341032/brka-20260630.htm
• Berkshire Q2 2026 report: https://www.berkshirehathaway.com/qtrly/2ndqtr26.pdf
• Berkshire 2026 proxy: https://www.sec.gov/Archives/edgar/data/1067983/000119312526106253/d882687ddef14a.htm
• Berkshire official reports archive: https://www.berkshirehathaway.com/reports.html
• Berkshire 2026 news archive: https://www.berkshirehathaway.com/news/2026news.html
• Berkshire official home page: https://www.berkshirehathaway.com/

S&P-specific:

• S&P 500 official page: https://www.spglobal.com/spdji/en/indices/equity/sp-500/