Added factors have no prior-year match; removed factors have no current-year match. Changed wording describes edits within matched factors. Check whether unmatched wording was reorganised elsewhere: an added factor does not establish a new risk, and a removed factor does not establish resolved exposure.

🟡 Changed wording Disclosure change5/10

Geopolitical events could cause losses to our business and losses in the values of securities we own.

high match confidence

Sentence-level differences:

View all 3 sentence differences

Removed sentence: "Government policies and actions taken, including responses of other governments to such actions, may adversely affect our operating businesses through reduced sales, increased costs, restricted supply chains, physical damage to our properties and loss of life of our employees."
Added sentence: "Government policies and actions taken in the U.S. and elsewhere, including responses of other governments to such actions may adversely affect our operating businesses through reduced sales, increased costs, restricted supply chains, physical damage to our properties and loss of life of our employees and losses in the values of the securities we own."
Added sentence: "In addition, international trade policies in the U.S. and elsewhere, including tariffs and other barriers, could negatively impact our operating results."

Current (2025):

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We believe risks of adverse effects from geopolitical events are rising, through armed and diplomatic conflicts involving governments in various parts of the world. Government policies and actions taken in the U.S. and elsewhere, including responses of other governments to such actions may adversely affect our operating businesses through reduced sales, increased costs, restricted supply chains, physical damage to our properties and loss of life of our employees and losses in the values of the securities we own. In addition, international trade policies in the U.S. and elsewhere, including tariffs and other barriers, could negatively impact our operating results. We share these risks with all businesses.

View prior text (2024)

2025: Geopolitical events could cause losses to our business and losses in the values of securities we own. — exact passage unavailable; open filing

2024: Geopolitical events could cause losses to our business and losses in the values of securities we own. — exact passage unavailable; open filing

🟡 Changed wording We need qualified personnel to manage and operate our various businesses. 🔒

🟡 Changed wording Changes in regulations and regulatory actions can adversely affect our operating results and our ability to allocate capital. 🔒

🟡 Changed wording Regulatory changes may adversely impact our future operating results. 🔒

And 5 more changes in the full comparison.

8 changes in this historical filing

The complete historical comparison (2025 vs 2024) is available on the Research plan.

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BRK.B: 10-K Risk Factor Changes

Disclosure overview

Geopolitical events could cause losses to our business and losses in the values of securities we own.