--- ticker: BRK.B company: BRK.B filing_type: 10-K year_current: 2026 year_prior: 2025 risks_added: 80 risks_removed: 2 risks_modified: 5 risks_unchanged: 6 source: SEC EDGAR url: https://riskdiff.com/brk.b/2026-vs-2025/ markdown_url: https://riskdiff.com/brk.b/2026-vs-2025/index.md access: public_preview generated: 2026-09-28 --- # BRK.B: 10-K Risk Factor Changes 2026 vs 2025 > Source: U.S. Securities and Exchange Commission (EDGAR) > Generated: 2026-09-28 > All data extracted directly from official filings. No hallucinated content. ## AI Risk Brief > **AI interpretation layer.** The brief below was generated by an AI model from the deterministic diff. AI never invents facts. > **Most detected additions concern operating results and management discussion, suggesting disclosure restructuring rather than a clear change in stated risk exposure.** - **Direction:** Neutral - **Themes:** Disclosure structure and operating-results discussion --- ## Summary | Status | Count | |--------|-------| | New risks added | 80 | | Risks removed | 2 | | Risks modified | 5 | | Unchanged | 6 | --- ## Selected change This public preview includes one change. Pro access provides the complete comparison and historical data. ## New in Current Filing: Stock Performance Graph The following chart compares the value of $100 invested in Berkshire common stock on December 31, 2020 and subsequent values with a similar investment in the Standard & Poor's 500 Stock Index and in the Standard & Poor's Property & Casualty Insurance Index**. - - - - - - * Cumulative return for the Standard & Poor's indices based on reinvestment of dividends. ** It is difficult to develop a group of companies comparable to Berkshire. Berkshire owns subsidiaries engaged in numerous diverse business activities of which an important component is the property and casualty insurance business. Accordingly, Berkshire uses the Standard & Poor's Property & Casualty Insurance Index for comparative purposes. Item 6. [Reserved] K-33 K-33 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Net earnings attributable to Berkshire shareholders for each of the past three years are disaggregated in the table that follows. Amounts are after deducting income taxes and exclude earnings attributable to noncontrolling interests (in millions). 2025 2024 2023 Insurance - underwriting $ 7,258 $ 9,020 $ 5,428 Insurance - investment income 12,513 13,670 9,567 BNSF 5,476 5,031 5,087 Berkshire Hathaway Energy ("BHE") 3,979 3,730 2,331 Manufacturing, service and retailing 13,647 13,072 13,362 Investment gains (losses) 30,737 41,558 58,873 Other-than-temporary impairment of investments in Kraft Heinz and Occidental (8,255 ) - - Other 1,613 2,914 1,575 Net earnings attributable to Berkshire shareholders $ 66,968 $ 88,995 $ 96,223 Through our subsidiaries, we engage in numerous diverse business activities. The business segment data (Note 26 to the accompanying Consolidated Financial Statements) should be read in conjunction with this discussion. Our periodic operating results may be affected in future periods by the impacts of ongoing macroeconomic and geopolitical conflicts and events, including tensions from developing international trade policies and tariffs, as well as changes in industry or company-specific factors or events. Considerable uncertainty remains as to the ultimate outcome of these events. We are currently unable to reliably predict the ultimate impact on our businesses, whether through changes in the availability of products, supply chain costs and efficiency, and customer demand for our products and services. It is reasonably possible there could be adverse consequences on our operating businesses, as well as on our investments in equity securities, which could significantly affect our future results.Insurance underwriting generated after-tax earnings of $7.3 billion in 2025, $9.0 billion in 2024 and $5.4 billion in 2023. The comparative earnings decline in 2025 reflected lower earnings from each of our underwriting groups. Overall underwriting results over the past three years were exceptional compared to results over longer periods. However, earnings may decline in the future from the ongoing impacts of competition within the industry and rising claim cost trends. After-tax losses from significant catastrophe events were approximately $850 million in 2025, $1.2 billion in 2024 and $725 million in 2023. After-tax earnings from insurance investment income declined $1.2 billion (8.5%) in 2025 versus 2024, reflecting lower interest income, attributable to lower interest rates, and dividend income. Insurance investment income increased $4.1 billion in 2024 compared to 2023, driven by higher interest income from short-term investments. Insurance investment income in 2025 was impacted by the effects of large capital distributions to Berkshire at the end of 2024. The income earned on investments (primarily U.S. Treasury Bills) held by Berkshire is included in "other" earnings in the preceding table.After-tax earnings of BNSF increased 8.8% in 2025 and declined 1.1% in 2024, compared to the corresponding prior year. The increase in 2025 was primarily attributable to lower operating expenses, attributable to improved operating efficiencies, lower litigation accruals, the effect of a charge in 2024 from a labor agreement and a lower effective income tax rate. Earnings in 2024 benefited from higher unit volume, improvements in employee productivity and lower other operating costs, and were negatively impacted by charges in 2024 related to a labor agreement in the fourth quarter and litigation accruals. After-tax earnings of BHE increased $249 million (6.7%) in 2025 compared to 2024 and $1.4 billion in 2024 compared to 2023. The earnings increase in 2025 reflected lower wildfire loss accruals at PacifiCorp, reduced earnings attributable to noncontrolling interests and the impact of real estate brokerage business litigation accruals in 2024, partially offset by lower earnings from the natural gas pipelines and other energy businesses. The increase in 2024 was primarily due to lower wildfire loss accruals and lower earnings attributable to noncontrolling interests, partially offset by real estate brokerage business litigation accruals. Earnings from our manufacturing, service and retailing businesses increased 4.4% in 2025 compared to 2024 and decreased 2.2% in 2024 compared to 2023. Results among our numerous operations in 2025 were mixed, with overall earnings increases in our manufacturing and services businesses and lower earnings from the retailing businesses. The earnings decline in 2024 reflected lower earnings from our service and retailing businesses, partially offset by an overall increase from our manufacturing businesses. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations --- ## Source filings - [2026 10-K filing on SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/0001193125-26-083899-index.htm) - [2025 10-K filing on SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1067983/000095017025025210/0000950170-25-025210-index.htm) [View the full comparison with Pro](https://riskdiff.com/brk.b/2026-vs-2025/full/) *Data sourced from SEC EDGAR. Last updated 2026-09-28.*