| Schedule of revenues, earnings before income taxes, interest expense, income tax expense, capital expenditures, depreciation, goodwill and identifiable assets by segment |
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).
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First Quarter 2026 |
|
Insurance |
GEICO |
|
BH Primary |
|
BHRG |
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Total
Underwriting |
|
Investment
Income |
|
Total |
|
Premiums earned and investment income |
$ |
11,186 |
|
$ |
4,591 |
|
$ |
6,228 |
|
$ |
22,005 |
|
$ |
3,307 |
|
$ |
25,312 |
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Costs and expenses: |
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|
|
|
|
|
|
|
|
|
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Losses and LAE |
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8,277 |
|
|
2,792 |
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|
3,135 |
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|
14,204 |
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— |
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|
14,204 |
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Life, annuity and health benefits |
|
— |
|
|
— |
|
|
1,019 |
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|
1,019 |
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— |
|
|
1,019 |
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Other segment items |
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1,493 |
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|
1,323 |
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|
1,701 |
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|
4,517 |
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3 |
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|
4,520 |
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Total costs and expenses |
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9,770 |
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4,115 |
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5,855 |
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19,740 |
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3 |
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|
19,743 |
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Earnings before income taxes |
$ |
1,416 |
|
$ |
476 |
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$ |
373 |
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$ |
2,265 |
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$ |
3,304 |
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$ |
5,569 |
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First Quarter 2025 |
|
Insurance |
GEICO |
|
BH Primary |
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BHRG |
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Total
Underwriting |
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Investment
Income |
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Total |
|
Premiums earned and investment income |
$ |
10,752 |
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$ |
4,577 |
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$ |
6,475 |
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$ |
21,804 |
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$ |
3,571 |
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$ |
25,375 |
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Costs and expenses: |
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Losses and LAE |
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7,424 |
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3,452 |
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3,770 |
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|
14,646 |
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— |
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14,646 |
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Life, annuity and health benefits |
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— |
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— |
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1,068 |
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|
1,068 |
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— |
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|
1,068 |
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Other segment items |
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1,155 |
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1,269 |
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1,944 |
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4,368 |
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10 |
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4,378 |
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Total costs and expenses |
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8,579 |
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4,721 |
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6,782 |
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|
20,082 |
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10 |
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20,092 |
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Earnings before income taxes |
$ |
2,173 |
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$ |
(144 |
) |
$ |
(307 |
) |
$ |
1,722 |
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$ |
3,561 |
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$ |
5,283 |
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Other segment items related to insurance underwriting include commissions and brokerage expenses and other insurance underwriting expenses.
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First Quarter |
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BNSF |
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2026 |
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2025 |
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Revenues |
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$ |
5,994 |
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$ |
5,720 |
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Costs and expenses: |
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Compensation and benefits |
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1,374 |
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|
1,387 |
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Fuel |
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|
|
768 |
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|
770 |
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Depreciation and amortization |
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|
690 |
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|
671 |
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Interest expense |
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|
277 |
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|
272 |
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Other segment items |
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1,065 |
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|
1,017 |
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Total costs and expenses |
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4,174 |
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|
4,117 |
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Earnings before income taxes |
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$ |
1,820 |
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$ |
1,603 |
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Other segment items of BNSF include purchased services, equipment rents and materials and other expenses. Notes to Consolidated Financial Statements Note 24. Business segment data
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First Quarter |
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BHE |
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2026 |
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2025 |
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Revenues |
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$ |
6,661 |
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$ |
6,356 |
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Costs and expenses: |
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Energy cost of sales |
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1,670 |
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1,531 |
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Energy operations and maintenance |
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1,298 |
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|
1,249 |
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Energy depreciation and amortization |
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1,080 |
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|
1,009 |
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Real estate operating costs and expenses |
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|
879 |
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|
871 |
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Interest expense |
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|
700 |
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|
646 |
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Other segment items |
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|
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|
|
|
290 |
|
|
327 |
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Total costs and expenses |
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5,917 |
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|
5,633 |
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Earnings before income taxes |
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$ |
744 |
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$ |
723 |
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Other segment items of BHE primarily consist of property taxes and other expenses.
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Manufacturing |
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Service and retailing |
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First Quarter |
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First Quarter |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues |
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$ |
20,672 |
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$ |
18,766 |
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$ |
10,989 |
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$ |
10,137 |
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Costs and expenses: |
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Cost of sales and services |
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13,787 |
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12,329 |
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6,520 |
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|
6,064 |
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Cost of leasing |
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|
284 |
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|
294 |
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|
1,766 |
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|
1,589 |
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Interest expense |
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|
344 |
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|
285 |
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|
26 |
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|
27 |
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Other segment items |
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|
3,198 |
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|
3,142 |
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|
1,596 |
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|
1,516 |
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Total costs and expenses |
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17,613 |
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|
16,050 |
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|
9,908 |
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|
9,196 |
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Earnings before income taxes |
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$ |
3,059 |
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$ |
2,716 |
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$ |
1,081 |
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$ |
941 |
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Other segment items of manufacturing, service and retailing primarily consist of selling, general and administrative expenses.
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McLane |
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Pilot |
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First Quarter |
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First Quarter |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues |
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|
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$ |
11,936 |
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$ |
12,175 |
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$ |
11,245 |
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$ |
10,430 |
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Costs and expenses: |
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Cost of sales and services |
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|
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10,882 |
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|
11,101 |
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|
10,264 |
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|
9,284 |
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Depreciation and amortization |
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|
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|
50 |
|
|
49 |
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|
281 |
|
|
257 |
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Other segment items |
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|
|
|
|
860 |
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|
844 |
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|
750 |
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|
721 |
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Total costs and expenses |
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11,792 |
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|
11,994 |
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|
11,295 |
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|
10,262 |
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Earnings (loss) before income taxes |
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$ |
144 |
|
$ |
181 |
|
$ |
(50 |
) |
$ |
168 |
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Other segment items of McLane include general and administrative expenses. Other segment items of Pilot primarily consist of store operating, interest and general and administrative expenses. Reconciliations of revenues and earnings before income taxes of our business segments to the consolidated amounts follow (in millions).
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Revenues |
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Earnings before
income taxes |
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First Quarter |
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First Quarter |
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|
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2026 |
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2025 |
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2026 |
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2025 |
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Total operating businesses |
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|
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$ |
92,809 |
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$ |
88,959 |
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$ |
12,367 |
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$ |
11,615 |
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Investment gains (losses) |
|
|
|
|
|
— |
|
|
— |
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|
(1,605 |
) |
|
(6,435 |
) |
Equity method earnings |
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|
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|
— |
|
|
— |
|
|
176 |
|
|
126 |
|
Corporate, eliminations and other |
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|
|
|
866 |
|
|
766 |
|
|
1,381 |
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(158 |
) |
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|
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$ |
93,675 |
|
$ |
89,725 |
|
$ |
12,319 |
|
$ |
5,148 |
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Notes to Consolidated Financial Statements Note 24. Business segment data Additional segment data follows (in millions).
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Interest expense |
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Income tax
expense (benefit) |
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First Quarter |
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First Quarter |
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Business segments |
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2026 |
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2025 |
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2026 |
|
2025 |
|
Insurance |
|
|
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|
$ |
— |
|
$ |
— |
|
$ |
1,172 |
|
$ |
1,054 |
|
BNSF |
|
|
|
|
|
277 |
|
|
272 |
|
|
443 |
|
|
389 |
|
BHE |
|
|
|
|
|
700 |
|
|
646 |
|
|
(430 |
) |
|
(422 |
) |
Manufacturing |
|
|
|
|
|
344 |
|
|
285 |
|
|
716 |
|
|
611 |
|
Service and retailing |
|
|
|
|
|
26 |
|
|
27 |
|
|
261 |
|
|
225 |
|
McLane |
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|
8 |
|
|
7 |
|
|
34 |
|
|
45 |
|
Pilot |
|
|
|
|
|
47 |
|
|
72 |
|
|
(9 |
) |
|
37 |
|
|
|
|
|
|
|
1,402 |
|
|
1,309 |
|
|
2,187 |
|
|
1,939 |
|
Reconciliation to consolidated amount |
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|
|
|
|
|
|
|
|
Investment gains (losses) |
|
|
|
|
|
— |
|
|
— |
|
|
(346 |
) |
|
(1,390 |
) |
Equity method earnings |
|
|
|
|
|
— |
|
|
— |
|
|
21 |
|
|
11 |
|
Corporate, eliminations and other |
|
|
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|
(101 |
) |
|
(52 |
) |
|
278 |
|
|
(84 |
) |
|
|
|
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|
$ |
1,301 |
|
$ |
1,257 |
|
$ |
2,140 |
|
$ |
476 |
|
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Capital expenditures |
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Depreciation and amortization |
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First Quarter |
|
First Quarter |
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Business segments |
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|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Insurance |
|
|
|
|
$ |
25 |
|
$ |
24 |
|
$ |
101 |
|
$ |
107 |
|
BNSF |
|
|
|
|
|
744 |
|
|
652 |
|
|
690 |
|
|
671 |
|
BHE |
|
|
|
|
|
2,418 |
|
|
2,128 |
|
|
1,089 |
|
|
1,019 |
|
Manufacturing |
|
|
|
|
|
904 |
|
|
707 |
|
|
746 |
|
|
610 |
|
Service and retailing |
|
|
|
|
|
583 |
|
|
544 |
|
|
408 |
|
|
399 |
|
McLane |
|
|
|
|
|
50 |
|
|
22 |
|
|
50 |
|
|
49 |
|
Pilot |
|
|
|
|
|
262 |
|
|
204 |
|
|
281 |
|
|
257 |
|
|
|
|
|
|
$ |
4,986 |
|
$ |
4,281 |
|
|
3,365 |
|
|
3,112 |
|
Reconciliation to consolidated amount |
|
|
|
|
|
|
|
|
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|
Corporate, eliminations and other |
|
|
|
|
|
|
|
|
145 |
|
|
153 |
|
|
|
|
|
|
|
|
|
|
$ |
3,510 |
|
$ |
3,265 |
|
|
|
|
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|
|
|
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Goodwill |
|
Identifiable assets |
|
Business segments |
|
|
March 31,
2026 |
|
December 31,
2025 |
|
March 31,
2026 |
|
December 31,
2025 |
|
Insurance |
|
|
$ |
16,557 |
|
$ |
16,557 |
|
$ |
587,951 |
|
$ |
571,145 |
|
BNSF |
|
|
|
15,351 |
|
|
15,351 |
|
|
82,747 |
|
|
82,532 |
|
BHE |
|
|
|
11,656 |
|
|
11,778 |
|
|
139,581 |
|
|
136,515 |
|
Manufacturing |
|
|
|
27,154 |
|
|
26,928 |
|
|
133,396 |
|
|
122,132 |
|
Service and retailing |
|
|
|
5,684 |
|
|
5,682 |
|
|
40,022 |
|
|
39,124 |
|
McLane |
|
|
|
232 |
|
|
232 |
|
|
7,288 |
|
|
7,135 |
|
Pilot |
|
|
|
6,546 |
|
|
6,546 |
|
|
19,567 |
|
|
18,828 |
|
|
|
|
$ |
83,180 |
|
$ |
83,074 |
|
|
1,010,552 |
|
|
977,411 |
|
Reconciliation to consolidated amount |
|
|
|
|
|
|
|
|
|
Corporate and other |
|
|
|
|
|
|
|
158,539 |
|
|
161,691 |
|
Goodwill |
|
|
|
|
|
|
|
83,180 |
|
|
83,074 |
|
|
|
|
|
|
|
|
$ |
1,252,271 |
|
$ |
1,222,176 |
|
|