space it.

TIMELINESS 4Raised6/12/26
SAFETY 1New6/18/10
TECHNICAL 3Raised7/24/26
BETA .95 (1.00=Market)
18-MonthTargetPriceRange
Low-High Midpoint(%toMid)
$437-$695 $566(15%)
2029-31PROJECTIONS
Ann’lTotal Price Gain Return
High 880 (+75%) 15% Low 720 (+45%) 10%
InstitutionalDecisions
3Q2025 4Q2025 1Q2026
toBuy 2005 1824 2155
toSell 1910 1756 2144
Hld’s(000)896370 9153551070876
High: 151.7 167.3 200.5 224.1 228.2 235.0 301.7 362.1 373.3 491.7 542.1 537.7
Low: 125.5 123.6 158.6 184.7 191.0 159.5 226.1 259.8 292.4 355.9 440.1 464.0
%TOT.RETURN8/17/26
THIS VLARITH.*
STOCK INDEX
1yr. 4.4 22.4
3yr. 41.1 46.9
5yr. 72.3 50.5
BerkshireHathaway ’B’ shareswere intro
duced inMay, 1996.At that time, each ’B’
wasworth1/30ofaBerkshire ‘A’ share. In
February,2010, thecompanyacquiredrail
shares50-to-1.Now,each‘B’shareisworth
1/1500ofan‘A’.
EQUITYINVESTMENTSasof6/30/26
Top12PositionsByMarketValue:
Apple (228,000,000shares)
AmericanExpress (152,000,000shares)
CocaCola (400,000,000shares)
Alphabet (106,000,000shares)
BankofAmerica (483,000,000shares)
Chevron (84,400,000shares)
OccidentalPete (265,000,000shares)
ChubbLimited (34,200,000shares)
Moody’s (24,700,000shares)
KraftHeinz (326,000,000shares)
DeltaAirlines (57,300,000shares)
Davita (28,700,000shares)
CommonStock2,140,710,161ClassBshares
Includes488,450ClassAshares,asifconverted.
asof7/29/26
MARKETCAP:$1.067trillion(MegaCap)
FINANCIALPOSITION 2024 2025 6/30/26
($MILL.)
Bonds 15364 17816 17034
Stocks 271588 297778 323779
Cash 334201 373311 365514
Other 532728 533811 556744
TotalAssets 115388112227161263071
UnearnedPrems 30808 31339 32754
Reserves 147594 151761 152853
Other 323824 319373 327287
TotalLiabilities 502226 502473 512894
ANNUALRATES Past Past Est’d’23-’25
ofchange(persh) 10Yrs. 5Yrs. to’29-’31
Earningspsh 6.0% 12.0% 9.5%
Dividends----Nil
BookValue 10.0% 11.0% 8.5%
Cal- Full
endar Year
NETPREMIUMSEARNED($mill.)
Mar.31 Jun.30 Sep.30 Dec.31
2023 19796 20561 21360 21686 83403
2024 21474 21953 22055 22775 88257
2025 21804 22195 22445 22458 88902
2026 22005 22475 23500 23750 91730
2027 24400 24800 25200 25500 99900
Cal- Full
endar Year
EARNINGSPERSHAREA
Mar.31 Jun.30 Sep.30 Dec.31
2023 3.71 4.62 4.96 3.92 17.21
2024 5.20 5.38 4.58 6.73 21.99
2025 4.47 5.17 6.25 4.72 20.61
2026 5.26 6.02 6.00 6.17 23.45
2027 6.25 6.35 6.40 6.50 25.50
Cal- Full
endar Year
QUARTERLYDIVIDENDSPAID
Mar.31 Jun.30 Sep.30 Dec.31
2022
2023
2024 NOCASHDIVIDENDS
2025 BEINGPAID
2026
2016 2017 2018 2019 2020 2021 2022 2023
18.60 24.56 23.29 25.06 27.60 31.38 34.12 38.60
5.87 3.53 3.11 3.79 3.52 3.37 4.69 7.20
66.19 53.86 56.40 61.60 73.37 89.94 99.29 125.50
2.94 3.17 3.70 3.18 2.90 3.14 .72 5.06
9.77 6.43 10.04 9.76 9.12 11.32 13.44 17.21---------------
116.11 141.16 141.42 174.35 192.91 228.61 215.95 259.76
2466.2 2467.4 2465.7 2436.5 2297.2 2214.2 2187.4 2160.73
124% 124% 144% 120% 106% 119% 140% 129%
14.7 27.2 20.3 21.3 22.5 24.0 22.6 19.5
.77 1.33 1.10 1.17 1.16 1.29 1.31 1.10---------------
45881 65097 57418 61078 63401 69478 74645 83403
14484 8710 7678 9240 8092 7465 10263 15557
163239 132887 139068 150085 168543 199151 217181 271172
67.4% 71.4% 69.5% 72.8% 69.3% 71.9% 77.2% 68.6%
16.8% 15.7% 14.6% 14.5% 20.2% 18.1% 20.7% 18.3%
15.8% 12.9% 15.9% 12.7% 10.5% 10.0% 2.1% 13.1%
27.4% 28.0% 8.0% 20.4% 22.3% 18.7% 27.9% 19.1%
24095 15865 24760 23780 20950 25065 29400 37186
286359 348296 3482963424791 443164 506199 472360 561273
8.4% 4.6% 7.1% 5.6% 4.7% 5.0% 6.2% 6.6%---------------
2024 2025 2026 2027 ©VALUELINEPUB.LLC 29-31
40.91 41.21 43.70 47.55 PremiumsEarnedpsh 60.00
10.12 10.78 11.00 11.50 Invest.Inc(loss)psh 13.00
121.15 120.19 128.55 88.10 OtherIncomepsh 185.00
7.77 5.32 6.65 6.65 UnderwritingIncomepsh 7.20
21.99 20.61 23.45 25.50 EarningspshAC 32.00----Nil Nil Div’dsDecl’dpsh Nil
302.07 333.61 363.35 383.55 BookValuepshB 470.00
2157.3 2157.3 2100.00 2100.00 CommonShs.Outst’gC 2000.0
141% 147% PricetoBookValue 170%
19.4 23.8 Boldfiguresare
ValueLine
estimates
AvgAnn’lP/ERatio 25.0
1.02 1.26 RelativeP/ERatio 1.40----AvgAnn’lDiv’dYield Nil
88257 88902 91730 99900 PremiumsEarned 120000
21825 23261 24500 26000 InvestmentIncome(loss) 26000
261357 259281 270000 185000 OtherIncome 360000
63.7% 64.5% 65.0% 66.0% LosstoPrem.Earned 70.0%
19.0% 22.6% 20.0% 20.0% ExpensetoPremWritten 18.0%
17.3% 12.9% 15.0% 14.0% UnderwritingMargin 12.0%
18.9% 18.4% 20.0% 20.0% IncomeTaxRate 20.0%
47440 44461t4 49245 53550 NetProfit($mill) 64000
651655 719703 763000 805500 Shr.Equity($mill)B 940000
7.3% 6.2% 6.5% 6.5% ReturnonShr.Equity 7.0%----Nil Nil AllDiv’dstoNetProf Nil
Company’sFinancialStrength A++
Stock’sPriceStability 100
PriceGrowthPersistence 90
EarningsPredictability 90
(A)Basedondilutedsharesoutstanding.Earn
ings include investment gains/(losses) and
derivativegainsandlossesprior to2018.Next
earningsreportduelateOct.
(B) Incl.goodwillandother intang. In12/31/25,
$118.6billion;$54.98/share.
(C) Inmill. Split Bshares50-to-1 inJanuary
2010.EachBshareisnowworth1/1500ofan
Ashare.
BUSINESS:BerkshireHathawayInc. isaholdingcompanyowning
subsidiariesengagedinpropertyandcasualtyinsuranceonadirect
and reinsurancebasis throughGEICO,GeneralReandBerkshire
Hathaway ReinsuranceGroup. Other business activities include
electricutilities, railroads, flight trainingservices,candymanufactur
ing, ice cream, building products, newspapers, retailing, fine
jewelry, etc.Also, fractional ownershipprograms for general avia
tion (NetJets), energy (MidAmericanEnergy). Has approximately
383,000 employees. Officers & directors control 15%of voting
power (3/26proxy).CEO:GregAbel. Incorporated:Delaware.Ad
dress: 3555FarnamStreet,Omaha,Nebraska68131. Telephone:
402-346-1400. Internet:www.berkshirehathaway.com.
Berkshire Hathaway registered
healthyresults for theJunequarter.
Earnings fromoperationsonanon-GAAP
basis (excludes itemswedeemtobenon
recurring innature) dialed inat $6.02a
share, which representeda16%increase
over theyear-earlier tally.Thecompany’s
insurance arm registered amarked de
crease in profits as GEICO struggled
owing to increased losses stemming from
bothhigherclaimsfrequencyandseverity.
However, many of the company’s non
insuranceoperationspickedup the slack,
withtheManufacturing,Service,&Retail
ingbusinessleadingtheway.
WelookforBerkshiretoregistersolid
earnings growth over the next 18
months.However, itshouldbenotedthat
thecompanywillbeupagainstadifficult
erpromising, thanks to favorable supply
and-demandfundamentals,whichoughtto
helpmanagement attain price increases.
Also, interest rates will probably stay
higher for longer than many expected,
whichought toprovideashot inthearm
for the investment portfolio.WhileBerk
shiredelvesintootherareas(suchasequi
ties)morethanthetypical insurancecom
pany, its portfoliodoeshave a fairly sig
nificant fixed-income component. Also,
GEICOshouldperformbetter in time as
likely increased rates help to counteract
theaforementionedhigherlosses.
We forecast earnings per share of
$32.00 by 2029-2031. The company’s
diversified status ought to help support
growthoverthelongrun.What’smore,we
wouldn’tbesurprisedtoseeanacquisition
or two down the road, givenBerkshire’s
strong finances. This has beena part of
the company’s gameplanover theyears,
andcouldaddmeaningfullytoourprojec
tions. (AsperValueLinepolicywewillnot
includeacquisitions intoour forecastuntil
theyareconsummated.)
Theseuntimelyshareshaven’tgained
muchgroundover thepast year.We
believepartof the issuemightwellbethe
retirement ofWarrenBuffett.WhileGreg
Abel iswell qualified, the ‘‘Buffettpremi
um’’hassubsided.Thatsaid, thestockof
fers decent gains potential over both the
18-monthand3-to5-yearhorizons.
AlanG.House August28,202brk, VL<