FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE …

1 FORM 10-QUNITED STATES SECURITIES AND EXCHANGE COMMISSIONW ashington, 20549(Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended september 30, 2021OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from toCommission file number 001-14905 BERKSHIRE HATHAWAY INC.(Exact name of registrant as specified in its charter)Delaware47-0813844(State or other jurisdiction of incorporation or organization)( Employer Identification Number)3555 Farnam Street, Omaha, Nebraska 68131(Address of principal executive office) (Zip Code)(402) 346-1400(Registrant s telephone number, including area code)(Former name, former address and former fiscal year, if changed since last report) SECURITIES registered pursuant to Section 12(b) of the Act.

2 Title of each class Trading Symbols Name of each EXCHANGE on which registered Class A Common StockClass B Common Senior Notes due Senior Notes due Senior Notes due Senior Notes due Senior Notes due Senior Notes due Senior Notes due Senior Notes due Senior Notes due Senior Notes due York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeIndicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SECURITIES EXCHANGE Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

3 Yes No Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the EXCHANGE Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the EXCHANGE Act.

4 Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the EXCHANGE Act). Yes No Number of shares of common stock outstanding as of October 27, 2021: Class A 619,938 Class B 1,303,476,707 1 BERKSHIRE HATHAWAY INC. Page I Financial Information Item 1. Financial Statements Consolidated Balance Sheets september 30, 2021 and December 31, 20202-3 Consolidated Statements of Earnings Third Quarter and First Nine Months 2021 and 20204 Consolidated Statements of Comprehensive Income Third Quarter and First Nine Months 2021 and 20205 Consolidated Statements of Changes in Shareholders Equity Third Quarter and First Nine Months 2021 and 20206 Consolidated Statements of Cash Flows First Nine Months 2021 and 20207 Notes to Consolidated Financial Statements8-24 Item s Discussion and Analysis of Financial Condition and Results of Operations25-45 Item and Qualitative Disclosures About Market Risk45 Item and Procedures45 Part II Other Information Item Proceedings45 Item Factors45 Item Sales of Equity SECURITIES and Use of Proceeds and Issuer Repurchases of Equity Securities46 Item Upon Senior

5 Securities46 Item Safety Disclosures46 Item Information46 Item 47 2 Part I Financial InformationItem 1. Financial StatementsBERKSHIRE HATHAWAY SubsidiariesCONSOLIDATED BALANCE SHEETS(dollars in millions) september 30,2021 December 31,2020 (Unaudited) ASSETS Insurance and Other: Cash and cash equivalents*$65,156 $44,714 Short-term investments in Treasury Bills 79,209 90,300 Investments in fixed maturity SECURITIES 18,125 20,410 Investments in equity SECURITIES 310,739 281,170 Equity method investments 16,658 17,303 Loans and finance receivables 20,397 19,201 Other receivables 37,277 32,310 Inventories 20,191 19,208 Property, plant and equipment 20,722 21,200 Equipment held for lease 14,752 14,601 Goodwill 47,090 47,121 Other intangible assets 28,643 29,462 Deferred charges under retroactive reinsurance contracts 11,732 12,441 Other 16,301 14,580 706,992 664,021 Railroad, Utilities and Energy.

6 Cash and cash equivalents* 4,833 3,276 Receivables 4,324 3,542 Property, plant and equipment 153,401 151,216 Goodwill 26,680 26,613 Regulatory assets 3,842 3,440 Other 20,686 21,621 213,766 209,708 $920,758 $873,729 *Includes Treasury Bills with maturities of three months or less when purchased of $ billion at september 30, 2021 and $ billion at December 31, 2020. See accompanying Notes to Consolidated Financial Statements3 BERKSHIRE HATHAWAY SubsidiariesCONSOLIDATED BALANCE SHEETS(dollars in millions) september 30,2021 December 31,2020 (Unaudited) LIABILITIES AND SHAREHOLDERS EQUITY Insurance and Other: Unpaid losses and loss adjustment expenses$85,754 $79,854 Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts 39,721 40,966 Unearned premiums 25,239 21,395 Life, annuity and health insurance benefits 22,409 21,616 Other policyholder liabilities 8,863 8,670 Accounts payable, accruals and other liabilities 31,154 29,279 Derivative contract liabilities 286 1,065 Aircraft repurchase liabilities and unearned lease revenues 5,840 5,856 Notes payable and other borrowings 39,645 41,522 258,911 250,223 Railroad, Utilities and Energy.

7 Accounts payable, accruals and other liabilities 15,978 15,224 Regulatory liabilities 7,226 7,475 Notes payable and other borrowings 75,320 75,373 98,524 98,072 Income taxes, principally deferred 82,248 74,098 Total liabilities 439,683 422,393 Shareholders equity: Common stock 8 8 Capital in excess of par value 35,603 35,626 Accumulated other comprehensive income (4,834) (4,243)Retained earnings 494,775 444,626 Treasury stock, at cost (53,072) (32,853)Berkshire Hathaway shareholders equity 472,480 443,164 Noncontrolling interests 8,595 8,172 Total shareholders equity 481,075 451,336 $920,758 $873,729 See accompanying Notes to Consolidated Financial Statements 4 BERKSHIRE HATHAWAY SubsidiariesCONSOLIDATED STATEMENTS OF EARNINGS(dollars in millions except per share amounts)(Unaudited) Third Quarter First Nine Months 2021 2020 2021 2020 Revenues: Insurance and Other.

8 Insurance premiums earned$17,727 $15,913 $51,314 $47,256 Sales and service revenues 36,722 32,703 107,163 93,332 Leasing revenues 1,565 1,316 4,336 3,905 Interest, dividend and other investment income 1,795 1,717 5,544 6,143 57,809 51,649 168,357 150,636 Railroad, Utilities and Energy: Freight rail transportation revenues 5,761 5,148 16,917 15,101 Energy operating revenues 5,225 4,451 14,375 11,504 Service revenues and other income 1,788 1,776 4,647 3,888 12,774 11,375 35,939 30,493 Total revenues 70,583 63,024 204,296 181,129 Investment and derivative contract gains 4,921 31,582 38,015 1,392 Costs and expenses: Insurance and Other: Insurance losses and loss adjustment expenses 13,939 11,667 37,078 32,712 Life, annuity and health insurance benefits 1,568 1,311 4,507 4,101 Insurance underwriting expenses 3,239 3,228 9,318 9,219 Cost of sales and services 28,984 25,957 84,275 74,565 Cost of leasing 1,116 854 2,980 2,605 Selling, general and administrative expenses 4,889 5,181 13,844 14,304 Goodwill and intangible asset impairments 25 10,659 Interest expense 286 263 860 817 54,021 48,486 152,862 148,982 Railroad, Utilities and Energy.

9 Freight rail transportation expenses 3,527 3,161 10,625 9,625 Utilities and energy cost of sales and other expenses 3,497 3,101 10,306 8,326 Other expenses 1,582 1,481 4,238 3,422 Interest expense 770 737 2,322 2,209 9,376 8,480 27,491 23,582 Total costs and expenses 63,397 56,966 180,353 172,564 Earnings before income taxes and equity method earnings 12,107 37,640 61,958 9,957 Equity method earnings 377 290 775 333 Earnings before income taxes 12,484 37,930 62,733 10,290 Income tax expense 1,840 7,517 11,824 3,167 Net earnings 10,644 30,413 50,909 7,123 Earnings attributable to noncontrolling interests 300 276 760 437 Net earnings attributable to Berkshire Hathaway shareholders$10,344 $30,137 $50,149 $6,686 Net earnings per average equivalent Class A share$6,882 $18,994 $33,025 $4,160 Net earnings per average equivalent Class B share*$ $ $ $ Average equivalent Class A shares outstanding 1,503,013 1,586,698 1,518,513 1,607,041 Average equivalent Class B shares outstanding 2,254,518,838 2,380,046,304 2,277,769,582 2,410,561,550 *Class B shares are economically equivalent to one-fifteen-hundredth of a Class A share.

10 Accordingly, net earnings per average equivalent Class B share outstanding is equal to one-fifteen-hundredth of the equivalent Class A amount. See Note 17. See accompanying Notes to Consolidated Financial Statements 5 BERKSHIRE HATHAWAY SubsidiariesCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(dollars in millions)(Unaudited) Third Quarter First Nine Months 2021 2020 2021 2020 Net earnings $10,644 $30,413 $50,909 $7,123 Other comprehensive income: Unrealized appreciation of investments (89) 19 (164) 42 Applicable income taxes 20 (4) 38 (13)Foreign currency translation (643) 791 (616) (77)Applicable income taxes 6 (3) (8) 34 Defined benefit pension plans 54 (24) 158 86 Applicable income taxes (13) 8 (42) (14)Other, net 38 16 45 (19)Other comprehensive income, net (627) 803 (589)