BERKSHIRE HATHAWAY INC.
FIRST QUARTER 2024 EARNINGS RELEASEFOR IMMEDIATE RELEASE

May 4, 2024

Omaha, NE (BRK.A; BRK.B) –Berkshire’s operating results for the first quarters of 2024 and 2023 are summarized in the following
paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted atwww.berkshirehathaway.com. The limited information that follows in this press release is not adequate
for making an informed investment judgment.
Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the first quarters of 2024 and2023 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions,except for per share amounts).
First Quarter
2024
2023
$

12,702Net earnings includes:
Investment gains (losses) ............................................................................
Operating earnings ......................................................................................
Net earnings attributable to Berkshire shareholders ........................................
Net earnings per average equivalent Class A Share.........................................
Net earnings per average equivalent Class B Share* .......................................

Net earnings attributable to Berkshire shareholders ........................................

Average equivalent Class A shares outstanding ....................................................
Average equivalent Class B shares outstanding ....................................................

$

35,504$

1,480
11,222
12,702$

27,4398,065
35,504

$
$

8,825
5.88

$
$

24,37716.25

1,439,370
2,159,055,134

1,456,438
2,184,657,109* Per share amounts are 1/1,500th of those shown for Class A.

Generally Accepted Accounting Principles (“GAAP”) require that we include the changes in unrealized
gains/losses of our equity security investments as a component of investment gains (losses) in ourearnings statements. In the table above, investment gains (losses) include losses of approximately $9.7
billion in the first quarter of 2024 and gains of approximately $23.4 billion in the first quarter of 2023 due
to changes during the first quarters of 2024 and 2023 in the amount of unrealized gains that existed in ourequity security investment holdings. Investment gains (losses) also include after-tax realized gains onsales of investments of $11.2 billion in the first quarter of 2024 and $1.7 billion in the first quarter of2023. In 2023, investment gains also include a net remeasurement gain of approximately $2.4 billion
related to Berkshire’s acquisition of an additional 41.4% ownership interest in Pilot Travel Centers.
The amount of investment gains (losses) in any given quarter is usually meaningless and delivers
figures for net earnings per share that can be extremely misleading to investors who have little or noknowledge of accounting rules.

An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).
First Quarter2024
2023
Insurance-underwriting.................................................................................
Insurance-investment income .......................................................................
BNSF ............................................................................................................
Berkshire Hathaway Energy Company ........................................................
Other controlled businesses ..........................................................................
Non-controlled businesses* ..........................................................................
Other .............................................................................................................
Operating earnings .......................................................................................

$ 2,598
2,598
1,143
717
3,088
405
673
$11,222

$

911
1,969
1,247
416
3,065
568
(111)
$8,065* Includes certain businesses in which Berkshire had between a 20% and 50% ownership interest.
Approximately $2.6 billion was used to purchase shares of Class A and Class B common stock during thefirst quarter of 2024. On March 31, 2024, there were 1,437,251 Class A equivalent shares outstanding.
At March 31, 2024, insurance float (the net liabilities we assume under insurance contracts) wasapproximately $168 billion.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures. The reconciliations of such measures
to the most comparable GAAP figures in accordance with Regulation G are included herein.
Berkshire presents its results in the way it believes will be most meaningful and useful, as well as mosttransparent, to the investing public and others who use Berkshire’s financial information. That
presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP
presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive ofinvestment gains (losses) and impairments of goodwill and intangible assets.
Although the investment of insurance and reinsurance premiums to generate investment income andinvestment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains
or losses is independent of the insurance underwriting process. Moreover, as previously described, underapplicable GAAP accounting requirements, we are required to include the changes in unrealized gains(losses) of our equity security investments as a component of investment gains (losses) in our periodic
earnings statements. In sum, investment gains (losses) for any particular period are not indicative ofquarterly business performance.
About Berkshire
Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance andreinsurance, freight rail transportation, utilities and energy, manufacturing services and retailing.
Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A andBRK.B.
Cautionary Statement
Certain statements contained in this press release are “forward looking” statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future
performance and actual results may differ materially from those forecasted.
— END —
Contact
Marc D. Hamburg402-346-1400