BERKSHIRE HATHAWAY INC.
NEWS RELEASEFOR IMMEDIATE RELEASE

February 24, 2024

Omaha, NE (BRK.A; BRK.B) –Berkshire’s operating results for the fourth quarter and full year of 2023 and 2022 are summarized in the following
paragraphs. However, we urge investors and reporters to read our 2023 Annual Report, which has been posted atwww.berkshirehathaway.com. The limited information that follows in this press release is not adequate formaking an informed investment judgment.
Earnings (losses) of Berkshire Hathaway Inc. and its consolidated subsidiaries for the fourth quarter and full yearof 2023 and 2022 are summarized below. Earnings (losses) are stated on an after-tax basis. (Dollar amounts are in
millions, except for per share amounts).
Fourth Quarter
2023
2022

Net earnings (loss) attributable to Berkshire shareholders ......

$

37,574$18,080Net earnings (loss) includes:
Investment and derivative gains (losses) ............................
Operating earnings .............................................................
Net earnings (loss) attributable to Berkshire shareholders ......

$

29,093
8,481
37,574Net earnings (loss) per average equivalent Class A Share .....
Net earnings (loss) per average equivalent Class B Share......

$$

26,043
17.36

Average equivalent Class A shares outstanding ......................
1,442,785
Average equivalent Class B shares outstanding ...................... 2,164,177,636

2023

Full Year$

96,223$

11,455
6,625
18,080$$12,3558.24

1,463,422
2,195,133,576

2022

$

(22,759)$

58,87337,35096,223$(53,612)30,853(22,759)$$

66,412
44.27$$(15,494)(10.33)

1,448,880
2,173,319,709

1,468,876
2,203,313,642

Note: Per share amounts for the Class B shares are 1/1,500th of those shown for the 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 our earnings
statements. In the table above, investment gains (losses) in 2023 include gains of $29.5 billion in the fourth quarter
and $53.0 billion in the full year and in 2022 include gains of $10.1 billion in the fourth quarter and losses of $53.8billion in the full year due to changes during the fourth quarter and the full year in the unrealized gains that existed
in our equity security investment holdings. Investment gains (losses) in 2023 also include after-tax realized losses
on sales of investments of $330 million in the fourth quarter and after-tax realized gains of $3.6 billion in the fullyear and in 2022 include after-tax realized gains on sales of investments of $1.0 billion in the fourth quarter and$54 million in the full year. 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% interest in Pilot Travel Centers.
The amount of investment gains/losses in any given quarter is usually meaningless and delivers figures for net
earnings (losses) per share that can be extremely misleading to investors who have little or no knowledge ofaccounting rules.

An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).

Insurance-underwriting ...............................................
Insurance-investment income .....................................
Railroad ......................................................................
Utilities and energy.....................................................
Other businesses .........................................................
Other* .........................................................................
Operating earnings......................................................

Fourth Quarter
2023
2022

Full Year
2023
2022

$

$ 5,428
9,567
5,087
2,331
15,112(175)$37,350

848
2,759
1,355
632
3,691
(804)
$ 8,481

$

160
2,000
1,469
739
3,709
(1,452)$ 6,625

$

(30)
6,484
5,946
3,904
14,040509$30,853* Includes foreign currency exchange losses related to non-U.S. Dollar denominated debt of approximately $684 million in
the fourth quarter and gains of approximately $211 million in the full year in 2023 and in 2022 includes foreign currency
exchange losses of approximately $1.2 billion in the fourth quarter and gains of approximately $1.3 billion in the full year.

Approximately $2.2 billion was used to repurchase Berkshire shares during the fourth quarter of 2023 bringing thetotal for the year to approximately $9.2 billion. On December 31, 2023 there were 1,441,483 Class A equivalentshares outstanding. At December 31, 2023, insurance float (the net liabilities we assume under insurancecontracts) was approximately $169 billion, an increase of $5 billion since yearend 2022.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures. The reconciliations of such measures to themost 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 most transparent,to the investing public and others who use Berkshire’s financial information. That presentation includes the use ofcertain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows
operating earnings defined as net earnings exclusive of investment and derivative gains/losses and impairments ofgoodwill and intangible assets.
Although the investment of insurance and reinsurance premiums to generate investment income and investment
gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses isindependent of the insurance underwriting process. Moreover, as previously described, under applicable 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 of quarterly business performance.
About Berkshire
Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance,
utilities and energy, freight rail transportation, manufacturing, retailing and services. Common stock of thecompany is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.
Cautionary Statement
Certain statements contained in this press release are “forward looking” statements within the meaning of thePrivate Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance andactual results may differ materially from those forecasted.
Contact
Marc D. Hamburg402-346-1400— END —