# EDGAR Filing Document

**Accession Number:** 0001067983
**File Stem:** 0001193125-26-276128
**Filing Date:** 2026-6
**Character Count:** 36548
**Document Hash:** 16215c36a5c050a0f352b04eb083d126
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-276128.hdr.sgml**: 20260618

**ACCESSION NUMBER**: 0001193125-26-276128

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260618

**DATE AS OF CHANGE**: 20260618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BERKSHIRE HATHAWAY INC
- **CENTRAL INDEX KEY:** 0001067983
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 470813844
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14905
- **FILM NUMBER:** 261104136

**BUSINESS ADDRESS:**
- **STREET 1:** 3555 FARNAM STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68131
- **BUSINESS PHONE:** 4023461400

**MAIL ADDRESS:**
- **STREET 1:** 3555 FARNAM STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68131

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NBH INC
- **DATE OF NAME CHANGE:** 19980810

?xml version='1.0' encoding='ASCII'? 11-K

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM** 11-K

**FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO** 

**SECTION 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to_____________

**Commission file number 001-14905** 

(Full title of the plan and the address of the plan, if different from that of the issuer named below:)

**LIQUIDPOWER SPECIALTY PRODUCTS INC.** 

**401(K) AND PROFIT SHARING PLAN** 

(Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:)

Berkshire Hathaway Inc.

**3555 Farnam Street** 

**Omaha, Nebraska 68131** 

------

**LIQUIDPOWER SPECIALTY PRODUCTS INC.**

**401(k) AND PROFIT SHARING PLAN** 

**Table of Contents** 

---

| | |
|:---|:---|
|  | Page |
| [<u>Report of Independent Registered Public Accounting Firm (PCAOB 10 100)</u>](#report_of_independent_registered_public) | 2 |
| [<u>Report of Independent Registered Public Accounting Firm (PCAOB 10 342)</u>](#report_of_independent_r_p_a_firm_2) | 3 |
| Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Statements of Net Assets Available for Benefits</u>](#stmt_of_net_assets_available_for_benefit) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2025 and 2024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Statement of Changes in Net Assets Available for Benefits</u>](#stmt_of_changes_in_net_assets_available) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Year Ended December 31, 2025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Financial Statements</u>](#notes_to_financial_statements) | 6 |
| Supplemental Schedule: \* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Schedule H, Line 4i - Schedule of Assets (Held at End of Year)</u>](#schedule_h_line_4i) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2025 |  |
| [<u>SIGNATURES</u>](#signatures) | 12 |

---

\* All other supplemental schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable or the information required therein has been included in the financial statements or notes hereto.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Plan Administrator and Plan Participants of the

LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan

**Opinion on the Financial Statements** 

We have audited the accompanying statement of net assets available for benefits of the LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan (the "Plan") as of December 31, 2025, and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes and schedule (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Other Matter**

The financial statements of the Plan as of December 31, 2024, and for the year ended December 31, 2024, were audited by Pannell Kerr Forster of Texas, P.C. On June 1, 2025, Pannell Kerr Forster of Texas, P.C. joined with WithumSmith+Brown, P.C. Pannell Kerr Forster of Texas, P.C. expressed an unqualified opinion on those financial statements dated June 20, 2025.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purposes of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

**Supplemental Information**

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2025, has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

---

| |
|:---|
| /s/WithumSmith+Brown, P.C.  |
| We have served as the Plan's auditor since 2019.  |
| Houston, Texas  |
| June 18, 2026  |

---

PCAOB ID Number 100

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Plan Administrator and Plan Participants of the

LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan

**Opinion on the Financial Statements** 

We have audited the accompanying statement of net assets available for benefits of the LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan (the "Plan") as of December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.

---

| |
|:---|
| /s/ Pannell Kerr Forster of Texas, P.C.  |
| We have served as the Plan's auditor since 2019.  |
| Houston, Texas  |
| June 20, 2025  |

---

------

**LIQUIDPOWER SPECIALTY PRODUCTS INC.**

**401(k) AND PROFIT SHARING PLAN** 

**Statements of Net Assets Available for Benefits** 

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value | $102604182 | $84583889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Company contribution receivable | 3034249 | 2951101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 2012053 | 1741939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 5046302 | 4693040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 107650484 | 89276929 |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities |  |  |
| NET ASSETS AVAILABLE FOR BENEFITS | $107650484 | $89276929 |

---

See notes to financial statements.

------

**LIQUIDPOWER SPECIALTY PRODUCTS INC.**

**401(k) AND PROFIT SHARING PLAN** 

**Statement of Changes in Net Assets Available for Benefits** 

---

| | |
|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** |
| Additions: |  |
| Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $4650199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | 8988271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 13638470 |
| Interest income on notes receivable from participants | 176379 |
| Contributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Participants | 5295814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Company | 6523590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollovers | 585220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 12404624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total additions | 26219473 |
| Deductions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit and withdrawal payments | 7784471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 61447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions | 7845918 |
| Net increase in net assets available for benefits | 18373555 |
| Net assets available for benefits |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 89276929 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $107650484 |

---

See notes to financial statements.

------

**LIQUIDPOWER SPECIALTY PRODUCTS INC.**

**401(k) AND PROFIT SHARING PLAN** 

**Notes to Financial Statements** 

**1.** **DESCRIPTION OF PLAN** 

The following description of the LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan (the "Plan") provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. The Plan is sponsored and administered by LiquidPower Specialty Products Inc. (the "Company"). The Plan also covers LiquidPower Specialty Products Transport, LLC which is a participating employer in the Plan. The Company is a wholly-owned subsidiary of Berkshire Hathaway Inc. (the "Parent").

*General.*

The Plan is a defined contribution plan which covers all employees, except for leased employees and nonresident aliens. Employees are eligible to participate in the Plan as of the first day of service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Fidelity Management Trust Company is the trustee for the Plan.

*Contributions.*

Participants are automatically enrolled at a deferral rate of 3% after 30 days of employment and the rate increases by 1% annually up to a rate of 6%. Employees may make voluntary pre-tax contributions or after-tax Roth 401(k) contributions through salary deferrals, limited to 75% of each employee's eligible earnings, but not more than the maximum allowed by law. A participant upon proper notice and approval may enter into a special salary reduction agreement to make deferral contributions from any employer paid cash bonuses in an amount up to 100% of such bonuses, but not more than the maximum allowed by law. Unless a participant has entered into a special salary reduction agreement with respect to bonuses, the percentage deferred from any employer paid cash bonus shall be zero. Employee contributions are subject to Internal Revenue Code (the "IRC") limitations. The maximum contribution allowed by the Plan was $23,500 in 2025. Employees who are 50 years or older as of December 31, 2025 and reach either the maximum before-tax contribution limit of 75% or maximum contribution allowed by the Plan may make catch-up contributions. The catch-up contribution limit was $7,500 for 2025. Effective January, 2025, participants between the age 60 and 63 before the close of the applicable plan year, may contribute an additional "super" catch-up contribution. The "super" catch-up contribution limit was $3,750 for 2025.

The Company adopted the Safe Harbor Provision of the IRC. The Company contributes and allocates to each eligible participant's account a safe harbor matching contribution equal to 100% of elective salary deferrals up to the first 6% of compensation. The Company may also make a discretionary profit sharing contribution to participants who are employed at the end of the year and have 1,000 hours of service. The discretionary profit sharing contribution is divided among allocations groups as defined in the Plan document. Discretionary profit sharing contributions for the year ended December 31, 2025 were $3,034,249.

Any employee of the Company may roll over distributions made from a previous employer's qualified retirement plan into the Plan.

*Participant Accounts.*

Each participant's account is credited with the employee's contributions and an allocation of the Company's contributions, investment earnings and charged with an allocation of administrative expenses. Allocations are based on participants' earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

*Vesting.*

Participants have a fully vested, nonforfeitable right to employee and Company contributions.

*Investment Options.*

All employee and Company contributions are participant-directed among twenty-three investment funds and Berkshire Hathaway Class B common stock.

*Payment of Benefits.*

Withdrawals of employer contributions from the Plan by participants can be made at the Plan designated normal retirement (age 55), when a participant dies or becomes disabled. Distributions upon withdrawal are made in accordance with the Plan document. When a participant reaches the age of 59 <sup>1</sup>⁄2, the in-service distribution may occur from all vested accounts.

*Hardship Distributions:*

A participant may receive a hardship distribution from salary reduction contributions and rollover contributions if the distribution is: (1) on account of uninsured medical expenses incurred by the participant, their spouse or dependents; (2) to purchase (excluding mortgage payments) a principal residence of the participant; (3) for the payment of post-secondary tuition expenses for the participant,

------

their spouse or dependents; (4) needed to prevent eviction of the participant from his or her principal residence or foreclosure upon the mortgage of the participant's principal residence; (5) for burial or funeral expenses for the participant's parent, spouse, children or dependents; or, (6) for expenses for the repair of damage to the participant's principal residence caused by fire, storm, or other casualty.

*Notes Receivable from Participants.*

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of 50% of the participant's vested account balance or $50,000 reduced by the participant's highest outstanding note balance during the prior twelve-month period. Participants can have one note outstanding at a time. Participant notes are secured by the participant's account balance, and bear interest at a reasonable rate of interest which shall remain fixed throughout the duration of the note. All notes require that repayment be amortized in level payments, not less than quarterly, over a period not extending beyond five years from the date of the note or fifteen years for notes to acquire a principal residence. Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable from participants are recorded as distributions upon liquidation of their account balance.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

*Basis of accounting.*

The financial statements of the Plan are prepared under the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP").

*Estimates.*

The preparation of the financial statements in conformity with GAAP requires the plan administrator to make estimates and assumptions that affect the reported amounts of net assets available for benefits at the date of the financial statements and the changes in net assets available for benefits during the reporting period and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results may, in some instances, differ from previously estimated amounts.

*Investments.*

The Plan's investments are stated at fair value. Shares of registered investment companies, collective trust, and common stock are valued based on published market prices, which represent the net asset value of shares held by the Plan at the end of year. Gains and losses on the sale of investments are accounted for on an average cost basis. The Plan presents net changes in the fair value of investments, which consists of realized gains and losses, unrealized appreciation, and any income or capital gain distributions from such investments in the accompanying statement of changes in net assets available for benefits. Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date.

*Notes Receivable from Participants*.

Participant loans are valued at unpaid principal balance plus accrued interest.

*Contributions.*

Contributions by participants and the Company are accounted for on the accrual basis once determined.

*Benefit payments.*

Benefit payments are recorded when paid.

*Risk & uncertainties*.

The Plan utilizes various investment instruments. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the financial statements. For the years ended December 31, 2025 and 2024, two investments and three investments, respectively, represented a concentration greater than 10% of the Plan's net assets available for benefits.

**3.** **FAIR VALUE MEASUREMENTS** 

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic No. 820, Fair Value Measurements, are described as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 — inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 — inputs to the valuation methodology include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•quoted prices for similar assets or liabilities in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•quoted prices for identical or similar assets or liabilities in inactive markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inputs other than quoted prices that are observable for the asset or liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used as of December 31, 2025 and 2024. These methodologies were consistently applied to all assets and liabilities of the Plan.

***Mutual funds*** 

Mutual funds - these investments are valued daily at the net asset value of shares or units held by the Plan based on the quoted market value of the underlying assets.

***Collective investment trust*** 

The collective investment trust is the Invesco Stable Value Trust (Class III). Invesco Stable Value Trust (the "Trust") is a collective trust that has entered into fully benefit-responsive guaranteed investment contracts and wrapper contracts with banks, insurance companies and other financial institutions, designed to provide principal stability, competitive yields, and liquidity. The Trust is valued at the net asset value of units of the Invesco Stable Value Trust, as reported by the investment managers of the Trust and as supported by unit prices of actual purchase and sale transactions occurring as of or close to the financial statement date resulting in a readily determinable fair value. Participant transactions and redemptions (purchases and sales) may occur daily.

***Common stock*** 

The common stock of the Parent is an investment option in the Plan. Berkshire Hathaway common stock trades on an active market. This investment option also includes a cash component that accounts for the purchase and sale of fractional shares.

The Plan's investments measured at fair value as of December 31, 2025 are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Total** |
| Mutual funds | $90430601 | $— | $90430601 |
| Common stock | 10183626 |  | 10183626 |
| Collective investment trust |  | 1989955 | 1989955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments in the fair value hierarchy | $100614227 | $1989955 | $102604182 |

---

The Plan's investments measured at fair value as of December 31, 2024 are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Total** |
| Mutual funds | $72639219 | $— | $72639219 |
| Common stock | 10044217 |  | 10044217 |
| Collective investment trust |  | 1900453 | 1900453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments in the fair value hierarchy | $82683436 | $1900453 | $84583889 |

---

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the valuation methods are considered appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

**4.** **TAX STATUS OF PLAN** 

The volume submitter plan adopted by the Company received its latest favorable opinion letter dated June 30, 2020 stating that the Plan is qualified under Section 401(a) of the IRC and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification.

Management evaluates tax positions taken by the Plan and recognizes a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan sponsor has

------

analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2025, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

**5.** **ADMINISTRATIVE EXPENSES** 

Certain expenses of the Plan are paid by the Company directly. Transaction-related fees are paid by participants. Investment related expenses are included in the net appreciation in fair value of investments.

**6.** **PLAN TERMINATION** 

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. Upon termination, all Plan assets would be distributed accordingly.

**7.** **RELATED PARTIES AND PARTIES-IN-INTEREST** 

The Plan holds investments in the common stock of the Parent. Transactions in this investment qualify as party-in-interest transactions, which are exempt from the prohibited transaction rules. Certain Plan investments are funds managed by Fidelity Investments, the trustee of the Plan. Transactions associated with these investments qualify as party-in-interest transactions, which are exempt from the prohibited transaction rules. The Plan also engages in transactions with participants related to notes receivable, which are party-in-interest transactions with respect to Plan.

**8.** **RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500** 

The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 as of December 31:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Net assets available for benefits per the financial statements | $107650484 | $89276929 |
| Company contribution receivable | (3034249) | (2951101) |
| Deemed distributions |  | (22195) |
| Net assets available for benefits per Form 5500 | $104616235 | $86303633 |

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The following is a reconciliation of Company contributions per the financial statements to the Form 5500 for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Company contributions per financial statement | $6523590 |
| Less: Company contribution receivable at December 31, 2025 | (3034249) |
| Add: Company contribution receivable at December 31, 2024 | 2951101 |
| Company contributions per Form 5500 | $6440442 |

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The following is a reconciliation of benefit and withdrawal payments per the financial statements to the Form 5500 for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Benefit and withdrawal payments per financial statement | $7784471 |
| Less: deemed distribution at December 31, 2024 | (22195) |
| Benefit payments and corrective distributions per Form 5500 | $7762276 |

---

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**LIQUIDPOWER SPECIALTY PRODUCTS INC.**

401(k) AND PROFIT SHARING PLAN

**EIN:** 73-6091775 **Plan Number:** 001

**Schedule H, Line 4i - Schedule of AssetS (Held at End of Year)** 

**December 31, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b)** | **(c)** | **(c)** | **(e)** |
|  | **Identity of Issue, Borrower<br>Lessor or Similar Party** | **Description of Investment Including<br>Maturity Date, Rate of Interest,<br>Collateral, Par, or Maturity Value** | **Description of Investment Including<br>Maturity Date, Rate of Interest,<br>Collateral, Par, or Maturity Value** | **Current<br>Value** |
|  | DFA Emerging Markets Core Equity Portfolio Institutional Class | 51556 | Shares | $1499241 |
|  | Vanguard Selected Value Fund Investor Shares | 39675 | Shares | 1052170 |
|  | Hartford Small Cap Growth HLS Fund Class IA | 36824 | Shares | 905145 |
|  | Dodge & Cox Stock I | 97856 | Shares | 1623426 |
|  | Baird Aggregate Bond Fund Class Institutional | 368597 | Shares | 3663850 |
|  | DFA U.S. Small Cap Value Portfolio Institutional Class | 16159 | Shares | 834452 |
|  | Federated Hermes MDT Mid Cap Growth Fund Class R6 | 27555 | Shares | 1523799 |
|  | Putnam Retirement Advantage Fund Class R6 | 301577 | Shares | 3341477 |
|  | Putnam Retirement Advantage 2030 Fund Class R6 | 909206 | Shares | 9864889 |
|  | Putnam Retirement Advantage 2035 Fund Class R6 | 328263 | Shares | 3669981 |
|  | Putnam Retirement Advantage 2040 Fund Class R6 | 732111 | Shares | 8316785 |
|  | Putnam Retirement Advantage 2045 Fund Class R6 | 186211 | Shares | 2258743 |
|  | Putnam Retirement Advantage 2050 Fund Class R6 | 569098 | Shares | 6942995 |
|  | Putnam Retirement Advantage 2055 Fund Class R6 | 214805 | Shares | 2770980 |
|  | Putnam Retirement Advantage 2060 Fund Class R6 | 230644 | Shares | 2993760 |
|  | Putnam Retirement Advantage 2065 Fund Class R6 | 4188 | Shares | 57464 |
|  | BERKSHIRE HATHAWAY |  |  |  |
| \* | &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Stock Class B | 20253 | Shares | 10179992 |
| \* | &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Stock Purchase Account |  | Cash | 3634 |
| \* | Fidelity 500 Index Fund | 85195 | Shares | 20252594 |
| \* | Fidelity Mid-Cap Stock Fund | 70855 | Shares | 2616676 |
| \* | Fidelity Small-Cap Index Fund | 25390 | Shares | 785303 |
| \* | Fidelity Blue Chip Growth K6 Fund | 262366 | Shares | 11607076 |
| \* | Fidelity Diversified International K6 Fund | 181529 | Shares | 3216700 |
| \* | Fidelity International Small Cap Fund | 17194 | Shares | 633094 |
|  | Invesco Stable Value Trust, Class III | 1989955 | Shares | 1989955 |
| \* | Participant loans | Principal balances ranging up to $50,000 at 4.25% to 10.50% per annum, secured by benefits maturing through 2039. | Principal balances ranging up to $50,000 at 4.25% to 10.50% per annum, secured by benefits maturing through 2039. | 2012053 |

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\* Denotes an investment issued or managed by an entity known to be a party-in-interest to the Plan, as defined by ERISA. Column (d) cost information omitted for participant-directed investments.

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**LIQUIDPOWER SPECIALTY PRODUCTS INC.**

**401(k) AND PROFIT SHARING PLAN** 

**Index to Exhibits**

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| | |
|:---|:---|
| Exhibit No. | Description |
| 23.1 | [<u>Consent of WithumSmith+Brown, P.C., Independent Registered Public Accounting Firm</u>](brka-ex23_1.htm) |
| 23.2 | [<u>Consent of Pannel Kerr Forster of Texas, P.C., Independent Registered Public Accounting Firm</u>](brka-ex23_2.htm) |

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**LIQUIDPOWER SPECIALTY PRODUCTS INC.**

**401(k) AND PROFIT SHARING PLAN** 

**SIGNATURES** 

*The Plan*. Pursuant to the requirements of the Securities Exchange Act of 1934, the LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan | LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan |
| By: | /s/ Darren Wyatt |
|  | Darren Wyatt |
|  | Chief Financial Officer |

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**Date:** June 18, 2026

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## Exhibit 23.1

**Exhibit 23.1** 

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>** 

We consent to the incorporation by reference in Registration Statement No. 333-225027 on Form S-8 of Berkshire Hathaway Inc. of our report dated June 18, 2026, relating to our audit of the financial statements and supplemental schedule of LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan as of and for the year ended December 31, 2025, which appears in this Annual Report on Form 11-K of LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan for the year ended December 31, 2025.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/WithumSmith+Brown, P.C. |
| Houston, Texas  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 18, 2026 |

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## Exhibit 23.2

**Exhibit 23.2** 

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>** 

We consent to the incorporation by reference in Registration Statement No. 333-225027 on Form S-8 of Berkshire Hathaway Inc. of our report dated June 20, 2025,relating to our audit of the financial statements of LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan, which appears in this Annual Report on Form 11-K of LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan for the year ended December 31, 2025.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Pannell Kerr Forster of Texas, P.C. |
| Houston, Texas  |
| &nbsp;&nbsp;&nbsp;&nbsp;June 18, 2026 |

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