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1、BERKSHIREHATHAWAYINC.2025ANNUAL REPORTBERKSHIRE HATHAWAY INC.2025 ANNUAL REPORT TABLE OF CONTENTS CEOs Letter.1 Berkshires Performance vs.the S&P 500.19 Form 10-K Business Description.K-1 Risk Factors.K-24 Cybersecurity.K-28 Description of Properties.K-29 Legal Proceedings.K-31 Managements Discussio

2、n.K-34 Managements Report on Internal Control.K-63 Independent Auditors Report.K-64 Consolidated Financial Statements.K-66 Notes to Consolidated Financial Statements.K-71 Appendices Shareholder Event and Meeting Information.A-1 Operating Companies.A-2 Stock Transfer Agent.A-3 Directors and Officers

3、of the Company.Inside Back Cover Berkshire Hathaway Inc.To My Fellow Berkshire Shareholders,Warren Buffett is arguably the greatest investor of all time,with generations benefiting from his investment acumen.He has also been a remarkable CEO,executing his vision of building a great insurance busines

4、s since the acquisition of National Indemnity in 1967,and deploying the float to make successful investments across major sectors of the economy,concentrating in the U.S.(To Warrens great frustration,this letter begins with these observations yet we all know they are true.)In the past,Warren has spo

5、ken about how he draws inspiration from Ted Williams the baseball Hall of Fame hitter who divided the strike zone into 77 segments and tried to swing only at pitches in a much smaller“happy zone,”resulting in a.344 career batting average and a historic.406 season in 1941.Similar discipline,patience,

6、and judgment define Warrens investing:determining preferred pitches,waiting for them,then swinging decisively.But he is more than an investing guru.Warren built Berkshire into an enduring enterprise with his business partner Charlie Munger.They combined world-class capital allocation with the vision