Form 11-K BERKSHIRE HATHAWAY INC For: Dec 31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
(Mark One)
☒ |
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 |
For the fiscal year ended
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND 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)
Acme Brick Company
401(k) Retirement & Savings Plan
3024 Acme Brick Plaza
Fort Worth, Texas 76109
(Name of issuer of the securities held pursuant to the plan and the address of its principal executive office)
3555 Farnam Street
Omaha, Nebraska 68131
ACME BRICK COMPANY 401(k) RETIREMENT & SAVINGS PLAN
Table of Contents
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Financial Statements: |
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As of December 31, 2025 and 2024 |
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For the year ended December 31, 2025 |
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Year ended December 31, 2025 |
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Supplemental Schedule: * |
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Schedule H, Line 4i - Schedule of Assets (Held at End of Year) |
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As of December 31, 2025 |
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* 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 Administrative Committee, Plan Administrator and Plan Participants of
Acme Brick Company 401(k) Retirement & Savings Plan:
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of Acme Brick Company 401(k) Retirement & Savings 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 schedules (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 Acme Brick Company 401(k) Retirement & Savings Plan as December 31, 2024 and for the year ended December 31, 2024 were audited by Freed Maxick, P.C. On August 1, 2025, Freed Maxick, P.C. joined with WithumSmith+Brown, PC. Freed Maxick, 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 Schedule H, Line 4i – 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, 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 is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ WithumSmith+Brown PC |
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We have served as the Plan’s auditor since 2022. |
Buffalo, New York |
June 12, 2026 PCAOB ID Number: 100 |
2
Report of Independent registered public accounting firm
To the Administrative Committee, Plan Administrator, and Plan Participants of the
Acme Brick Company 401(k) Retirement & Savings Plan:
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available for benefits of the Acme Brick Company 401(k) Retirement & Savings 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.
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.
/s/ Freed Maxick P.C. |
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We have served as the Plan’s auditor since 2022. |
Buffalo, New York |
June 12, 2026 |
3
ACME BRICK COMPANY 401(k) RETIREMENT & SAVINGS PLAN
Statements of Net Assets Available for Benefits
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December 31, |
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2025 |
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2024 |
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Assets: |
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Investments, at fair value |
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$ |
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$ |
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Non-interest-bearing cash |
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Receivables: |
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Notes receivable from participants |
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Company contributions |
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Participant contributions |
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Total receivables |
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Total assets |
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Liabilities: |
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Excess contributions payable |
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Total liabilities |
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Net assets available for benefits |
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$ |
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$ |
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See accompanying notes to financial statements.
4
ACME BRICK COMPANY 401(k) RETIREMENT & SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
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Year Ended |
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Additions: |
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Investment income: |
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Dividends and interest |
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$ |
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Net appreciation in fair value of investments |
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Total investment income |
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Interest income on notes receivable from participants |
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Contributions: |
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Participants |
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Company |
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Rollovers |
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Total contributions |
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Total additions |
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Deductions: |
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Benefits paid to participants |
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Administrative expenses |
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Total deductions |
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Net increase in net assets available for benefits |
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Net assets available for benefits: |
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Beginning of year |
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End of year |
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$ |
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See accompanying notes to financial statements.
5
ACME BRICK COMPANY 401(k) RETIREMENT & SAVINGS PLAN
Notes to Financial Statements
Year Ended December 31, 2025
The following description of the Acme Brick Company (the “Company”) 401(k) Retirement & Savings Plan (the “Plan”) provides only general information. The Company is an indirect subsidiary of Berkshire Hathaway, Inc. (“Berkshire”). Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
For the year ended December 31, 2025, Company matching contributions were equal to
Any employee of the Company may roll over distributions made from a previous employer’s qualified retirement plan into the Plan.
6
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year. Realized gains and losses for security transactions are recorded using the average cost method.
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 Financial Accounting Standards Board Accounting Standards Codification Topic No. 820, Fair Value Measurement, are described as follows:
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 investments measured at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024. These methodologies were consistently applied to all investments of the Plan.
Cash and cash equivalents (money market funds)
Demand deposit funds are carried at amortized cost which approximates fair value. The investments are classified within Level 2 of the valuation hierarchy.
Common stock
Common stock is valued at the closing price reported on the active market on which the individual securities are traded. All common stock is classified within Level 1 of the valuation hierarchy.
Common/collective trust funds
The common/collective trust funds (“CCT”) are valued using Net Asset Value (“NAV”) per share as a practical expedient. NAV is based on the fair value of the underlying investments held by the fund less its liabilities. In accordance with GAAP, since each CCT is measured using the NAV per share practical expedient, the CCT’s are not classified in the fair value hierarchy. The fair value amounts for the CCT’s presented in the table below are intended to permit reconciliation to the amounts presented in the Statements of Net Assets Available for Benefits.
7
Collective investment trusts
The collective investment trusts (“CIT”) are tax-exempt, pooled investment vehicles that are valued daily by the CIT manager. CIT funds are not regulated by the Securities and Exchange Commission (“SEC”). They are regulated through the Office of the Comptroller of the Currency. CIT’s are not publicly traded, however the daily price of the funds are publicly available through the Nasdaq Fund Network. All CITs are classified within Level 2 of the valuation hierarchy.
Mutual funds
Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the SEC. These funds are required to publish their daily NAV and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded. All mutual funds are classified within Level 1 of the valuation hierarchy.
The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2025 and 2024. The Plan has
Assets at Fair Value as of December 31, 2025 |
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Level 1 |
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Level 2 |
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Total |
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Cash and cash equivalents (money market funds) |
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$ |
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$ |
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$ |
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Collective investment trusts |
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Mutual funds |
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Common stock |
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Total investments in the fair value hierarchy |
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$ |
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$ |
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Investments measured at net asset value (a) |
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Total investments at fair value |
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$ |
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Assets at Fair Value as of December 31, 2024 |
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Level 1 |
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Level 2 |
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Total |
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Cash and cash equivalents (money market funds) |
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$ |
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$ |
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$ |
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Collective investment trusts |
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Mutual funds |
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Common stock |
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Total investments in the fair value hierarchy |
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$ |
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$ |
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Investments measured at net asset value (a) |
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Total investments at fair value |
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$ |
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The following table summarizes investments measured at fair value based on NAV as a practical expedient as of December 31, 2025 and 2024.
Fair Values as of December 31, 2025 |
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Fund |
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Fair Value |
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Unfunded |
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Redemption |
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Redemption |
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Putnam Stable Value Fund Class 20 |
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$ |
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N/A |
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Total |
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$ |
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Fair Values as of December 31, 2024 |
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Fund |
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Fair Value |
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Unfunded |
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Redemption |
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Redemption |
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Putnam Stable Value Fund Class 20 |
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$ |
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N/A |
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Total |
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$ |
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8
Effective July 15, 2022, the Plan sponsor adopted a prototype plan sponsored by Bank of America Merrill Lynch. The prototype plan
GAAP requires plan management to evaluate tax positions taken by the plan and recognize a tax liability if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
Amounts payable to participants for contributions in excess of amounts allowed by the IRS are recorded as a liability with a corresponding reduction to contributions. The Plan distributed the 2025 excess contributions to applicable participants prior to March 15, 2026. The Plan distributed the 2024 excess contributions to applicable participants prior to March 15, 2025.
Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant’s account and are included in administrative expenses. Investment related expenses are included in net appreciation of fair value of investments.
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 participants would become 100% vested in their employer contributions and Plan assets would be distributed accordingly.
The Plan holds investments in the common stock of Berkshire, which qualifies as a party-in-interest transaction. At December 31, 2025 and 2024 the Plan held
The Plan holds investments in the Merrill Lynch Bank Deposit Program, a cash account managed by Bank of America, N.A., which acted as trustee for only those investments as defined by the Plan, which qualifies as a party-in-interest transaction. The cash value as of December 31, 2025 totaled $
As of December 31, 2025 and 2024, the outstanding notes receivable from participants were $
The following is a reconciliation of net assets available for benefits per the accompanying financial statements to the Form 5500:
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Year Ended |
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Year Ended |
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Net assets available for benefits per the financial statements |
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$ |
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$ |
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Amounts allocated to withdrawing participants |
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Net assets available for benefits per the Form 5500 |
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$ |
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$ |
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Year Ended |
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Net increase in net assets available for benefits per the financial statements |
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$ |
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Amounts allocated to withdrawing participants at December 31, 2025 |
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( |
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Amounts allocated to withdrawing participants at December 31, 2024 |
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Change in net assets available for benefits per the Form 5500 |
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$ |
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The reconciling items noted above are due to the difference in the method of accounting used under government reporting requirements in preparing the Form 5500 as compared to the Plan’s financial statements.
9
The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least 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 statement of net assets available for benefits.
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ACME BRICK COMPANY 401(k) RETIREMENT & SAVINGS PLAN
EIN:
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2025
(a) |
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(b) |
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(c) |
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(e) |
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Identity of Issue, Borrower, Lessor or Similar Party |
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Description of Investment Including |
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Current |
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* |
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$ |
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* |
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Notes Receivable from Participants |
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Interest rates range from |
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$ |
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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.
11
ACME BRICK COMPANY 401(k) RETIREMENT & SAVINGS PLAN
EXHIBIT INDEX
Exhibit No. |
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23.1 |
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23.2 |
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12
ACME BRICK COMPANY 401(k)
RETIREMENT & SAVINGS PLAN
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
Acme Brick Company 401(k) Retirement & Savings Plan |
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By: |
/s/ Elaine Suleski |
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Elaine Suleski |
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Vice President of Accounting |
Date: June 12, 2026
13
ATTACHMENTS / EXHIBITS
XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT