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 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
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:)
3555 Farnam Street
Omaha, Nebraska 68131
LIQUIDPOWER SPECIALTY PRODUCTS INC.
401(k) AND PROFIT SHARING PLAN
Table of Contents
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Report of Independent Registered Public Accounting Firm (PCAOB 10 100) |
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Report of Independent Registered Public Accounting Firm (PCAOB 10 342) |
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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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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 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. |
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We have served as the Plan’s auditor since 2019. |
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Houston, Texas |
June 18, 2026 |
PCAOB ID Number 100
2
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. |
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We have served as the Plan’s auditor since 2019. |
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Houston, Texas |
June 20, 2025 |
3
LIQUIDPOWER SPECIALTY PRODUCTS INC.
401(k) AND PROFIT SHARING 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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Receivables: |
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Company contribution receivable |
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Notes receivable from participants |
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Total receivables |
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Total assets |
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LIABILITIES: |
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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 notes to financial statements.
4
LIQUIDPOWER SPECIALTY PRODUCTS INC.
401(k) AND PROFIT SHARING 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 |
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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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Benefit and withdrawal payments |
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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 notes to financial statements.
5
LIQUIDPOWER SPECIALTY PRODUCTS INC.
401(k) AND PROFIT SHARING PLAN
Notes to Financial Statements
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
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
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
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,
6
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 $
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,
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:
7
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 |
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Level 2 |
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Total |
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Mutual funds |
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$ |
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$ |
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$ |
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Common stock |
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Collective investment trust |
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Total investments in the fair value hierarchy |
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$ |
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$ |
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$ |
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The Plan’s investments measured at fair value as of December 31, 2024 are as follows:
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Level 1 |
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Level 2 |
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Total |
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Mutual funds |
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$ |
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$ |
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$ |
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Common stock |
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Collective investment trust |
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Total investments in the fair value hierarchy |
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$ |
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$ |
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$ |
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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.
The volume submitter plan adopted by the Company
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
8
analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2025, there are
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.
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.
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 |
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2024 |
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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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Company contribution receivable |
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( |
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Deemed distributions |
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( |
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Net assets available for benefits per Form 5500 |
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$ |
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$ |
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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 |
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$ |
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Less: Company contribution receivable at December 31, 2025 |
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( |
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Add: Company contribution receivable at December 31, 2024 |
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Company contributions per Form 5500 |
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$ |
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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 |
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$ |
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Less: deemed distribution at December 31, 2024 |
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) |
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Benefit payments and corrective distributions per Form 5500 |
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$ |
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9
LIQUIDPOWER SPECIALTY PRODUCTS INC.
EIN:
Schedule H, Line 4i - Schedule of AssetS (Held at End of Year)
December 31, 2025
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(e) |
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Identity of Issue, Borrower |
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Description of Investment Including |
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Current |
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BERKSHIRE HATHAWAY |
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Participant loans |
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Principal balances ranging up to $ |
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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.
10
LIQUIDPOWER SPECIALTY PRODUCTS INC.
401(k) AND PROFIT SHARING PLAN
Index to Exhibits
11
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.
LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan |
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By: |
/s/ Darren Wyatt |
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Darren Wyatt |
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Chief Financial Officer |
Date: June 18, 2026
12
ATTACHMENTS / EXHIBITS
XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT