Berkshire Hathaway's biggest risks in the FY2024 10-K
- Capital allocation heavily depends on 94-year-old CEO Warren Buffett.
The risks most specific to Berkshire Hathaway
- General Business Risks
We are dependent on a few key people for our major investment and capital allocation decisions
Major investment and capital allocation decisions depend entirely on CEO Warren Buffett, age 94.
- General Business Risks
Investments are unusually concentrated in equity securities and fair values are subject to loss in value
Equity security investments are unusually concentrated in a small number of issuers, risking significant declines in value.
- General Business Risks
Our tolerance for underwriting risk assumed in our various insurance businesses may result in significant underwriting losses
The insurance business willingly assumes massive single-event underwriting risks, which could trigger huge catastrophe losses.
- General Business Risks
Cybersecurity risks could result in economic losses to our businesses and reputational damage
Information systems face ongoing cyber-attacks like viruses, ransomware, and phishing efforts.
- General Business Risks
Climate change and the regulation of greenhouse gas (“GHG”) emissions may impact our businesses
Climate and weather-related events such as hurricanes, floods, and wildfires increase physical risks and greenhouse gas regulation impacts.
- General Business Risks
Changes in regulations and regulatory actions can adversely affect our operating results and our ability to allocate capital
Insurance regulations restrict types of business written, charged rates, required capital levels, and investment sizes.
All 13 risk factors
Headings as the filing states them, in filing order.
General Business Risks
- 01Terrorist acts could hurt our operating businesses
- 02Cybersecurity risks could result in economic losses to our businesses and reputational damage
- 03Geopolitical events could cause losses to our business and losses in the values of securities we own
- 04We are dependent on a few key people for our major investment and capital allocation decisions
- 05We need qualified personnel to manage and operate our various businesses
- 06Investments are unusually concentrated in equity securities and fair values are subject to loss in value
- 07Competition and technology may erode our business franchises and result in lower earnings
- 08Unfavorable general economic conditions may significantly reduce our operating earnings and impair our ability to access capital markets at a reasonable cost
- 09Epidemics, pandemics or other similar outbreaks could hurt our operating businesses
- 10Regulatory changes may adversely impact our future operating results
- 11Climate change and the regulation of greenhouse gas (“GHG”) emissions may impact our businesses
- 12Our tolerance for underwriting risk assumed in our various insurance businesses may result in significant underwriting losses
- 13Changes in regulations and regulatory actions can adversely affect our operating results and our ability to allocate capital
Other Berkshire Hathaway 10-Ks
- FY2025 10-K risk factors13 risks5 reworded
Berkshire updated key person risk to reflect Gregory E. Abel succeeding Warren E. Buffett as CEO on January 1, 2026. The company added disruptive innovations and intellectual property defense to its competition risk.
Filed Mar 02, 2026
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.