Berkshire Hathaway (BRK-B) risk factors, FY2025 10-K

Berkshire Hathaway's FY2025 10-K, filed Mar 02, 2026, lists 13 risk factors. Against the prior year's 13: 5 substantially reworded.

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Risk factors listed
131 groups
New this year
0vs 13 last year
Dropped
0since the prior 10-K
Substantially reworded
5of those kept
Section length
3k wordsItem 1A

What the changes say

  • 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.

What changed since the prior 10-K

Reworded

  • 83% rewrittenGeneral Business Risks

    We are dependent on a few key people for our major investment and capital allocation decisions

    Disclosed that Gregory E. Abel will succeed Warren E. Buffett as CEO on January 1, 2026, and updated key reporting lines for executives Ajit Jain and Adam Johnson.

  • 36% rewrittenGeneral Business Risks

    Regulatory changes may adversely impact our future operating results

    Minor phrasing change updating 'and/or cash flows' to 'or cash flows' regarding regulatory impacts.

  • 29% rewrittenGeneral Business Risks

    Competition and technology may erode our business franchises and result in lower earnings

    Added disruptive innovations and difficulties in enforcing, protecting, and defending intellectual properties as specific threats to competitive advantages and earnings.

  • 29% rewrittenGeneral Business Risks

    Changes in regulations and regulatory actions can adversely affect our operating results and our ability to allocate capital

    Retained existing regulatory restrictions on insurance business operations, capital levels, investments, and dividend payments without substantive changes.

  • 25% rewrittenGeneral Business Risks

    Cybersecurity risks could result in economic losses to our businesses and reputational damage

    Updated terminology regarding technology disruptions, changing 'cyber threats' phrasing and minor wording on reputation damage.

All 13 risk factors

Headings as the filing states them, in filing order.

General Business Risks

  1. 01Terrorist acts could hurt our operating businesses
  2. 02Cybersecurity risks could result in economic losses to our businesses and reputational damage25% rewritten
  3. 03Geopolitical events could cause losses to our business and losses in the values of securities we own
  4. 04We are dependent on a few key people for our major investment and capital allocation decisions83% rewritten
  5. 05We need qualified personnel to manage and operate our various businesses
  6. 06Investments are unusually concentrated in equity securities and fair values are subject to loss in value
  7. 07Competition and technology may erode our business franchises and result in lower earnings29% rewritten
  8. 08Unfavorable general economic conditions may significantly reduce our operating earnings and impair our ability to access capital markets at a reasonable cost
  9. 09Epidemics, pandemics or other similar outbreaks could hurt our operating businesses
  10. 10Regulatory changes may adversely impact our future operating results36% rewritten
  11. 11Climate change and the regulation of greenhouse gas (“GHG”) emissions may impact our businesses
  12. 12Our tolerance for underwriting risk assumed in our various insurance businesses may result in significant underwriting losses
  13. 13Changes in regulations and regulatory actions can adversely affect our operating results and our ability to allocate capital29% rewritten

Other Berkshire Hathaway 10-Ks

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.