Q2 2026 Earnings

Clayton New Home Unit Sales YoY Change

2.3%

Clayton Homes’ revenues were $3.4 billion in the second quarter and $6.3 billion in the first six months of 2026, increases of 2.8% and 0.9%, respectively, compared to 2025. Home sales revenues increased 1.7% in the second quarter and declined 1.3% in the first six months of 2026, relative to the corresponding 2025 periods. New home unit sales increased 2.3% in the second quarter and declined 3.3% in the first six months of 2026 relative to 2025. In the first six months of 2026, average prices for factory-built homes increased 3.3%, attributable to changes in sales mix, while average prices for site-built homes declined 2.3% versus 2025. Financial services revenues increased 9.5% in the first six months of 2026 compared to 2025, primarily due to increased interest income from higher average loan balances and average interest rates. Loan balances, net of discounts and allowances for credit losses, were approximately $30.4 billion as of June 30, 2026, an increase of 7.8% since June 30, 2025. Loan portfolios are largely funded by borrowings from Berkshire finance affiliates.

GEICO Bodily Injury Average Claim Severity YoY Change Lower Bound

10.0%

Losses and LAE increased $699 million (8.8%) in the second quarter and $1.6 billion (10.1%) in the first six months of 2026 compared to 2025. GEICO’s loss ratio (losses and LAE to premiums earned) was 76.6% in the second quarter and 75.3% in the first six months of 2026, increases of 4.8 percentage points and 4.9 percentage points, respectively, compared to 2025. The loss ratio increases reflected the impact of higher claims frequencies and average severities. Private passenger auto claims frequencies increased in the first six months of 2026 for bodily injury coverage (five to seven percent range) and property damage and collision coverages (three to five percent range) compared to 2025. Private passenger auto average claims severities in the first six months of 2026 increased for bodily injury coverages (ten to twelve percent range) and property damage and collision coverages (zero to three percent range) compared to 2025. The change in reductions in ultimate loss estimates for prior accident years’ claims in the first six months of 2026 compared to 2025 was relatively insignificant.

GEICO Bodily Injury Average Claim Severity YoY Change Upper Bound

12.0%

Losses and LAE increased $699 million (8.8%) in the second quarter and $1.6 billion (10.1%) in the first six months of 2026 compared to 2025. GEICO’s loss ratio (losses and LAE to premiums earned) was 76.6% in the second quarter and 75.3% in the first six months of 2026, increases of 4.8 percentage points and 4.9 percentage points, respectively, compared to 2025. The loss ratio increases reflected the impact of higher claims frequencies and average severities. Private passenger auto claims frequencies increased in the first six months of 2026 for bodily injury coverage (five to seven percent range) and property damage and collision coverages (three to five percent range) compared to 2025. Private passenger auto average claims severities in the first six months of 2026 increased for bodily injury coverages (ten to twelve percent range) and property damage and collision coverages (zero to three percent range) compared to 2025. The change in reductions in ultimate loss estimates for prior accident years’ claims in the first six months of 2026 compared to 2025 was relatively insignificant.

GEICO Bodily Injury Claim Frequency YoY Change Lower Bound

5.0%

Losses and LAE increased $699 million (8.8%) in the second quarter and $1.6 billion (10.1%) in the first six months of 2026 compared to 2025. GEICO’s loss ratio (losses and LAE to premiums earned) was 76.6% in the second quarter and 75.3% in the first six months of 2026, increases of 4.8 percentage points and 4.9 percentage points, respectively, compared to 2025. The loss ratio increases reflected the impact of higher claims frequencies and average severities. Private passenger auto claims frequencies increased in the first six months of 2026 for bodily injury coverage (five to seven percent range) and property damage and collision coverages (three to five percent range) compared to 2025. Private passenger auto average claims severities in the first six months of 2026 increased for bodily injury coverages (ten to twelve percent range) and property damage and collision coverages (zero to three percent range) compared to 2025. The change in reductions in ultimate loss estimates for prior accident years’ claims in the first six months of 2026 compared to 2025 was relatively insignificant.

GEICO Bodily Injury Claim Frequency YoY Change Upper Bound

7.0%

Losses and LAE increased $699 million (8.8%) in the second quarter and $1.6 billion (10.1%) in the first six months of 2026 compared to 2025. GEICO’s loss ratio (losses and LAE to premiums earned) was 76.6% in the second quarter and 75.3% in the first six months of 2026, increases of 4.8 percentage points and 4.9 percentage points, respectively, compared to 2025. The loss ratio increases reflected the impact of higher claims frequencies and average severities. Private passenger auto claims frequencies increased in the first six months of 2026 for bodily injury coverage (five to seven percent range) and property damage and collision coverages (three to five percent range) compared to 2025. Private passenger auto average claims severities in the first six months of 2026 increased for bodily injury coverages (ten to twelve percent range) and property damage and collision coverages (zero to three percent range) compared to 2025. The change in reductions in ultimate loss estimates for prior accident years’ claims in the first six months of 2026 compared to 2025 was relatively insignificant.

GEICO Property Damage and Collision Average Claim Severity YoY Change Lower Bound

0.0%

Losses and LAE increased $699 million (8.8%) in the second quarter and $1.6 billion (10.1%) in the first six months of 2026 compared to 2025. GEICO’s loss ratio (losses and LAE to premiums earned) was 76.6% in the second quarter and 75.3% in the first six months of 2026, increases of 4.8 percentage points and 4.9 percentage points, respectively, compared to 2025. The loss ratio increases reflected the impact of higher claims frequencies and average severities. Private passenger auto claims frequencies increased in the first six months of 2026 for bodily injury coverage (five to seven percent range) and property damage and collision coverages (three to five percent range) compared to 2025. Private passenger auto average claims severities in the first six months of 2026 increased for bodily injury coverages (ten to twelve percent range) and property damage and collision coverages (zero to three percent range) compared to 2025. The change in reductions in ultimate loss estimates for prior accident years’ claims in the first six months of 2026 compared to 2025 was relatively insignificant.

GEICO Property Damage and Collision Average Claim Severity YoY Change Upper Bound

3.0%

Losses and LAE increased $699 million (8.8%) in the second quarter and $1.6 billion (10.1%) in the first six months of 2026 compared to 2025. GEICO’s loss ratio (losses and LAE to premiums earned) was 76.6% in the second quarter and 75.3% in the first six months of 2026, increases of 4.8 percentage points and 4.9 percentage points, respectively, compared to 2025. The loss ratio increases reflected the impact of higher claims frequencies and average severities. Private passenger auto claims frequencies increased in the first six months of 2026 for bodily injury coverage (five to seven percent range) and property damage and collision coverages (three to five percent range) compared to 2025. Private passenger auto average claims severities in the first six months of 2026 increased for bodily injury coverages (ten to twelve percent range) and property damage and collision coverages (zero to three percent range) compared to 2025. The change in reductions in ultimate loss estimates for prior accident years’ claims in the first six months of 2026 compared to 2025 was relatively insignificant.

GEICO Property Damage and Collision Claim Frequency YoY Change Lower Bound

3.0%

Losses and LAE increased $699 million (8.8%) in the second quarter and $1.6 billion (10.1%) in the first six months of 2026 compared to 2025. GEICO’s loss ratio (losses and LAE to premiums earned) was 76.6% in the second quarter and 75.3% in the first six months of 2026, increases of 4.8 percentage points and 4.9 percentage points, respectively, compared to 2025. The loss ratio increases reflected the impact of higher claims frequencies and average severities. Private passenger auto claims frequencies increased in the first six months of 2026 for bodily injury coverage (five to seven percent range) and property damage and collision coverages (three to five percent range) compared to 2025. Private passenger auto average claims severities in the first six months of 2026 increased for bodily injury coverages (ten to twelve percent range) and property damage and collision coverages (zero to three percent range) compared to 2025. The change in reductions in ultimate loss estimates for prior accident years’ claims in the first six months of 2026 compared to 2025 was relatively insignificant.

GEICO Property Damage and Collision Claim Frequency YoY Change Upper Bound

5.0%

Losses and LAE increased $699 million (8.8%) in the second quarter and $1.6 billion (10.1%) in the first six months of 2026 compared to 2025. GEICO’s loss ratio (losses and LAE to premiums earned) was 76.6% in the second quarter and 75.3% in the first six months of 2026, increases of 4.8 percentage points and 4.9 percentage points, respectively, compared to 2025. The loss ratio increases reflected the impact of higher claims frequencies and average severities. Private passenger auto claims frequencies increased in the first six months of 2026 for bodily injury coverage (five to seven percent range) and property damage and collision coverages (three to five percent range) compared to 2025. Private passenger auto average claims severities in the first six months of 2026 increased for bodily injury coverages (ten to twelve percent range) and property damage and collision coverages (zero to three percent range) compared to 2025. The change in reductions in ultimate loss estimates for prior accident years’ claims in the first six months of 2026 compared to 2025 was relatively insignificant.

Insurance Float

$177.50B

Invested assets of our insurance businesses derive from shareholder capital and net liabilities assumed under insurance contracts or “float.” The major components of float are unpaid losses and LAE, including liabilities under retroactive reinsurance contracts, life, annuity and health benefit liabilities, unearned premiums and certain other liabilities, which are reduced by insurance premiums receivable, reinsurance receivables, deferred charges on retroactive reinsurance contracts and deferred policy acquisition costs. The effect of discount rate changes on long-duration insurance contracts, which are recorded in accumulated other comprehensive income, are excluded from float, as such amounts are not included in earnings in the Consolidated Statements of Earnings. Float was approximately $177.5 billion at June 30, 2026, an increase of approximately $1.1 billion from December 31, 2025. The cost of float is measured as the ratio of pre-tax underwriting earnings to float balances. Our combined insurance operations generated pre-tax underwriting earnings in the first six months of 2026 and 2025, and the average cost of float was negative in each period.

BH Primary Combined Ratio

94.2%

A summary of BH Primary’s underwriting results follows (dollars in millions). Second Quarter First Six Months 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Premiums written $ 4,620 $ 4,820 $ 9,086 $ 9,243 Premiums earned $ 4,673 100.0 $ 4,677 100.0 $ 9,264 100.0 $ 9,254 100.0 Losses and LAE 3,011 64.4 3,193 68.3 5,803 62.6 6,645 71.8 Underwriting expenses 1,389 29.8 1,421 30.4 2,712 29.3 2,690 29.1 Total losses and expenses 4,400 94.2 4,614 98.7 8,515 91.9 9,335 100.9 Pre-tax underwriting earnings (loss) $ 273 $ 63 $ 749 $ (81 ) Premiums written declined $200 million (4.1%) in the second quarter and $157 million (1.7%) in the first six months of 2026 compared to 2025, reflecting year-to-date declines at RSUI (13.2%) and BHSI (2.6%), as well as BHHC (5.7%) and GUARD (7.5%). Several of our primary insurance businesses reduced property volumes within the U.S. in the first six months of 2026. Losses and LAE declined $182 million (5.7%) in the second quarter and $842 million (12.7%) in the first six months of 2026 relative to 2025. The loss ratio declined 3.9 percentage points in the second quarter and 9.2 percentage points in the first six months compared to 2025. Losses incurred from significant catastrophe occurrences in the first six months of 2025 were approximately $300 million versus none in 2026. The losses in 2025 were from wildfires in Southern California, which occurred in the first quarter. We reduced ultimate loss estimates for prior accident years’ claims by $268 million in the second quarter and $444 million in the first six months of 2026. We increased ultimate loss estimates for prior accident years’ claims by $189 million in the second quarter and $401 million in the first six months of 2025. The reductions in 2026 were primarily attributable to lower-than-expected property losses and, to a lesser extent, casualty losses. The increases in 2025 were primarily due to increases in estimated losses for casualty exposures, partially offset by reductions in property loss estimates.

BH Primary Expense Ratio

29.8%

A summary of BH Primary’s underwriting results follows (dollars in millions). Second Quarter First Six Months 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Premiums written $ 4,620 $ 4,820 $ 9,086 $ 9,243 Premiums earned $ 4,673 100.0 $ 4,677 100.0 $ 9,264 100.0 $ 9,254 100.0 Losses and LAE 3,011 64.4 3,193 68.3 5,803 62.6 6,645 71.8 Underwriting expenses 1,389 29.8 1,421 30.4 2,712 29.3 2,690 29.1 Total losses and expenses 4,400 94.2 4,614 98.7 8,515 91.9 9,335 100.9 Pre-tax underwriting earnings (loss) $ 273 $ 63 $ 749 $ (81 ) Premiums written declined $200 million (4.1%) in the second quarter and $157 million (1.7%) in the first six months of 2026 compared to 2025, reflecting year-to-date declines at RSUI (13.2%) and BHSI (2.6%), as well as BHHC (5.7%) and GUARD (7.5%). Several of our primary insurance businesses reduced property volumes within the U.S. in the first six months of 2026. Losses and LAE declined $182 million (5.7%) in the second quarter and $842 million (12.7%) in the first six months of 2026 relative to 2025. The loss ratio declined 3.9 percentage points in the second quarter and 9.2 percentage points in the first six months compared to 2025. Losses incurred from significant catastrophe occurrences in the first six months of 2025 were approximately $300 million versus none in 2026. The losses in 2025 were from wildfires in Southern California, which occurred in the first quarter. We reduced ultimate loss estimates for prior accident years’ claims by $268 million in the second quarter and $444 million in the first six months of 2026. We increased ultimate loss estimates for prior accident years’ claims by $189 million in the second quarter and $401 million in the first six months of 2025. The reductions in 2026 were primarily attributable to lower-than-expected property losses and, to a lesser extent, casualty losses. The increases in 2025 were primarily due to increases in estimated losses for casualty exposures, partially offset by reductions in property loss estimates.

BH Primary Loss Ratio

64.4%

A summary of BH Primary’s underwriting results follows (dollars in millions). Second Quarter First Six Months 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Premiums written $ 4,620 $ 4,820 $ 9,086 $ 9,243 Premiums earned $ 4,673 100.0 $ 4,677 100.0 $ 9,264 100.0 $ 9,254 100.0 Losses and LAE 3,011 64.4 3,193 68.3 5,803 62.6 6,645 71.8 Underwriting expenses 1,389 29.8 1,421 30.4 2,712 29.3 2,690 29.1 Total losses and expenses 4,400 94.2 4,614 98.7 8,515 91.9 9,335 100.9 Pre-tax underwriting earnings (loss) $ 273 $ 63 $ 749 $ (81 ) Premiums written declined $200 million (4.1%) in the second quarter and $157 million (1.7%) in the first six months of 2026 compared to 2025, reflecting year-to-date declines at RSUI (13.2%) and BHSI (2.6%), as well as BHHC (5.7%) and GUARD (7.5%). Several of our primary insurance businesses reduced property volumes within the U.S. in the first six months of 2026. Losses and LAE declined $182 million (5.7%) in the second quarter and $842 million (12.7%) in the first six months of 2026 relative to 2025. The loss ratio declined 3.9 percentage points in the second quarter and 9.2 percentage points in the first six months compared to 2025. Losses incurred from significant catastrophe occurrences in the first six months of 2025 were approximately $300 million versus none in 2026. The losses in 2025 were from wildfires in Southern California, which occurred in the first quarter. We reduced ultimate loss estimates for prior accident years’ claims by $268 million in the second quarter and $444 million in the first six months of 2026. We increased ultimate loss estimates for prior accident years’ claims by $189 million in the second quarter and $401 million in the first six months of 2025. The reductions in 2026 were primarily attributable to lower-than-expected property losses and, to a lesser extent, casualty losses. The increases in 2025 were primarily due to increases in estimated losses for casualty exposures, partially offset by reductions in property loss estimates.

BHRG Life/Health Benefit Ratio

75.4%

A summary of our life/health reinsurance underwriting results follows (dollars in millions). Second Quarter First Six Months 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Premiums written $ 1,479 $ 1,347 $ 2,797 $ 2,590 Premiums earned $ 1,482 100.0 $ 1,346 100.0 $ 2,798 100.0 $ 2,586 100.0 Life and health benefits 1,118 75.4 1,043 77.5 2,022 72.3 1,999 77.3 Underwriting expenses 313 21.2 251 18.6 599 21.4 465 18.0 Total benefits and expenses 1,431 96.6 1,294 96.1 2,621 93.7 2,464 95.3 Pre-tax underwriting earnings $ 51 $ 52 $ 177 $ 122

BHRG Life/Health Combined Benefit and Expense Ratio

96.6%

A summary of our life/health reinsurance underwriting results follows (dollars in millions). Second Quarter First Six Months 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Premiums written $ 1,479 $ 1,347 $ 2,797 $ 2,590 Premiums earned $ 1,482 100.0 $ 1,346 100.0 $ 2,798 100.0 $ 2,586 100.0 Life and health benefits 1,118 75.4 1,043 77.5 2,022 72.3 1,999 77.3 Underwriting expenses 313 21.2 251 18.6 599 21.4 465 18.0 Total benefits and expenses 1,431 96.6 1,294 96.1 2,621 93.7 2,464 95.3 Pre-tax underwriting earnings $ 51 $ 52 $ 177 $ 122

BHRG Life/Health Expense Ratio

21.2%

A summary of our life/health reinsurance underwriting results follows (dollars in millions). Second Quarter First Six Months 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Premiums written $ 1,479 $ 1,347 $ 2,797 $ 2,590 Premiums earned $ 1,482 100.0 $ 1,346 100.0 $ 2,798 100.0 $ 2,586 100.0 Life and health benefits 1,118 75.4 1,043 77.5 2,022 72.3 1,999 77.3 Underwriting expenses 313 21.2 251 18.6 599 21.4 465 18.0 Total benefits and expenses 1,431 96.6 1,294 96.1 2,621 93.7 2,464 95.3 Pre-tax underwriting earnings $ 51 $ 52 $ 177 $ 122

BHRG Property/Casualty Combined Ratio

77.4%

A summary of property/casualty reinsurance underwriting results follows (dollars in millions). Second Quarter First Six Months 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Premiums written $ 5,226 $ 5,022 $ 11,218 $ 11,157 Premiums earned $ 5,029 100.0 $ 5,108 100.0 $ 9,941 100.0 $ 10,343 100.0 Losses and LAE 2,442 48.6 2,754 53.9 5,326 53.6 6,353 61.4 Underwriting expenses 1,449 28.8 1,309 25.6 2,840 28.5 2,877 27.8 Total losses and expenses 3,891 77.4 4,063 79.5 8,166 82.1 9,230 89.2 Pre-tax underwriting earnings $ 1,138 $ 1,045 $ 1,775 $ 1,113 Premiums written increased $204 million (4.1%) in the second quarter and were relatively unchanged in the first six months of 2026 compared to 2025. We recorded premiums written in the second quarter and first six months of $483 million from a new whole account reinsurance agreement with certain wholly-owned insurance subsidiaries of Tokio Marine Holdings, Inc. (“Tokio Marine”), which commenced on April 1, 2026. Under the agreement, NICO assumes on a quota-share basis a portion of the non-life premiums written and related losses and expenses of Tokio Marine on risks attaching over a ten-year term. Otherwise, premiums written in the second quarter and first six months of 2026 declined 5.6% and 3.8%, respectively, relative to 2025, primarily due to lower property volumes. Losses and LAE decreased $312 million (11.3%) in the second quarter and $1.0 billion (16.2%) in the first six months of 2026 compared to 2025. The loss ratio in 2026 declined 5.3 percentage points in the second quarter and 7.8 percentage points in the first six months compared to 2025. There were no losses incurred from significant catastrophe event occurrences in the first six months of 2026 compared to $760 million in 2025 from estimated wildfire losses, which occurred in the first quarter. Additionally, changes in prior accident years’ ultimate loss estimates reduced losses and LAE by $609 million in the second quarter and $869 million in the first six months of 2026 compared to $176 million and $506 million, respectively, in the corresponding 2025 periods. The reductions in each period were mostly attributable to lower-than-expected property losses.

BHRG Property/Casualty Expense Ratio

28.8%

A summary of property/casualty reinsurance underwriting results follows (dollars in millions). Second Quarter First Six Months 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Premiums written $ 5,226 $ 5,022 $ 11,218 $ 11,157 Premiums earned $ 5,029 100.0 $ 5,108 100.0 $ 9,941 100.0 $ 10,343 100.0 Losses and LAE 2,442 48.6 2,754 53.9 5,326 53.6 6,353 61.4 Underwriting expenses 1,449 28.8 1,309 25.6 2,840 28.5 2,877 27.8 Total losses and expenses 3,891 77.4 4,063 79.5 8,166 82.1 9,230 89.2 Pre-tax underwriting earnings $ 1,138 $ 1,045 $ 1,775 $ 1,113 Premiums written increased $204 million (4.1%) in the second quarter and were relatively unchanged in the first six months of 2026 compared to 2025. We recorded premiums written in the second quarter and first six months of $483 million from a new whole account reinsurance agreement with certain wholly-owned insurance subsidiaries of Tokio Marine Holdings, Inc. (“Tokio Marine”), which commenced on April 1, 2026. Under the agreement, NICO assumes on a quota-share basis a portion of the non-life premiums written and related losses and expenses of Tokio Marine on risks attaching over a ten-year term. Otherwise, premiums written in the second quarter and first six months of 2026 declined 5.6% and 3.8%, respectively, relative to 2025, primarily due to lower property volumes. Losses and LAE decreased $312 million (11.3%) in the second quarter and $1.0 billion (16.2%) in the first six months of 2026 compared to 2025. The loss ratio in 2026 declined 5.3 percentage points in the second quarter and 7.8 percentage points in the first six months compared to 2025. There were no losses incurred from significant catastrophe event occurrences in the first six months of 2026 compared to $760 million in 2025 from estimated wildfire losses, which occurred in the first quarter. Additionally, changes in prior accident years’ ultimate loss estimates reduced losses and LAE by $609 million in the second quarter and $869 million in the first six months of 2026 compared to $176 million and $506 million, respectively, in the corresponding 2025 periods. The reductions in each period were mostly attributable to lower-than-expected property losses.

BHRG Property/Casualty Loss Ratio

48.6%

A summary of property/casualty reinsurance underwriting results follows (dollars in millions). Second Quarter First Six Months 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Premiums written $ 5,226 $ 5,022 $ 11,218 $ 11,157 Premiums earned $ 5,029 100.0 $ 5,108 100.0 $ 9,941 100.0 $ 10,343 100.0 Losses and LAE 2,442 48.6 2,754 53.9 5,326 53.6 6,353 61.4 Underwriting expenses 1,449 28.8 1,309 25.6 2,840 28.5 2,877 27.8 Total losses and expenses 3,891 77.4 4,063 79.5 8,166 82.1 9,230 89.2 Pre-tax underwriting earnings $ 1,138 $ 1,045 $ 1,775 $ 1,113 Premiums written increased $204 million (4.1%) in the second quarter and were relatively unchanged in the first six months of 2026 compared to 2025. We recorded premiums written in the second quarter and first six months of $483 million from a new whole account reinsurance agreement with certain wholly-owned insurance subsidiaries of Tokio Marine Holdings, Inc. (“Tokio Marine”), which commenced on April 1, 2026. Under the agreement, NICO assumes on a quota-share basis a portion of the non-life premiums written and related losses and expenses of Tokio Marine on risks attaching over a ten-year term. Otherwise, premiums written in the second quarter and first six months of 2026 declined 5.6% and 3.8%, respectively, relative to 2025, primarily due to lower property volumes. Losses and LAE decreased $312 million (11.3%) in the second quarter and $1.0 billion (16.2%) in the first six months of 2026 compared to 2025. The loss ratio in 2026 declined 5.3 percentage points in the second quarter and 7.8 percentage points in the first six months compared to 2025. There were no losses incurred from significant catastrophe event occurrences in the first six months of 2026 compared to $760 million in 2025 from estimated wildfire losses, which occurred in the first quarter. Additionally, changes in prior accident years’ ultimate loss estimates reduced losses and LAE by $609 million in the second quarter and $869 million in the first six months of 2026 compared to $176 million and $506 million, respectively, in the corresponding 2025 periods. The reductions in each period were mostly attributable to lower-than-expected property losses.

GEICO Combined Ratio

91.2%

GEICO writes property and casualty insurance policies, primarily private passenger auto insurance, in all 50 states and the District of Columbia. Additionally, GEICO writes insurance for certain commercial auto risks, which currently represents less than 5% of premiums written. GEICO offers its policies mainly by direct response methods where most customers apply for insurance coverage directly to the company, and, to a lesser extent, through insurance agencies. GEICO also operates an insurance agency that offers insurance policies written by third parties for individuals desiring coverages that are generally not offered by GEICO, such as homeowners, renters, condominium, life and identity protection insurance. A summary of GEICO’s underwriting results follows (dollars in millions). Second Quarter First Six Months 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Premiums written $ 11,124 $ 11,003 $ 22,798 $ 22,509 Premiums earned $ 11,291 100.0 $ 11,064 100.0 $ 22,477 100.0 $ 21,816 100.0 Losses and LAE 8,644 76.6 7,945 71.8 16,921 75.3 15,369 70.4 Underwriting expenses 1,653 14.6 1,298 11.7 3,146 14.0 2,453 11.3 Total losses and expenses 10,297 91.2 9,243 83.5 20,067 89.3 17,822 81.7 Pre-tax underwriting earnings $ 994 $ 1,821 $ 2,410 $ 3,994 34 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Insurance—Underwriting GEICO Premiums written increased $121 million (1.1%) in the second quarter and $289 million (1.3%) in the first six months of 2026 compared to 2025, reflecting an increase in commercial auto business, partially offset by lower average premiums per policy for private passenger auto insurance. Premiums earned increased $227 million (2.1%) in the second quarter and $661 million (3.0%) in the first six months of 2026 compared to 2025. Losses and LAE increased $699 million (8.8%) in the second quarter and $1.6 billion (10.1%) in the first six months of 2026 compared to 2025. GEICO’s loss ratio (losses and LAE to premiums earned) was 76.6% in the second quarter and 75.3% in the first six months of 2026, increases of 4.8 percentage points and 4.9 percentage points, respectively, compared to 2025. The loss ratio increases reflected the impact of higher claims frequencies and average severities. Private passenger auto claims frequencies increased in the first six months of 2026 for bodily injury coverage (five to seven percent range) and property damage and collision coverages (three to five percent range) compared to 2025. Private passenger auto average claims severities in the first six months of 2026 increased for bodily injury coverages (ten to twelve percent range) and property damage and collision coverages (zero to three percent range) compared to 2025. The change in reductions in ultimate loss estimates for prior accident years’ claims in the first six months of 2026 compared to 2025 was relatively insignificant. Underwriting expenses increased $355 million (27.3%) in the second quarter and $693 million (28.3%) in the first six months of 2026 compared to 2025. The expense ratio (underwriting expense to premiums earned) was 14.0% in the first six months of 2026, an increase of 2.7 percentage points compared to 2025. These increases were primarily driven by increases in commissions and advertising expenses. The earnings from GEICO’s insurance agency (third-party commissions, net of operating expenses) are included as a reduction of underwriting expenses.

GEICO Expense Ratio

14.6%

GEICO writes property and casualty insurance policies, primarily private passenger auto insurance, in all 50 states and the District of Columbia. Additionally, GEICO writes insurance for certain commercial auto risks, which currently represents less than 5% of premiums written. GEICO offers its policies mainly by direct response methods where most customers apply for insurance coverage directly to the company, and, to a lesser extent, through insurance agencies. GEICO also operates an insurance agency that offers insurance policies written by third parties for individuals desiring coverages that are generally not offered by GEICO, such as homeowners, renters, condominium, life and identity protection insurance. A summary of GEICO’s underwriting results follows (dollars in millions). Second Quarter First Six Months 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Premiums written $ 11,124 $ 11,003 $ 22,798 $ 22,509 Premiums earned $ 11,291 100.0 $ 11,064 100.0 $ 22,477 100.0 $ 21,816 100.0 Losses and LAE 8,644 76.6 7,945 71.8 16,921 75.3 15,369 70.4 Underwriting expenses 1,653 14.6 1,298 11.7 3,146 14.0 2,453 11.3 Total losses and expenses 10,297 91.2 9,243 83.5 20,067 89.3 17,822 81.7 Pre-tax underwriting earnings $ 994 $ 1,821 $ 2,410 $ 3,994 34 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Insurance—Underwriting GEICO Premiums written increased $121 million (1.1%) in the second quarter and $289 million (1.3%) in the first six months of 2026 compared to 2025, reflecting an increase in commercial auto business, partially offset by lower average premiums per policy for private passenger auto insurance. Premiums earned increased $227 million (2.1%) in the second quarter and $661 million (3.0%) in the first six months of 2026 compared to 2025. Losses and LAE increased $699 million (8.8%) in the second quarter and $1.6 billion (10.1%) in the first six months of 2026 compared to 2025. GEICO’s loss ratio (losses and LAE to premiums earned) was 76.6% in the second quarter and 75.3% in the first six months of 2026, increases of 4.8 percentage points and 4.9 percentage points, respectively, compared to 2025. The loss ratio increases reflected the impact of higher claims frequencies and average severities. Private passenger auto claims frequencies increased in the first six months of 2026 for bodily injury coverage (five to seven percent range) and property damage and collision coverages (three to five percent range) compared to 2025. Private passenger auto average claims severities in the first six months of 2026 increased for bodily injury coverages (ten to twelve percent range) and property damage and collision coverages (zero to three percent range) compared to 2025. The change in reductions in ultimate loss estimates for prior accident years’ claims in the first six months of 2026 compared to 2025 was relatively insignificant. Underwriting expenses increased $355 million (27.3%) in the second quarter and $693 million (28.3%) in the first six months of 2026 compared to 2025. The expense ratio (underwriting expense to premiums earned) was 14.0% in the first six months of 2026, an increase of 2.7 percentage points compared to 2025. These increases were primarily driven by increases in commissions and advertising expenses. The earnings from GEICO’s insurance agency (third-party commissions, net of operating expenses) are included as a reduction of underwriting expenses.

GEICO Loss Ratio

76.6%

GEICO writes property and casualty insurance policies, primarily private passenger auto insurance, in all 50 states and the District of Columbia. Additionally, GEICO writes insurance for certain commercial auto risks, which currently represents less than 5% of premiums written. GEICO offers its policies mainly by direct response methods where most customers apply for insurance coverage directly to the company, and, to a lesser extent, through insurance agencies. GEICO also operates an insurance agency that offers insurance policies written by third parties for individuals desiring coverages that are generally not offered by GEICO, such as homeowners, renters, condominium, life and identity protection insurance. A summary of GEICO’s underwriting results follows (dollars in millions). Second Quarter First Six Months 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Premiums written $ 11,124 $ 11,003 $ 22,798 $ 22,509 Premiums earned $ 11,291 100.0 $ 11,064 100.0 $ 22,477 100.0 $ 21,816 100.0 Losses and LAE 8,644 76.6 7,945 71.8 16,921 75.3 15,369 70.4 Underwriting expenses 1,653 14.6 1,298 11.7 3,146 14.0 2,453 11.3 Total losses and expenses 10,297 91.2 9,243 83.5 20,067 89.3 17,822 81.7 Pre-tax underwriting earnings $ 994 $ 1,821 $ 2,410 $ 3,994 34 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Insurance—Underwriting GEICO Premiums written increased $121 million (1.1%) in the second quarter and $289 million (1.3%) in the first six months of 2026 compared to 2025, reflecting an increase in commercial auto business, partially offset by lower average premiums per policy for private passenger auto insurance. Premiums earned increased $227 million (2.1%) in the second quarter and $661 million (3.0%) in the first six months of 2026 compared to 2025. Losses and LAE increased $699 million (8.8%) in the second quarter and $1.6 billion (10.1%) in the first six months of 2026 compared to 2025. GEICO’s loss ratio (losses and LAE to premiums earned) was 76.6% in the second quarter and 75.3% in the first six months of 2026, increases of 4.8 percentage points and 4.9 percentage points, respectively, compared to 2025. The loss ratio increases reflected the impact of higher claims frequencies and average severities. Private passenger auto claims frequencies increased in the first six months of 2026 for bodily injury coverage (five to seven percent range) and property damage and collision coverages (three to five percent range) compared to 2025. Private passenger auto average claims severities in the first six months of 2026 increased for bodily injury coverages (ten to twelve percent range) and property damage and collision coverages (zero to three percent range) compared to 2025. The change in reductions in ultimate loss estimates for prior accident years’ claims in the first six months of 2026 compared to 2025 was relatively insignificant. Underwriting expenses increased $355 million (27.3%) in the second quarter and $693 million (28.3%) in the first six months of 2026 compared to 2025. The expense ratio (underwriting expense to premiums earned) was 14.0% in the first six months of 2026, an increase of 2.7 percentage points compared to 2025. These increases were primarily driven by increases in commissions and advertising expenses. The earnings from GEICO’s insurance agency (third-party commissions, net of operating expenses) are included as a reduction of underwriting expenses.

BNSF Route Miles (Minimum Disclosed)

32.5K

BNSF Burlington Northern Santa Fe, LLC (“BNSF”) operates one of the largest railroad systems in North America, with over 32,500 route miles of track in 28 states. BNSF also operates in three Canadian provinces. BNSF classifies its major business groups by type of product shipped, including consumer products, agricultural and energy products, industrial products and coal. A summary of BNSF’s earnings follows (dollars in millions).

BNSF Agricultural and Energy Products Freight Volume

388.0K

A summary of BNSF’s railroad freight volumes by business group follows (cars/units in thousands). Cars/Units Percentage Change Second Quarter First Six Months Second First Six 2026 2025 2026 2025 Quarter Months Consumer products 1,462 1,338 2,864 2,720 9.3 % 5.3 % Agricultural and energy products 388 348 773 693 11.5 11.5 Industrial products 361 350 691 682 3.1 1.3 Coal 268 291 559 589 (7.9 ) (5.1 ) 2,479 2,327 4,887 4,684 6.5 4.3 Railroad operating revenues increased in the second quarter and the first six months of 2026 by 14.6% and 9.8%, respectively, compared to 2025. Car/unit volume increased 6.5% and 4.3%, respectively, in the second quarter and the first six months of 2026 relative to the same periods in 2025. Average revenue per car/unit increased 7.6% in the second quarter and 5.3% in the first six months of 2026, primarily from higher fuel surcharge revenue and higher yield. Pre-tax earnings increased 13.9% in the second quarter and 13.7% in the first six months of 2026 versus 2025.

BNSF Coal Freight Volume

268.0K

A summary of BNSF’s railroad freight volumes by business group follows (cars/units in thousands). Cars/Units Percentage Change Second Quarter First Six Months Second First Six 2026 2025 2026 2025 Quarter Months Consumer products 1,462 1,338 2,864 2,720 9.3 % 5.3 % Agricultural and energy products 388 348 773 693 11.5 11.5 Industrial products 361 350 691 682 3.1 1.3 Coal 268 291 559 589 (7.9 ) (5.1 ) 2,479 2,327 4,887 4,684 6.5 4.3 Railroad operating revenues increased in the second quarter and the first six months of 2026 by 14.6% and 9.8%, respectively, compared to 2025. Car/unit volume increased 6.5% and 4.3%, respectively, in the second quarter and the first six months of 2026 relative to the same periods in 2025. Average revenue per car/unit increased 7.6% in the second quarter and 5.3% in the first six months of 2026, primarily from higher fuel surcharge revenue and higher yield. Pre-tax earnings increased 13.9% in the second quarter and 13.7% in the first six months of 2026 versus 2025.

BNSF Consumer Products Freight Volume

1.5M

A summary of BNSF’s railroad freight volumes by business group follows (cars/units in thousands). Cars/Units Percentage Change Second Quarter First Six Months Second First Six 2026 2025 2026 2025 Quarter Months Consumer products 1,462 1,338 2,864 2,720 9.3 % 5.3 % Agricultural and energy products 388 348 773 693 11.5 11.5 Industrial products 361 350 691 682 3.1 1.3 Coal 268 291 559 589 (7.9 ) (5.1 ) 2,479 2,327 4,887 4,684 6.5 4.3 Railroad operating revenues increased in the second quarter and the first six months of 2026 by 14.6% and 9.8%, respectively, compared to 2025. Car/unit volume increased 6.5% and 4.3%, respectively, in the second quarter and the first six months of 2026 relative to the same periods in 2025. Average revenue per car/unit increased 7.6% in the second quarter and 5.3% in the first six months of 2026, primarily from higher fuel surcharge revenue and higher yield. Pre-tax earnings increased 13.9% in the second quarter and 13.7% in the first six months of 2026 versus 2025.

BNSF Industrial Products Freight Volume

361.0K

A summary of BNSF’s railroad freight volumes by business group follows (cars/units in thousands). Cars/Units Percentage Change Second Quarter First Six Months Second First Six 2026 2025 2026 2025 Quarter Months Consumer products 1,462 1,338 2,864 2,720 9.3 % 5.3 % Agricultural and energy products 388 348 773 693 11.5 11.5 Industrial products 361 350 691 682 3.1 1.3 Coal 268 291 559 589 (7.9 ) (5.1 ) 2,479 2,327 4,887 4,684 6.5 4.3 Railroad operating revenues increased in the second quarter and the first six months of 2026 by 14.6% and 9.8%, respectively, compared to 2025. Car/unit volume increased 6.5% and 4.3%, respectively, in the second quarter and the first six months of 2026 relative to the same periods in 2025. Average revenue per car/unit increased 7.6% in the second quarter and 5.3% in the first six months of 2026, primarily from higher fuel surcharge revenue and higher yield. Pre-tax earnings increased 13.9% in the second quarter and 13.7% in the first six months of 2026 versus 2025.

BNSF Total Freight Volume

2.5M

A summary of BNSF’s railroad freight volumes by business group follows (cars/units in thousands). Cars/Units Percentage Change Second Quarter First Six Months Second First Six 2026 2025 2026 2025 Quarter Months Consumer products 1,462 1,338 2,864 2,720 9.3 % 5.3 % Agricultural and energy products 388 348 773 693 11.5 11.5 Industrial products 361 350 691 682 3.1 1.3 Coal 268 291 559 589 (7.9 ) (5.1 ) 2,479 2,327 4,887 4,684 6.5 4.3 Railroad operating revenues increased in the second quarter and the first six months of 2026 by 14.6% and 9.8%, respectively, compared to 2025. Car/unit volume increased 6.5% and 4.3%, respectively, in the second quarter and the first six months of 2026 relative to the same periods in 2025. Average revenue per car/unit increased 7.6% in the second quarter and 5.3% in the first six months of 2026, primarily from higher fuel surcharge revenue and higher yield. Pre-tax earnings increased 13.9% in the second quarter and 13.7% in the first six months of 2026 versus 2025.

BNSF Average Revenue per Car/Unit YoY Change

7.6%

A summary of BNSF’s railroad freight volumes by business group follows (cars/units in thousands). Cars/Units Percentage Change Second Quarter First Six Months Second First Six 2026 2025 2026 2025 Quarter Months Consumer products 1,462 1,338 2,864 2,720 9.3 % 5.3 % Agricultural and energy products 388 348 773 693 11.5 11.5 Industrial products 361 350 691 682 3.1 1.3 Coal 268 291 559 589 (7.9 ) (5.1 ) 2,479 2,327 4,887 4,684 6.5 4.3 Railroad operating revenues increased in the second quarter and the first six months of 2026 by 14.6% and 9.8%, respectively, compared to 2025. Car/unit volume increased 6.5% and 4.3%, respectively, in the second quarter and the first six months of 2026 relative to the same periods in 2025. Average revenue per car/unit increased 7.6% in the second quarter and 5.3% in the first six months of 2026, primarily from higher fuel surcharge revenue and higher yield. Pre-tax earnings increased 13.9% in the second quarter and 13.7% in the first six months of 2026 versus 2025.

Berkshire Hathaway Automotive Dealership Count (Minimum Disclosed)

80

Our retailing businesses include Berkshire Hathaway Automotive, Inc. (“BHA”), which consists of over 80 auto dealerships that sell new and pre-owned automobiles and offer repair services and related products. BHA also offers and insures vehicle service contracts and related insurance products. Our retailing businesses also include four home furnishings businesses (Nebraska Furniture Mart, R.C. Willey, Jordan’s and Star Furniture), which sell furniture, appliances, flooring and electronics. Other retailing businesses include three jewelry businesses (Borsheims, Helzberg and Ben Bridge), See’s Candies (confectionery products), Pampered Chef (high-quality kitchen tools), Oriental Trading Company (party supplies, school supplies and toys and novelties) and Detlev Louis Motorrad, a retailer of motorcycle accessories based in Germany. Pilot Travel Centers (“Pilot”), which we view primarily as a retailing business, is addressed separately since it is deemed a segment for financial reporting purposes. Retailing group aggregate revenues were relatively unchanged in the second quarter and declined 0.9% in the first six months of 2026 compared to 2025. BHA’s revenues represented about 70% of retailing group revenues in the first six months of 2026. BHA’s revenue increased 0.5% in the second quarter and declined 1.3% in the first six months of 2026 compared to 2025. New and pre-owned vehicle retail sales declined 2.0% in the first six months of 2026 compared to 2025, reflecting lower unit sales, partially offset by favorable changes in sales mix. Additionally, BHA’s service contract revenues increased in the first six months of 2026 compared to 2025, while parts/service/repair operation revenues were flat.

BHE U.S. Utilities Retail Customer Volume YoY Change

3.1%

The U.S. utilities operate independently in several states, including Utah, Oregon, Wyoming and other Western states (PacifiCorp), Iowa and Illinois (MEC) and Nevada (NV Energy). Net earnings increased $163 million (37.6%) in the second quarter and $94 million (10.9%) in the first six months of 2026 compared to 2025, reflecting increases in electric utility margin and other income combined with higher income tax benefits from recognized production tax credits, partially offset by increases in interest expense and energy operating expenses. The U.S. utilities’ electric utility margin was $2.3 billion in the second quarter and $4.3 billion in the first six months of 2026, increases of $171 million (8.1%) and $218 million (5.4%), respectively, compared to 2025. The second quarter increase reflected higher retail customer volumes and lower thermal generation and purchased electricity cost of sales. The first six months increase reflected higher retail customer rates in certain territories, lower thermal generation cost of sales, higher retail customer volumes and higher wholesale volumes and prices, partially offset by higher purchased electricity cost of sales. Retail customer volumes increased 3.1% overall (up 6.0% at MEC, 4.3% at NV Energy and 0.8% at PacifiCorp) in the first six months of 2026 compared to 2025, primarily due to higher customer usage and an increase in the average number of customers, partially offset by an overall unfavorable impact of weather. The increase in energy operating expenses was primarily due to vegetation management and other wildfire prevention costs, as well as general and plant maintenance costs.

MidAmerican Energy Retail Customer Volume YoY Change

6.0%

The U.S. utilities operate independently in several states, including Utah, Oregon, Wyoming and other Western states (PacifiCorp), Iowa and Illinois (MEC) and Nevada (NV Energy). Net earnings increased $163 million (37.6%) in the second quarter and $94 million (10.9%) in the first six months of 2026 compared to 2025, reflecting increases in electric utility margin and other income combined with higher income tax benefits from recognized production tax credits, partially offset by increases in interest expense and energy operating expenses. The U.S. utilities’ electric utility margin was $2.3 billion in the second quarter and $4.3 billion in the first six months of 2026, increases of $171 million (8.1%) and $218 million (5.4%), respectively, compared to 2025. The second quarter increase reflected higher retail customer volumes and lower thermal generation and purchased electricity cost of sales. The first six months increase reflected higher retail customer rates in certain territories, lower thermal generation cost of sales, higher retail customer volumes and higher wholesale volumes and prices, partially offset by higher purchased electricity cost of sales. Retail customer volumes increased 3.1% overall (up 6.0% at MEC, 4.3% at NV Energy and 0.8% at PacifiCorp) in the first six months of 2026 compared to 2025, primarily due to higher customer usage and an increase in the average number of customers, partially offset by an overall unfavorable impact of weather. The increase in energy operating expenses was primarily due to vegetation management and other wildfire prevention costs, as well as general and plant maintenance costs.

NV Energy Retail Customer Volume YoY Change

4.3%

The U.S. utilities operate independently in several states, including Utah, Oregon, Wyoming and other Western states (PacifiCorp), Iowa and Illinois (MEC) and Nevada (NV Energy). Net earnings increased $163 million (37.6%) in the second quarter and $94 million (10.9%) in the first six months of 2026 compared to 2025, reflecting increases in electric utility margin and other income combined with higher income tax benefits from recognized production tax credits, partially offset by increases in interest expense and energy operating expenses. The U.S. utilities’ electric utility margin was $2.3 billion in the second quarter and $4.3 billion in the first six months of 2026, increases of $171 million (8.1%) and $218 million (5.4%), respectively, compared to 2025. The second quarter increase reflected higher retail customer volumes and lower thermal generation and purchased electricity cost of sales. The first six months increase reflected higher retail customer rates in certain territories, lower thermal generation cost of sales, higher retail customer volumes and higher wholesale volumes and prices, partially offset by higher purchased electricity cost of sales. Retail customer volumes increased 3.1% overall (up 6.0% at MEC, 4.3% at NV Energy and 0.8% at PacifiCorp) in the first six months of 2026 compared to 2025, primarily due to higher customer usage and an increase in the average number of customers, partially offset by an overall unfavorable impact of weather. The increase in energy operating expenses was primarily due to vegetation management and other wildfire prevention costs, as well as general and plant maintenance costs.

PacifiCorp Retail Customer Volume YoY Change

0.8%

The U.S. utilities operate independently in several states, including Utah, Oregon, Wyoming and other Western states (PacifiCorp), Iowa and Illinois (MEC) and Nevada (NV Energy). Net earnings increased $163 million (37.6%) in the second quarter and $94 million (10.9%) in the first six months of 2026 compared to 2025, reflecting increases in electric utility margin and other income combined with higher income tax benefits from recognized production tax credits, partially offset by increases in interest expense and energy operating expenses. The U.S. utilities’ electric utility margin was $2.3 billion in the second quarter and $4.3 billion in the first six months of 2026, increases of $171 million (8.1%) and $218 million (5.4%), respectively, compared to 2025. The second quarter increase reflected higher retail customer volumes and lower thermal generation and purchased electricity cost of sales. The first six months increase reflected higher retail customer rates in certain territories, lower thermal generation cost of sales, higher retail customer volumes and higher wholesale volumes and prices, partially offset by higher purchased electricity cost of sales. Retail customer volumes increased 3.1% overall (up 6.0% at MEC, 4.3% at NV Energy and 0.8% at PacifiCorp) in the first six months of 2026 compared to 2025, primarily due to higher customer usage and an increase in the average number of customers, partially offset by an overall unfavorable impact of weather. The increase in energy operating expenses was primarily due to vegetation management and other wildfire prevention costs, as well as general and plant maintenance costs.