2026-02-28 Greg Abel's Letters to Berkshire Shareholders

Refer To：《2026-02-28 Greg Abel's Letters to Berkshire Shareholders》。

To My Fellow Berkshire Shareholders,

Warren Buffett is arguably the greatest investor of all time, with generations benefiting from his investment acumen. He has also been a remarkable CEO, executing his vision of building a great insurance business since the acquisition of National Indemnity in 1967, and deploying the float to make successful investments across major sectors of the economy, concentrating in the U.S. (To Warren’s great frustration, this letter begins with these observations – yet we all know they are true.)

Warren Buffett 可以说是史上最伟大的投资者，几代人都从他的投资眼光中获益。他也是一位卓越的 CEO，自 1967 年收购 National Indemnity 以来，他一直致力于践行其愿景，建立起庞大的保险业务，并利用浮存金在经济的主要部门进行成功的投资，且投资重点集中在 U.S.。 (令 Warren 非常懊恼的是，这封信以这些评论开篇——但我们都知道这些是事实。)

In the past, Warren has spoken about how he draws inspiration from Ted Williams – the baseball Hall of Fame hitter who divided the strike zone into 77 segments and tried to swing only at pitches in a much smaller “happy zone,” resulting in a .344 career batting average and a historic .406 season in 1941. Similar discipline, patience, and judgment define Warren’s investing: determining preferred pitches, waiting for them, then swinging decisively. But he is more than an investing guru. Warren built Berkshire into an enduring enterprise with his business partner Charlie Munger. They combined world-class capital allocation with the vision and leadership to create a business fully equipped to transition from founder-led to one well-positioned for the next 60 years and beyond.

过去，Warren 曾谈到他如何从 Ted Williams 那里汲取灵感——这位棒球 Hall of Fame 的击球手将好球区划分为 77 个区域，并尝试只挥棒击打其中一个更小的“核心好球区”内的球，这使他的职业生涯平均打击率达到 .344，并在 1941 年创下了 .406 的历史性赛季纪录。同样的纪律、耐心和判断力也定义了 Warren 的投资：确定理想的投球，耐心等待，然后果断挥棒。但他不仅仅是一位投资大师。Warren 与他的商业伙伴 Charlie Munger 一起将 Berkshire 打造成为一家经久不衰的企业。他们将世界级的资本配置与远见卓识和领导力相结合，创造了一个装备精良的企业，能够从创始人领导顺利过渡，并为未来 60 年甚至更长的时间做好充分准备。

More than these achievements, what endures is how Berkshire treated its shareholders as true partners for 60 years. Warren has frequently expressed his respect and appreciation for Berkshire’s long-term shareholders, who represent one of the most remarkable owner bases of any publicly owned business. He invested alongside us, wrote with candor about both mistakes and successes, and welcomed us to Omaha each year for open, unfiltered discussion. His annual shareholder letters and direct interactions at Berkshire’s annual shareholder meetings are the clearest expression of Warren’s – and Berkshire’s – commitment to partnership with our shareholders.

除了这些成就，历久弥新的是 Berkshire 在 60 年间如何将股东视为真正的合伙人。Warren 经常表达他对 Berkshire 长期股东的尊重和赞赏，他们代表了任何上市企业中最杰出的股东群体之一。他与我们共同投资，坦诚地撰写关于错误和成功的记录，并每年邀请我们前往 Omaha 进行公开、坦率的交流。他的年度致股东信以及在 Berkshire 年度股东大会上的直接互动，是 Warren 和 Berkshire 对与股东建立合伙关系的承诺最清晰的表达。

We are fortunate to have Warren as Berkshire’s Chairman, in the office five days a week, and available to us as we underwrite insurance, operate our non-insurance businesses, and deploy capital including equity investments. Warren also continues as an owner of Berkshire (although his shares will all go to philanthropy over the 10 years or so following his passing).

我们很幸运能由 Warren 担任 Berkshire 的 Chairman，他每周在办公室工作五天，并在我们承保保险、经营非保险业务以及部署包括股权投资在内的资本时为我们提供支持。Warren 也继续作为 Berkshire 的所有者（尽管他的股份将在他去世后的 10 年左右全部用于慈善事业）。

To invest in Berkshire has long been a vote of trust in our founder – a trust that now rests with Berkshire. Your capital is commingled with ours, but it does not belong to us. Our role is stewardship. That stewardship has shaped a culture and reinforced a set of values that are not the result of our success, but the reason for it.

投资 Berkshire 长期以来一直是对我们创始人投出的信任票——这种信任现在由 Berkshire 承接。您的资本与我们的资本共同运作，但它不属于我们。我们的角色是受托管理。这种受托管理塑造了一种文化，并强化了一套价值观，这些价值观不是我们成功的结果，而是成功的原因。

* * * * * * * * * * * *

I am honored by our Board’s decision to appoint me CEO of Berkshire and humbled to succeed Warren as I write my first annual letter to you. Warren is obviously a very hard act to follow.

我很荣幸 Board 决定任命我为 Berkshire 的 CEO，在写给你们的第一封年度致股东信之际，对于接替 Warren 的职位，我深感谦卑。显而易见，Warren 是一个极难追随的典范。

Stepping into any leadership role begins with understanding the organization – why it exists, how its culture shapes its people, and what values guide its decisions. While you will see similarities and differences between Warren, Charlie, and me, we share the view that Berkshire is shareholderoriented to an unusual degree.

步入任何领导岗位，都始于对组织的理解——它为何存在，其文化如何塑造其员工，以及什么样的价值观在指引其决策。虽然你们会看到 Warren、Charlie 和我之间的异同，但我们一致认为 Berkshire 在很大程度上是以股东为导向的。

My understanding of Berkshire in this way began in 1992, when I moved to Omaha to join CalEnergy, then unaffiliated with Berkshire. CalEnergy was partly owned by Peter Kiewit Sons’, and chaired by Walter Scott, Jr., who was also a Berkshire director. Walter had succeeded Peter Kiewit as the firm’s CEO and set a standard for leadership that mattered greatly to me.

我对 Berkshire 这种方式的理解始于 1992 年，当时我搬到 Omaha 加入 CalEnergy，那时它还与 Berkshire 没有关联。CalEnergy 的部分股权由 Peter Kiewit Sons’ 持有，并由同时担任 Berkshire 董事的 Walter Scott, Jr. 担任主席。Walter 接替了 Peter Kiewit 担任该公司的 CEO，并树立了一个对我影响至深的领导标杆。

My specific roles at CalEnergy matter little today. What matters is that it was an extraordinary period of personal development. I felt fortunate to live in Omaha, a city that represented a form of capitalism grounded in fundamentals and advanced by values, anchored in businesses built to last, across industries such as insurance, construction, railroads, manufacturing, and – soon – energy.

我在 CalEnergy 的具体职务在今天看来并不重要。重要的是，那是我个人成长的非凡时期。我感到很幸运能住在 Omaha，这座城市代表了一种基于基本面并由价值观推动的资本主义形式，根植于那些基业长青的企业之中，横跨保险、建筑、铁路、制造业以及后来的能源等行业。

I met Warren and Charlie after CalEnergy became MidAmerican Energy Holdings and was acquired by Berkshire. I admired how they worked together to build an enterprise that reflected their beliefs about business and life. Those beliefs fostered Berkshire’s culture and values that continue to guide the company today, enabling it to endure through market cycles, disruptions, and change. Our durability comes from knowing who we are and how we operate.

在 CalEnergy 成为 MidAmerican Energy Holdings 并被 Berkshire 收购后，我见到了 Warren 和 Charlie。我钦佩他们如何共同打造了一家体现其商业和人生信念的企业。这些信念培育了 Berkshire 的文化和价值观，这些文化和价值观至今仍在指引着公司，使其能够历经市场周期、动荡和变革而屹立不倒。我们的韧性源于明确我们的定位以及我们的运作方式。

That deep understanding of the role our culture and values play in our success is shared by our unique shareholders – our partners in this enterprise. Through my engagement with you at annual meetings, I recognize how you want us to succeed together, and to do so in the right way.

这种对我们的文化和价值观在成功中所起作用的深刻理解，得到了我们独特的股东——我们在这一事业中的合伙人——的认同。通过在年度股东大会上与你们的交流，我意识到你们希望我们共同取得成功，并以正确的方式实现这一目标。

Berkshire’s culture and values form the basis of our operating framework, which shapes the strategy we pursue and the choices we make as we build Berkshire. As CEO, the framework governs how I lead every day.

Berkshire 的文化和价值观构成了我们运营框架的基础，这塑造了我们在建设 Berkshire 过程中所追求的战略和所做的选择。作为 CEO，这一框架支配着我每一天的领导工作。

Our owners’ time horizon extends beyond the tenure of any individual CEO. I will not be your CEO for the next 60 years as simple arithmetic makes that – shall we say – an ambitious plan. However, 20 years from now, when I will have just a fraction of the tenure that Warren had, my intention is that you – or your descendants – will be proud that your company is even stronger.

我们所有者的眼光超越了任何一位 CEO 的任期。在接下来的 60 年里，我不会一直担任你们的 CEO，因为简单的算术就能说明，这只能说是——一个雄心勃勃的计划。然而，20 年后，当我仅拥有 Warren 任期的一小部分时，我的意愿是，你——或者你的后代——会因为你的公司变得更加强大而感到自豪。

Culture and Foundational Values

Berkshire’s success depends on our nearly 400,000 employees. Their commitment to applying our culture and values across Berkshire’s operating businesses – from See’s Candies to GEICO and everything in between – and in every circumstance is central to our progress. Our success also benefits from our Board’s leadership and ongoing alignment with our focus.

文化与基础价值观

Berkshire 的成功取决于我们近 40 万名员工。他们致力于在 Berkshire 的各家运营企业中——从 See’s Candies 到 GEICO 以及其间的所有企业——并在任何情况下践行我们的文化和价值观，这对我们的进步至关重要。我们的成功还得益于 Board 的领导以及与我们重点工作的持续保持一致。

Last month, I sent a letter to our employees to emphasize that Berkshire’s culture and values remain unchanged and will continue into perpetuity. It is important to share with you the full articulation of this statement that was provided to them, with additional observations (shown in regular type) about what they mean to me personally, based on my experience at Berkshire. While these values are listed individually, they are mutually reinforcing and inseparable.

上个月，我给我们的员工发了一封信，强调 Berkshire 的文化和价值观保持不变，并将永久持续下去。根据我在 Berkshire 的经验，向你们分享提供给他们的这一声明的完整表述，以及关于它们对我个人意义的额外观察（以正体字显示），这一点非常重要。虽然这些价值观被分别列出，但它们是相互强化、不可分割的。

Berkshire

Berkshire is a unique conglomerate, intentionally designed to allocate capital rationally and efficiently. Insurance is our core, and we also hold substantial investments in businesses across many other sectors. Our approach underpins our goal to be exceptional stewards of our shareholders’ capital, maximizing the growth in Berkshire’s intrinsic value per share over the long term.

Berkshire 是一家独特的综合企业，旨在理性且高效地配置资本。保险是我们的核心，我们还在许多其他行业的企业中持有大量投资。我们的方法支撑着我们的目标，即成为股东资本的卓越管家，在长期内最大限度地实现 Berkshire 每股内在价值的增长。

We are committed to strengthening the great legacy built by Warren Buffett and his business partner Charlie Munger, ensuring it endures through our commitment to excellence.

我们致力于巩固由 Warren Buffett 及其商业伙伴 Charlie Munger 建立的伟大遗产，确保通过我们对卓越的追求使其代代相传。

Our Culture

我们的文化

Our culture begins with a partnership attitude. Our shareholders are our partners whose trust we have earned and must work to keep. Their interests are at the center of our decision-making.

我们的文化始于合伙人态度。我们的股东是我们的合伙人，我们已经赢得了他们的信任，并必须努力保持这种信任。他们的利益是我们决策的核心。

This attitude goes well beyond Berkshire’s corporate office in Omaha. It extends across our operating businesses, where employees embrace an ownership mindset, managing our shareholders’ assets as if they were their own. We think in decades, act with discipline, and uphold our commitments. Stewardship is embedded in how we operate, reinforcing that our culture is a system for generating long-term performance, not just a set of beliefs.

这种态度远不止于位于 Omaha 的 Berkshire 公司总部。它延伸到我们的各家运营企业，员工在那儿秉持所有者心态，像管理自己的资产一样管理股东的资产。我们以十年为单位思考，以纪律行事，并履行我们的承诺。受托管理融入了我们的运营方式，强化了我们的文化是一个产生长期业绩的系统，而不仅仅是一套信念。

Charlie’s comment on May 1, 2021, that “Greg will keep the culture” will forever resonate with me. It was a reminder that our culture is our most treasured asset, a call to maintain what defines Berkshire, and a challenge to ensure our culture continues.

Charlie 在 2021 年 5 月 1 日提到的“Greg 将会传承文化”将永远让我产生共鸣。这是一个提醒，提醒我们的文化是我们最宝贵的资产；是一声号召，号召我们维护定义 Berkshire 的特质；也是一个挑战，确保我们的文化得以延续。

When I led Berkshire Hathaway Energy (BHE), Berkshire’s culture influenced how we operated. When capital was allocated or underlying risks were assessed, Warren’s questions consistently cut to the heart of the issue. Beyond that, we were entrusted with real autonomy to run the business, always focusing on our customers, and taking a long-term view. That owner’s mindset is expected from every Berkshire leader.

当我领导 Berkshire Hathaway Energy (BHE) 时，Berkshire 的文化影响了我们的运作方式。当进行资本配置或评估潜在风险时，Warren 的提问总能直击问题核心。除此之外，我们被赋予了真正的自主权来经营业务，始终关注我们的客户，并着眼于长远。这种所有者心态是每一位 Berkshire 领导者都被期望具备的。

Our Foundational Values

我们的基础价值观

The foundational values that follow are statements of principle that we embrace fully and strive every day to achieve.

以下的基础价值观是我们全力拥护并每天努力实现的原则声明。

Decentralized Model

去中心化模型

We seek the best managers to run our operating businesses, who in turn lead talented teams. We operate a decentralized model with autonomy grounded in deserved trust. We minimize bureaucracy to provide our managers the independence to focus relentlessly on their business. In return, we expect accountability and integrity in performance. This autonomy attracts exceptional people to Berkshire.

我们寻求最优秀的经理人来经营我们的运营企业，他们反过来领导才华横溢的团队。我们运行一种去中心化模型，其自主权建立在应得的信任之上。我们尽量减少官僚主义，为我们的经理人提供独立性，使其能够坚持不懈地专注于业务。作为回报，我们期望在业绩中体现出责任感和诚信。这种自主权吸引了杰出的人才来到 Berkshire。

As I transitioned to Vice Chairman – Non-Insurance Operations in 2018, the leaders of those operating businesses shared a similar question: will the decentralized model and their responsibilities change? I assured them I had lived the culture of autonomy paired with accountability and seen the results. Decisions are made faster, with better knowledge and greater conviction, when they are made by those who are closest to the business and have accountability for its outcomes. This will not change. Our CEOs will never have to navigate layers of bureaucracy or have short-term earnings expectations dictated to them, leading to long-term value destruction.

在 2018 年我转任 Vice Chairman – Non-Insurance Operations 时，那些运营企业的领导者们都提出了一个相似的问题：去中心化模型以及他们的职责是否会改变？我向他们保证，我曾亲历这种自主权与问责制并存的文化，并见证了其成果。当决策由那些最接近业务并对结果负责的人做出时，决策的速度更快，信息更充分，信念也更坚定。这一点不会改变。我们的 CEOs 永远不需要在层层官僚主义中周旋，也不需要被强加那些会导致长期价值毁灭的短期盈利预期。

Our decentralized approach is a competitive advantage, attracting managers who thrive on autonomy and deliver on accountability. Berkshire must have leaders that reflect its principles, and not principles that fit individuals.

我们的去中心化方法是一种竞争优势，它吸引了那些在自主环境中茁壮成长并履行问责制的经理人。Berkshire 必须拥有体现其原则的领导者，而不是让原则去适应个人。

Integrity

诚信

We uphold Berkshire’s reputation for integrity, as demonstrated by alignment between how we think, what we say, and what we do. We make decisions that uphold our culture, communicate with candor and transparency, and deliver on our commitments. The result is a reputation that is earned, not claimed, through cumulative principled conduct. Every action reflects a deliberate effort to deepen the trust placed in Berkshire.

我们维护 Berkshire 在诚信方面的声誉，这体现在我们的所思、所言与所行的一致性上。我们做出维护自身文化的决策，以坦诚和透明的方式进行沟通，并履行我们的承诺。结果就是，这种声誉是通过长期积攒的有原则的行为赢得的，而非自封的。每一项行动都反映了为加深对 Berkshire 信任所做的刻意努力。

For over 25 years, at each shareholder meeting we played a clip from Warren’s 1991 Salomon Brothers Congressional testimony: “Lose money for the firm, and I will be understanding; lose a shred of reputation for the firm, and I will be ruthless.” Our commitment to integrity has always been steadfast and uncompromising. We know integrity is not a quality you admire on a shelf; it is an active quality that must be earned, re-earned, and maintained daily.

25 年多以来，在每次股东大会上，我们都会播放一段来自 Warren 在 1991 年 Salomon Brothers 国会听证会上的剪辑：“让公司赔钱，我会表示理解；让公司的名誉损哪怕失一丝一毫，我将绝不姑息。”我们对诚信的承诺始终坚定不移、不打折扣。我们深知，诚信不是货架上供人景仰的品质；它是一种积极的特质，必须每天去赢得、重新赢得并加以维护。

We will encounter business successes and setbacks. When we fail, we will say so. Doing the right thing also means rectifying our errors. A great example of both is BNSF’s resolution in 2025 of a longstanding dispute with the Swinomish Indian Tribal Community over crude oil shipments across Tribal lands. The BNSF decisions that sparked the dispute were made long ago, but the current BNSF leadership built a partnership rooted in communication, understanding, and respect. BNSF acknowledged its past mistakes and apologized, paving the way for mutually beneficial agreements that allow it to meet customer needs while operating safely on Tribal lands.

我们会遇到商业上的成功与挫折。当我们失败时，我们会如实说明。做正确的事也意味着纠正我们的错误。这两点的一个极佳例子是 BNSF 在 2025 年解决了与 Swinomish Indian Tribal Community 之间关于穿越部落土地运输原油的长期争议。引发该争议的 BNSF 决策是在很久以前做出的，但现任 BNSF 领导层建立了一种植根于沟通、理解和尊重的伙伴关系。BNSF 承认了过去的错误并道歉，为达成互利协议铺平了道路，使其在部落土地上安全运营的同时能够满足客户需求。

Across our operating businesses, we make choices every day about how we conduct ourselves. We have hundreds of thousands of employees who are good people and act with integrity and do the right thing. But in any large organization a small minority will fail to meet our standards. We will not tolerate such behavior. When it occurs, we will act decisively and ruthlessly to address it.

在我们的各家运营企业中，我们每天都在对自己的行为方式做出选择。我们拥有成千上万名优秀的员工，他们为人正直，行事诚信，做正确的事。但在任何大型组织中，极少数人会无法达到我们的标准。我们不会容忍这种行为。当这种情况发生时，我们将采取果断且无情的行动来处理。

Protecting our integrity and reputation is a never-ending journey. You can rest assured that we will remain relentless in this effort.

保护我们的诚信和声誉是一场永无止境的旅程。您可以放心，我们将在这方面不遗余力。

Financial Strength

财务实力

We maintain a fortress-like balance sheet, ensuring Berkshire’s foundation is never compromised. We preserve this financial strength by using debt sparingly and prudently. Our substantial liquidity enables us to meet our obligations even under the most adverse conditions and to respond swiftly when opportunities arise.

我们保持着堡垒般的资产负债表，确保 Berkshire 的根基永不受损。我们通过节制且审慎地使用债务来维持这种财务实力。我们充足的流动性使我们即使在最不利的情况下也能履行义务，并在机会出现时迅速做出反应。

We are committed to maintaining exceptional financial strength. Our balance sheet is a strategic asset to be deployed at the right time. It allows us to act decisively, invest when others are tentative or fearful, and stand firm when financial storms roll through.

我们致力于保持卓越的财务实力。我们的资产负债表是一项战略资产，待时而动。它让我们能够果断行动，在他人犹豫或恐惧时进行投资，并在金融风暴席卷时屹立不倒。

We uphold Berkshire’s financial resilience and independence by holding limited levels of debt. We will remain an asset, not a risk, to America and the global financial system. Our cash and U.S. Treasury holdings now exceed $370 billion. While some of this capital is required to support our insurance operations and protect Berkshire against extreme scenarios, it also constitutes our dry powder.

我们通过持有有限水平的债务来维护 Berkshire 的财务韧性和独立性。我们对 America 和全球金融体系而言将始终是一项资产，而非风险。我们持有的现金和 U.S. Treasury 总额目前已超过 3700 亿美元。虽然其中一部分资金是支持我们的保险业务以及保护 Berkshire 应对极端情况所必需的，但它也构成了我们的“干火药”。

There will undoubtedly be incremental opportunities to deploy our owners’ capital without compromising Berkshire’s resilience. My role is to ensure our liquidity levels and capital deployment remain intentional and deliberate. We will always aim for ownership of productive businesses over U.S. Treasuries.

毫无疑问，在不损害 Berkshire 韧性的前提下，未来还会有更多部署所有者资本的机会。我的职责是确保我们的流动性水平和资本部署保持有目的且审慎。与 U.S. Treasuries 相比，我们的目标始终是拥有生产性业务。

Capital Discipline

We deploy our shareholders’ capital to opportunities that generate rewards commensurate with their risk. When we expand existing operations, acquire new operating businesses, invest in equity securities, and repurchase Berkshire stock, we evaluate each opportunity based on its potential to grow Berkshire’s intrinsic value per share over a time horizon measured in perpetuity.

资本纪律

我们将股东的资本投入到能产生与其风险相匹配回报的机会中。当我们扩张现有业务、收购新的运营业务、投资权益证券以及回购 Berkshire 股票时，我们都会根据每项机会在永久的时间跨度内增长 Berkshire 每股内在价值的潜力来进行评估。

Berkshire’s capital allocation principles and strategy guide us in identifying opportunities:

• Invest in businesses that we thoroughly understand, with durable advantages and long-term economic prospects;

• Partner with high integrity leaders who understand their customers and act like owners;

• Avoid businesses that undermine the fabric of society or could jeopardize Berkshire’s reputation;

• Act quickly and concentrate our capital in a few high conviction ideas; and

• Maintain discipline and let compounding unfold.

Berkshire 的资本配置原则和战略指引我们识别机会：

• 投资于我们完全理解、具有持久优势和长期经济前景的业务；

• 与了解客户并像所有者一样行事的高诚信领导者合作；

• 避开那些破坏社会结构或可能危害 Berkshire 声誉的业务；

• 迅速行动，将我们的资本集中在少数几个具有高度信心的想法上；以及

• 保持纪律，让复利发挥作用。

These criteria enable us to effectively and efficiently evaluate opportunities that come our way. Despite our substantial size, we take pride in a nimble culture where big investment opportunities can be confidentially shared with us, with a prompt response assured (and if we like it, no financing contingency attached). We quickly say “no” to those that do not align with our principles, and pursue those that do, knowing there will be many more of the former than the latter.

这些标准使我们能够有效且高效地评估摆在我们面前的机会。尽管我们的规模庞大，但我们为一种灵活的文化感到自豪，在这种文化中，大型投资机会可以保密地与我们分享，并确保得到及时的回复（如果我们看中它，则不附带任何融资先决条件）。我们对那些不符合我们原则的机会果断说“不”，并追求那些符合原则的机会，因为我们深知前者将远多于后者。

Many times in Berkshire’s history, some observers have suggested that our substantial cash position signals a retreat from investing. It does not. We continue to evaluate many opportunities and will remain patient and disciplined in pursuing the right ones for the benefit of our owners.

在 Berkshire 的历史上，曾多次有观察家认为我们庞大的现金头寸预示着投资的退缩。事实并非如此。我们继续评估许多机会，并将为了所有者的利益，在追求合适的机会时保持耐心和纪律。

In 2025, our approach resulted in Berkshire announcing the acquisition of two very different businesses: OxyChem and Bell Laboratories.

2025 年，我们的方法促使 Berkshire 宣布收购了两家截然不同的业务：OxyChem 和 Bell Laboratories。

OxyChem is a well-run industrial chemicals business we first encountered through our investment in Occidental. The chlorine and caustic soda it produces serve essential markets, led by construction and core industrial uses. Management prioritizes efficient execution over volume, supported by an integrated asset base and access to low-cost raw materials. For Berkshire, this translates into cash flows from a compelling addition to our operating businesses.

OxyChem 是一家经营良好的工业化学品公司，我们最初通过对 Occidental 的投资接触到了它。它生产的氯气和烧碱服务于以建筑和核心工业用途为主的关键市场。管理层优先考虑高效执行而非规模，并有整合的资产基础和低成本原材料供应作为支撑。对于 Berkshire 而言，这意味着从我们运营业务中一项引人注目的新增资产中获得现金流。

Last year, Warren received a letter from Steve Levy, Bell Laboratories’ CEO, asking that we look at the family-owned business he manages for the daughters of founder Malcolm Stack. Steve’s letter was perfect. Bell Laboratories meets a persistent need: rodent control. In Steve’s words, it possesses “high operating margins, very good historical growth and future growth potential, easy to understand and always needed, and a strong management team.” In our words: a business with durable advantages and long-term economic prospects run by excellent managers. We only wish it had been ten times bigger.

去年，Warren 收到了一封来自 Bell Laboratories 的 CEO Steve Levy 的信，请求我们关注他为创始人 Malcolm Stack 的女儿们管理的这家家族企业。Steve 的来信非常完美。Bell Laboratories 满足了一种持续的需求：啮齿动物控制。用 Steve 的话来说，它拥有“高运营利润率、非常好的历史增长和未来增长潜力、易于理解且始终被需要，以及一支强大的管理团队”。用我们的话来说：这是一家由优秀经理人经营、具有持久优势和长期经济前景的企业。我们只希望它的规模能再大十倍。

These investments now join Berkshire’s strong set of operating businesses. Some of them require little incremental investment and return excess cash to Berkshire; others present compelling investment opportunities that will compound over time.

这些投资现在加入了 Berkshire 强大的运营业务阵列。其中一些业务几乎不需要新增投资，并向 Berkshire 回流多余现金；另一些业务则提供了引人注目的投资机会，并将随着时间的推移产生复利。

Share repurchases are another important capital allocation option. We will buy back Berkshire shares when they trade below our estimate of intrinsic value, conservatively determined, ensuring that repurchases enhance per-share value for continuing owners. We may also purchase large blocks of shares directly from major holders when the opportunity presents itself. These purchases allow shareholders to own an incrementally larger piece of Berkshire’s businesses, without deploying any additional capital of their own.

股票回购是另一个重要的资本配置选项。当 Berkshire 的股票交易价格低于我们保守估计的内在价值时，我们将回购股票，以确保回购能提升继续持有股份的所有者的每股价值。当机会出现时，我们也可能直接从大股东手中购买大宗股票。这些购买行为让股东能够在不投入任何额外个人资本的情况下，拥有 Berkshire 业务中更大份额的权益。

Our approach to cash dividends continues to be that Berkshire will not pay dividends so long as more than one dollar of market value for shareholders is reasonably likely to be created by each dollar of retained earnings. On an annual basis, the Board reviews our policy.

关于现金股息，我们的态度一如既往：只要每 1 美元的留存收益都有可能为股东创造超过 1 美元的市值，Berkshire 就不会支付股息。Board 每年都会对我们的政策进行审查。

Our capital discipline guides us, whether we seek to purchase an entire business, a portion of equity in a publicly traded company, or our own shares. We maintain this approach regardless of the size of our cash and U.S. Treasury holdings. We will assess value carefully, act patiently, and hold for the long term – preferably forever.

我们的资本纪律指引着我们，无论我们是寻求购买整个业务、公开上市公司的一部分股权，还是回购我们自己的股票。无论我们持有的现金和 U.S. Treasury 规模如何，我们都坚持这一方法。我们将仔细评估价值，耐心行动，并长期持有——最好是永远持有。

Risk Management

We identify risks and strive to manage the level of risk across our organization. Our approach is decentralized, suited to each operating business’s scale and complexity. We focus on risks that could threaten Berkshire’s reputation, financial strength, or ability to realize opportunities for the long term.

风险管理

我们识别风险，并努力管理整个组织的风险水平。我们的方法是去中心化的，适用于每个运营业务的规模和复杂程度。我们专注于可能威胁 Berkshire 的声誉、财务实力或长期实现机会能力的风险。

Risk management is central to Berkshire. The CEO is responsible for serving as Chief Risk Officer – there is no more important duty.

风险管理对 Berkshire 至关重要。CEO 负责担任首席风险官——没有比这更重要的职责了。

An important part of fulfilling that responsibility is having the best on our team. When it comes to risk, Ajit wrote the playbook. His rigor in managing and pricing risk sets the standard in insurance. Any contract can be subject to legal challenge, and new coverages are particularly dangerous. We often set a price today for a cost that may not be known for many years. Pricing insurance risk correctly is essential, and we will walk away when the price is wrong. This approach is core to our insurance business, and Ajit is simply peerless at doing it.

履行这一职责的一个重要部分是我们的团队中拥有最优秀的人才。在涉及风险时，Ajit 编写了准则。他在管理和定价风险方面的严谨性树立了保险业的标准。任何合同都可能面临法律挑战，而新的承保范围尤其危险。我们今天设定的价格，其成本可能在许多年内都无法知晓。正确设定保险风险价格至关重要，当价格错误时，我们会果断放弃。这一方法是我们保险业务的核心，而 Ajit 在这方面的表现简直无与伦比。

As a result, our insurance operations are a global powerhouse, able to accept risks others cannot, and pay claims without hesitation. Our unmatched financial strength allows us to retain underwriting risk and preserve the full economics for our owners, rather than dilute it through the purchase of reinsurance.

因此，我们的保险业务是一个全球性的巨头，能够承担他人无法承担的风险，并毫不犹豫地支付赔偿。我们无与伦比的财务实力使我们能够保留承保风险，并为我们的所有者保留全部经济利益，而不是通过购买再保险来稀释它。

Of course, understanding and managing risk is also essential for our non-insurance businesses. Each must thoroughly assess its specific risks and plan for new risks before pursuing new or incremental opportunities.

当然，对于我们的非保险业务来说，理解和管理风险也同样重要。在追求新的或增量机会之前，每家业务都必须彻底评估其特定风险，并针对新风险制定计划。

Across all our businesses, our responsibility is to understand the risks and actively manage them.

在我们所有的业务中，我们的责任是理解风险并积极管理它们。

Operational Excellence

We pursue operational excellence across our operating businesses. Our employees continuously strive to exceed customer expectations, improve efficiency to better compete and prepare for challenges to our operating models, and reinvest prudently in their operations. We recognize that performance fluctuates year to year, so we assess a business’s success not by short-term results but by its ability over the long term to maintain and strengthen its competitive position and improve its economic prospects.

卓越运营

内我们在各家运营企业中追求卓越运营。我们的员工不断努力超越客户期望，提高效率以更好地竞争，并为运营模式面临的挑战做好准备，同时审慎地对其运营进行再投资。我们认识到业绩每年都会有波动，因此我们评估一家业务是否成功，不是看短期结果，而是看其长期维持和加强竞争地位以及改善经济前景的能力。

Operational excellence at Berkshire is not a program. It is the result of disciplined decision making across our businesses. That work starts with safety and carries through to how we serve customers, make products, and compete – every day.

Berkshire 的卓越运营不是一个项目。它是我们各家业务中严谨决策的结果。这项工作始于安全，并贯穿于我们如何服务客户、制造产品和进行竞争的每一天。

In February 2025, Precision Castparts’ response to a major fire at its Jenkintown, Pennsylvania facility showed Berkshire at its best. All employees on site were evacuated safely. The team then worked closely with first responders, providing site layouts and identifying potential hazards. In the aftermath, Precision Castparts supported the local volunteer fire department, assisted the city, and conducted extensive environmental testing that confirmed the area was safe.

2025 年 2 月，Precision Castparts 对其位于 Jenkintown, Pennsylvania 设施发生的一场大火的反应展现了 Berkshire 最优秀的一面。现场所有员工都安全撤离。随后，团队与急救人员密切合作，提供现场布局并识别潜在危险。事故发生后，Precision Castparts 支持了当地的志愿消防部门，协助了城市工作，并进行了广泛的环境测试，确认该地区是安全的。

At the same time, the fire created a significant operational challenge. The facility produced more than 700 parts that were sole-sourced and critical to major aerospace customers. Mark Donegan, Precision Castparts’ CEO, and his team quickly redistributed production across U.S. and international sites, doing so without compromising safety, quality, or delivery standards. No customer experienced a production line stoppage. The episode reflected our model at work: decentralized leadership, clear accountability, and exceptional execution under pressure.

与此同时，火灾带来了重大的运营挑战。该设施生产 700 多种零件，这些零件是独家供应的，对主要的航空航天客户至关重要。Precision Castparts 的 CEO Mark Donegan 及其团队迅速在 U.S. 和国际站点重新分配了生产，且未对安全、质量或交付标准做出任何妥协。没有客户经历过生产线停工。这一事件反映了我们的模式在发挥作用：去中心化的领导、明确的问责制以及在压力下的卓越执行力。

The daily pursuit of excellence must be never-ending. By focusing on customers, efficiency, and continuous improvement, we create value over the long term.

每天对卓越的追求必须是永无止境的。通过关注客户、效率和持续改进，我们在长期内创造价值。

Taken together, the foundational values listed above built Berkshire, and equip us to succeed in the decades ahead. While we have set them out explicitly this year, we will publish them as an attachment to future letters, with each letter discussing how we practiced those values across Berkshire.

综上所述，上述基础价值观造就了 Berkshire，并使我们具备了在未来几十年取得成功的能力。虽然我们今年明确列出了这些价值观，但我们将在未来的信件中将其作为附件发布，每封信都会讨论我们如何在整个 Berkshire 实践这些价值观。

Their impact is also very evident in the operating performance of our businesses today.

它们的影响在今天我们各家业务的经营业绩中也显而易见。

* * * * * * * * * * *

Berkshire’s Performance

Berkshire 2025 年营业利润为 445 亿美元，低于 2024 年的 474 亿美元，但高于过去五年的平均值 375 亿美元。这一结果凸显了我们各家运营业务的韧性，同时也反映出我们仍有进一步改进的机会。

Before diving into details, it is worth reiterating a Berkshire belief: our GAAP net earnings – with its sometimes-large annual swings from realized and unrealized investment gains and losses – must be assessed with caution. These gains and losses matter over the long run, but when evaluating Berkshire’s annual business performance, we believe operating earnings remains the best measure.

在深入细节之前，值得重申 Berkshire 的一个信念：我们的 GAAP 净利润——由于已实现和未实现投资损益有时会产生巨大的年度波动——必须谨慎评估。这些损益从长期来看很重要，但在评估 Berkshire 的年度业务表现时，我们认为营业利润仍然是衡量表现的最佳指标。

Equally important is the cash our businesses generate. In 2025, Berkshire produced $46 billion of net cash flows from operating activities, compared to a five-year average of more than $40 billion, underscoring our ability to invest in opportunities across our businesses.

同样重要的是我们各家业务产生的现金。2025 年，Berkshire 经营活动产生的净现金流为 460 亿美元，而五年平均水平超过 400 亿美元，这凸显了我们在各家业务中投资机会的能力。

Insurance Operations

保险业务

In 2025, Berkshire’s insurance operations accomplished their fundamental goals: grow underwriting profits and float in a disciplined manner.

2025 年，Berkshire 的保险业务实现了其基本目标：以自律的方式增加承保利润和浮存金。

We own an extraordinary group of insurance businesses, each managed with a long-term orientation. Their performance reflected both their inherent strengths and an industry that, after several years of needed adjustments to pricing and policy terms, in 2025 began to experience a deceleration or reversal of these trends, particularly in the latter half of the year. This likely means we will write less property and casualty business for a period of time.

我们拥有一批非凡的保险业务，每一家都以长期导向进行管理。其表现既反映了其固有的优势，也反映了行业在经历了几年必要的定价和保单条款调整后，2025 年开始出现这些趋势减速或逆转的情况，尤其是在下半年。这可能意味着在一段时间内我们将减少承保的财产和意外伤害险业务。

Although the year began with significant wildfire-related losses in Los Angeles, the Atlantic hurricane season was unusually benign. For the first time in a decade, no hurricane made landfall in the U.S., our largest region of global exposure for our primary insurance and reinsurance businesses – a reminder that nature controls the winds, not Warren and certainly not me.

虽然这一年以 Los Angeles 严重的野火相关损失开篇，但 Atlantic 的飓风季异常平静。十年来，首次没有飓风在 U.S. 登陆，这里是我们主要保险和再保险业务全球风险敞口最大的地区——这提醒我们，掌控风的是大自然，而不是 Warren，当然也绝不是我。

We produced a combined ratio of 87.1% across our property and casualty businesses in 2025, comparing favorably with our five-year average of 90.7%, ten-year average of 93.0% and twentyyear average of 92.2%, an exceptional underwriting result for an insurer of our scale. (Our retroactive reinsurance business, which does not receive regular premiums, is excluded from these figures.)

2025 年，我们财产和意外伤害业务的综合成本率为 87.1%，优于我们 90.7% 的五年平均水平、93.0% 的十年平均水平和 92.2% 的二十年平均水平。对于我们这样规模的保险公司来说，这是一个非凡的承保结果。（不接收定期保费的追溯再保险业务不计入这些数字。）

No discussion of our insurance businesses would be complete without again acknowledging and appreciating Ajit. For nearly four decades, his judgment and discipline have shaped our ability to underwrite large and complex risks with care and precision. The organization and team he built understand both the limits and the opportunities inherent in very large risks, and his example continues to guide our teams. Their steadiness benefits us all.

如果不对 Ajit 再次表示认可和感谢，那么关于我们保险业务的讨论就是不完整的。近四十年来，他的判断力和纪律塑造了我们谨慎、精准地承保大型复杂风险的能力。他建立的组织和团队既了解超大型风险固有的局限，也了解其中的机会，他的榜样持续指引着我们的团队。他们的沉稳让我们所有人受益。

GEICO

GEICO has been a significant contributor to the group’s lower combined ratio. Over the past few years, GEICO has improved its cost structure, strengthened its underwriting discipline, and enhanced its ability to segment customers and the related pricing of risk. Industrywide rate increases from the end of 2022 through 2024 continued to positively impact performance in 2025. While these increases varied by product and jurisdiction, the pricing environment remained firm, and GEICO benefited accordingly.

GEICO 一直是集团较低综合成本率的重要贡献者。在过去的几年里，GEICO 改善了其成本结构，加强了其承保纪律，并提升了对客户进行细分以及相关风险定价的能力。从 2022 年底到 2024 年的全行业费率上涨在 2025 年继续对业绩产生积极影响。虽然这些涨幅因产品和管辖区而异，但定价环境依然坚挺，GEICO 也因此受益。

GEICO’s broad rate increases in recent years have restored margins but come at the cost of lower retention. Competitors’ rate reductions may extend that pressure into 2026. The GEICO team remains focused on pricing risks correctly for both existing and new customers. Restoring retention while maintaining underwriting discipline will take time.

GEICO 近年来的广泛费率上涨恢复了利润率，但代价是留存率下降。竞争对手的费率下调可能会将这种压力延伸至 2026 年。GEICO 团队仍然专注于为现有和新客户正确评估风险定价。在保持承保纪律的同时恢复留存率需要时间。

Alongside retaining its customer base with a more nuanced pricing strategy, GEICO is investing in technology to improve efficiency and service, while preserving its position as the industry’s low-cost provider.

在通过更细致的定价策略留住客户群的同时，GEICO 正在投资技术以提高效率和服务，同时保持其作为行业低成本供应商的地位。

Primary Group

Across our other primary property and casualty businesses, demand entering 2025 was solid, and pricing in most commercial insurance business segments was adequate or improving. As the year progressed, additional capital entered the market, resulting in lower pricing or decelerating rate increases in several important lines. We have always prioritized underwriting discipline over volume, and as pricing became less attractive, our premium growth plateaued. We expect these primary insurance businesses to face continued headwinds in 2026, and potentially beyond.

在我们的其他 Primary Group 财产和意外险业务中，进入 2025 年的需求稳固，大多数商业保险业务领域的定价充足或正在改善。随着这一年的推进，额外资本进入市场，导致几个重要险种的定价下降或费率涨幅放缓。我们始终将承保纪律置于业务规模之上，随着定价变得不那么有吸引力，我们的保费增长进入了平台期。我们预计这些初级保险业务在 2026 年乃至以后将继续面临逆风。

Reinsurance Group

Our reinsurance operations face similar dynamics. The reinsurance sector has attracted significant increases in available capital from both the traditional and alternative markets, which together with a more benign reinsured catastrophe loss burden in 2025 in most major regions has led to significant price declines in property reinsurance. In most casualty reinsurance segments, claims inflation continued to outpace pricing. As long as these phases of the cycle endure, we expect to write less reinsurance premium.

我们的 Reinsurance Group 再保险业务面临类似的动态。再保险领域吸引了来自传统和替代市场的大量可用资本增加，加之 2025 年大多数主要地区的再保险巨灾损失负担较轻，导致财产再保险价格大幅下降。在大多数责任险再保险领域，赔付通胀继续超过定价速度。只要周期的这些阶段持续下去，我们预计将减少承保的再保险保费。

Our insurance team will remain patient because of Berkshire’s structural strengths:

我们的保险团队将保持耐心，因为 Berkshire 拥有结构性优势：

1. We have significant capital, enabling us to underwrite large and unusual risks.

2. 我们拥有雄厚的资本，使我们能够承保大型和不寻常的风险。

3. We give our insurance managers autonomy to run their businesses, without quarterly earnings targets or growth mandates that might otherwise distort their underwriting judgment.

4. 我们给予保险经理人经营业务的自主权，没有季度盈利目标或增长指令，否则这些可能会扭曲他们的承保判断。

5. We insist on underwriting discipline as the most important ingredient in insurance success.

6. 我们坚持将承保纪律视为保险成功的核心要素。

7. We focus on the long term, resisting temporary industry enthusiasms and exuberances.

8. 我们专注于长期，抵制行业暂时的狂热和过激行为。

The environment ahead will reward insurers whose focus remains on growing underwriting profit sustainably, not volume; customer trust and loyalty, not temporary spikes in market share; and long-term resilience, not short-lived opportunism.

未来的环境将奖励那些专注于可持续增长承保利润而非规模、注重客户信任和忠诚度而非市场份额的暂时飙升、以及注重长期韧性而非短期投机主义的保险公司。

At year-end, our insurance float – the capital we hold to pay future losses and, in the meantime, invest for Berkshire’s benefit – stood at $176 billion. That amount increased from $171 billion at the end of 2024 and from $88 billion at the end of 2015.

年底，我们的保险浮存金——即我们持有的用于支付未来损失，并在此期间为 Berkshire 利益进行投资的资本——达到 1760 亿美元。这一数字较 2024 年底的 1710 亿美元和 2015 年底的 880 亿美元有所增加。

Our insurance businesses’ ability to declare ordinary dividends to Berkshire is restricted by insurance statutes and regulations, permitting up to $31 billion during 2025 without prior regulatory approval. The insurance businesses ultimately returned $29 billion to Berkshire in the year, underscoring the continued strength of their capital base.

我们的保险业务向 Berkshire 宣告普通股息的能力受保险法令规章的限制，2025 年期间在未经监管机构事先批准的情况下允许宣告最高 310 亿美元。保险业务最终在年内向 Berkshire 上缴了 290 亿美元，凸显了其资本基础的持续实力。

Non-Insurance Operations

Our non-insurance group is composed of strong businesses operating within the railroad, utilities and energy, manufacturing, service and retailing industries. It also includes Pilot and McLane.

非保险业务

我们的非保险业务集团由在铁路、公用事业与能源、制造、服务及零售行业运营的强大业务组成。它还包括 Pilot 和 McLane。

Berkshire’s approach with its 51 non-insurance operating businesses is markedly different from most conglomerates. There are no layers of management and no allocated goals or targets set by Berkshire. Each business is accountable to its CEO, who is expected to pursue operational excellence relentlessly and close performance gaps. Capital allocation decisions for these businesses ultimately reside with me as Berkshire’s CEO and are based on each business’s opportunities and related risks. Most operate with no debt, and will remain that way.

Berkshire 对其 51 家非保险运营业务采取的方式与大多数综合企业显著不同。这里没有管理层级，也没有由 Berkshire 设定的分配目标或指标。每项业务都对自己的 CEO 负责，而 CEO 则被期望坚持不懈地追求卓越运营并缩小绩效差距。这些业务的资本配置决策最终由我作为 Berkshire 的 CEO 做出，并基于每项业务的机会和相关风险。大多数业务在无债务状态下运营，且将保持这种状态。

Across these businesses, we have made progress in the fundamentals that drive long-term value but also have a clear understanding of where we need to improve performance. Regardless of industry, our expectations are the same: managers who think like owners and rigorous execution – measured by results, not intentions.

在这些业务中，我们在推动长期价值的基本面方面取得了进展，但也清楚地了解到我们需要在哪些方面提高绩效。无论行业如何，我们的期望都是一样的：经理人要像所有者一样思考，并进行严格的执行——以结果而非意图来衡量。

We are fortunate to have Adam Johnson now serving as president of our consumer products, service, and retailing businesses. Adam, who has lived the Berkshire culture for nearly 30 years (10 as CEO of NetJets), is now responsible for a group consisting of 32 companies. Adam and his team at NetJets think like owners and earned their reputation for operational excellence over the past decade. Their work transformed NetJets from a challenged business model into a successful enterprise that delivers value for Berkshire shareholders. That same approach – accountability and a focus on avoiding complacency – will guide how he works with the CEOs across his portfolio.

我们很幸运能由 Adam Johnson 现在担任我们的消费品、服务和零售业务总裁。Adam 已在 Berkshire 文化中浸润了近 30 年（其中 10 年担任 NetJets 的 CEO），他目前负责一个由 32 家公司组成的集团。Adam 及其在 NetJets 的团队像所有者一样思考，并在过去十年中赢得了卓越运营的声誉。他们的工作将 NetJets 从一个面临挑战的商业模式转型为一个为 Berkshire 股东创造价值的成功企业。同样的管理方法——即问责制和专注于避免自满——将指导他如何与其投资组合中的各位 CEOs 合作。

BNSF

As one of the six major freight railroads in North America, BNSF is a key part of the transportation backbone of the U.S. economy. Berkshire acquired this iconic business in 2010 with an equity value of $34.5 billion. In 2025, BNSF produced $8.1 billion in net operating cash flows and returned $4.4 billion of that cash to Berkshire through dividends. For context, its average annual dividend over the past five years was $4.1 billion.

BNSF

作为 North America 的六大货运铁路之一，BNSF 是 U.S. 经济运输支柱的关键组成部分。Berkshire 于 2010 年收购了这家标志性企业，当时的股权价值为 345 亿美元。2025 年，BNSF 产生了 81 亿美元的净经营现金流，并通过股息向 Berkshire 上缴了其中的 44 亿美元。作为参考，其过去五年的平均年度股息为 41 亿美元。

Safe operations, reliable service, and a competitive cost structure ultimately determine a railroad’s success – and accordingly how we assess management’s performance. BNSF has focused on improving each of these. Safety remains the top priority, and BNSF has been the industry leader for the past decade. In 2025, shipments spent less time idling at terminals and moved through the network faster than in nearly any year in the company’s history.

安全运营、可靠服务和具有竞争力的成本结构最终决定了一家铁路公司的成功，也因此决定了我们如何评估管理层的表现。BNSF 一直专注于改进其中的每一项。安全仍然是重中之重，BNSF 在过去十年中一直是行业领导者。2025 年，货物在终端闲置的时间更短，在网络中的移动速度比公司历史上几乎任何一年都要快。

These gains matter, but they are not enough; more progress is needed to translate operational improvements into stronger financial results. We view operating margin (the inverse of the industry’s operating ratio) as the best measure of performance. In 2025, BNSF’s operating margin improved to 34.5% from 32.0% in 2024. It remained only modestly above its five-year average.

这些进展很重要，但还不够；需要取得更多进展才能将运营改善转化为更强大的财务结果。我们将营业利润率（行业运营比率的倒数）视为衡量绩效的最佳指标。2025 年，BNSF 的营业利润率从 2024 年的 32.0% 提高到 34.5%。它仅略高于其五年平均水平。

The gap to the industry’s best remains too wide and closing it will require continued improvements in efficiency and service. Each one-percentage-point improvement in operating margin generates approximately $230 million of incremental operating cash flow for our owners. The team recognizes the significance of this opportunity, and we will be disappointed if we do not deliver a substantial improvement over the next few years.

与行业最佳水平的差距仍然过大，缩小这一差距需要持续改进效率和服务。营业利润率每提高一个百分点，就会为我们的所有者产生约 2.3 亿美元的增量经营现金流。团队认识到这一机会的重要性，如果我们在未来几年内不能实现大幅改善，我们将感到失望。

Alongside BNSF’s own improvements, there is also potential consolidation in the rail industry with the proposed Union Pacific–Norfolk Southern merger. Berkshire has been clear that it is not interested in acquiring one of the other Class I railroads, since the current economics would not work in our shareholders’ favor. BNSF’s focus on the proposed merger has been to ensure BNSF can continue to offer customers a compelling value proposition, including full and competitive access to Eastern rail markets.

除了 BNSF 自身的改进外，随着拟议的 Union Pacific–Norfolk Southern 合并，铁路行业还存在潜在的整合。Berkshire 已经明确表示，它没兴趣收购其他 Class I 铁路公司，因为目前的经济状况对我们的股东并不利。BNSF 对拟议合并的关注点在于确保 BNSF 能够继续为客户提供引人注目的价值主张，包括全面且具有竞争力的 Eastern 铁路市场准入。

BHE’s objective is straightforward: to deliver affordable and reliable energy service for its customers. That responsibility has grown as the industry enters a significant investment cycle, driven by rising electricity demand from artificial intelligence computing and by increasing wildfire risk, particularly in the Western U.S. Growth is welcome, but it will not come at the expense of affordability or reliability for households, small businesses, and industrial users.

BHE 的目标很简单：为客户提供负担得起且可靠的能源服务。随着行业进入一个重大的投资周期，这一责任也在增加，这主要受人工智能计算带来的电力需求上升以及野火风险增加（特别是在 Western U.S.）的推动。增长是受欢迎的，但绝不能以牺牲家庭、小型企业和工业用户的负担能力或可靠性为代价。

BHE is proud that it continues to offer meaningful value to customers in the markets it serves – averaging 24% below the national retail electric rate level, with all its markets priced at least in the double-digit range beneath that benchmark. Infrastructure built for hyperscalers and data centers must be paid for by those customers and reflect the risks tied to step-changes in long-term demand. BHE will pursue this incremental growth and invest our shareholders’ capital only when those risks and rewards are appropriately balanced.

BHE 为其在所服务市场继续向客户提供显著价值而感到自豪——其价格平均比全国零售电价水平低 24%，且所有市场的定价都至少比该基准低两位数。为超大规模业者和数据中心建设的基础设施必须由这些客户付费，并反映与长期需求阶梯式变化相关的风险。BHE 只有在这些风险和回报得到适当平衡时，才会追求这种增量增长并投入我们股东的资本。

On wildfire risk, BHE has taken a leadership role, working with regulators, public officials, and the communities it serves. Its mitigation programs are among the most comprehensive in the industry. When a BHE utility is responsible for a wildfire, it has acknowledged that responsibility, including PacifiCorp’s settlements related primarily to the 2020 Labor Day fires. At the same time, PacifiCorp is not an insurer of last resort and should not be treated as a deep pocket. Where responsibility does not exist, it will continue to seek judicial relief. Accountability, paired with principled opposition to unwarranted liability, is essential to preserving the regulatory compact that governs utilities.

在野火风险方面，BHE 发挥了领导作用，与监管机构、公职人员及其所服务的社区密切合作。其减灾计划是行业内最全面的计划之一。当 BHE 的公用事业公司对野火负有责任时，它已承认了该责任，包括 PacifiCorp 与主要涉及 2020 年 Labor Day 火灾相关的和解。与此同时，PacifiCorp 不是最后的承保人，不应被视为“深口袋”。在不存在责任的地方，它将继续寻求司法救济。问责制，加上对无理责任的原则性反对，对于维护管理公用事业的监管契约至关重要。

BHE is rebalancing as the team positions it to move forward. In 2025, BHE produced $8.4 billion in net cash flows from operating activities, consistent with its five-year average, even as it absorbed these challenges. Our willingness to invest capital depends on the continued functioning of the regulatory compact through which utilities earn a reasonable return on invested capital. Near-term opportunities are significant, and BHE will pursue them selectively.

随着团队定位其向前迈进，BHE 正在重新平衡。2025 年，BHE 产生了 84 亿美元的经营活动净现金流，即使在消化这些挑战的同时，仍与其五年平均水平保持一致。我们投资资本的意愿取决于监管契约的持续运作，公用事业公司通过该契约在投入资本上赚取合理的回报。短期机会是巨大的，BHE 将有选择地追求它们。

Manufacturing – Industrial Products

The macro environment in 2025 for our industrial products businesses was challenging, yet the businesses delivered earnings results that demonstrated underlying resilience. Operational execution was strong across the group, and specifically at Precision Castparts, Marmon, IMC, and Lubrizol, which positions all of them well to pursue incremental opportunities.

制造——工业产品

2025 年我们工业产品业务的宏观环境充满挑战，但这些业务交付的收益结果证明了其潜在的韧性。整个集团的运营执行力都很强，特别是 Precision Castparts、Marmon、IMC 和 Lubrizol，这使它们都能很好地追求增量机会。

The Lubrizol team, led by Rebecca Liebert, was integral to the acquisition of OxyChem and its planned integration as a standalone operating business within Berkshire. Rebecca has assumed responsibility for OxyChem in addition to her role as CEO of Lubrizol, working in partnership with OxyChem CEO Wade Alleman and his leadership team.

由 Rebecca Liebert 领导的 Lubrizol 团队在收购 OxyChem 及其计划作为 Berkshire 内部独立运营业务进行的整合中发挥了不可或缺的作用。除了担任 Lubrizol 的 CEO 外，Rebecca 还承担了负责 OxyChem 的职责，并与 OxyChem 的 CEO Wade Alleman 及其领导团队合作。

Our largest industrial manufacturing business, Precision Castparts, spent much of the past decade navigating a difficult period for the aerospace industry. Aircraft production slowed materially, volumes declined, and a series of disruptions – most notably the pandemic, when air travel effectively stopped – put sustained pressure on earnings.

我们最大的工业制造业务 Precision Castparts 在过去十年的大部分时间里都在应对航空航天业的艰难时期。飞机产量大幅放缓，销量下降，一系列动荡——最显著的是大流行病，当时航空旅行实际上停止了——对收益造成了持续压力。

The Precision Castparts team has now worked through the most challenging part of that period. Air travel has recovered, aircraft orders have resumed, and demand for the company’s components has normalized and is growing. The business has remained disciplined throughout, with management focused on translating a healthier industry backdrop into margins that better reflect its long-term potential. In 2025, Precision Castparts generated $2.4 billion of net cash flows from operating activities, compared to an average of $0.9 billion in 2021 and 2022 and $1.7 billion in 2015, the last full fiscal year before our acquisition.

Precision Castparts 团队现在已经度过了那个时期最艰难的部分。航空旅行已经恢复，飞机订单已经重启，对该公司零部件的需求已趋于正常并正在增长。该业务始终保持纪律，管理层专注于将更健康的行业背景转化为更好地反映其长期潜力的利润率。2025 年，Precision Castparts 产生了 24 亿美元的经营活动净现金流，而 2021 年和 2022 年的平均值为 9 亿美元，2015 年（即我们收购前的最后一个完整财年）为 17 亿美元。

Manufacturing – Building Products

Our building products businesses span the U.S. housing and commercial building landscape, from the homes Clayton builds to the materials and finishes our other companies supply. As in any market, end-consumer preferences can evolve, and our businesses must adapt accordingly to meet those changing demands.

制造——建筑产品

我们的建筑产品业务横跨 U.S. 的住宅和商业建筑领域，从 Clayton 建造的房屋到我们其他公司供应的材料和饰面。正如在任何市场中一样，最终消费者的偏好会发生演变，我们的业务必须相应地进行调整以满足这些不断变化的需求。

Shaw has navigated a challenging period as consumers moved away from soft-surface flooring (carpets), and some of its difficulties were self-inflicted. As it expanded hard-surface production, execution slipped, affecting quality and service. Shaw is now rebuilding its manufacturing organization and restoring the operational discipline needed to regain customer confidence.

Shaw 经历了一段充满挑战的时期，因为消费者不再青睐软质地面铺装（地毯），而且其中的一些困难是自找的。随着其扩大硬质地面铺装的生产，执行力出现了下滑，影响了质量和服务。Shaw 目前正在重建其制造组织，并恢复重新赢得客户信心所需的运营纪律。

Clayton leads the group in size. Its business model – centered on efficient manufacturing and construction of well-built homes, supported by integrated financing – has proven resilient through short-term shifts in the broader housing market. This approach enables Clayton to meet the ongoing need for quality, affordable housing nationwide.

Clayton 在规模上处于集团领先地位。其商业模式——以高效制造和建造优质房屋为核心，辅以综合融资支持——已被证明在整体住房市场的短期波动中具有韧性。这种方法使 Clayton 能够满足全国范围内对优质、经济适用房的持续需求。

While activity in this building-products sector varies from year to year with broader construction trends, the long-term needs for housing and commercial buildings remain strong, positioning the group, which also includes Johns Manville and MiTek, well for the future. This durable demand underpins these operations, which are distinguished by disciplined and knowledgeable management, a strong focus on customers, and well-established operating models.

虽然建筑产品部门的活跃度随整体建筑趋势逐年波动，但对住宅和商业建筑的长期需求依然强劲，这使得包括 Johns Manville 和 MiTek 在内的集团在未来处于有利地位。这种持久的需求支撑着这些业务，它们的特点是拥有严谨且博学的管理层、对客户的高度关注以及成熟的运营模式。

Manufacturing – Consumer Products; and Service and Retailing

As highlighted earlier in the letter, Adam is president of Berkshire’s consumer products, service, and retailing businesses. These businesses performed well overall in 2025, recognizing certain consumer segments faced a very challenging environment.

制造——消费品；服务与零售

正如信中早些时候所强调的，Adam 是 Berkshire 消费品、服务和零售业务的总裁。考虑到某些消费细分群体面临着极具挑战性的环境，这些业务在 2025 年的整体表现良好。

NetJets is the largest business in our service group. NetJets maintains a relentless focus on safety and exceptional service to reinforce its position as a premium offering. That foundation has enabled NetJets to attract many customers, and today it operates nearly 1,100 aircraft in over 150 countries around the world. It is a prized asset in a very tough industry.

NetJets 是我们服务集团中最大的业务。NetJets 始终坚持对安全和卓越服务的追求，以巩固其作为高端服务的地位。这一基础使 NetJets 能够吸引众多客户，目前它在全球 150 多个国家运营着近 1100 架飞机。在这一竞争异常激烈的行业中，它是一项珍贵的资产。

Pilot continues to strengthen its operations. As the largest operator of travel centers in North America, it competes on location, service, and reliability. Management has focused on execution at the store level – improving customer experience for both professional drivers and everyday travelers, investing in store upgrades, food offerings, and customer loyalty. Since 2023, Pilot has increased capital spending to modernize facilities and expand its electric vehicle charging network. These efforts are reflected in Pilot’s Pro Preference score – a third-party study of how often professional drivers choose Pilot over travel center competitors – which rose from 27% in 2022 to 35% in 2025, placing the business second in the industry. We should be #1 and we will not be pleased until that standard is achieved. We first invested in Pilot in 2017; however, our ability to manage it was contractually delayed until 2023. That mistake will not happen again.

Pilot 继续加强其运营。作为 North America 最大的旅行中心运营商，它在地理位置、服务和可靠性方面展开竞争。管理层一直专注于门店层面的执行——改善专业司机和普通旅客的客户体验，投资于门店升级、食品供应和客户忠诚度。自 2023 年以来，Pilot 增加了资本支出，以实现设施现代化并扩大其电动汽车充电网络。这些努力体现在 Pilot 的 Pro Preference 评分中——这是一项关于专业司机选择 Pilot 而非旅行中心竞争对手频率的第三方研究——该评分从 2022 年的 27% 上升到 2025 年的 35%，使该业务位居行业第二。我们理应成为第一，在实现这一标准之前，我们不会感到满意。我们最初在 2017 年投资了 Pilot；然而，我们管理该公司的能力因合同限制被推迟到了 2023 年。这种错误不会再发生了。

The underlying economics of the business are reflected in its cash generation. In 2025, Pilot delivered $1.7 billion of net cash flow from operating activities, an improvement from 2024. As operations continue to strengthen and capital needs normalize, we expect more cash to be returned to Berkshire.

该业务的底层经济逻辑体现在其现金产生能力上。2025 年，Pilot 产生了 17 亿美元的经营活动净现金流，较 2024 年有所改善。随着运营的持续加强和资本需求的正常化，我们预计将有更多现金上缴给 Berkshire。

Equity Investments

We apply the same fundamental value of capital discipline to Berkshire’s portfolio of equity securities as we do to our operating businesses. A large portion of our portfolio is concentrated in a small number of American companies such as Apple, American Express, Coca-Cola, and Moody’s – businesses we understand well, have a high regard for their leaders, and expect will compound over decades. This concentrated approach will continue, with limited activity in these holdings, though we may significantly adjust a holding if we see fundamental changes in its longterm economic prospects.

权益投资

我们将资本纪律的相同基本价值应用于 Berkshire 的权益证券组合，正如我们对运营业务所做的那样。我们投资组合的大部分集中在少数几家 America 公司，如 Apple、American Express、Coca-Cola 和 Moody’s——这些是我们深切理解、对其领导者高度尊重并预期将在几十年内产生复利的企业。这种集中的方法将持续下去，在这些持股中的活动有限，尽管如果我们看到其长期经济前景发生根本性变化，我们也可能会对持股进行重大调整。

The same criteria apply to our investments in Japan, which we view as comparable to our major U.S. holdings in importance and long-term value creation opportunity.

同样的标准也适用于我们在 Japan 的投资，我们认为这些投资在重要性和长期价值创造机会方面与我们的主要 U.S. 持股相当。

Berkshire has borrowed in Japan an amount roughly equivalent to the yen invested (cost basis), at an average cost of 1.2%, with a weighted-average life of approximately 5.75 years.

Berkshire 在 Japan 以约 1.2% 的平均成本借入了与其投资的日元金额（成本基础）大致相当的资金，加权平均期限约为 5.75 年。

Taking these positions together, at year-end they totaled $194 billion in market value, representing nearly two-thirds of our $297.8 billion equity securities portfolio, providing combined dividends of $2.5 billion and yielding 10% on their original cost basis of $24.5 billion.

综合来看，截至年底，这些头寸的市值总计 1940 亿美元，占我们 2978 亿美元权益证券组合的近三分之二，提供了 25 亿美元的综合股息，并以 245 亿美元的原始成本基础计算，收益率为 10%。

Separately, we have meaningful positions in a small number of other companies where our capital allocation has been more dynamic in recent periods, as relative values and opportunities change. In certain cases, the underlying business characteristics are such that, over time, these investments may become part of our core holdings.

另外，我们在少数其他公司中持有重要头寸，由于相对价值和机会的变化，我们在这些公司的资本配置在近期更具动态性。在某些情况下，潜在的业务特征使得随着时间的推移，这些投资可能会成为我们核心持股的一部分。

We also hold equity method investments, principally Kraft Heinz and Occidental. Our investment in Kraft Heinz has been disappointing. Even after considering the preferred equity component in our original Heinz investment, our return has been well short of adequate.

我们还持有权益法投资，主要是 Kraft Heinz 和 Occidental。我们对 Kraft Heinz 的投资一直令人失望。即使考虑到我们最初对 Heinz 投资中的优先股部分，我们的回报也远未达到充足的水平。

At Berkshire, equity investments are fundamental to our capital allocation activities; responsibility ultimately resides with me as CEO. Ted Weschler manages about 6% of our investments, including a portion of the portfolio formerly overseen by Todd Combs. Ted’s impact extends beyond these investments, as he continues to play a broader role in assessing significant opportunities, providing valuable input on our businesses, and supporting Berkshire in various other ways.

在 Berkshire，权益投资是我们资本配置活动的基础；责任最终由我这位 CEO 承担。Ted Weschler 管理着我们约 6% 的投资，包括之前由 Todd Combs 负责的一部分投资组合。Ted 的影响超出了这些投资，因为他继续在评估重大机会、为我们的业务提供宝贵意见以及以各种其他方式支持 Berkshire 方面发挥着更广泛的作用。

* * * * * * * * * * * *

Berkshire’s foundation is second to none. We have a remarkable operating framework (our culture and values) that shapes our strategy and guides how we lead – along with remarkable shareholders.

Berkshire 的根基是无可匹敌的。我们拥有非凡的运营框架（我们的文化和价值观），它塑造了我们的战略并指引着我们的领导方式——同时，我们也拥有非凡的股东。

Insurance will continue to be our core. While its performance will ebb and flow with capital conditions in the industry – perhaps dramatically – that heart of Berkshire will only grow stronger over time, reflecting the structural advantages that define it.

保险业务将继续作为我们的核心。虽然其表现会随着行业的资本状况而起伏——有时甚至是剧烈的起伏——但 Berkshire 的这一核心只会随着时间的推移而变得更加强大，这反映了定义它的结构性优势。

Our non-insurance operations generate substantial operating earnings and recurring cash flows. A sustained focus on operational excellence will strengthen this group of businesses, positioning it to deliver even greater long-term value.

我们的非保险业务产生了丰厚的营业利润和经常性现金流。对卓越运营的持续关注将加强这一业务板块，使其能够创造更大的长期价值。

Our investment portfolio – specifically, our equity investments – will evolve and grow as opportunities arise. This portfolio is an integral extension of our insurance operations and capital base. We will effectively and efficiently return capital to our owners through share repurchases when the value proposition is compelling.

我们的投资组合——特别是我们的权益投资——将随着机会的出现而演变和增长。该组合是我们保险业务和资本基础不可或缺的延伸。当价值主张具有吸引力时，我们将通过股票回购有效且高效地向我们的所有者回馈资本。

At Berkshire’s scale, the math of compounding works against us – a reality long understood and best acknowledged plainly. Our opportunity is improvement in per-share value over the long term, even when progress comes in smaller increments, with a constant focus on managing downside risk for our owners.

在 Berkshire 的规模下，复利的数学规律对我们不利——这是一个早已为人所知且最好予以坦诚承认的事实。我们的机会在于实现每股价值的长期提升，即使这种进步是以较小的增量实现的，同时我们将始终专注于为我们的所有者管理下行风险。

* * * * * * * * * * * *

The value we create at Berkshire stems from the judgment and leadership exercised every day across our operating businesses. We as shareholders are fortunate to have a Board that clearly understands and supports Berkshire, including our culture and values, and whose diverse skills, experience, and perspectives strengthen its stewardship of the company. Warren and Charlie built the framework for that alignment, and we continue to draw on Warren’s exceptional judgment as Chairman.

我们在 Berkshire 创造的价值源于我们各家运营企业每天所行使的判断力和领导力。作为股东，我们很幸运拥有一个清晰理解并支持 Berkshire（包括我们的文化和价值观）的 Board，其多元化的技能、经验和视角加强了对公司的受托管理。Warren 和 Charlie 为这种一致性建立了框架，我们也将继续借鉴 Warren 作为 Chairman 的卓越判断。

In December, we announced that our CFO, Marc Hamburg, will be retiring from Berkshire effective June 1, 2027, and will transition his Chief Financial Officer responsibilities a year prior on June 1, 2026. Chuck Chang will have an enormous pair of shoes to fill as his successor. Marc will help Chuck settle into his new role before fully enjoying his well-deserved retirement. Marc has been a treasured partner to me, and, as Warren has noted, “Marc has been indispensable to Berkshire and to me. His integrity and judgment are priceless. He has done more for this company than many of our shareholders will ever know.” I strongly echo Warren’s comments.

去年 12 月，我们宣布我们的 CFO Marc Hamburg 将于 2027 年 6 月 1 日从 Berkshire 退休，并于一年前的 2026 年 6 月 1 日移交其 Chief Financial Officer 的职责。Chuck Chang 作为继任者，将面临巨大的挑战。Marc 将协助 Chuck 适应新角色，然后充分享受他当之无愧的退休生活。Marc 一直是我珍视的合伙人，正如 Warren 所指出的：“Marc 对 Berkshire 和我来说都是不可或缺的。他的诚信和判断力是无价之宝。他为这家公司所做的贡献，比我们许多股东所知道的还要多。”我非常赞同 Warren 的评价。

To further strengthen our management capabilities at the corporate office, we recently welcomed Mike O’Sullivan as Berkshire’s first General Counsel, where he will provide legal support while maintaining our culture.

为了进一步加强公司总部的管理能力，我们最近欢迎 Mike O’Sullivan 担任 Berkshire 的首任 General Counsel，他将在维护我们文化的同时提供法律支持。

A central part of our partnership with our owners is to continue maintaining clear, candid communication with you. Berkshire will always communicate with all shareholders at the same time and through the same channels to give each of you the necessary information to assess Berkshire’s performance.

我们与所有者合伙关系的核心部分是继续与你们保持清晰、坦诚的沟通。Berkshire 将始终在同一时间通过同一渠道与所有股东进行沟通，以便为你们每一个人提供评估 Berkshire 业绩所需的必要信息。

We concentrate on quality, not frequency. If a significant issue arises, you will hear from me, but it will not be through quarterly commentary, given our long-term horizon.

我们注重质量而非频率。如果出现重大问题，你们会收到我的消息，但鉴于我们的长期眼光，这不会通过季度评论的方式进行。

The next time we gather as owners will be in Omaha on May 2, 2026, for the annual meeting (our owners’ day, or what other companies might call an “investor day”). The format you know well will guide the day, centered on open communication and direct engagement, with your questions answered in the same unscripted manner during sessions moderated by Becky Quick. We also look forward to owners getting to know, over time, more of the Berkshire team.

下一次我们作为所有者相聚将于 2026 年 5 月 2 日在 Omaha 举行的年度股东大会（我们的“所有者日”，或者其他公司可能称之为“投资者日”）。你们所熟悉的会议形式将指引这一天，以公开沟通和直接参与为中心，你们的问题将在由 Becky Quick 主持的环节中以同样不设剧本的方式得到解答。我们也期待所有者随着时间的推移，能结识更多 Berkshire 团队的成员。

This year’s program will include a CEO’s update on Berkshire, and two Q&A sessions – one with Ajit and me, and a second featuring Katie Farmer (BNSF), Adam Johnson (NetJets and president of consumer products, service, and retailing), and me, where Katie and Adam will discuss the challenges and opportunities they see in their respective businesses. In that way, we will be able to cover Berkshire’s insurance and non-insurance operations. While each session has a natural focus based on who is on stage with me, shareholders may ask me any question at any time. Further details are included in this Annual Report.

今年的议程将包括 CEO 关于 Berkshire 的最新进展报告，以及两场 Q&A 环节——一场由 Ajit 和我出席，另一场则由 Katie Farmer (BNSF)、Adam Johnson (NetJets 兼消费品、服务和零售业务总裁) 和我共同参加。届时，Katie 和 Adam 将讨论他们在各自业务中看到的挑战与机会。通过这种方式，我们将能够涵盖 Berkshire 的保险和非保险业务。虽然每场环节都会根据与我同台的人员而有其自然侧重点，但股东可以随时向我提出任何问题。更多细节已包含在本 Annual Report 中。

Our Board, the CEOs and managers at Berkshire, and I look forward to welcoming you to Omaha and to our continued partnership. Central to Berkshire’s extraordinary success is the relationship we maintain with you, our owners. I am honored by the responsibility of continuing to build our company and our partnership in the years ahead. We move forward with great intent and purpose.

我们的 Board、Berkshire 的 CEOs 和经理人们以及我，都期待着欢迎你们来到 Omaha，并期待着我们的持续合伙关系。Berkshire 取得非凡成功的核心在于我们与你们——我们的所有者——之间保持的关系。我深感荣幸能承担起在未来几年继续建设我们的公司及合伙关系的责任。我们正带着坚定的意志和目标砥砺前行。

Gregory E. Abel

Chief Executive Officer

February 28, 2026

2026-02-28 Greg Abel's Letters to Berkshire Shareholders

2026-02-28 Greg Abel's Letters to Berkshire Shareholders

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