BRK-B · 10-Q · 2026Q1 · Full report
Outstanding Indebtedness
BERKSHIRE HATHAWAY INC · 2026-05-04 · Importance 36 · Surprise 40 · In source text
Consolidated borrowings (excluding BHE and BNSF) were $42.8 billion at March 31, 2026, predominantly issued by Berkshire and BHFC. Berkshire's own outstanding debt was $19.9 billion at March 31, 2026, down $2.8 billion since December 31, 2025 (including $2.5 billion of maturing debt repayments and FX-driven reductions); in April 2026 Berkshire issued ¥272.3 billion (≈$1.7 billion) of senior notes due 2029–2056 (weighted avg interest 2.4%) and repaid ¥133.9 billion (≈$844 million) of maturing senior notes. BHFC senior note borrowings were approximately $18.2 billion at March 31, 2026 (guaranteed by Berkshire), BNSF debt was $23.6 billion (down ≈$500 million), and BHE aggregate borrowings were $62.5 billion (up $3.2 billion), with BHE subsidiaries issuing $4.6 billion of term debt in Q1 2026 at a weighted average rate of 5.8%. Berkshire disclaims guarantees for debt of BNSF and BHE and their affiliates.
Key facts
- Berkshire’s outstanding debt at March 31, 2026 was $19.9 billion, a decrease of $2.8 billion since December 31, 2025, primarily attributable to repayments of maturing debt of $2.5 billion, as well as reductions due to changes in foreign currency exchange rates. source
- BHE’s aggregate borrowings were $62.5 billion at March 31, 2026, an increase of $3.2 billion from December 31, 2025. source
- Excluding borrowings of BHE and BNSF, borrowings at March 31, 2026 were $42.8 billion, predominantly issued by Berkshire and BHFC. source
- Senior note borrowings of BHFC were approximately $18.2 billion at March 31, 2026, a decrease of $65 million from December 31, 2025. source
- BNSF’s outstanding debt was $23.6 billion as of March 31, 2026, a decrease of approximately $500 million from December 31, 2025. source
- In the first quarter of 2026, BHE subsidiaries issued $4.6 billion of term debt with a weighted average interest rate of 5.8% and maturity dates ranging from 2029 to 2056, repaid term debt of $210 million and reduced short-term borrowings by $992 million. source
- In April 2026, Berkshire issued ¥272.3 billion ($1.7 billion) of senior notes with maturity dates ranging from 2029 to 2056 and a weighted average interest rate of 2.4% and repaid ¥133.9 billion ($844 million) of maturing senior notes. source
- Berkshire does not guarantee the repayment of debt issued by BNSF, BHE or any of their subsidiaries or affiliates. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -0.4% | In the first quarter of 2026, BHE subsidiaries issued $4.6 billion of term debt with a weighted average interest rate of 5.8% and maturity… |
| liability | negative | realized | -0.3% | BHE’s aggregate borrowings were $62.5 billion at March 31, 2026, an increase of $3.2 billion from December 31, 2025. |
| liability | positive | realized | +0.2% | Berkshire’s outstanding debt at March 31, 2026 was $19.9 billion, a decrease of $2.8 billion since December 31, 2025, primarily… |
| liability | positive | realized | +0.1% | In the first quarter of 2026, BHE subsidiaries issued $4.6 billion of term debt with a weighted average interest rate of 5.8% and maturity… |
| liability | positive | realized | +0.0% | BNSF’s outstanding debt was $23.6 billion as of March 31, 2026, a decrease of approximately $500 million from December 31, 2025. |
| liability | positive | realized | +0.0% | In the first quarter of 2026, BHE subsidiaries issued $4.6 billion of term debt with a weighted average interest rate of 5.8% and maturity… |
| liability | positive | realized | +0.0% | Senior note borrowings of BHFC were approximately $18.2 billion at March 31, 2026, a decrease of $65 million from December 31, 2025. |