BERKSHIRE HATHAWAY INC Leases Disclosure
We are party to contracts where we lease property from others under contracts classified as operating leases. We primarily lease buildings, offices, facilities and equipment. Operating lease right-of-use assets are included in and operating lease liabilities are included in. Information related to our operating leases follows (dollars in millions).
|
|
Right-of-use assets |
|
|
Lease liabilities |
|
|
Weighted average |
|
|
Weighted average |
|
||||
December 31, 2025 |
|
$ |
6,020 |
|
|
$ |
6,290 |
|
|
|
7.8 |
|
|
|
4.8 |
% |
December 31, 2024 |
|
|
5,843 |
|
|
|
5,996 |
|
|
|
7.5 |
|
|
|
4.5 |
% |
A summary of our remaining future operating lease payments reconciled to lease liabilities as of December 31, 2025 and December 31, 2024 follows (in millions).
|
Year 1 |
|
Year 2 |
|
Year 3 |
|
Year 4 |
|
Year 5 |
|
Thereafter |
|
Total |
|
Amount |
|
Lease |
|
|||||||||
December 31: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
2025 |
$ |
1,437 |
|
$ |
1,269 |
|
$ |
1,022 |
|
$ |
827 |
|
$ |
643 |
|
$ |
2,546 |
|
$ |
7,744 |
|
$ |
(1,454 |
) |
$ |
6,290 |
|
2024 |
|
1,491 |
|
|
1,161 |
|
|
982 |
|
|
766 |
|
|
600 |
|
|
2,197 |
|
|
7,197 |
|
|
(1,201 |
) |
|
5,996 |
|
Components of operating lease expense for each of the three years ending December 31, 2025 are summarized as follows (in millions).
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Operating lease expense |
|
$ |
1,647 |
|
|
$ |
1,652 |
|
|
$ |
1,535 |
|
Short-term lease expense |
|
|
170 |
|
|
|
171 |
|
|
|
219 |
|
Variable lease expense |
|
|
209 |
|
|
|
225 |
|
|
|
216 |
|
|
|
$ |
2,026 |
|
|
$ |
2,048 |
|
|
$ |
1,970 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 29, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.