Berkshire Hathaway Inc.

Berkshire Hathaway’s 2025 10-K, in its Management’s Discussion and Analysis (MD&A), dedicates attention to the integrity of its financial reporting. Management affirms responsibility for establishing and maintaining adequate internal control over financial reporting — the processes and procedures ensuring reliable financial statements. The company conducted an evaluation of these controls as of December 31, 2025, as required by Securities Exchange Act Rule 13a-15(c). This assessment utilized the framework set forth in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, indicating a structured approach to compliance.

The forensic scores available for this filing offer a mixed but generally stable picture. Beneish’s 1999 eight-ratio earnings-manipulation detector yielded a score of -2.2613, which falls below the -1.78 threshold, suggesting a lower risk of earnings manipulation. Altman’s Z″ — a 1968 bankruptcy-distress index — registered 2.6. This places the company at the upper boundary of the “grey zone” (1.10–2.60), indicating it is not in distress but not definitively in the “safe” category (above 2.60) according to this metric. The Piotroski F-Score, a 9-point fundamental strength scan, and the Fog Index, a readability score, were not available for this filing.

The MD&A’s specific focus on internal control over financial reporting is a standard, yet critical, disclosure. Management’s explicit statement of responsibility and the detailed mention of the Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) 2013 framework for evaluation underscore a commitment to transparent and reliable financial reporting. This framework provides a structured approach for companies to design and implement internal controls, aiming to prevent material misstatements. While a routine disclosure, it signals management’s attention to the foundational elements of financial integrity.

This filing offers a snapshot of Berkshire Hathaway’s internal control environment and provides some key forensic metrics. The Beneish M-Score suggests a low risk of accounting manipulation, and the Altman Z″ places the company outside immediate distress, albeit at the edge of the “safe” category. However, the absence of a Piotroski F-Score or Fog Index limits a comprehensive quantitative assessment of fundamental strength or textual clarity. Therefore, while the filing provides insights into financial reporting hygiene, it cannot, in isolation, fully inform a view on the security’s valuation or future performance.