Subject: Increase in A Shares
Gary Gambino has posted an excellent review of BRK’s Q3 earnings. He notes an unusually rise in A shares outstanding.

There were no buybacks in the quarter, yet the front page of the 10-Q shows a higher count of A shares and a correspondingly lower count of B shares on 10/20/2025 compared to 7/21/2025. This happened even though conversion of A shares to B shares would be expected to make the counts of the two share classes move in opposite directions.

The company had 3817 more A shares outstanding and 3817 * 1500 = 5,725,500 fewer B shares outstanding on 10/20 than on 7/21. Since A shares are convertible to B shares but not the other way around, it is unclear how A shares could have increased over that period.


Any guesses why this happened? Could it just be a correction to accounting error in the previous period?

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