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Berkshire Hathaway Reports Strong Earnings Growth for Third Quarter 2025

(BRK.A), (BRK.B)

Berkshire Hathaway Inc. reported a solid increase in after-tax earnings for the third quarter of 2025, reflecting both improved operating performance and substantial investment gains.

Third-Quarter Results (2025 vs. 2024)
Net earnings attributable to Berkshire shareholders rose to $30.8 billion, up from $26.3 billion in the same period last year. This translated to earnings per Class A share of $21,413, compared with $18,272 in 2024, and $14.28 per Class B share versus $12.18 a year ago.

Investment gains contributed $17.3 billion, slightly above the $16.2 billion recorded in 2024, driven largely by $9.2 billion in unrealized gains and $8.2 billion in realized investment gains. Operating earnings — a measure Berkshire emphasizes as a better reflection of its core business performance — increased to $13.5 billion, compared with $10.1 billion a year earlier.

Berkshire’s cash holdings grew to a record $381.6 billion.

Nine-Month Results (2025 vs. 2024)
For the first nine months of 2025, Berkshire reported net earnings of $47.8 billion, down from $69.3 billion in the prior-year period. The decline reflects lower investment gains, as 2024 results were boosted by unusually large realized gains totaling $76.5 billion.

Operating earnings for the nine months rose modestly to $34.3 billion from $32.9 billion, showing steady growth across key business segments.

Insurance-underwriting earnings grew to $5.7 billion, up from $5.6 billion in 2024.

Insurance-investment income totaled $9.4 billion, slightly lower than $9.6 billion last year.

BNSF Railway earnings rose to $4.1 billion, compared with $3.8 billion a year earlier.

Berkshire Hathaway Energy contributed $3.3 billion, up from $3.0 billion.

Manufacturing, service, and retailing operations earned $10.3 billion, compared with $9.8 billion.

“Other” operations produced $1.5 billion, reversing a $678 million loss in the prior-year quarter.

GAAP Volatility and Long-Term Focus
The company reiterated that quarterly investment gains and losses — driven by changes in the market value of equity holdings — can significantly distort GAAP net income figures. Management cautioned that such fluctuations “are usually meaningless” for assessing Berkshire’s underlying performance.

Overall, Berkshire Hathaway’s third-quarter results underscore continued strength in its diversified operating businesses and a rebound in investment performance amid more stable equity markets in 2025.

© 2025 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Financials

Berkshire Hathaway’s Q1 Profits Fall, But Core Businesses Stay Strong

(BRK.A), (BRK.B)

Berkshire Hathaway, the giant conglomerate led by Warren Buffett, reported lower profits in the first quarter of 2025, mainly due to fluctuations in its stock investments. The company posted $4.6 billion in net earnings—down sharply from $12.7 billion during the same period last year.

But the drop doesn’t tell the whole story. Much of it stems from accounting rules that require Berkshire to include paper losses on stocks it hasn’t sold yet. This quarter, those unrealized losses totaled about $7.4 billion.

To give a clearer picture of business performance, Berkshire also reports “operating earnings,” which leave out those investment swings. On that front, the company earned $9.6 billion in Q1—still strong, but slightly below the $11.2 billion it earned a year ago.

Some business highlights:

Insurance operations had mixed results, with investment income rising but underwriting profits falling.

The company’s railroad, BNSF, and energy division both posted solid gains.

Insurance float—a key financial cushion built from premiums Berkshire holds before paying claims—grew to $173 billion.

Earnings per share also reflected the dip: Class A shares earned $3,200 in Q1, compared to $8,825 last year, while Class B shares earned $2.13, down from $5.88.

Berkshire reminded investors that quarterly investment gains and losses don’t always reflect the company’s true strength. Long-term performance and solid fundamentals remain the real story.

© 2025 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Financial Reports

Buffett’s Empire Thrives: Berkshire Hathaway Posts $47.4B in Earnings

(BRK.A), (BRK.B)

Berkshire Hathaway, the conglomerate led by Warren Buffett, reported a substantial increase in its annual earnings for 2024, driven by strong performance in its insurance businesses and foreign currency gains. The company’s operating earnings surged to $47.4 billion, marking a significant rise from $37.35 billion in 2023.

The standout performer was the insurance underwriting segment, which saw its profits jump to $9.02 billion, up from $5.43 billion the previous year. This increase was fueled by improved underwriting results and disciplined risk management. Additionally, insurance investment income rose sharply to $13.67 billion, compared to $9.57 billion in 2023, benefiting from higher interest rates and strong investment performance.

Berkshire’s railroad subsidiary, BNSF, remained relatively stable, generating $5.03 billion in earnings, slightly down from $5.09 billion in 2023. Meanwhile, Berkshire Hathaway Energy posted an impressive rise, contributing $3.73 billion, up from $2.33 billion, thanks to improved utility earnings and renewable energy investments.

Among Berkshire’s other controlled businesses, including manufacturing, retail, and services, earnings held steady at $13.07 billion, a marginal decrease from the previous year’s $13.36 billion. However, earnings from non-controlled businesses, which include stakes in Kraft Heinz and Occidental Petroleum, declined to $1.52 billion from $1.75 billion.

A notable boost came from foreign currency exchange gains, which added approximately $1.1 billion to the bottom line in 2024, compared to just $211 million in 2023. This helped drive a category labeled “Other” from a loss of $175 million in 2023 to a positive $1.4 billion in 2024.

Berkshire’s operating earnings were particularly strong in the fourth quarter, soaring 71% compared to the same period in 2023. Additionally, the company’s cash position reached an all-time high of $334 billion, reflecting Buffett’s disciplined approach to capital allocation and the firm’s strong cash flow generation.

Berkshire Hathaway’s strong performance in 2024 underscores its ability to capitalize on interest rate movements, sound investment strategies, and operational efficiencies across its diverse business portfolio. With a robust balance sheet and a disciplined approach to capital allocation, the conglomerate remains well-positioned for future growth.

© 2025 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Financials

Berkshire Hathaway’s $26.3B Q3 Profit Driven by Investment Gains

(BRK.A), (BRK.B)

Berkshire Hathaway reported a sharp improvement in its third-quarter 2024 results, showing a net profit of $26.3 billion, a significant rebound from a $12.8 billion loss in the same period last year. This surge was largely due to strong investment gains of $16.2 billion, compared to a substantial investment loss of $23.5 billion in Q3 2023.

Warren Buffett has long cautioned that changes in portfolio value do not give a true picture of the company’s health, and points to Berkshire’s operating earnings as a better barometer.

The conglomerate’s operating earnings were slightly down, totaling $10.1 billion, compared to $10.8 billion in the previous year’s third quarter.

Key contributors to operating earnings included insurance underwriting and investment income, as well as steady returns from its BNSF railway and energy businesses.

Earnings per Class A share rose to $18,272, compared to a loss of $8,824 per share last year. Meanwhile, Class B shares mirrored this trend, with earnings reaching $12.18 per share.

For the first nine months of 2024, Berkshire achieved $69.3 billion in net earnings, up from $58.6 billion in 2023, reflecting improved returns from both investments and core operations.

Cash on hand swelled to a record $325.2 billion, primarily the result of Berkshire’s continued sale of some of its Apple shares and Bank of America shares.

Year to date, Berkshire also repurchased $2.9 billion in shares, however, as the price of the stock has soared to record territory, Warren Buffett has stopped his buybacks, and there were none in the third quarter.

The firm cautioned that quarterly investment gains are volatile and may not fully reflect its long-term performance.

©2024 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Financials

Berkshire Hathaway Continued Stock Buybacks & Posts Robust Earnings in Q3 2023

(BRK.A), (BRK.B)

Berkshire Hathaway has continued its stock buybacks in the third quarter of 2023, reporting that “approximately $1.1 billion was used to repurchase Berkshire shares during the third quarter bringing the nine month total to approximately $7.0 billion. On September 30, 2023 there were 1,445,546 Class A equivalent shares outstanding.”

The conglomerate reported strong operating earnings in Q3 of $10.761 Billion as compared to $7.651 billion in Q3 2022. Operating earnings for the first nine months were a robust $28.869 billion as compared to $24.228 in the first nine months of 2022.

Despite recent acquisitions of Allegany Corp., the controlling interest in Pilot Corp., and buying Dominion Energy’s 50% limited partnership stake in the Cove Point LNG facility, Berkshire’s cash reserves has continued to grow, reaching $157 billion.

© 2023 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Financial Reports

Berkshire Hathaway Operating Earnings Skyrocket in Second Quarter

(BRK.A), (BRK.B)

Berkshire Hathaway’s operating earnings jumped 38.8% in the second quarter of 2020, as the conglomerate recorded sharp gains in all of its business sectors, including insurance, railroad (BNSF), and its utilities and energy businesses.

Total operating earnings were $9.283 billion for the second quarter, as compared to $6.686 billion for the same quarter in 2021.

Total operating earnings for the first six months of 2022 were $16.323 billion, as compared to $13.704 billion for the same period in 2021.

At June 30, 2022, insurance float was approximately $147 billion, relatively unchanged from yearend 2021.

© 2022 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Financial Reports

Berkshire Hathaway Slows Stock Buybacks in Q2

(BRK.A), (BRK.B)

Berkshire Hathaway spent roughly $1 Billion on stock buybacks in the second quarter of 2020, less than a third of what the company repurchased in the first quarter.

The buybacks have slowed dramatically from 2021’s pace, reflecting Berkshire’s rising share price. In the fourth quarter of 2021, Berkshire repurchased $6.9 billion in combined Class A and Class B common stock, and Berkshire’s $27 billion in buybacks for 2021 was a record for the company.

© 2022 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Financials

Berkshire Hathaway’s Insurance Float Up $1 Billion

(BRK.A), (BRK.B)

Berkshire Hathaway’s Insurance float has continued its growth with an increase of $1 billion at the end of the first quarter of 2022, as compared to the end of the fourth quarter of 2021.

At March 31, 2022, insurance float (the net liabilities we assume under insurance contracts) was approximately $148 billion, an increase of approximately $1 billion since yearend 2021.

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Financial Reports

Berkshire Hathaway’s Operating Earnings for Q1 2022 Show Strong Gains in Manufacturing, Service and Retailing Businesses, Lower Insurance-underwriting

(BRK.A), (BRK.B)

Berkshire Hathaway Q1 2022 Operating Earnings (in millions)

First Quarter
2022 2021
Insurance-underwriting $ 47 $ 764
Insurance-investment income 1,170 1,208
Railroad 1,371 1,251
Utilities and energy 750 703
Manufacturing, service and retailing businesses 3,025 2,619
Other 677 473
Operating earnings $ 7,040 $ 7,018

 

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Financials

Berkshire Operating Earnings Top $7B in 4th Quarter, $27.4B for 2021