Berkshire Hathaway Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 3 November 2025: press release. The quarter’s numbers.

Key takeaways

Net earnings rose in the quarter: Net earnings attributable to Berkshire shareholders were $30,796 million in the third quarter of 2025, against $26,251 million a year earlier. Nine-month net earnings were $47,769 million, against $69,301 million. Source
Operating earnings rose in the quarter: Operating earnings were $13,485 million in the third quarter of 2025, against $10,090 million a year earlier. For the first nine months they were $34,286 million, against $32,910 million. Source
Investment gains lifted reported earnings: Investment gains were $17,311 million in the third quarter, against $16,161 million. The company reported that these included $9.2 billion of gains from changes in unrealized value of equity holdings. Source
Insurance underwriting earnings rose sharply: Insurance-underwriting earnings were $2,369 million in the third quarter, against $750 million. Nine-month figures were $5,697 million against $5,611 million. Source
Insurance investment income declined: Insurance-investment income was $3,181 million in the third quarter, against $3,664 million. Nine-month figures were $9,441 million against $9,582 million. Source
Other segment swung to a gain: Other earnings were $1,381 million in the third quarter, against a loss of $678 million. The release notes foreign currency exchange gains of about $331 million on non-U.S. Dollar debt, against losses of about $1.1 billion a year earlier. Source
Insurance float rose to $176 billion: Insurance float, the net liabilities assumed under insurance contracts, was about $176 billion at September 30, 2025. That is up $5 billion since year-end 2024 and $2 billion since June 30, 2025. Source

“The limited information that follows in this press release is not adequate for making an informed investment judgment.”
Berkshire Hathaway Inc., press release

Earnings and operating results

Net earnings rose in the quarter: Net earnings attributable to Berkshire shareholders were $30,796 million in the third quarter of 2025, against $26,251 million a year earlier. Nine-month net earnings were $47,769 million, against $69,301 million. Source
Operating earnings rose in the quarter: Operating earnings were $13,485 million in the third quarter of 2025, against $10,090 million a year earlier. For the first nine months they were $34,286 million, against $32,910 million. Source

Investment gains and accounting effects

Investment gains lifted reported earnings: Investment gains were $17,311 million in the third quarter, against $16,161 million. The company reported that these included $9.2 billion of gains from changes in unrealized value of equity holdings. Source
Realized gains on sales added to gains: After-tax realized gains on sales of investments were $8.2 billion in the third quarter and $14.8 billion in the first nine months, against $18.4 billion and $76.5 billion in 2024. Source
Kraft Heinz impairment in nine months: An other-than-temporary impairment of the Kraft Heinz investment totalled $3,760 million in the first nine months. No such impairment was recorded in the third quarter. Source

“The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.”
Berkshire Hathaway Inc., press release

Segments and business lines

Insurance underwriting earnings rose sharply: Insurance-underwriting earnings were $2,369 million in the third quarter, against $750 million. Nine-month figures were $5,697 million against $5,611 million. Source
Insurance investment income declined: Insurance-investment income was $3,181 million in the third quarter, against $3,664 million. Nine-month figures were $9,441 million against $9,582 million. Source
Rail and energy results moved in different directions: BNSF earnings were $1,449 million in the third quarter, against $1,383 million. Berkshire Hathaway Energy Company earnings were $1,489 million, against $1,629 million a year earlier. Source
Manufacturing, service and retailing rose: Manufacturing, service and retailing earnings were $3,616 million in the third quarter, against $3,342 million. Nine-month figures were $10,277 million against $9,810 million. Source
Other segment swung to a gain: Other earnings were $1,381 million in the third quarter, against a loss of $678 million. The release notes foreign currency exchange gains of about $331 million on non-U.S. Dollar debt, against losses of about $1.1 billion a year earlier. Source

Insurance float and parent-company income

Insurance float rose to $176 billion: Insurance float, the net liabilities assumed under insurance contracts, was about $176 billion at September 30, 2025. That is up $5 billion since year-end 2024 and $2 billion since June 30, 2025. Source
Parent-company investment income higher: After-tax interest, dividend and other investment income of the parent company and related entities was $904 million in the third quarter, against $371 million a year earlier. Source

“In sum, investment gains/losses for any particular period are not indicative of quarterly business performance.”
Berkshire Hathaway Inc., press release

Share count and per-share earnings

Per-share earnings for Class B rose: Net earnings per average equivalent Class B share were $14.28 in the third quarter, against $12.18. The Class A equivalent per-share figure was $21,413, against $18,272. Source
Class A equivalent share count unchanged: There were 1,438,223 Class A equivalent shares outstanding at September 30, 2025, the same count shown at June 30, 2025 in the prior release. Source

Reporting basis and non-GAAP measures

Operating earnings defined by exclusion: Operating earnings exclude investment gains and losses, goodwill and intangible impairments, and other-than-temporary impairments of equity method investments. Net earnings are the GAAP measure. Source
GAAP requires unrealized gains in earnings: Under GAAP, changes in unrealized gains and losses on equity security investments are included in investment gains and losses in the earnings statements. Source

Figures management reported

Figure	Reported
Investment income Source	$3,181 million in the third quarter of 2025, against $3,664 million

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

BERKSHIRE HATHAWAY INC.

Omaha, NE (BRK.A; BRK.B) -

Berkshire’s operating results for the third quarter and first nine months of 2025 and 2024 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.

Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the third quarter and first nine months of 2025 and 2024 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).

	Third Quarter		First Nine Months
	2025	2024	2025	2024
Net earnings attributable to Berkshire shareholders	$30,796	$26,251	$47,769	$69,301
Net earnings includes:
Investment gains (losses)	17,311	16,161	17,243	36,391
Other-than-temporary impairment of investment in Kraft Heinz	-	-	(3,760)	-
Operating earnings	13,485	10,090	34,286	32,910
Net earnings attributable to Berkshire shareholders	$30,796	$26,251	$47,769	$69,301
Net earnings per average equivalent Class A Share	$21,413	$18,272	$33,214	$48,205
Net earnings per average equivalent Class B Share	$14.28	$12.18	$22.14	$32.14
Average equivalent Class A shares outstanding	1,438,223	1,436,706	1,438,223	1,437,619
Average equivalent Class B shares outstanding	2,157,335,139	2,155,058,383	2,157,335,139	2,156,427,917

Note: Per share amounts for the Class B shares are 1/1,500 of those shown for the Class A.

Generally Accepted Accounting Principles (“GAAP”) require that we include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our earnings statements. In the table above, investment gains (losses) in 2025 include gains of $9.2 billion in the third quarter and $3.3 billion in the first nine months and in 2024 include losses of $2.2 billion in the third quarter and $40.1 billion in the first nine months due to changes during the third quarter and the first nine months in the unrealized gains that existed in our equity security investment holdings. Investment gains (losses) in 2025 also include after-tax realized gains on sales of investments of $8.2 billion in the third quarter and $14.8 billion in the first nine months and in 2024 include gains of $18.4 billion in the third quarter and $76.5 billion in the first nine months.

The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.

An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).

	Third Quarter		First Nine Months
	2025	2024	2025	2024
Insurance-underwriting	$2,369	$750	$5,697	$5,611
Insurance-investment income	3,181	3,664	9,441	9,582
BNSF	1,449	1,383	4,129	3,753
Berkshire Hathaway Energy Company	1,489	1,629	3,288	3,001
Manufacturing, service and retailing	3,616	3,342	10,277	9,810
Other*	1,381	(678)	1,454	1,153
Operating earnings	$13,485	$10,090	$34,286	$32,910

* Includes foreign currency exchange gains related to non-U.S. Dollar denominated debt in 2025 of approximately $331 million in the third quarter and losses of $1.3 billion in the first nine months and in 2024 includes foreign currency exchange losses related to non-U.S. Dollar denominated debt of approximately $1.1 billion in the third quarter and $98 million in the first nine months.

Includes after-tax interest, dividend and other investment income of Berkshire Hathaway (parent company) and certain other related entities in 2025 of $904 million in the third quarter and $2.6 billion in the first nine months and in 2024 includes $371 million in the third quarter and $995 million in the first nine months.

On September 30, 2025 there were 1,438,223 Class A equivalent shares outstanding. At September 30, 2025, insurance float (the net liabilities we assume under insurance contracts) was approximately $176 billion, an increase of $5 billion since yearend 2024.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.

Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment gains (losses), impairments of goodwill and intangible assets and other-than-temporary impairments of equity method investments.

Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are required to include the changes in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our periodic earnings statements. In sum, investment gains/losses for any particular period are not indicative of quarterly business performance.

About Berkshire

Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

Cautionary Statement

Certain statements contained in this press release are “forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.

END -

Contacts
Marc D. Hamburg
402-346-1400