Berkshire Hathaway Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 2 March 2026: press release. The quarter’s numbers.

Key takeaways

Net earnings fell from prior year: Net earnings attributable to Berkshire shareholders were $19,199 million in the fourth quarter, against $19,694 million a year earlier. Full-year net earnings were $66,968 million, against $88,995 million in 2024. Source
Operating earnings lower in both periods: Operating earnings were $10,200 million in the fourth quarter, against $14,527 million, and $44,486 million for the full year, against $47,437 million in 2024. Source
Investment gains rose in the quarter: Investment gains were $13,494 million in the fourth quarter, against $5,167 million in 2024. For the full year they were $30,737 million, against $41,558 million. Source
Impairments recorded on Kraft Heinz and Occidental: Other-than-temporary impairments of investments in Kraft Heinz and Occidental were $4,495 million in the fourth quarter and $8,255 million for the full year. The 2024 columns show no such impairment. Source
Insurance underwriting earnings declined: Insurance-underwriting earnings were $1,561 million in the fourth quarter, against $3,409 million in 2024, and $7,258 million for the year, against $9,020 million. The third quarter was $2,369 million. Source
Insurance float up $5 billion: Insurance float, the net liabilities assumed under insurance contracts, was about $176 billion at December 31, 2025. That was up $5 billion from year-end 2024 and unchanged from September 30, 2025. 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

Results and earnings

Net earnings fell from prior year: Net earnings attributable to Berkshire shareholders were $19,199 million in the fourth quarter, against $19,694 million a year earlier. Full-year net earnings were $66,968 million, against $88,995 million in 2024. Source
Operating earnings lower in both periods: Operating earnings were $10,200 million in the fourth quarter, against $14,527 million, and $44,486 million for the full year, against $47,437 million in 2024. Source
Operating earnings below third quarter: The third-quarter release reported operating earnings of $13,485 million, so fourth-quarter operating earnings of $10,200 million were lower by $3,285 million.

Investment gains and impairments

Investment gains rose in the quarter: Investment gains were $13,494 million in the fourth quarter, against $5,167 million in 2024. For the full year they were $30,737 million, against $41,558 million. Source
Impairments recorded on Kraft Heinz and Occidental: Other-than-temporary impairments of investments in Kraft Heinz and Occidental were $4,495 million in the fourth quarter and $8,255 million for the full year. The 2024 columns show no such impairment. Source
Unrealized equity gains in the period: Unrealized gains on equity holdings were $9.6 billion in the fourth quarter and $12.9 billion for the full year. In 2024 they were gains of $2.1 billion in the fourth quarter and losses of $38.1 billion for the year. Source
Realized gains on sales of investments: After-tax realized gains on sales of investments were $3.9 billion in the fourth quarter and $17.8 billion for the full year. The 2024 figures were $3.1 billion and $79.6 billion. Source

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

Insurance underwriting and float

Insurance underwriting earnings declined: Insurance-underwriting earnings were $1,561 million in the fourth quarter, against $3,409 million in 2024, and $7,258 million for the year, against $9,020 million. The third quarter was $2,369 million. Source
Insurance investment income lower: Insurance-investment income was $3,072 million in the fourth quarter, against $4,088 million, and $12,513 million for the full year, against $13,670 million in 2024. Source
Insurance float up $5 billion: Insurance float, the net liabilities assumed under insurance contracts, was about $176 billion at December 31, 2025. That was up $5 billion from year-end 2024 and unchanged from September 30, 2025. Source

Other segments and businesses

BNSF earnings higher: BNSF reported $1,347 million in the fourth quarter, against $1,278 million, and $5,476 million for the full year, against $5,031 million in 2024. Source
Berkshire Hathaway Energy mixed by period: Berkshire Hathaway Energy Company earned $691 million in the fourth quarter, against $729 million, and $3,979 million for the full year, against $3,730 million in 2024. Source
Manufacturing, service and retailing higher: Manufacturing, service and retailing earned $3,370 million in the fourth quarter, against $3,262 million, and $13,647 million for the full year, against $13,072 million in 2024. Source
Other segment reflects currency effects: The Other line was $159 million in the fourth quarter, against $1,761 million, and $1,613 million for the year, against $2,914 million. Foreign currency effects on non-U.S. dollar debt were a $617 million gain in the quarter and a $642 million loss for the year. Source
Parent company investment income higher: After-tax interest, dividend and other investment income of the parent company and related entities was $927 million in the fourth quarter and $3.6 billion for 2025, against $450 million and $1.4 billion in 2024. Source

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

Per-share results and share count

Class A per-share earnings lower: Net earnings per average equivalent Class A share were $13,349 in the fourth quarter, against $13,695, and $46,563 for the full year, against $61,900 in 2024. Source
Class B per-share earnings lower: Net earnings per average equivalent Class B share were $8.90 in the fourth quarter, against $9.13, and $31.04 for the full year, against $41.27 in 2024. Source
Class A equivalent shares unchanged: The company had 1,438,223 Class A equivalent shares outstanding at December 31, 2025. Source
Class B share amounts scaled: Per-share amounts for Class B shares are stated as one-1,500th of the Class A amounts, as the release notes. Source

Reporting basis and caveats

Company points to annual report: The company urged investors and reporters to read its 2025 Annual Report, which it said was posted on its website, and said the release alone is not sufficient for an investment judgment. Source
Operating earnings definition stated: Operating earnings is defined as net earnings excluding investment gains and losses, impairments of goodwill and intangible assets, and other-than-temporary impairments of equity method investments. Source
GAAP unrealized equity gains requirement: The release states that GAAP requires unrealized changes in equity security holdings to be included in investment gains and losses in the earnings statements. Source

Figures management reported

Figure	Reported
Investment income Source	$3,072 million in the fourth quarter; $12,513 million for full year 2025 (insurance-investment income)

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 fourth quarter and full year of 2025 and 2024 are summarized in the following paragraphs. However, we urge investors and reporters to read our 2025 Annual Report, 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 fourth quarter and full year 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).

	Fourth Quarter		Full Year
	2025	2024	2025	2024
Net earnings attributable to Berkshire shareholders	$19,199	$19,694	$66,968	$88,995
Net earnings includes:
Investment gains (losses)	13,494	5,167	30,737	41,558
Other-than-temporary impairment of investments in Kraft Heinz and in Occidental	(4,495)	-	(8,255)	-
Operating earnings	10,200	14,527	44,486	47,437
Net earnings attributable to Berkshire shareholders	$19,199	$19,694	$66,968	$88,995
Net earnings per average equivalent Class A Share	$13,349	$13,695	$46,563	$61,900
Net earnings per average equivalent Class B Share	$8.90	$9.13	$31.04	$41.27
Average equivalent Class A shares outstanding	1,438,223	1,438,022	1,438,223	1,437,720
Average equivalent Class B shares outstanding	2,157,335,139	2,157,034,121	2,157,335,139	2,156,580,296

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 $9.6 billion in the fourth quarter and $12.9 billion in the full year and in 2024 include gains of $2.1 billion in the fourth quarter and losses of $38.1 billion in the full year due to changes during the fourth quarter and the full year 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 $3.9 billion in the fourth quarter and $17.8 billion in the full year and in 2024 include gains of $3.1 billion in the fourth quarter and $79.6 billion in the full year.

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).

	Fourth Quarter		Full Year
	2025	2024	2025	2024
Insurance-underwriting	$1,561	$3,409	$7,258	$9,020
Insurance-investment income	3,072	4,088	12,513	13,670
BNSF	1,347	1,278	5,476	5,031
Berkshire Hathaway Energy Company	691	729	3,979	3,730
Manufacturing, service and retailing	3,370	3,262	13,647	13,072
Other*	159	1,761	1,613	2,914
Operating earnings	$10,200	$14,527	$44,486	$47,437

* Includes foreign currency exchange gains related to non-U.S. Dollar denominated debt in 2025 of approximately $617 million in the fourth quarter and losses of $642 million in the full year and in 2024 includes foreign currency exchange gains related to non-U.S. Dollar denominated debt of approximately $1.2 billion in the fourth quarter and $1.1 billion in the full year.

Includes after-tax interest, dividend and other investment income of Berkshire Hathaway (parent company) and certain other related entities in 2025 of $927 million in the fourth quarter and $3.6 billion in the full year and in 2024 includes $450 million in the fourth quarter and $1.4 billion in the full year.

On December 31, 2025 there were 1,438,223 Class A equivalent shares outstanding. At December 31, 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