Berkshire Hathaway Inc.
11/03/2025 | Press release | Distributed by Public on 11/03/2025 12:49
Omaha, NE (BRK.A; BRK.B) (Form 8-K)
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 1/1,500th 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 | ||||||||
| * |
(1) 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. |
(2) 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
Berkshire Hathaway Inc. published this content on November 03, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on November 03, 2025 at 18:49 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]