Berkshire Hathaway Releases 2025 Annual and Q4 Results: Key Insights for Investors

Omaha, NE – February 28, 2026 — Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) has released its financial results for the fourth quarter and full year ended December 31, 2025. Investors are encouraged to review the full annual report for comprehensive details, but below is an in-depth analysis of critical highlights and potentially price-sensitive information from the company’s press release.

Key Financial Highlights

• Full Year 2025 Net Earnings: \$66.97 billion, a significant decrease from \$88.99 billion in 2024.
• Fourth Quarter 2025 Net Earnings: \$19.20 billion, marginally down from \$19.69 billion in Q4 2024.
• Operating Earnings (Excludes Investment Gains/Losses):
  • Full Year 2025: \$44.49 billion, down from \$47.44 billion in 2024.
  • Q4 2025: \$10.20 billion, versus \$14.53 billion in Q4 2024.
• Investment Gains (Losses):
  • 2025: \$30.74 billion, lower than \$41.56 billion in 2024.
  • Q4 2025: \$13.49 billion, compared to \$5.17 billion in Q4 2024.
• Impairments: Notable after-tax other-than-temporary impairments in Kraft Heinz and Occidental investments, totaling \$8.26 billion in 2025 (none in 2024).
• Net Earnings Per Share:
  • Class A Shares (2025): \$46,563 per share (down from \$61,900 in 2024).
  • Class B Shares (2025): \$31.04 per share (down from \$41.27 in 2024).
• Insurance Float: Increased to approximately \$176 billion as of December 31, 2025, up by \$5 billion from year-end 2024.

Segment Analysis

• Insurance Underwriting:
  • Q4 2025: \$1.56 billion (down from \$3.41 billion in Q4 2024).
  • Full Year 2025: \$7.26 billion (down from \$9.02 billion in 2024).
• Insurance Investment Income:
  • Q4 2025: \$3.07 billion (down from \$4.09 billion in Q4 2024).
  • Full Year 2025: \$12.51 billion (down from \$13.67 billion in 2024).
• BNSF (Railroad):
  • Q4 2025: \$1.35 billion (up from \$1.28 billion in Q4 2024).
  • Full Year 2025: \$5.48 billion (up from \$5.03 billion in 2024).
• Berkshire Hathaway Energy Company:
  • Q4 2025: \$691 million (down from \$729 million in Q4 2024).
  • Full Year 2025: \$3.98 billion (up slightly from \$3.73 billion in 2024).
• Manufacturing, Service, and Retailing:
  • Q4 2025: \$3.37 billion (up from \$3.26 billion in Q4 2024).
  • Full Year 2025: \$13.65 billion (up from \$13.07 billion in 2024).
• Other (including foreign currency effects and parent company investment income):
  • Q4 2025: \$159 million (down from \$1.76 billion in Q4 2024).
  • Full Year 2025: \$1.61 billion (down from \$2.91 billion in 2024).

Important Notes for Shareholders

• Volatility in Investment Gains/Losses: Management cautions that quarterly investment gains or losses, especially those driven by changes in unrealized gains/losses on equity securities, can produce highly volatile net earnings per share that may not reflect the underlying business performance. Investors should focus on operating earnings for a clearer picture of the company’s core profitability.
• Impairments in Key Holdings: Significant impairments were recognized in the value of investments in Kraft Heinz and Occidental Petroleum, which may be a concern for investors tracking the performance of Berkshire’s investment portfolio.
• Growth in Insurance Float: The insurance float has increased to \$176 billion, reinforcing Berkshire’s capacity for future investments and underwriting activities.
• Foreign Currency Effects: Currency fluctuations had a notable impact, with a \$617 million gain in Q4 2025 but a \$642 million full-year loss, compared to 2024 gains of \$1.2 billion in Q4 and \$1.1 billion for the full year. This factor could add volatility to reported results.
• Share Count: There were 1,438,223 Class A equivalent shares outstanding as of December 31, 2025. Average Class B shares outstanding were about 2.16 billion.
• Use of Non-GAAP Measures: Berkshire presents operating earnings (net earnings excluding investment gains/losses and certain impairments) to provide a more stable view of ongoing business performance.

Potential Price-Sensitive Information

• Sharp Decline in Net Earnings: The year-over-year drop in full-year net earnings by over \$22 billion is significant and may affect market sentiment.
• Impairment Losses in Major Holdings: The after-tax impairment of \$8.26 billion in Kraft Heinz and Occidental is material and could influence investor confidence in Berkshire’s equity investments.
• Growth in Insurance Float: The \$5 billion growth indicates strong insurance operations and provides more capital for investment, a positive for long-term investors.

Company Overview

Berkshire Hathaway and its subsidiaries operate in a wide array of sectors, including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services, and retailing. The company’s common stock trades on the New York Stock Exchange under the symbols BRK.A and BRK.B.

Cautionary Statement

Certain statements in this release are “forward-looking” within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. Actual results could differ materially from those anticipated.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should review the full annual report and consult with their financial advisors before making any investment decisions. The information herein is based solely on the company’s official press release and may not include all risks or developments relevant to Berkshire Hathaway shares.

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