Berkshire Hathaway reported a decline in operating earnings for Q4 2025 compared to the prior year, primarily driven by a significant drop in insurance-underwriting results. While investment gains provided a boost to net earnings, the core operating performance indicates a challenging quarter across several business segments.
Net earnings attributable to Berkshire shareholders were $19,199 million for Q4 2025, supported by substantial investment gains.
positiveOperating earnings from Manufacturing, service and retailing increased to $3,370 million in Q4 2025 from $3,262 million in Q4 2024.
positiveBNSF operating earnings increased to $1,347 million in Q4 2025 from $1,278 million in Q4 2024.
positiveInsurance float increased by $5 billion since year-end 2024, reaching approximately $176 billion.
neutralOperating earnings decreased to $10,200 million in Q4 2025 from $14,527 million in Q4 2024, a decline of 30%.
negativeInsurance-underwriting operating earnings significantly decreased to $1,561 million in Q4 2025 from $3,409 million in Q4 2024.
negativeInsurance-investment income decreased to $3,072 million in Q4 2025 from $4,088 million in Q4 2024.
negativeOperating earnings from 'Other' segment decreased substantially to $159 million in Q4 2025 from $1,761 million in Q4 2024.
negativeNet earnings per average equivalent Class B Share decreased to $8.90 in Q4 2025 from $9.13 in Q4 2024.
negativeFull year operating earnings decreased to $44,486 million in 2025 from $47,437 million in 2024.
negativeMargin metrics will be available once backend extracts data from insights_json
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Insurance-underwriting | N/A | — | — | — |
Insurance-investment income | N/A | — | — | — |
BNSF | N/A | — | — | — |
Berkshire Hathaway Energy Company | N/A | — | — | — |
Manufacturing, service and retailing | N/A | — | — | — |
Other* | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
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.
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.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.