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Business Philosophy5 May 2025
Greg Abel: Succeeding Warren Buffett at Berkshire Hathaway
After decades working with Warren Buffett and Charlie Munger, Greg Abel was named Buffett’s successor as he steps down in late 2025.
Berkshire Hathaway (BRKB) investor relations material
Berkshire Hathaway Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary1 Nov, 2025
Executive summary
Net earnings attributable to shareholders were $30.8 billion for Q3 2025 and $47.8 billion for the first nine months, down from $26.3 billion and $69.3 billion in 2024, reflecting lower investment gains and a $3.76 billion impairment on Kraft Heinz.
Operating earnings for Q3 2025 were $13.5 billion, compared to $10.1 billion in Q3 2024; for the first nine months, $34.3 billion versus $32.9 billion year-over-year.
Operating results were mixed across segments, with insurance underwriting and BNSF showing growth, while insurance investment income and BHE had declines in Q3.
Investment gains and losses, driven by equity market volatility, continued to cause significant swings in reported earnings.
Financial highlights
Total revenues for Q3 2025 were $94.97 billion, up 2.1% year-over-year; nine-month revenues were $277.2 billion, nearly flat year-over-year.
Net earnings per Class A share were $7,028 for Q3 and $21,413 for the first nine months; Class B shares were $4.69 and $14.28, respectively.
Insurance float reached $176 billion at September 30, 2025, up from $171 billion at year-end 2024.
Shareholders’ equity increased to $698.2 billion, up $48.8 billion since December 2024.
Outlook and guidance
Management highlighted ongoing macroeconomic and geopolitical uncertainties, including trade policy and supply chain risks, which could impact future results.
The company expects continued volatility in investment results and remains cautious on the outlook for certain operating businesses.
Forward-looking statements caution that actual results may differ materially from forecasts.
Explain the divergence in net vs. operating earnings.
Impact of insurance float increase?
Explain 'Other' operating earnings volatility.
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Next Berkshire Hathaway earnings date
Q4 202527 Feb, 2026
Next Berkshire Hathaway earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
The best-performing holding company of all time
Berkshire Hathaway is a holding company based in Omaha, Nebraska. It was founded in 1965 by the most iconic investor of all time, Warren Buffett. Berkshire Hathaway is mostly known for its long-term-oriented investment approach, with prominent focus on businesses with strong competitive advantages, led by honest people and great capital allocators. Some of the company's best investments have been Geico, American Express, Washington Post, Coca-Cola, and Apple.
Warren Buffet, the founder
Warren Buffett was born a little less than a year after Black Tuesday, on the 30th of August, 1930. He was extraordinarily mathematical and analytical as a child and counted everything that could be counted. He also loved collecting things – as you might have guessed, money above all.
Warren's father, Howard Buffett, operated his own stock brokerage firm in Omaha when Warren was little, and the office was, appropriately enough for Warren, filled with finance and investment books. By age ten, Warren had read every book in the library and thereby found the love of his life, compound interest, and investments.
After studying finance at Wharton and working a couple of years at the legendary hedge fund Graham-Newman in New York, Warren moved back to Omaha to start his own company, Buffett Partnership Ltd, which was the predecessor to Berkshire Hathaway. Warren began investing capital for friends, family, and neighbors through the partnership, which he continued doing for almost ten years with astonishing overperformance against the indices.
In 1965, Warren liquidated the partnership and instead began to manage capital through one of the subsidiaries, Berkshire Hathaway, which at the time was a textile company but which was now transformed into a holding company. Today, roughly 60 years later, Berkshire Hathaway is the best-performing holding company of all time and one of the largest companies in the world.
Performance
By investing in companies with strong competitive advantages, led by honest people and great capital allocators, and by focusing on long-term business performance rather than short-term stock price movements – Berkshire Hathaway has achieved remarkable returns since its inception. Between 1965 and 2021, Berkshire Hathaway's market value rose 3,641,613%, which corresponds to a compound annual growth rate (CAGR) of 20.1% for 56 years. During the same time, the S&P 500 rose 30,209%, corresponding to a CAGR of 10.5%.
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