)
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 Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary2 Aug, 2025
Executive summary
Net earnings attributable to shareholders were $12.4B for Q2 2025 and $17.0B for the first six months, down significantly from $30.3B and $43.1B in the prior year, mainly due to a $3.76B after-tax impairment on Kraft Heinz and lower investment gains.
Operating businesses generated $21.0B in net operating cash flows in the first half of 2025, with strong liquidity and a capital base of $668B in shareholders' equity as of June 30, 2025.
Operating earnings for Q2 2025 were $11.16B, slightly down from $11.60B in Q2 2024; for the first six months, $20.80B compared to $22.82B in 2024.
Insurance underwriting earnings declined due to significant catastrophe losses from Southern California wildfires, while investment income and railroad, utilities, and energy segments showed growth.
Financial highlights
Total revenues were $92.5B for Q2 2025 and $182.2B for the first six months, both slightly down year-over-year.
Net earnings per Class A share were $8,601 for Q2 2025 and $11,801 for the first six months, compared to $21,122 and $29,936 in the prior year.
Pre-tax investment gains were $6.4B in Q2 2025, down from $23.9B in Q2 2024, reflecting lower unrealized gains on equity securities.
Investment gains in Q2 2025 were $4.97B, compared to $18.75B in Q2 2024; for the first six months, a loss of $68M versus a gain of $20.23B in 2024.
Cash, cash equivalents, and U.S. Treasury Bills held by insurance and other businesses totaled $339.8B at June 30, 2025.
Outlook and guidance
Management highlights ongoing macroeconomic and geopolitical uncertainties, including trade policy tensions, which may adversely impact most operating businesses and investments.
BHE and BNSF forecast capital expenditures of approximately $8.8B for the remainder of 2025.
The impact of the One Big Beautiful Bill Act on BHE's renewable energy projects is under evaluation, with potential implications for future results.
How did insurance float change since year-end 2024?
Detail the components of operating earnings.
Explain the impact of currency exchange on earnings.
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Berkshire Hathaway earnings date
Q3 20257 Nov, 2025
LIVEat 13:00
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
Edge29 Nov 2024
What Investors Get Wrong: Chris Mayer on Dividends, Noise, and the Power of Reinvestment
Chris Mayer challenges investor myths on dividends, market noise, and the reinvestment edge. A deep dive into long-term thinking.
)
Edge8 Nov 2024
Tasting Quality: Berkshire's Defining Bet on See's Candies
From Mary See's recipes to Berkshire's cherished asset, built on quality, brand loyalty, and timeless taste.
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%.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage