Berkshire Hathaway (BRKB) Q3 2025 earnings summary

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.