Berkshire Hathaway (BRKB) Q4 2025 earnings summary

Executive summary

• Net earnings attributable to shareholders were $19.2 billion for Q4 2025 and $67.0 billion for the full year, compared to $19.7 billion and $89.0 billion in 2024, respectively.

• Operating earnings for Q4 2025 were $10.2 billion, down from $14.5 billion in Q4 2024; full-year operating earnings were $44.5 billion, down from $47.4 billion in 2024.

Financial highlights

• Net earnings per Class A share were $13,349 for Q4 2025 and $46,563 for the full year, compared to $13,695 and $61,900 in 2024.

• Investment gains in 2025 included $9.6 billion in Q4 and $12.9 billion for the year from unrealized equity security gains.

• After-tax realized gains on sales of investments were $3.9 billion in Q4 2025 and $17.8 billion for the year.

Outlook and guidance

• Forward-looking statements caution that actual results may differ materially from forecasts.