Berkshire Hathaway 8-K
NegativeEarningsImpairment / charge
Kraft Heinz and Occidental investment impairments weighed on GAAP earnings; operating earnings also fell.
Filed 2026-03-02 17:27 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Berkshire Hathaway reported Q4 and FY2025 results. GAAP net earnings fell in both periods; operating earnings, which exclude investment gains and certain impairments, also declined. Berkshire cautioned that investment gains and losses can make GAAP earnings and EPS misleading as measures of quarterly business performance.
Key Figures
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Net earnings attributable to Berkshire shareholders | $19.2B | $19.7B | -2.51% |
| Operating earnings, non-GAAP | $10.2B | $14.5B | -29.8% |
| Net earnings per average equivalent Class B share | $8.90 | $9.13 | -2.52% |
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Net earnings attributable to Berkshire shareholders | $67.0B | $89.0B | -24.8% |
| Operating earnings, non-GAAP | $44.5B | $47.4B | -6.22% |
| Net earnings per average equivalent Class B share | $31.04 | $41.27 | -24.8% |
- GAAP net earnings included investment gains of $13.5B in Q4 and $30.7B for FY2025, and after-tax other-than-temporary impairments of investments in Kraft Heinz and Occidental of $(4.50)B and $(8.26)B, respectively. Berkshire said investment gains and losses in any quarter are usually not meaningful indicators of business performance.
- FY2025 operating earnings by business: insurance underwriting $7.26B, insurance investment income $12.5B, BNSF $5.48B, Berkshire Hathaway Energy $3.98B, and manufacturing, service and retailing $13.6B. Insurance float was ≈$176B at year-end, up $5B from year-end 2024.
Guidance
No guidance in this filing.
Investor Takeaways
- Future operating earnings, especially insurance underwriting and investment income, will show whether the FY2025 declines continue.
The summary is written by an AI model reading the filing.
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