Berkshire Hathaway (NYSE: BRK.A, BRK.B) details 2025 earnings drop and charges

Rhea-AI Filing Summary

Berkshire Hathaway Inc. reported fourth-quarter and full-year 2025 results, highlighting the impact of investment swings and impairments on its earnings. Net earnings attributable to shareholders were $66,968 million for 2025 versus $88,995 million in 2024, while operating earnings were $44,486 million compared with $47,437 million.

For the fourth quarter of 2025, net earnings were $19,199 million versus $19,694 million a year earlier, including investment gains of $13,494 million and an other-than-temporary impairment of $4,495 million related to Kraft Heinz and Occidental. Full-year 2025 impairments for these investments totaled $8,255 million.

Berkshire emphasized that GAAP rules require unrealized equity investment gains and losses to flow through earnings, which can make net results highly volatile and, in its view, potentially misleading for assessing ongoing performance. To address this, it highlighted non-GAAP operating earnings, which exclude investment gains (losses), goodwill and intangible impairments, and certain equity method impairments. Insurance underwriting, rail (BNSF), energy, and manufacturing, service and retailing all contributed to operating earnings.

At December 31, 2025, Berkshire reported insurance float of approximately $176 billion, up about $5 billion from year-end 2024, and 1,438,223 equivalent Class A shares outstanding. Per-share net earnings for 2025 were $46,563 for Class A and $31.04 for Class B, with Class B amounts equal to 1/1,500th of Class A.

Insights

Equity analyst – diversified holding companies

Berkshire’s 2025 net earnings fell sharply, but results are heavily driven by volatile investment gains and new impairments.

Berkshire Hathaway reported full-year 2025 net earnings of $66,968 million, down from $88,995 million in 2024. The decline reflects lower reported investment gains and an $8,255 million other-than-temporary impairment related to holdings in Kraft Heinz and Occidental, rather than a collapse in underlying operations.

Operating earnings, which exclude investment gains (losses), goodwill and intangible impairments, and certain equity method impairments, were more stable at $44,486 million versus $47,437 million in 2024. Key segments—insurance underwriting, insurance investment income, BNSF, Berkshire Hathaway Energy, and manufacturing, service and retailing—continued to contribute sizeable profits, suggesting the core businesses remained broadly resilient despite year-on-year variations.

Management reiterated that GAAP treatment of unrealized equity gains and losses can make quarterly and annual net earnings highly volatile and, in their words, “extremely misleading” for those unfamiliar with the accounting. Insurance float reached about $176 billion at December 31, 2025, up $5 billion from year-end 2024, underscoring the continued growth of Berkshire’s insurance platform as a source of long-term investment funds. Subsequent detailed disclosures in the 2025 Annual Report are positioned as the primary source for a deeper understanding of segment performance.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D)

OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) February 28, 2026

BERKSHIRE HATHAWAY INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

DELAWARE		001-14905		47-0813844
(STATE OR OTHER JURISDICTION OF INCORPORATION)		(COMMISSION FILE NUMBER)		(I.R.S. EMPLOYER IDENTIFICATION NO.)

3555 Farnam Street
Omaha, Nebraska				68131
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)				(ZIP CODE)

(402) 346-1400

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbols		Name of each exchange on which registered
Class A Common Stock		BRK.A		New York Stock Exchange
Class B Common Stock		BRK.B		New York Stock Exchange
1.125% Senior Notes due 2027		BRK27		New York Stock Exchange
2.150% Senior Notes due 2028		BRK28		New York Stock Exchange
1.500% Senior Notes due 2030		BRK30		New York Stock Exchange
2.000% Senior Notes due 2034		BRK34		New York Stock Exchange
1.625% Senior Notes due 2035		BRK35		New York Stock Exchange
2.375% Senior Notes due 2039		BRK39		New York Stock Exchange
0.500% Senior Notes due 2041		BRK41		New York Stock Exchange
2.625% Senior Notes due 2059		BRK59		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 Results of Operations and Financial Condition.

On February 28, 2026, Berkshire Hathaway Inc. issued a press release announcing the Company’s earnings for the fourth quarter and year ended December 31, 2025. A copy of this press release is furnished with this report as an exhibit to this Form 8-K.

ITEM 9.01 Financial Statements and Exhibits

Exhibit 99.1		Berkshire Hathaway Inc. Earnings Release Dated February 28, 2026.
Exhibit 104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

March 2, 2026				BERKSHIRE HATHAWAY INC.
				/s/ Marc D. Hamburg
				By:		Marc D. Hamburg
				Senior Vice President and Chief Financial Officer

Exhibit 99.1

BERKSHIRE HATHAWAY INC.

NEWS RELEASE

FOR IMMEDIATE RELEASE February 28, 2026

Omaha, NE (BRK.A; BRK.B) –

Berkshire’s operating results for the fourth quarter and full year of 2025 and 2024 are summarized in the following paragraphs. However, we urge investors and reporters to read our 2025 Annual Report, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.

Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the fourth quarter and full year of 2025 and 2024 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).

		Fourth Quarter								Full Year
		2025				2024				2025				2024
Net earnings attributable to Berkshire shareholders		$	19,199			$	19,694			$	66,968			$	88,995
Net earnings includes:
Investment gains (losses)			13,494				5,167				30,737				41,558
Other-than-temporary impairment of investments in Kraft Heinz and in Occidental			(4,495	)			—				(8,255	)			—
Operating earnings			10,200				14,527				44,486				47,437
Net earnings attributable to Berkshire shareholders		$	19,199			$	19,694			$	66,968			$	88,995
Net earnings per average equivalent Class A Share		$	13,349			$	13,695			$	46,563			$	61,900
Net earnings per average equivalent Class B Share		$	8.90			$	9.13			$	31.04			$	41.27
Average equivalent Class A shares outstanding			1,438,223				1,438,022				1,438,223				1,437,720
Average equivalent Class B shares outstanding			2,157,335,139				2,157,034,121				2,157,335,139				2,156,580,296

Note: Per share amounts for the Class B shares are 1/1,500^th of those shown for the Class A.

Generally Accepted Accounting Principles (“GAAP”) require that we include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our earnings statements. In the table above, investment gains (losses) in 2025 include gains of $9.6 billion in the fourth quarter and $12.9 billion in the full year and in 2024 include gains of $2.1 billion in the fourth quarter and losses of $38.1 billion in the full year due to changes during the fourth quarter and the full year in the unrealized gains that existed in our equity security investment holdings. Investment gains (losses) in 2025 also include after-tax realized gains on sales of investments of $3.9 billion in the fourth quarter and $17.8 billion in the full year and in 2024 include gains of $3.1 billion in the fourth quarter and $79.6 billion in the full year.

The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.

An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).

		Fourth Quarter								Full Year
		2025				2024				2025				2024
Insurance-underwriting		$	1,561			$	3,409			$	7,258			$	9,020
Insurance-investment income			3,072				4,088				12,513				13,670
BNSF			1,347				1,278				5,476				5,031
Berkshire Hathaway Energy Company			691				729				3,979				3,730
Manufacturing, service and retailing			3,370				3,262				13,647				13,072
Other*			159				1,761				1,613				2,914
Operating earnings		$	10,200			$	14,527			$	44,486			$	47,437

* ⁽¹⁾ Includes foreign currency exchange gains related to non-U.S. Dollar denominated debt in 2025 of approximately $617 million in the fourth quarter and losses of $642 million in the full year and in 2024 includes foreign currency exchange gains related to non-U.S. Dollar denominated debt of approximately $1.2 billion in the fourth quarter and $1.1 billion in the full year.

⁽²⁾ Includes after-tax interest, dividend and other investment income of Berkshire Hathaway (parent company) and certain other related entities in 2025 of $927 million in the fourth quarter and $3.6 billion in the full year and in 2024 includes $450 million in the fourth quarter and $1.4 billion in the full year.

On December 31, 2025 there were 1,438,223 Class A equivalent shares outstanding. At December 31, 2025, insurance float (the net liabilities we assume under insurance contracts) was approximately $176 billion, an increase of $5 billion since yearend 2024.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.

Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment gains (losses), impairments of goodwill and intangible assets and other-than-temporary impairments of equity method investments.

Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are required to include the changes in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our periodic earnings statements. In sum, investment gains/losses for any particular period are not indicative of quarterly business performance.

About Berkshire

Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

Cautionary Statement

Certain statements contained in this press release are “forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.

— END —

Contact

Marc D. Hamburg

402-346-1400

FAQ

How did Berkshire Hathaway (BRK) perform financially in full-year 2025?

Berkshire Hathaway reported full-year 2025 net earnings of $66,968 million, down from $88,995 million in 2024. Operating earnings were more stable at $44,486 million versus $47,437 million, reflecting continued profitability across insurance, rail, energy, and manufacturing, service and retailing.

What were Berkshire Hathaway’s fourth-quarter 2025 earnings?

For Q4 2025, Berkshire Hathaway generated net earnings attributable to shareholders of $19,199 million, compared with $19,694 million in Q4 2024. The quarter included investment gains of $13,494 million and an other-than-temporary impairment of $4,495 million related to Kraft Heinz and Occidental.

How large were Berkshire Hathaway’s impairments on Kraft Heinz and Occidental in 2025?

Berkshire Hathaway recognized an other-than-temporary impairment of $4,495 million in Q4 2025 on Kraft Heinz and Occidental holdings. For the full year 2025, these impairments totaled $8,255 million, contributing significantly to the decline in reported net earnings compared with 2024.

What are Berkshire Hathaway’s operating earnings and why are they highlighted?

Operating earnings were $10,200 million in Q4 2025 and $44,486 million for 2025. Berkshire defines operating earnings as net earnings excluding investment gains (losses), goodwill and intangible impairments, and certain equity method impairments, arguing this non-GAAP measure better reflects ongoing business performance than volatile GAAP net earnings.

How much insurance float did Berkshire Hathaway have at year-end 2025?

At December 31, 2025, Berkshire Hathaway reported insurance float of approximately $176 billion, about $5 billion higher than at year-end 2024. Float represents net insurance liabilities that Berkshire can invest for its own benefit until claims are paid, a key funding source for its investment portfolio.

What were Berkshire Hathaway’s 2025 earnings per share for Class A and Class B?

In 2025, Berkshire Hathaway’s net earnings per average equivalent share were $46,563 for Class A and $31.04 for Class B. The company notes that Class B per-share amounts are set at 1/1,500th of the corresponding Class A figures, reflecting their economic equivalence.

How did investment gains and losses affect Berkshire Hathaway’s 2025 results?

Investment gains (losses) significantly influenced 2025 results, with $30,737 million of investment gains reported for the year. These included large unrealized equity gains and realized gains, but Berkshire cautions that such figures can be “usually meaningless” for judging underlying quarterly business performance due to accounting-driven volatility.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 35.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 5.9 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 16.0 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 27.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 17.4 KB