Berkshire Hathaway reported a strong third quarter for 2025, with operating earnings surging 33.8% year-over-year to $6.26 per share, significantly surpassing analyst estimates. This robust performance was largely driven by a more than threefold improvement in the insurance underwriting segment, which earned $2.4 billion. However, total revenues of $92.5 billion, while up 2.2%, slightly missed consensus estimates. The company's cash reserves swelled to a new record of $382 billion, as it continued its cautious investment stance. Berkshire remained a net seller of equities for the 12th consecutive quarter and refrained from repurchasing its own shares. The market reacted positively to the strong earnings beat, with Berkshire Hathaway's (BRK-B) shares gaining 2.1% over the last two trading sessions following the announcement.