Berkshire Hathaway reported fourth quarter 2025 operating earnings of $10.2 billion, a decrease from $14.5 billion in the same period last year. For the full year 2025, operating earnings were $44.5 billion. GAAP net earnings, which the company advises can be misleading due to unrealized investment gains, were $19.2 billion for the quarter.
Key Highlights
- Operating earnings declined 30% year-over-year, primarily driven by a significant drop in insurance underwriting income.
- The insurance underwriting segment generated a profit of $1.56 billion, down sharply from $3.41 billion in the fourth quarter of 2024.
- Modest earnings growth in the BNSF railroad and the Manufacturing, service and retailing segments partially offset the weakness in insurance operations.
- Insurance float grew to approximately $176 billion by year-end, an increase of $5 billion from the end of 2024.