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11/01/2025 – 08:00 AM
OMAHA, Neb.–(BUSINESS WIRE)–Berkshire Hathaway Inc. (BRK.A; BRK.B) has released its operating results for the third quarter and first nine months of 2025, inviting investors and analysts to delve into the details via their 10-Q filing available at Berkshire Hathaway’s website. The company cautioned against making investment decisions based solely on the press release’s limited information.
Berkshire Hathaway’s earnings, after taxes, for the periods are summarized below (in millions, except per share):
First Nine Months |
||||||||||||
2025 |
2024 |
2025 |
2024 |
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| Net earnings attributable to Berkshire shareholders | $ |
30,796 |
$ |
26,251 |
$ |
47,769 |
|
$ |
69,301 |
|||
| Net earnings includes: | ||||||||||||
| Investment gains (losses) | 17,311 |
16,161 |
17,243 |
36,391 |
||||||||
| Other-than-temporary impairment of investment in Kraft Heinz |
— |
— |
(3,760 |
) |
— |
|||||||
| Operating earnings | 13,485 |
10,090 |
34,286 |
32,910 |
||||||||
| Net earnings attributable to Berkshire shareholders |
$ |
30,796 |
$ |
26,251 |
$ |
47,769 |
|
$ |
69,301 |
|||
| Net earnings per average equivalent Class A Share |
$ |
21,413 |
$ |
18,272 |
$ |
33,214 |
|
$ |
48,205 |
|||
| Net earnings per average equivalent Class B Share |
$ |
14.28 |
$ |
12.18 |
$ |
22.14 |
|
$ |
32.14 |
|||
| Average equivalent Class A shares outstanding | 1,438,223 |
1,436,706 |
1,438,223 |
1,437,619 |
||||||||
| Average equivalent Class B shares outstanding | 2,157,335,139 |
2,155,058,383 |
2,157,335,139 |
2,156,427,917 |
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|
Note: Per share amounts for the Class B shares are 1/1,500th of those shown for the Class A. |
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GAAP mandates the inclusion of changes in unrealized gains (losses) of equity security investments as part of investment gains (losses). Investment gains (losses) in 2025 include gains of $9.2 billion in the third quarter and $3.3 billion in the first nine months. In 2024, losses of $2.2 billion in the third quarter and $40.1 billion in the first nine months were recorded due to changes in unrealized gains in Berkshire’s equity security investment holdings. Investment gains (losses) in 2025 also include after-tax realized gains on sales of investments of $8.2 billion in the third quarter and $14.8 billion in the first nine months. In 2024, gains of $18.4 billion in the third quarter and $76.5 billion in the first nine months were noted.
Crucially, Berkshire emphasizes that investment gains (losses) in a given quarter are often inconsequential and can generate misleading net earnings per share figures for those unfamiliar with accounting principles.
An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions):
|
Third Quarter |
First Nine Months |
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2025 |
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