01—Abstract
Summary
Summary of the 10-K filed March 2, 2026. Cited figures are marked; the original filing is the authoritative source.
Berkshire Hathaway Inc.'s (BRK-B) fiscal year 2025 demonstrated robust performance across its diverse business segments.
The insurance operations, a cornerstone of Berkshire's portfolio, generated substantial underwriting earnings and investment income. Burlington Northern Santa Fe (BNSF) and Berkshire Hathaway Energy (BHE) continued to be significant contributors, with BNSF showing improved operating efficiencies and BHE expanding its energy infrastructure and renewable energy investments. The manufacturing, service, and retailing segments collectively delivered solid earnings, with notable performance in industrial products and a mixed but overall positive result across services and retail operations.
Financially, Berkshire maintained a strong capital base and ample liquidity. The company continued its strategy of reinvesting earnings and selectively repurchasing shares when deemed attractive.
Despite some headwinds such as increased costs for certain raw materials in manufacturing and ongoing litigation accruals in BHE's real estate brokerage business, the overall financial health and diversified revenue streams of Berkshire Hathaway underscore its resilience and strategic financial management. The company remains well-positioned to navigate economic uncertainties and capitalize on future growth opportunities.
02—Key points
Key Highlights
- Insurance businesses remain a core strength, delivering significant underwriting earnings and investment income.
- BNSF saw improved operating efficiencies and pre-tax earnings growth in 2025, driven by lower operating expenses.
- BHE reported increased net earnings, aided by lower wildfire loss accruals and strategic investments in renewable energy.
- Manufacturing, service, and retailing segments showed combined revenue growth, with industrial products being a strong performer.
- Berkshire maintained a strong financial position with substantial liquidity, evidenced by significant cash and Treasury Bill holdings.
- The company continued its focus on capital allocation, including reinvestment in businesses and share repurchases when advantageous.
- Despite increased costs and litigation accruals in certain segments, overall results demonstrate the benefit of Berkshire's diversified business model.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed March 2, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $371.44B$371.43B | 0.0% |
| Operating Expenses | $318.47B$315.70B | +0.9% |
| Interest Expense | $5.07B$5.20B | −2.5% |
| Net Income | $67.26B$89.56B | −24.9% |
05—Questions
Frequently Asked Questions
What was Berkshire Hathaway's overall net earnings for fiscal year 2025?
Berkshire Hathaway reported net earnings attributable to Berkshire shareholders of $66.968 billion for the year ended December 31, 2025.
How did the insurance segment perform in 2025?
The insurance segment's underwriting operations generated pre-tax earnings of $9.460 billion in 2025, while investment income contributed $15.310 billion. While underwriting earnings declined from 2024, they remained strong historically. Investment income saw a decrease due to lower interest rates and dividend income.
What were the key drivers of BNSF's performance in 2025?
BNSF's pre-tax earnings increased by 7.9% in 2025 compared to 2024, primarily due to lower operating expenses resulting from improved productivity, lower litigation accruals, and a charge in 2024 related to a labor agreement. Revenue remained relatively stable.
How is Berkshire Hathaway managing its significant equity investments?
Berkshire Hathaway maintains a concentrated portfolio of equity investments in a few key companies, including American Express, Apple, Bank of America, Coca-Cola, and Chevron. While these positions are significant and subject to market volatility, the company's substantial liquidity and long-term investment horizon provide a buffer against short-term price fluctuations.
What is Berkshire Hathaway's approach to share repurchases?
Berkshire Hathaway's common stock repurchase program allows for repurchases when the stock price is believed to be below intrinsic value. The program does not have a maximum limit, but repurchases are contingent on maintaining a minimum consolidated cash, cash equivalents, and U.S. Treasury Bills balance of $30 billion. No shares were repurchased in the fourth quarter of 2025.
06—Continue