01—Abstract
Summary
Summary of the 10-Q filed November 3, 2025. Cited figures are marked; the original filing is the authoritative source.
Berkshire Hathaway Inc. (BRK-B) reported a robust third quarter and first nine months of 2025, demonstrating resilience and continued growth across its diverse business segments.
Total revenues reached $94.97 billiona for the third quarter and $277.21 billion for the first nine months, showing modest increases year-over-year, driven by strong performance in manufacturing, service, and retailing, alongside stable contributions from railroad, utilities, and energy. Net earnings attributable to Berkshire shareholders were $30.80 billion for the third quarter and $47.77 billion for the first nine months. While net earnings for the nine-month period saw a decline compared to the strong performance in the prior year, this was largely influenced by a significant non-cash impairment loss of $3.76 billion on the Kraft Heinz investment recognized in the second quarter.
The company's insurance underwriting segment continued to perform well, with GEICO showing improved loss ratios and overall profitability. The balance sheet remains exceptionally strong, with total assets growing to $1.23 trillionb and shareholders' equity reaching $700.44 billion as of September 30, 2025.
02—Key points
Key Highlights
- Total revenues increased slightly to $94.97 billion in Q3 2025 and $277.21 billion for the first nine months of 2025.
- Net earnings attributable to Berkshire shareholders were $30.80 billion in Q3 and $47.77 billion for the first nine months, with the nine-month decline influenced by a significant Kraft Heinz impairment charge.
- Insurance underwriting segment demonstrated strong performance, with GEICO showing improved loss ratios and profitability, and BH Primary returning to profitability.
- The company's balance sheet remains exceptionally strong, with total assets growing to $1.23 trillion and shareholders' equity reaching $700.44 billion as of September 30, 2025.
- Cash, cash equivalents, and U.S. Treasury Bills held by insurance and other businesses totaled $354.3 billion, reflecting a continued focus on liquidity and financial strength.
- Berkshire announced a definitive agreement to acquire Occidental Petroleum's chemicals business (OxyChem) for $9.7 billion, expected to close in Q4 2025, signaling continued strategic investment.
- Significant legal proceedings, particularly those involving PacifiCorp related to wildfires and HomeServices related to antitrust claims, continue to be monitored, with ongoing appeals and settlements.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 3, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $94.97B$93.00B | +2.1% |
| Operating Expenses | $79.14B$81.22B | −2.6% |
| Interest Expense | $1.26B$1.21B | +3.9% |
| Net Income | $30.86B$26.48B | +16.6% |
05—Questions
Frequently Asked Questions
What is Berkshire Hathaway's overall financial performance for the third quarter and first nine months of 2025?
Berkshire Hathaway reported solid performance across its diverse operations. For the third quarter of 2025, total revenues were $94.97 billion and net earnings attributable to Berkshire shareholders were $30.80 billion. For the first nine months of 2025, total revenues were $277.21 billion and net earnings attributable to Berkshire shareholders were $47.77 billion. The year-to-date net earnings were impacted by a $3.76 billion impairment charge on the Kraft Heinz investment.
How did Berkshire's insurance segment perform?
The insurance segment showed strong results. GEICO's underwriting segment reported pre-tax earnings of $1.77 billion in Q3 2025, with improved loss ratios due to favorable prior accident year development and lower catastrophe losses. Berkshire Hathaway Primary Group returned to profitability with $506 million in pre-tax underwriting earnings in Q3 2025. Berkshire Hathaway Reinsurance Group also reported positive pre-tax underwriting earnings of $884 million in Q3 2025, benefiting from lower property/casualty losses and reduced underwriting expenses.
What is the company's liquidity and capital position?
Berkshire Hathaway maintains a very strong capital base and significant liquidity. As of September 30, 2025, total assets stood at $1.23 trillion, and shareholders' equity was $700.44 billion. The insurance and other businesses held $354.3 billion in cash, cash equivalents, and U.S. Treasury Bills, underscoring the company's commitment to financial strength.
Are there any significant upcoming strategic moves or events?
Yes, Berkshire Hathaway announced in October 2025 a definitive agreement to acquire Occidental Petroleum's chemicals business (OxyChem) for $9.7 billion, subject to customary closing conditions and regulatory approvals, with an expected closing in the fourth quarter of 2025. The company also continues to manage its share repurchase program, though no shares were repurchased in the first nine months of 2025.
What are the key risks or contingencies the company is facing?
Key risks and contingencies include ongoing legal proceedings, particularly those involving PacifiCorp related to wildfires and HomeServices related to antitrust claims, with ongoing appeals and settlement processes. The company also faces general economic and geopolitical risks, potential impacts from climate events, and volatility in investment markets, particularly equity securities, which can significantly affect earnings.
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