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Berkshire Hathaway
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d935582dex991.htm
Exhibit 99.1
BERKSHIRE HATHAWAY INC.
NEWS RELEASE
FOR IMMEDIATE RELEASE
February 22, 2025
Omaha, NE (BRK.A; BRK.B)
Berkshires operating results for the fourth quarter and full year of 2024 and 2023 are summarized in the following paragraphs. However, we urge
investors and reporters to read our 2024 Annual Report, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.
Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the fourth quarter and full year of 2024 and 2023 are summarized below. Earnings are
stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).
Fourth Quarter
Full Year
2024
2023
2024
2023
Net earnings attributable to Berkshire shareholders
$
19,694
$
37,574
$
88,995
$
96,223
Investment gains/losses
5,167
29,093
41,558
58,873
Operating earnings
14,527
8,481
47,437
37,350
Net earnings attributable to Berkshire shareholders
$
19,694
$
37,574
$
88,995
$
96,223
Net earnings per average equivalent Class A Share
$
13,695
$
26,043
$
61,900
$
66,412
Net earnings per average equivalent Class B Share
$
9.13
$
17.36
$
41.27
$
44.27
Average equivalent Class A shares outstanding
1,438,022
1,442,785
1,437,720
1,448,880
Average equivalent Class B shares outstanding
2,157,034,121
2,164,177,636
2,156,580,296
2,173,319,709
Per share amounts for the Class B shares are 1/1,500th of
those shown for the Class A.
Generally Accepted Accounting Principles (GAAP) require that we include the changes in unrealized
gains/losses of our equity security investments as a component of investment gains/losses in our earnings statements. In the table above, investment gains/losses in 2024 include after-tax gains of
$2.1 billion in the fourth quarter and after-tax losses of $38.1 billion in the full year and in 2023 include after-tax gains of $29.5 billion in the
fourth quarter and $53.0 billion in the full year due to changes during the fourth quarter and the full year in the unrealized gains that existed in our equity security investment holdings. Investment gains/losses in 2024 include after-tax realized gains of $3.1 billion in the fourth quarter and $79.6 billion for the full year and in 2023 include after-tax realized losses on
sales of investments of $330 million in the fourth quarter and after-tax realized gains of $3.6 billion in the full year. In 2023 investment gains also include a net remeasurement gain of
approximately $2.4 billion related to Berkshires acquisition of an additional 41.4% interest in Pilot Travel Centers.
The amount of
investment gains/losses in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.
An analysis of Berkshires operating earnings follows (dollar amounts are in millions).
Fourth Quarter
Full Year
2024
2023
2024
2023
$
3,409
$
848
$
9,020
$
5,428
4,088
2,759
13,670
9,567
BNSF
1,278
1,355
5,031
5,087
Berkshire Hathaway Energy Company
729
632
3,730
2,331
Other controlled businesses
3,262
3,270
13,072
13,362
695
421
1,519
1,750
Other*
1,066
(804
)
1,395
(175
)
Operating earnings
$
14,527
$
8,481
$
47,437
$
37,350
*
denominated debt of approximately $1.2 billion in the fourth quarter and $1.1 billion in the full year 2024 and in 2023 includes foreign currency exchange losses of approximately $684 million in the fourth quarter and gains of
approximately $211 million in the full year.
Berkshire used approximately $2.9 billion to repurchase Berkshire shares
during 2024. On December 31, 2024 there were 1,438,223 Class A equivalent shares outstanding. At December 31, 2024, insurance float (the net liabilities we assume under insurance contracts) was approximately $171 billion, an
increase of $2 billion since yearend 2023.
comparable GAAP figures in accordance with Regulation G are included herein.
Berkshire presents its results in the way it believes will be most
meaningful and useful, as well as most transparent, to the investing public and others who use Berkshires financial information. That presentation includes the use of certain non-GAAP financial measures.
In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment gains/losses.
Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of
Berkshires operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are required to include the changes
in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our periodic earnings statements. In sum, investment gains/losses for any particular period are not indicative of quarterly business
performance.
About Berkshire
Berkshire Hathaway and
its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services and retailing. Common stock of the company is listed on the New York Stock
Exchange, trading symbols BRK.A and BRK.B.
Cautionary Statement
Certain statements contained in this press release are forward looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.
END
Contact
Marc D. Hamburg
402-346-1400