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Berkshire Hathaway
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d940849dex991.htm
Exhibit 99.1
BERKSHIRE HATHAWAY INC.
NEWS RELEASE
FOR IMMEDIATE RELEASE
August 2, 2025
Omaha, NE (BRK.A; BRK.B)
Berkshires operating results for the second quarter and first six months of 2025 and 2024 are summarized in the following paragraphs. However, we urge
investors and reporters to read our 10-Q, 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 second quarter and first six months of 2025 and
2024 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).
Second Quarter
First Six Months
2025
2024
2025
2024
Net earnings attributable to Berkshire shareholders
$
12,370
$
30,348
$
16,973
$
43,050
Investment gains (losses)
4,970
18,750
(68
)
20,230
(3,760
)
(3,760
)
Operating earnings
11,160
11,598
20,801
22,820
Net earnings attributable to Berkshire shareholders
$
12,370
$
30,348
$
16,973
$
43,050
Net earnings per average equivalent Class A Share
$
8,601
$
21,122
$
11,801
$
29,936
Net earnings per average equivalent Class B Share
$
5.73
$
14.08
$
7.87
$
19.96
Average equivalent Class A shares outstanding
1,438,223
1,436,790
1,438,223
1,438,080
Average equivalent Class B shares outstanding
2,157,335,139
2,155,185,283
2,157,335,139
2,157,120,209
Per share amounts for the Class B shares are 1/1,500th of those shown for the Class A shares.
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 2025
include gains of $1.5 billion in the second quarter and losses of $5.9 billion in the first six months and in 2024 include losses of $28.2 billion in the second quarter and $37.9 billion in the first six months due to
changes during the second quarter and the first six months in the unrealized gains that existed in our equity security investment holdings. Investment gains (losses) in 2025 also include
after-tax realized gains of $4.2 billion in the second quarter and $6.6 billion in the first six months and in 2024 include after-tax realized gains on sales
of investments of $47.0 billion in the second quarter and $58.2 billion in the first six months.
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).
Second Quarter
First Six Months
2025
2024
2025
2024
$
1,992
$
2,263
$
3,328
$
4,861
3,367
3,320
6,260
5,918
BNSF
1,466
1,227
2,680
2,370
Berkshire Hathaway Energy Company
702
655
1,799
1,372
Manufacturing, service and retailing
3,601
3,380
6,661
6,468
Other*
32
753
73
1,831
Operating earnings
$
11,160
$
11,598
$
20,801
$
22,820
*
denominated debt in 2025 of $877 million in the second quarter and $1.59 billion in the first six months and in 2024 includes foreign currency exchange gains of $446 million in the second quarter and $1.04 billion in the first
six months.
On June 30, 2025, there were 1,438,223 Class A equivalent shares outstanding. At June 30, 2025,
insurance float (the net liabilities we assume under insurance contracts) was approximately $174 billion, an increase of $3 billion since yearend 2024.
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), impairments of goodwill and intangible assets and other-than-temporary impairments of equity
method investments.
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, retailing and services. 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