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Berkshire's first-quarter 2025 operating earnings fell to 9,641 from 11,222 a year earlier. The decline was concentrated in insurance underwriting, where operating earnings roughly halved to 1,336 from 2,598 on catastrophe-affected results, and in the Other line, which swung to foreign currency exchange losses of approximately $713 million from gains of approximately $597 million in 2024. Offsetting bright spots included Berkshire Hathaway Energy, whose operating earnings rose to 1,097 from 717, insurance-investment income of 2,893 versus 2,598, and insurance float that grew about $2 billion to approximately $173 billion. GAAP net earnings fell to 4,603 from 12,702, driven by roughly $7.4 billion of unrealized equity security losses that Berkshire cautions are usually meaningless in any given quarter.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $94.92B | +1.6% | $9.13 | -47.4% | — | 20.7% |
| FY2025 Q1Selected | $89.72B | -0.2% | $2.13 | -63.8% | — | 5.1% |
| FY2025 Q2 | $92.52B | -1.2% | $5.73 | -59.3% | — | 13.4% |
| FY2025 Q3 | $94.97B | +2.1% | $14.28 | +17.2% | — | 32.4% |
| FY2025 Q4 | $94.23B | -0.7% | $8.90 | -2.5% | — | 20.4% |
| FY2026 Q1 | $93.67B | +4.4% | $4.68 | +119.7% | — | 10.8% |
| FY2026 Q2 | $101.81B | +10.0% | $11.91 | +107.9% | 17.2% | 25.2% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q1 2025Earnings call May 6, 2025
FY2025 Q1 in brief
Berkshire's first-quarter 2025 operating earnings fell to 9,641 from 11,222 a year earlier.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Berkshire Hathaway (BRK-B), FY2025 Q1: 3/10. Scores: Berkshire Hathaway’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: BRK-B daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Operating earnings YoY -14.1% → base 3. BRK-B uses a custom rubric anchored to operating earnings (not GAAP revenue) because Berkshire reports only via annual press releases and its GAAP revenue is distorted by equity-portfolio mark-to-market. Bands: ≥20% → 8, 10–19% → 7, 1–10% decline → 4.
What BRK-B and other companies said about each other on FY2025 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“NetJets is still taking deliveries of aircraft and NetJets is still putting, you know, new aircraft on order”
Textron's CEO confirmed that NetJets, Berkshire Hathaway's fractional-jet subsidiary and a major Textron Aviation customer, continues to take deliveries and place new orders despite broader market uncertainty.
“did you get much benefit in the quarter from the PCC fire tightness that’s likely been created?”
An analyst asks whether a fire at Berkshire Hathaway-owned Precision Castparts (PCC) created capacity tightness that Howmet could capture as share gain; Howmet's CEO says PCC will likely reallocate production to other sites and any Howmet benefit will be well under $100 million.
“Certainly, GEICO is all direct other than a small little piece of their agency business to kind of build out and progress is a good half direct and we're not quite there.”
Allstate's CEO characterizes GEICO's distribution model as almost entirely direct-to-consumer, contrasting it with Allstate's still-developing direct channel mix.
“Talking just yesterday at the annual general meeting, again, Ajit Jain, who runs insurance over at Berkshire Hathaway, said that they're really going to take a wait and see approach to AI. The direct quote is, individual insurance operations do dabble in AI, but we have not yet made a conscious big time effort in this.”
Lemonade contrasts its own aggressive AI adoption with Berkshire Hathaway's insurance operations, which Ajit Jain described at the 2025 annual meeting as taking a cautious wait-and-see approach to AI.
“Ajit Jain spoke a couple of years ago about Geico having 600 systems that don't talk to one another.”
Lemonade cites Geico's fragmented, siloed legacy data systems as a contrast to its own unified AI/data infrastructure when arguing for a durable competitive advantage over large incumbent auto insurers.
“Was interested in your competitor, GEICO. Their expense ratio was pretty much the same low level that it was a year ago in the first quarter.”
An analyst benchmarks Kemper against GEICO's stable expense ratio while asking how competitive the broader nonstandard auto market has become.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BRK-B Berkshire Hathaway | 3 | n/a | |
| ACGL Arch Capital Group | 8 | +18.4% | |
| AIG American International Group | 8 | +0.0% | |
| HIG Hartford (The) | 6 | +6.4% | |
| PFG Principal Financial Group | 7 | -8.8% |