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Berkshire's third-quarter 2025 operating earnings rose to 13,485 from 10,090 a year earlier, a broad-based gain of roughly a third. The biggest driver was insurance underwriting, where operating earnings more than tripled to 2,369 from 750 as catastrophe losses eased, complemented by manufacturing, service and retailing at 3,616 versus 3,342 and BNSF at 1,449 versus 1,383. Softer spots included insurance-investment income at 3,181 versus 3,664 and Berkshire Hathaway Energy at 1,489 versus 1,629, while the Other line swung to 1,381 from a prior-year loss of 678 on favorable foreign currency movements. GAAP net earnings rose to 30,796 from 26,251, boosted by 17,311 of investment gains that management cautions are usually meaningless in any given quarter. Insurance float grew approximately $5 billion since yearend 2024 to approximately $176 billion, extending Berkshire's low-cost investable base.
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Calendar quarter Q3 2025Earnings call Nov 3, 2025
FY2025 Q3 in brief
Berkshire's third-quarter 2025 operating earnings rose to 13,485 from 10,090 a year earlier, a broad-based gain of roughly a third.
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Sources. Tellvest earnings-call sentiment score for Berkshire Hathaway (BRK-B), FY2025 Q3: 9/10. 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.
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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 Q1 | $89.72B | -0.2% | $2.13 | -63.8% | — | 5.1% |
| FY2025 Q2 | $92.52B | -1.2% | $5.73 | -59.3% | — | 13.4% |
| FY2025 Q3Selected | $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).
What BRK-B and other companies said about each other on FY2025 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“BN is a great company as a great franchise, has a long history, and we compete with them every day, and we compete hard.”
UP characterizes Berkshire-owned BNSF as its principal Western railroad competitor, now reacting to the UP-NSC merger.
“our publicly filed repurchase agreement with Berkshire Hathaway. According to that agreement, just prior to each DaVita earnings call, we buy from Berkshire the number of shares necessary to return its ownership to 45%.”
DaVita describes its contractual, formulaic repurchase mechanism that keeps Berkshire Hathaway's ownership stake at 45%, underscoring Berkshire's continued large equity position in DVA.
Operating earnings YoY +33.6% → base 8. 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.
“I'm looking at the Travelers numbers and the Allstate numbers and Hartford's and I have some guesses around GEICO's numbers looking at what they've done. And it doesn't seem like they're growing very quickly”
An analyst estimates GEICO's growth also looks slow, reinforcing a view that large auto insurers are decelerating while Progressive still gains share.
“GEICO lost a couple of points of share because they had written a bunch of business prior to that, which was not profitable.”
Allstate says Berkshire's GEICO shed share after shedding unprofitable business, a mixed-to-negative signal for GEICO's recent auto growth.
“And the repo -- the Berkshire, you want to talk about the Berkshire, Sunil?”
Occidental discusses Berkshire Hathaway's preferred equity; Oxy plans to build cash and resume redeeming the Berkshire preferred once callable in August 2029.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BRK-B Berkshire Hathaway | 9 | n/a | |
| ACGL Arch Capital Group | 7 | +11.1% | |
| AIG American International Group | 6 | -5.2% | |
| HIG Hartford (The) | 7 | +7.7% | |
| PFG Principal Financial Group | 7 | +22.3% |