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Berkshire's fourth-quarter 2025 operating earnings fell to 10,200 from 14,527 a year earlier, against an exceptionally strong comparison. The decline was led by insurance, where underwriting operating earnings dropped to 1,561 from 3,409 and investment income eased to 3,072 from 4,088, while BNSF at 1,347 versus 1,278 and manufacturing, service and retailing at 3,370 versus 3,262 held up. GAAP net earnings were 19,199 versus 19,694 and included after-tax other-than-temporary impairments of Kraft Heinz and Occidental of 4,495, which sit outside operating earnings. Insurance float still grew approximately $5 billion since yearend 2024 to approximately $176 billion, extending Berkshire's low-cost investable base.
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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 Q3 | $94.97B | +2.1% | $14.28 | +17.2% | — | 32.4% |
| FY2025 Q4Selected | $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% |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2022 | $302.02B | — | $-10.32 | — | — | -7.5% |
| FY2023 | $364.48B | +20.7% | $44.25 | +528.8% | — | 26.4% |
| FY2024 | $371.43B | +1.9% | $41.27 | -6.7% | — |
| 24.0% |
| FY2025Selected | $371.44B | +0.0% | $31.04 | -24.8% | — | 18.0% |
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 Q4 2025Earnings call Mar 2, 2026
FY2025 Q4 in brief
Berkshire's fourth-quarter 2025 operating earnings fell to 10,200 from 14,527 a year earlier, against an exceptionally strong comparison.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Operating earnings YoY -29.8% → base 2. 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.
Sources. Tellvest earnings-call sentiment score for Berkshire Hathaway (BRK-B), FY2025 Q4: 2/10. 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.
What BRK-B and other companies said about each other on FY2025 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I think GEICO might be starting to dip into that.”
In the same analyst question that named Progressive and Allstate, GEICO is raised as possibly beginning to use the independent-agency channel, relevant to whether large carriers might eventually expose rates through LLM-based comparison. Hedged ("might be starting"), weaker than the Progressive and Allstate statements. Mapped to BRK-B under the subsidiary rule.
“a portion of these shares were repurchased from Berkshire Hathaway pursuant to the terms of our publicly filed repurchase agreement, which formulaically results in Berkshire's ownership remaining at or below 45%.”
Berkshire Hathaway remains DaVita's largest holder; DaVita buys shares directly from Berkshire under a standing agreement that formulaically caps Berkshire's ownership at or below 45%.
“GEICO's lost a couple of points in market share.”
Allstate says GEICO (a Berkshire Hathaway subsidiary) has lost a couple of points of auto insurance market share, a negative signal on GEICO.
“charge under its $4 billion loss portfolio transfer to National Indemnity Company”
CNA (Loews's insurer) ceded ~$4B of asbestos and environmental reserves to Berkshire Hathaway's National Indemnity via a loss portfolio transfer; a reserve charge accrues under that reinsurance arrangement.
“Other-than-temporary impairment of investments in Kraft Heinz and in Occidental”
Berkshire recognized an other-than-temporary impairment on its Occidental equity-method stake in Q4 2025 (part of a $4,495 million after-tax charge with Kraft Heinz), a negative read on the value of its Occidental position.
“Other-than-temporary impairment of investments in Kraft Heinz and in Occidental”
Berkshire took a further after-tax other-than-temporary impairment on its Kraft Heinz equity-method stake in Q4 2025 ($4,495 million combined with Occidental), signalling another step down in the carrying value of Kraft Heinz.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BRK-B Berkshire Hathaway | 2 | n/a | |
| ACGL Arch Capital Group | 6 | +7.3% | |
| AIG American International Group | 7 | -8.6% | |
| HIG Hartford (The) | 7 | +7.5% | |
| PFG Principal Financial Group | 7 | -3.7% |