Berkshire Hathaway Inc. reported its financial results for the third quarter and the first nine months of 2025, revealing a net earnings attributable to shareholders of $30.8 billion for the third quarter, up from $26.3 billion in the same period last year. For the first nine months, net earnings totaled $47.8 billion, a decrease from $69.3 billion in 2024. The company’s total revenues for the third quarter reached $95.0 billion, compared to $93.0 billion in the prior year, while revenues for the first nine months were $277.2 billion, slightly up from $276.5 billion.
The company experienced notable changes in its insurance segment, with underwriting earnings increasing significantly. After-tax insurance underwriting earnings rose to $2.4 billion in the third quarter, compared to $750 million in the same quarter of 2024. This increase was attributed to lower incurred losses from significant catastrophe events and favorable development of prior accident years’ claims. However, investment income from insurance operations declined by 13.2% in the third quarter, reflecting lower interest rates and capital distributions to Berkshire.
Berkshire Hathaway's operational metrics showed a mixed performance across its various segments. The BNSF railroad reported a 4.8% increase in earnings for the third quarter, driven by core pricing gains and improved operational efficiencies. In contrast, Berkshire Hathaway Energy (BHE) saw a decline in earnings, primarily due to lower earnings from U.S. utilities and increased operating expenses. The manufacturing, service, and retailing segments reported a 3.5% increase in revenues, with notable growth in industrial products and service businesses, although consumer products faced challenges with declining sales.
The company’s balance sheet reflected a strong financial position, with total assets increasing to $1.23 trillion as of September 30, 2025, up from $1.15 trillion at the end of 2024. Cash and cash equivalents rose to $72.2 billion, while total shareholders' equity increased to $698.2 billion. Berkshire's liquidity remains robust, with significant cash reserves and investments in U.S. Treasury Bills. The company also announced plans to acquire Occidental Petroleum's chemicals business for $9.7 billion, expected to close in the fourth quarter of 2025, subject to regulatory approvals.
Looking ahead, Berkshire Hathaway acknowledged potential risks from macroeconomic conditions and geopolitical events that could impact its operations and investment performance. The company remains focused on maintaining its strong capital base and liquidity, with no share repurchases made in the first nine months of 2025. The outlook for the remainder of the year suggests continued vigilance in navigating market uncertainties while pursuing strategic growth opportunities.
About BERKSHIRE HATHAWAY INC
Berkshire Hathaway Inc. is a diversified holding company with subsidiaries in insurance, freight rail transportation, energy, manufacturing, services, and retail. Its core businesses include property and casualty insurance, reinsurance, railroad operations through BNSF Railway, and energy generation and distribution via Berkshire Hathaway Energy. The company operates with a decentralized management model, serving primarily U.S. and international markets, leveraging strong capital positions, broad industry expertise, and long-term investment strategies.
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