**Berkshire Hathaway Reports 2025 Financial Results**
Berkshire Hathaway Inc. reported net earnings attributable to Berkshire shareholders of $66.97 billion for the year ended December 31, 2025, compared to $88.99 billion in 2024 and $96.22 billion in 2023. The company's insurance underwriting operations contributed $7.26 billion to net earnings, a decrease from $9.02 billion in 2024. Insurance investment income was $12.51 billion, down from $13.67 billion in the previous year, primarily due to lower interest and dividend income.
The company's freight rail transportation business, BNSF, reported net earnings of $5.48 billion, an increase of 8.8% compared to 2024. Berkshire Hathaway Energy (BHE) reported net earnings of $3.98 billion, a 6.7% increase from the previous year, driven by lower wildfire loss accruals at PacifiCorp and reduced earnings attributable to noncontrolling interests. The manufacturing, service, and retailing businesses collectively generated net earnings of $13.65 billion, a 4.4% increase compared to 2024, with mixed results across the various operations.
Significant changes in the company's investment portfolio included other-than-temporary impairment losses of $8.26 billion on investments in Kraft Heinz and Occidental. Investment gains, which can include significant unrealized gains and losses from changes in market prices of equity securities and foreign currency exchange rates, were $30.74 billion in 2025, compared to $41.56 billion in 2024 and $58.87 billion in 2023. The company's insurance businesses held approximately $176 billion in float at the end of 2025, an increase from $171 billion at the end of 2024.
Key operational developments included the acquisition of Bell Laboratories, LLC in July 2025 and the completion of the acquisition of Occidental Petroleum Corporation’s chemicals business (OxyChem) on January 2, 2026, for approximately $9.5 billion. At the end of 2025, Berkshire Hathaway and its operating subsidiaries employed approximately 387,800 people worldwide. In May 2025, Berkshire’s Board of Directors appointed Mr. Gregory E. Abel to succeed Mr. Warren E. Buffett as Chief Executive Officer effective January 1, 2026.
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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