Berkshire Hathaway Inc. reported its financial results for the second quarter and first half of 2025, revealing a significant decline in net earnings attributable to shareholders. For the second quarter, net earnings were $12.37 billion, down from $30.35 billion in the same period last year. For the first six months, net earnings totaled $16.97 billion, compared to $43.05 billion in 2024. The decrease was largely attributed to substantial investment losses, including a $3.76 billion impairment charge related to its investment in Kraft Heinz, which impacted overall profitability.
Total revenues for the second quarter of 2025 were $92.52 billion, a slight decrease from $93.65 billion in the prior year. The first half of 2025 saw total revenues of $182.24 billion, down from $183.52 billion in 2024. The insurance segment, which includes GEICO and Berkshire Hathaway Reinsurance Group, reported underwriting losses of $2.53 billion in the second quarter, compared to earnings of $2.85 billion in the same quarter of 2024. The underwriting results were negatively impacted by approximately $850 million in losses from the Southern California wildfires.
Berkshire Hathaway's operational metrics showed mixed results across its diverse business segments. BNSF Railway reported a 19.5% increase in net earnings for the second quarter, driven by improved operating efficiencies. In contrast, the energy segment, Berkshire Hathaway Energy, experienced a 7.2% increase in net earnings, reflecting higher earnings from U.S. utilities. The manufacturing, service, and retailing segments reported a 6.5% increase in earnings in the second quarter, with notable growth in the industrial products and service sectors.
The company’s balance sheet remains strong, with total assets of $1.16 trillion as of June 30, 2025, up from $1.15 trillion at the end of 2024. Cash and cash equivalents increased significantly to $101.23 billion, compared to $43.07 billion a year earlier. Berkshire's shareholders' equity rose to $670.28 billion, reflecting a solid capital base. The company continues to maintain a conservative approach to share repurchases, with no shares bought back in the first half of 2025, adhering to its policy of preserving liquidity.
Looking ahead, Berkshire Hathaway acknowledged the potential impact of macroeconomic conditions and geopolitical events on its operations. The company remains cautious about future earnings, particularly in light of ongoing uncertainties in the market and the potential for further volatility in investment gains and losses. The management emphasized its commitment to maintaining a strong financial position while navigating these challenges.
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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