Berkshire Hathaway reported a massive Q3 2025 net profit of $30.8 billion driven by $17.3 billion in investment gains and $13.5 billion in operating earnings. The company now holds a record $482 billion in cash, reflecting robust financial strength and steady performance across insurance, BNSF, and energy divisions.
Berkshire Hathaway Q3 2025 Results: Net Profit Soars to $30.8 Billion
Omaha, NE (BRK.A; BRK.B) – Berkshire Hathaway Inc. announced its operating results for the third quarter and first nine months of 2025, showcasing solid financial performance driven by significant investment gains and strong insurance underwriting income. The company emphasized that investors should refer to its official 10-Q filing for comprehensive details, as the summarized results presented are not sufficient for making informed investment decisions.
For the third quarter of 2025, Berkshire Hathaway reported net earnings attributable to shareholders of $30.8 billion, a sharp increase from $26.3 billion in the same period last year. For the first nine months of 2025, net earnings stood at $47.8 billion, compared to $69.3 billion in the corresponding period of 2024. Investment gains and operating income both contributed to the strong quarterly results.
Berkshire’s third-quarter investment gains reached $17.3 billion, up from $16.2 billion in Q3 2024. The company also recorded operating earnings of $13.5 billion for the quarter, compared to $10.1 billion a year ago. For the first nine months of 2025, operating earnings totaled $34.3 billion, a rise from $32.9 billion in 2024. Notably, Berkshire did not record any impairment losses related to its investment in Kraft Heinz this year, unlike the $3.8 billion impairment seen in 2024.
Net earnings per average equivalent Class A share were reported at $21,413 for the third quarter and $33,214 for the first nine months. The equivalent Class B share earnings stood at $14.28 for Q3 and $22.14 for the first nine months of 2025. The average equivalent shares outstanding during the quarter were 1,438,223 Class A and 2,157,335,139 Class B shares.
Under GAAP accounting standards, Berkshire includes unrealized investment gains or losses on its equity holdings as part of its earnings. In 2025, unrealized gains added $9.2 billion in the third quarter and $3.3 billion in the first nine months, compared to unrealized gains of $2.2 billion and $40.1 billion in the same periods last year.
After-tax realized gains from the sale of investments contributed $8.2 billion in Q3 2025 and $14.8 billion in the first nine months, whereas the prior year included realized gains of $18.4 billion and $76.5 billion respectively.
Breaking down operating earnings by segment, Berkshire’s insurance underwriting business generated $2.4 billion in Q3 2025, a substantial rise from $750 million in Q3 2024. Insurance investment income contributed $3.2 billion, while Burlington Northern Santa Fe (BNSF) posted $1.4 billion. Berkshire Hathaway Energy earned $1.5 billion during the quarter. The manufacturing, service, and retailing segment produced $3.6 billion in profits, while the “Other” category added $1.4 billion, reversing a $678 million loss from the prior year.
The detailed footnotes highlight several foreign currency exchange effects and parent company investment income adjustments. Foreign currency exchange gains related to non-U.S. dollar-denominated debt in 2025 totaled approximately $331 million for the third quarter and losses of $1.3 billion for the first nine months.
These compare to foreign currency losses of about $1.1 billion and $98 million in the third quarter and nine months of 2024 respectively. Berkshire also reported after-tax interest, dividend, and other investment income from parent company operations and related entities amounting to $904 million in Q3 2025 and $2.6 billion over the first nine months, compared to $371 million and $995 million in the same periods last year.
As of September 30, 2025, Berkshire had 1,438,223 Class A equivalent shares outstanding. The company’s insurance float — the net liabilities assumed under insurance contracts — reached approximately $176 billion, marking a $5 billion increase since year-end 2024.
Berkshire also addressed its use of non-GAAP financial measures in the release. The company explained that while it complies with all GAAP requirements, it supplements them with non-GAAP measures such as operating earnings, which exclude investment gains or losses, goodwill impairments, and other temporary items. This approach, according to Berkshire, provides a clearer view of its operational performance, especially considering the volatility of investment results under GAAP rules.
Management reiterated that although investment income from insurance premiums is an integral part of Berkshire’s business, the inclusion of unrealized gains and losses can cause significant fluctuations in reported net earnings. Therefore, Berkshire continues to emphasize operating earnings as a more stable indicator of its long-term business performance.
Berkshire Hathaway’s Q3 2025 results highlight the company’s resilience across diverse business units, bolstered by strong investment income and continued strength in its core insurance operations. Despite volatility in unrealized gains, the company’s long-term fundamentals remain robust as it maintains a disciplined approach to both investment and underwriting strategies.
Disclaimer:
This article is based on Berkshire Hathaway’s official Q3 2025 financial report. Figures are stated in U.S. dollars and millions where applicable. The information provided is for general news and analysis purposes only and should not be construed as financial advice. Investors are encouraged to review Berkshire Hathaway’s official 10-Q filing for complete details.