Company: BRK-A
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001193125-25-261548
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Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
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 to reliably predict the ultimate impact on our businesses, whether through changes in the availability of products, supply chain costs and efficiency, and customer demand for our products and services. It is reasonably possible there could be adverse consequences on our operating businesses, as well as on our investments in equity securities, which could significantly affect our future results. 

After-tax insurance underwriting earnings increased $1.6 billion in the third quarter and $86 million in the first nine months of 2025 compared to the same periods in 2024. The comparative earnings increase in the third quarter was primarily attributable to lower incurred losses from current year significant catastrophe events and from prior accident years’ claims, as well as the impact of accruals in the third quarter of 2024 in connection with a bankruptcy settlement. Underwriting results in the first nine months of 2025 included after-tax losses of approximately $850 million from the Southern California wildfires, which occurred in the first quarter. After-tax earnings from insurance investment income declined $483 million (13.2%) in the third quarter and $141 million (1.5%) in the first nine months of 2025 compared to 2024, primarily attributable to lower interest rates, as well as the impact of capital distributions to Berkshire in the fourth quarter of 2024. The subsequent investment income earned on such distributions is included in “other” earnings in the above table. 

After-tax earnings of BNSF increased $66 million (4.8%) in the third quarter and $376 million (10.0%) in the first nine months of 2025 compared to 2024, primarily from core pricing gains, improved operating efficiencies and lower effective income tax rates. After-tax earnings of BHE declined $140 million (8.6%) in the third quarter and increased $287 million (9.6%) in the first nine months of 2025 compared to 2024. The earnings in the third quarter of 2025 were lower in the U.S. utilities, natural gas pipelines and other energy businesses, partially offset by lower earnings attributable to noncontrolling interests. Earnings in the first nine months of 2025 included lower wildfire-related and real estate brokerage litigation accruals compared to 2024. 

After-tax earnings from our manufacturing, service and retailing businesses increased $274 million (8.2%) in the third quarter and $467 million (4.8%) in the first nine months of 2025 compared to 2024. Results among our numerous operations were