Company: BRK-A
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000950170-25-063112
Chunk: 3

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 3
---
Results of Operations 

Net earnings attributable to Berkshire shareholders are disaggregated in the table that follows. Amounts are after deducting income taxes and exclude earnings attributable to noncontrolling interests (in millions). 

     First Quarter

     2025

     2024

     Insurance – underwriting

     $
     1,336

     $
     2,598

     Insurance – investment income

     2,893

     2,598

     BNSF

     1,214

     1,143

     Berkshire Hathaway Energy (“BHE”)

     1,097

     717

     Manufacturing, service and retailing

     3,060

     3,088

     Investment gains (losses)

     (5,038
     )

     1,480

     Other

     41

     1,078

     Net earnings attributable to Berkshire shareholders

     $
     4,603

     $
     12,702

Through our subsidiaries, we engage in numerous diverse business activities. The business segment data (Note 24 to the accompanying Consolidated Financial Statements and Note 26 to the Consolidated Financial Statements included in Form 10-K for the year ended December 31, 2024) should be read in conjunction with this discussion. 

Our periodic operating results may be affected in future periods by impacts of ongoing macroeconomic and geopolitical events, as well as changes in industry or company-specific factors or events. The pace of changes in these events, including international trade policies and tariffs, has accelerated in 2025. Considerable uncertainty remains as to the ultimate outcome of these events. We are currently unable to reliably predict the potential impact on our businesses, whether through changes in product costs, supply chain costs and efficiency, and customer demand for our products and services. It is reasonably possible there could be adverse consequences on most, if not all, of our operating businesses, as well as on our investments in equity securities, which could significantly affect our future results. 

Insurance underwriting after-tax earnings decreased $1.3 billion in the first quarter of 2025 compared to 2024. Underwriting results in the first quarter of 2025 included after-tax losses from the Southern California wildfires of approximately $860 million. After-tax earnings from insurance investment income increased $295 million in the first quarter of 2025 compared to 2024, attributable to higher interest income from investments in U.S. Treasury Bills, partially offset