Company: BRK-A
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001193125-25-261548
Chunk: 3

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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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). 

     Third Quarter

     First Nine Months

     2025

     2024

     2025

     2024

     Insurance – underwriting
     $
     2,369

     $
     750

     $
     5,697

     $
     5,611

     Insurance – investment income
      
     3,181

     3,664

     9,441

     9,582

     BNSF
      
     1,449

     1,383

     4,129

     3,753

     Berkshire Hathaway Energy (“BHE”)
      
     1,489

     1,629

     3,288

     3,001

     Manufacturing, service and retailing
      
     3,616

     3,342

     10,277

     9,810

     Investment gains (losses)
      
     17,311

     16,161

     17,243

     36,391

     Other-than-temporary impairment of investment in Kraft Heinz
      
     —

     —

     (3,760
     )

     —

     Other
      
     1,381

     (678
     )

     1,454

     1,153

     Net earnings attributable to Berkshire shareholders
     $
     30,796

     $
     26,251

     $
     47,769

     $
     69,301

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 the impacts of ongoing macroeconomic and geopolitical conflicts and events, as well as changes in industry or company-specific factors or events. These events, including tensions from developing international trade policies and tariffs, accelerated through the first nine months of 2025. Considerable uncertainty remains as to the ultimate outcome of these events. We are currently unable