Company: BRK-A
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000950170-25-063112
Chunk: 4

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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 by lower dividend income. 

After-tax earnings of BNSF increased 6.2% in the first quarter of 2025 compared to 2024 from higher volumes and overall improved operating efficiencies, despite the negative impacts of severe weather in February 2025. After-tax earnings of BHE increased $380 million (53.0%) in the first quarter of 2025 compared to 2024. The earnings increase reflected higher earnings from the utilities and energy businesses, lower earnings attributable to noncontrolling interests and reduced losses from the real estate brokerage businesses, primarily due to the impact of litigation settlement charges in the first quarter of 2024. 

After-tax earnings from our manufacturing, service and retailing businesses decreased slightly in the first quarter of 2025 compared to 2024. Earnings in 2025 reflected an overall increase from our service and retailing businesses and an overall decrease from our manufacturing businesses. The majority of our businesses experienced lower revenues and earnings in the first quarter of 2025 compared to 2024. 

Investment gains (losses) predominantly derive from our investments in equity securities and include significant unrealized gains and losses from changes in market prices and foreign currency exchange rates applicable to certain of our investments. We believe that investment gains and losses, whether realized from dispositions or unrealized from changes in market prices, are generally meaningless in understanding our reported periodic results or evaluating the economic performance of our operating businesses. These gains and losses have caused and will continue to cause significant volatility in our periodic earnings. 

Other earnings include corporate investment income, earnings from equity method investments and foreign currency exchange rate gains and losses related to the non-U.S. denominated debt of Berkshire and BHFC. After-tax foreign currency exchange rate losses were $713 million in the first quarter of 2025 compared to gains of $597 million in the first quarter of 2024.