Berkshire Hathaway (BRKB) Q2 2025 earnings summary

Executive summary

• Net earnings attributable to shareholders were $12.4B for Q2 2025 and $17.0B for the first six months, down significantly from $30.3B and $43.1B in the prior year, mainly due to a $3.76B after-tax impairment on Kraft Heinz and lower investment gains.

• Operating businesses generated $21.0B in net operating cash flows in the first half of 2025, with strong liquidity and a capital base of $668B in shareholders' equity as of June 30, 2025.

• Operating earnings for Q2 2025 were $11.16B, slightly down from $11.60B in Q2 2024; for the first six months, $20.80B compared to $22.82B in 2024.

• Insurance underwriting earnings declined due to significant catastrophe losses from Southern California wildfires, while investment income and railroad, utilities, and energy segments showed growth.

Financial highlights

• Total revenues were $92.5B for Q2 2025 and $182.2B for the first six months, both slightly down year-over-year.

• Net earnings per Class A share were $8,601 for Q2 2025 and $11,801 for the first six months, compared to $21,122 and $29,936 in the prior year.

• Pre-tax investment gains were $6.4B in Q2 2025, down from $23.9B in Q2 2024, reflecting lower unrealized gains on equity securities.

• Investment gains in Q2 2025 were $4.97B, compared to $18.75B in Q2 2024; for the first six months, a loss of $68M versus a gain of $20.23B in 2024.

• Cash, cash equivalents, and U.S. Treasury Bills held by insurance and other businesses totaled $339.8B at June 30, 2025.

Outlook and guidance

• Management highlights ongoing macroeconomic and geopolitical uncertainties, including trade policy tensions, which may adversely impact most operating businesses and investments.

• BHE and BNSF forecast capital expenditures of approximately $8.8B for the remainder of 2025.

• The impact of the One Big Beautiful Bill Act on BHE's renewable energy projects is under evaluation, with potential implications for future results.