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OMAHA, Neb., May 03, 2025--(BUSINESS WIRE)--Berkshire’s operating results for the first quarters of 2025 and 2024 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.
Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the first quarters of 2025 and 2024 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).
| First Quarter | |||||
| 2025 | 2024 | ||||
| Net earnings attributable to Berkshire shareholders | $ | 4,603 | $ | 12,702 | |
| Net earnings includes: | |||||
| Investment gains (losses) | (5,038 | ) | 1,480 | ||
| Operating earnings | 9,641 | 11,222 | |||
| Net earnings attributable to Berkshire shareholders | $ | 4,603 | $ | 12,702 | |
| Net earnings per average equivalent Class A Share | $ | 3,200 | $ | 8,825 | |
| Net earnings per average equivalent Class B Share* | $ | 2.13 | $ | 5.88 |
| Average equivalent Class A shares outstanding | 1,438,223 | 1,439,370 | |||
| Average equivalent Class B shares outstanding | 2,157,335,139 | 2,159,055,134 |
| * Per share amounts for the Class B shares are 1/1,500th of those shown for Class A. |
Generally Accepted Accounting Principles ("GAAP") require that we include the changes in unrealized gains/losses of our equity security investments as a component of investment gains (losses) in our earnings statements. In the table above, investment gains (losses) include losses of approximately $7.4 billion in the first quarter of 2025 and $9.7 billion in the first quarter of 2024 due to changes during the first quarters of 2025 and 2024 in the amount of unrealized gains that existed in our equity security investment holdings. Investment gains (losses) also include after-tax realized gains on sales of investments of $2.4 billion in the first quarter of 2025 and $11.2 billion in the first quarter of 2024.
The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.
An analysis of Berkshire’s operating earnings follows (dollar amounts are 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 Company | 1,097 | 717 | |||
| Manufacturing, service and retailing businesses | 3,060 | 3,088 | |||
| Other* | 41 | 1,078 | |||
| Operating earnings | $ | 9,641 | $ | 11,222 | |
| * Includes foreign currency exchange losses of approximately $713 million in 2025 and foreign currency exchange gains of approximately $597 million in 2024 related to non-U.S. Dollar denominated debt. Also includes interest and dividend income related to U.S. Treasury Bills and other investments not directly owned by a Berkshire insurance subsidiary or certain non-insurance operating companies of $869 million in 2025 and $303 million in 2024. |
On March 31, 2025, there were 1,438,223 Class A equivalent shares outstanding. At March 31, 2025, insurance float (the net liabilities we assume under insurance contracts) was approximately $173 billion, an increase of $2 billion since yearend 2024.