Berkshire Hathaway Q2 Earnings Decline Amid Insurance Sector Weakness

Berkshire Hathaway's operating earnings fell 4% year-over-year to $11.16 billion in Q2 2025, marking a retreat from last year's record performance. The conglomerate's insurance underwriting results dragged down overall performance, despite stronger showings from its railroad, energy, and retail operations.

Net income plummeted to $12.37 billion ($8,601 per Class A share) from $30.3 billion ($21,122 per share) in the prior-year period. This steep decline reflects unrealized investment losses that must be reported under U.S. accounting rules, regardless of actual asset sales.

Warren Buffett's cash hoard swelled to a record $344 billion, yet the company maintained its four-quarter buyback hiatus. The absence of repurchases persists despite Class A shares retreating from their May peak of $809,350 to $711,480 by June's end.