Berkshire Hathaway Inc

Latest Results (11.03.2026):

Berkshire Hathaway Inc., fourth quarter and full‑year 2025 (2025 annual report): For the year ended December 31, 2025 the company reported operating earnings of $44.5 billion (down from $47.4 billion in 2024) and generated $46.0 billion of net cash from operating activities. Insurance results were strong (combined ratio 87.1%) with insurance float of $176 billion; consolidated liquidity (cash and U.S. Treasuries) exceeded $370 billion. Key operating cash contributors included BNSF and Berkshire Hathaway Energy, and Berkshire announced acquisitions of OxyChem and Bell Laboratories while maintaining disciplined capital allocation and a buyback/dividend policy oriented to intrinsic value.

Operating earnings

Operating earnings: $44.5 billion in 2025 versus $47.4 billion in 2024; this sits above Berkshire’s five‑year operating earnings average of $37.5 billion. Management stresses operating earnings (not GAAP net earnings) as the preferred annual performance metric.

Cash flow & liquidity

Net cash from operating activities totaled $46.0 billion in 2025. Cash and U.S. Treasury holdings exceeded $370 billion, described as “dry powder” for future investments while preserving financial strength.

Insurance performance & float

Insurance combined ratio across P&C businesses was 87.1% in 2025 (better than recent multi‑year averages). Insurance float totaled $176 billion (up from $171 billion at year‑end 2024). Insurance businesses returned $29 billion to Berkshire in 2025 (statutory limits permitted up to $31 billion without special approvals).

GEICO & insurance market trends

GEICO contributed materially to improved underwriting results via cost structure improvements, stronger pricing and segmentation. Management warns of retention pressure and a softer pricing environment in parts of 2026 as capital returns to the market.

Reinsurance & primary lines outlook

Reinsurance pricing weakened in 2025 as capital re‑entered markets and catastrophe losses were lighter; Berkshire expects to write less reinsurance and be selective where pricing does not compensate risk. Primary businesses likewise slowed premium growth as pricing softened.

BNSF

BNSF generated $8.1 billion of net operating cash flow in 2025 and paid $4.4 billion of dividends to Berkshire. Operating margin improved to 34.5% (from 32.0% in 2024), but management sees room for further efficiency gains tied to a sizeable per‑point margin improvement impact on cash flow.

Berkshire Hathaway Energy (BHE)

BHE produced $8.4 billion of net cash flow from operations in 2025, remains priced materially below national retail electric rates in its markets, and is investing selectively amid rising demand (e.g., AI/data center load) while focusing on wildfire mitigation and managing regulatory risk.

Equity portfolio

Concentrated equity holdings remain central: core U.S. and Japanese positions (Apple, American Express, Coca‑Cola, Moody’s and five major Japanese trading companies) had a combined market value of about $194 billion at year‑end; total equity securities market value was $297.8 billion. Dividends from the major holdings were cited (~$2.5 billion from the largest U.S and Japan positions).

Capital allocation & acquisitions

Capital discipline emphasized: Berkshire prefers owning businesses to Treasuries, repurchases shares below conservative intrinsic‑value estimates, and will not pay dividends while retained earnings are expected to create more than $1 of market value per $1 retained. In 2025 Berkshire announced acquisitions of OxyChem and Bell Laboratories.

GAAP vs. operating results

Management reiterates that GAAP net earnings can swing widely due to realized/unrealized investment gains and losses; operating earnings and cash flow are presented as the better measures of business performance for 2025.