Berkshire Hathaway said after-tax earnings from insurance underwriting decreased $271 million in Q2 2025 and $1.5 billion in the first six months of the year. The company said results for the first six months included after-tax losses of approximately $850 million from the Southern California wildfires that occurred in Q1.

1. 01

   Berkshire Hathaway said after-tax earnings from insurance underwriting decreased $271 million in Q2 2025 and $1.5 billion in the first six months of the year. The company said results for the first six months included after-tax losses of approximately $850 million from the Southern California wildfires that occurred in Q1.

2. 02

   Berkshire Hathaway said after-tax other earnings declined $721 million in Q2 2025 and $1.76 billion in the first six months of the year. After-tax foreign currency exchange rate losses were $877 million in Q2 and $1.6 billion in the first six months of 2024, compared to gains of $446 million and $1.0 billion in the corresponding periods of the prior year.

3. 03

   Berkshire Hathaway said its insurance and other businesses held cash, cash equivalents and U.S. Treasury Bills of $339.8 billion as of June 30, 2025. The company said there were no share repurchases in the first six months of 2025 and it will not repurchase shares if such holdings fall below $30 billion.

4. 04

   Berkshire said net operating cash flow for the first six months of 2025 was $21.0 billion, and consolidated capital expenditures for property, plant and equipment and equipment for lease were $9.1 billion. Of this, capital expenditures by BNSF and BHE were $6.2 billion, and the two companies expect approximately $8.8 billion for the remainder of 2025.

Key figures

Quarter ended June 30, 2025

Revenue

$61.4B

Net income

$12.4B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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