Working revenue for the Omaha, Nebraska-based conglomerate dropped 14% to $9.64 billion, or about $6,703 per Class A share, from $11.22 billion a yr earlier.
Web revenue was down 64% to $4.6 billion, or $3,200 per Class A share, from $12.7 billion, reflecting unrealized losses on frequent inventory holdings together with Apple.
The money stake grew from $334.2 billion at year-end, reflecting Berkshire’s issue discovering issues to purchase.
It repurchased none of its personal inventory for a 3rd straight quarter, and was a internet vendor of shares for a tenth straight quarter, shopping for $3.18 billion and promoting $4.68 billion.
Berkshire stated little about how U.S. President Donald Trump’s tariff insurance policies affected outcomes. It stated in its quarterly report that “appreciable uncertainty stays,” and Berkshire was “unable to reliably predict” the potential impression on the corporate, together with as to product prices, provide chain prices and buyer demand. Outcomes included $1.1 billion of losses on insurance coverage claims stemming from the Los Angeles-area wildfires in January.
That brought about total internet revenue from insurance coverage to fall by almost half, to $1.34 billion.
The wildfire losses offset continued enchancment on the Geico automobile insurer, as elevated premiums and lowered accident claims helped push pre-tax underwriting revenue up 13%.
Outcomes additionally included $713 million of currency-related losses because the U.S. greenback weakened, in contrast with a $597 million achieve a yr earlier.
The outcomes have been launched forward of Berkshire’s annual shareholder assembly in Omaha, a part of a weekend that pulls tens of 1000’s of individuals to town.
Buffett, 94, has led Berkshire for 60 years, reworking it from a struggling textile firm right into a conglomerate whose companies embrace Geico, the BNSF railroad, Berkshire Hathaway Vitality, Dairy Queen and See’s Candies.
Berkshire shares have far outperformed the broader market in 2025, with many buyers viewing the corporate as a secure haven from potential disruptions to the financial system, together with from tariffs.
In different companies, tariffs could have briefly helped the BNSF railroad, the place revenue rose 6%.
BNSF reported increased volumes for client merchandise, together with west coast imports and automotive automobiles, which suggests increased demand for shipments earlier than tariffs kicked in.
Berkshire Hathaway Vitality additionally fared higher, growing revenue 53% by broad-based good points and a decrease loss on the HomeServices actual property brokerage unit.
Revenue fell 1% at Berkshire’s manufacturing, service and retailing companies.
Berkshire’s assortment of automobile dealerships benefited from increased gross sales of latest and use automobiles.
However house furnishings and different retailing companies struggled with what Berkshire known as “elevated competitors, sluggish demand and impacts of upper financial uncertainty.”
