NYSE$BRK-B
Berkshire Hathaway Inc · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Berkshire Hathaway reported Q4 2025 net earnings attributable to shareholders of $19.2B and Class B diluted EPS of $8.90.
Fourth-quarter net earnings attributable to Berkshire shareholders were $19.2 billion ($8.90 per Class B share) versus $19.7 billion a year ago. Operating earnings were $10.2 billion in Q4 and $44.5 billion for 2025. Investment gains/losses and mark-to-market equity moves remain volatile; management directs investors to the full annual report for segment detail.
- Q4 operating earnings $10.2B; full-year operating earnings $44.5B.
- Q4 net earnings to shareholders $19.2B; Class B EPS $8.90.
- After-tax investment gains of $13.5B in Q4 included unrealized equity marks.
- Insurance float and capital allocation remain central to the investment thesis.
Headline financials
Revenue & EPS history
Berkshire Hathaway · Revenue · Quarterly
$0
Forward guidance
Berkshire does not issue quarterly EPS guidance; capital allocation and insurance underwriting drive long-term value.
Tailwinds
- Operating earnings $44.5B in 2025.
- Large cash and Treasury holdings.
- Repurchases when price is below intrinsic value.
Headwinds
- Equity portfolio mark-to-market volatility.
- Catastrophe and insurance loss potential.
- Concentration in Apple and other large holdings.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
+0.1%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+2.6%
Avg return
30 days after
30%
10 / 33 earnings
Positive
+1.9%
Q2 2016
Best reaction
-1.6%
Q3 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.1% | +3.3% | +4.0% | |
| Q4 2025 | +0.0% | -0.9% | -6.0% | |
| Q3 2025 | +0.0% | +3.3% | +6.5% | |
| Q2 2025 | +0.0% | -2.4% | +6.4% | |
| Q1 2025 | -0.5% | +0.0% | -4.7% | |
| Q4 2024 | +0.0% | +4.9% | +9.8% | |
| Q3 2024 | +0.0% | +1.8% | +5.6% | |
| Q2 2024 | +0.0% | +0.7% | +11.1% | |
| Q1 2024 | +0.0% | -0.5% | -5.7% | |
| Q4 2023 | +0.0% | +2.5% | +8.5% | |
| Q3 2023 | +0.0% | -1.5% | -3.7% | |
| Q2 2023 | +1.2% | +1.4% | +3.8% | |
| Q1 2023 | +1.2% | +1.7% | +7.7% | |
| Q3 2022 | -0.9% | +3.6% | +11.1% | |
| Q2 2022 | -0.2% | +0.8% | +9.9% | |
| Q1 2022 | -1.3% | -3.6% | -9.7% | |
| Q3 2021 | -1.6% | +0.3% | +3.5% | |
| Q2 2021 | +0.6% | +1.1% | +0.8% | |
| Q1 2021 | -1.1% | +1.7% | +6.5% | |
| Q3 2020 | +1.2% | +0.9% | -4.1% | |
| Q2 2020 | +0.7% | +0.9% | +9.7% | |
| Q1 2020 | -0.2% | -2.6% | +2.3% | |
| Q3 2019 | +0.3% | +0.3% | +2.8% | |
| Q2 2019 | +0.0% | +1.0% | -2.5% | |
| Q1 2019 | +0.0% | +2.2% | +7.9% | |
| Q3 2018 | +0.0% | +2.5% | -5.0% | |
| Q2 2018 | +0.0% | +0.5% | +6.7% | |
| Q1 2018 | +0.0% | +0.7% | -2.9% | |
| Q3 2017 | +0.0% | +2.1% | +2.5% | |
| Q2 2017 | +0.0% | +1.5% | +2.8% | |
| Q1 2017 | -0.4% | -0.9% | -1.3% | |
| Q3 2016 | +0.6% | +0.4% | +0.3% | |
| Q2 2016 | +1.9% | +0.1% | +1.5% | |
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| Q3 2008 | — | — | — | |
| Q3 2009 | — | — | — |
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