Overview

• Core operating earnings slipped 3.77% to $11.16 billion as weaker insurance underwriting profits and $877 million in currency-exchange losses weighed on results
• Rail and energy units provided a buffer with BNSF Railway earnings rising double digits and Berkshire Hathaway Energy profit up about 7%
• The $3.8 billion impairment on its 27% stake in Kraft Heinz follows a prior write-down in 2019 and comes after the food producer signaled strategic reviews
• Warren Buffett’s first earnings report since naming Greg Abel as his successor underscores the looming leadership handover at year-end
• Management warned that President Trump’s escalating tariff policies have disrupted consumer-facing businesses and clouded the economic outlook