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Berkshire Hathaway Records First Q2 Operating Profit Decline Since 2023

Tariff uncertainties and a $3.8 billion Kraft Heinz writedown drove net income down 59% in Q2.

FILE - Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview with Liz Claman on Fox Business Network's "Countdown to the Closing Bell," May 7, 2018, in Omaha, Neb. (AP Photo/Nati Harnik, File)
Berkshire Hathaway Chairman Warren Buffett attends the Berkshire Hathaway Inc annual shareholders' meeting in Omaha, Nebraska, U.S., May 3, 2024. REUTERS/Scott Morgan/File Photo
Berkshire Hathaway Chairman Warren Buffett attends the Berkshire Hathaway Inc annual shareholders' meeting in Omaha, Nebraska, on May 3, 2024.
Warren Buffett at an event for Goldman Sachs Group's 10,000 Small Businesses initiative in Detroit on Nov. 26, 2013.

Overview

  • Operating earnings fell 3.77% to $11.16 billion, marking the first year-over-year decline since 2023.
  • Net income plunged to $12.37 billion, driven by a $3.8 billion writedown on Kraft Heinz and tariff-related trade uncertainties.
  • Insurance underwriting profit rose to $2.53 billion led by Geico; BNSF Railway saw an 11.5% earnings increase and Berkshire Hathaway Energy’s net income grew 18%.
  • Cash reserves edged down to $344 billion from $347 billion as Berkshire resumed net stock sales and halted share buybacks.
  • Warren Buffett, 94, will step down as CEO at year-end and hand over operations to vice chairman Greg Abel.