Overview

• Operating earnings fell 4% year-on-year to $11.16 billion as weaker insurance underwriting offset gains across other divisions
• Berkshire recognized a $3.8 billion impairment on its 27% stake in Kraft Heinz for the first time after prolonged value erosion
• The company maintained its pause on share repurchases through the first half of 2025, leaving cash reserves at a record $344.1 billion
• Class B shares dropped over 3% following the earnings release, pushing Berkshire’s market capitalization below $1 trillion to $991.6 billion
• Warren Buffett’s plan to hand over the CEO role to Greg Abel by the end of 2025 continues to shape the conglomerate’s conservative capital-allocation approach