Berkshire Hathaway recently released its annual report for 2025. Here are some brief highlights of the release.
Berkshire’s operating earnings declined by 29.8% in Q4 2025 (vs. Q4 2024). Berkshire’s insurance underwriting profits dropped by 50%.
Berkshire did not repurchase any of its shares in Q4 2025.
In 2025, Berkshire produced $46 billion of net cash flows from operating activities, compared to a five-year average of more than $40 billion (almost $1 billion per week).
According to Greg Abel, “Berkshire will not pay dividends so long as more than one dollar of market value for shareholders is reasonably likely to be created by each dollar of retained earnings.”
Berkshire had $373.1 billion in cash and Treasury Bills at year-end.
According to the report, “Ted Weschler manages about 6% of our investments, including a portion of the portfolio formerly overseen by Todd Combs. Ted’s impact extends beyond these investments, as he continues to play a broader role in assessing significant opportunities, providing valuable input on our businesses, and supporting Berkshire in various other ways.”
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