Berkshire Hathaway BRK earnings Q2 2025

Berkshire Hathaway on Saturday reported a small decline in second-quarter operating earnings as Warren Buffett’s conglomerate warns of negative impacts from steep U.S. tariffs.

Berkshire’s operating profit — those from the company’s wholly owned businesses including insurance and railroads — dipped 4% year over year to $11.16 billion in the second quarter. The results were impacted by a decline in insurance underwriting, while railroad, energy, manufacturing, service and retailing all saw higher profits from a year ago.

The Omaha-based conglomerate once again issued a stern warning of President Donald Trump’s tariffs and the potential impact on its various businesses.

“The pace of changes in these events, including tensions from developing international trade policies and tariffs, accelerated through the first six months of 2025,” Berkshire said in its earnings report. “Considerable uncertainty remains as to the ultimate outcome of these events.”

“It is reasonably possible there could be adverse consequences on most, if not all, of our operating businesses, as well as on our investments in equity securities, which could significantly affect our future results,” it said.

Buffett’s cash hoard of $344.1 billion remained near a record high, though slightly lower than the $347 billion level at the end of March. Berkshire was a net seller of stocks for a 11th quarter in a row, dumping $4.5 billion in equities in the first six months of 2025.

The conglomerate also didn’t repurchase any stock in the first half of 2025 even as shares declined more than 10% from a record high.

Berkshire wrote down a loss of $3.8 billion from its Kraft Heinz stake, a longtime underperformer for the conglomerate. The consumer goods giant has been eyeing a spinoff of its grocery business. Two Berkshire executives resigned as directors from Kraft Heinz’s board in May.

This is the first earnings report since the 94-year-old Buffett announced that he’s stepping down as CEO at the end of 2025. Greg Abel, Berkshire’s vice-chairman of non-insurance operations, is set to take over as CEO, while Buffett will remain as chairman of Berkshire’s board.