Berkshire Hathaway's third-quarter operating earnings rose 34% year over year to $13.485 billion, driven by a more than threefold increase in insurance underwriting profits to $2.4 billion and steady contributions from its railroad, energy, and manufacturing operations. The conglomerate reported the results on November 1, 2025, in a press release that also showed net earnings attributable to shareholders of $30.796 billion, up from $26.251 billion a year earlier, lifted by $17.311 billion in investment gains.
Operating earnings per Class B share came in at $6.26, beating the Zacks consensus estimate by 33.2%. Total revenues increased 2.2% to $92.5 billion, though they missed the consensus by 0.1%. Costs and expenses fell 2.6% to $79.1 billion, helped by lower insurance losses and reduced underwriting and administrative expenses.
The insurance segment led the improvement. GEICO generated $1.8 billion in pre-tax underwriting profit, slightly below the $2 billion a year earlier, while the reinsurance business swung to a $900 million gain from a $300 million loss in the third quarter of 2024, aided by a benign U.S. hurricane season. Burlington Northern Santa Fe earnings rose 5% to $1.45 billion, and the manufacturing, service, and retailing segment gained 8% to $3.6 billion.