Berkshire Hathaway announced its third-quarter results on 1 November 2025. Net income rose to $30.8 billion, up about 17% from the same quarter last year.
Operating profit—reflecting the performance of wholly-owned businesses such as insurance and railroads—jumped around 34% year-on-year to $13.5 billion. This rise was powered by strong gains in insurance underwriting.
Meanwhile, the company’s cash reserves ballooned to a record $381.7 billion, underscoring a cautious approach to market conditions.
Why It Matters
As CEO Warren Buffett prepares to step down at the end of the year, investors are watching for signs of how his successor will allocate capital. While profits rose, Berkshire kept to its pattern of not buying back shares for the fifth straight quarter—and sold more stocks than it bought for the 12th consecutive quarter.
Revenue growth remained modest, up just 2% year-on-year, signalling lingering pressures in consumer markets and manufacturing.
Key Takeaways
- Growth is broad-based: Insurance, rail and manufacturing all contributed.
- Massive cash pile gives Berkshire flexibility—but also raises questions about when and how it will be deployed.
- Transition at the top may shape strategy going forward, especially on capital allocation.
