Berkshire reported Q4 net earnings attributable to shareholders of USD 19.2 billion and net earnings per average equivalent Class A share of USD 13,349 (Class B: USD 8.90). Q4 operating earnings were USD 10.2 billion, including insurance-underwriting earnings of USD 1.6 billion, insurance-investment income of USD 3.1 billion, BNSF earnings of USD 1.3 billion, Berkshire Hathaway Energy earnings of USD 691 million, manufacturing/service/retailing earnings of USD 3.4 billion, and “other” earnings of USD 159 million. Q4 investment gains were USD 13.5 billion, and Q4 other-than-temporary impairment of investments in Kraft Heinz and Occidental was USD 4.5 billion. For FY, net earnings attributable to shareholders were USD 67.0 billion and net earnings per average equivalent Class A share were USD 46,563 (Class B: USD 31.04). FY operating earnings were USD 44.5 billion, including insurance-underwriting earnings of USD 7.3 billion, insurance-investment income of USD 12.5 billion, BNSF earnings of USD 5.5 billion, Berkshire Hathaway Energy earnings of USD 4.0 billion, manufacturing/service/retailing earnings of USD 13.6 billion, and “other” earnings of USD 1.6 billion. FY investment gains were USD 30.7 billion, and FY other-than-temporary impairment of investments in Kraft Heinz and Occidental was USD 8.3 billion. Berkshire said GAAP requires changes in unrealized gains/losses on equity securities to be included in investment gains/losses, and noted that quarterly investment gains/losses are “usually meaningless” and can be misleading. The company reported insurance float of approximately USD 176 billion at December 31, 2025, and 1,438,223 Class A equivalent shares outstanding at year-end.

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