| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 19.90% | - | 25.50% |
Berkshire Hathaway delivered solid operating performance in 2025 with $44.5 billion in operating earnings, demonstrating the durability of its diversified business model. The insurance operations generated exceptional underwriting results with an 87.1% combined ratio while growing float to $176 billion, though increased competition may pressure future earnings. BNSF improved operating margins through efficiency gains, while BHE faces significant investment opportunities driven by AI computing demand and wildfire mitigation needs. The company maintains exceptional financial strength with over $370 billion in cash and Treasury holdings, providing substantial dry powder for future opportunities. Berkshire's concentrated equity portfolio, led by positions in Apple, American Express, Coca-Cola, and Moody's, reflects its disciplined value approach. The company recorded impairment losses on Kraft Heinz and Occidental investments but remains committed to long-term value creation. Management emphasizes maintaining fortress-like financial strength while remaining patient for attractive investment opportunities that meet strict criteria for durable competitive advantages and quality management.
Berkshire Hathaway maintains its disciplined approach to capital allocation and long-term value creation through a diversified portfolio of insurance operations, regulated utilities, railroads, and manufacturing businesses, supported by exceptional financial strength and over $370 billion in deployable capital.
Berkshire expects continued opportunities for incremental capital deployment while maintaining exceptional financial strength. Insurance performance will ebb and flow with industry capital conditions, but the structural advantages will strengthen over time. Non-insurance operations are positioned to deliver greater long-term value through sustained operational excellence.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 1 2026 | 2025 Q4 | 8001.T, 8002.T, 8031.T, 8053.T, 8058.T, AAPL, AXP, KHC, KO, MCO, OXY | Capital Allocation, energy, Float, insurance, Quality, Railroads, Underwriting, value | - | Berkshire's insurance operations generated pre-tax underwriting gains and grew float to $176 billion. The combined ratio of 87.1% across property and casualty businesses was exceptional.… |
| Feb 22 2025 | 2024 Q4 | BRK/A | - | - | - |
| Feb 24 2024 | 2023 Q4 | BRK/A | - | - | - |
| Feb 28 2023 | 2022 Q4 | BRK/A | - | - | - |
| Dec 31 2021 | 2021 Q4 | BRK/A | - | - | - |
| Dec 31 2020 | 2020 Q4 | BRK/A | - | - | - |
| Dec 31 2019 | 2019 Q4 | BRK/A | - | - | - |
| Dec 31 2018 | 2018 Q4 | BRK/A | - | - | - |
| Dec 31 2017 | 2017 Q4 | BRK/A | - | - | - |
| Dec 31 2016 | 2016 Q4 | BRK/A | - | - | - |
| Dec 31 2015 | 2015 Q4 | BRK/A | - | - | - |
| Dec 31 2014 | 2014 Q4 | BRK/A | - | - | - |
| Dec 31 2013 | 2013 Q4 | BRK/A | - | - | - |
| Dec 31 2012 | 2012 Q4 | BRK/A | - | - | - |
| Dec 31 2011 | 2011 Q4 | BRK/A | - | - | - |
| Dec 31 2010 | 2010 Q4 | BRK/A | - | - | - |
| Dec 31 2009 | 2009 Q4 | BRK/A | - | - | - |
| Dec 31 2008 | 2008 Q4 | BRK/A | - | - | - |
| Dec 31 2007 | 2007 Q4 | BRK/A | - | - | - |
| Dec 31 2006 | 2006 Q4 | BRK/A | - | - | - |
| Dec 31 2005 | 2005 Q4 | BRK/A | - | - | - |
| Dec 31 2004 | 2004 Q4 | BRK/A | - | - | - |
| Dec 31 2003 | 2003 Q4 | BRK/A | - | - | - |
| Dec 31 2002 | 2002 Q4 | BRK/A | - | - | - |
| Dec 31 2001 | 2001 Q4 | BRK/A | - | - | - |
| Dec 31 2000 | 2000 Q4 | BRK/A | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
EnergyEnergy plays a critical role in AI infrastructure economics, with data centers becoming major electricity consumers. Rising power costs compress margins while grid constraints and regulatory scrutiny influence deployment timelines. The manager emphasizes that unlike software-driven growth, AI compute cannot be scaled independently of physical energy reality. |
Data Centers Grid Power Infrastructure Utilities |
InsuranceBerkshire's insurance operations generated pre-tax underwriting gains and grew float to $176 billion. The combined ratio of 87.1% across property and casualty businesses was exceptional. However, increased competition and rising claim cost trends may pressure future earnings. |
P&C Insurance Reinsurance Float Underwriting GEICO | |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position | |
RailroadsBNSF improved operating margin to 34.5% from 32.0% through operational improvements and efficiency gains. The railroad generated $8.1 billion in net operating cash flows and returned $4.4 billion in dividends to Berkshire. |
Rail Infrastructure Freight Transportation Operating Margin | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| 8001.T | Japanese trading/investment companies Marubeni Corp. and Itochu Corp. both posted gains in excess of 10% for the quarter, executing on both organic and acquisitive growth initiatives, while focusing on better shareholder returns. |
| 8002.T | Japanese trading/investment companies Marubeni Corp. and Itochu Corp. both posted gains in excess of 10% for the quarter, executing on both organic and acquisitive growth initiatives, while focusing on better shareholder returns. |
| AAPL | Apple Inc. represents 1.6% of company owned with cost basis of $6,255 million and market value of $61,962 million, providing $280 million in 2025 dividends. |
| AXP | American Express Company represents 22.1% of company owned with cost basis of $1,287 million and market value of $56,088 million, providing $479 million in 2025 dividends. |
| KHC | Our investment in Kraft Heinz has been disappointing. Even after considering the preferred equity component in our original Heinz investment, our return has been well short of adequate. |
| KO | The Coca-Cola Company represents 9.3% of company owned with cost basis of $1,299 million and market value of $27,964 million, providing $816 million in 2025 dividends. |
| MCO | Moody's Corporation represents 13.9% of company owned with cost basis of $248 million and market value of $12,603 million, providing $93 million in 2025 dividends. |
| OXY | We also hold equity method investments, principally Kraft Heinz and Occidental. We recorded a pre-tax impairment loss of approximately $5.7 billion on our investment in Occidental common stock in the fourth quarter of 2025. |
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