BERKSHIRE HATHAWAY INC
For the period ended Mar 31, 2025. Filed May 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 5, 2025
BRK-A$875,654.57+2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Earnings—First Quarter 2025 and 2024
CONSOLIDATED STATEM ENTS OF EARNINGS
(dollars in millions except per share amounts)
| First Quarter | ||
|---|---|---|
| 2025 | 2024 | |
| Revenues: | ||
| Insurance and Other: | ||
| Insurance premiums earned | $21,804 | $21,474 |
| Sales and service revenues | 47,815 | 49,933 |
| Leasing revenues | 2,431 | 2,222 |
| Interest, dividend and other investment income | 5,632 | 4,338 |
| 77,682 | 77,967 | |
| Railroad, Utilities and Energy: | ||
| Freight rail transportation revenues | 5,671 | 5,637 |
| Utility and energy operating revenues | 5,494 | 5,233 |
| Service revenues and other income | 878 | 1,032 |
| 12,043 | 11,902 | |
| Total revenues | 89,725 | 89,869 |
| Investment gains (losses) | (6,435) | 1,876 |
| Costs and expenses: | ||
| Insurance and Other: | ||
| Insurance losses and loss adjustment expenses | 14,646 | 13,448 |
| Life, annuity and health benefits | 1,068 | 945 |
| Insurance underwriting expenses | 4,368 | 3,753 |
| Cost of sales and services | 38,551 | 40,792 |
| Cost of leasing | 1,887 | 1,691 |
| Selling, general and administrative expenses | 7,681 | 5,541 |
| Interest expense | 340 | 406 |
| 68,541 | 66,576 | |
| Railroad, Utilities and Energy: | ||
| Freight rail transportation expenses | 3,873 | 3,938 |
| Utility and energy cost of sales and other expenses | 4,091 | 4,103 |
| Other expenses | 846 | 1,005 |
| Interest expense | 917 | 910 |
| 9,727 | 9,956 | |
| Total costs and expenses | 78,268 | 76,532 |
| Earnings before income taxes and equity method earnings | 5,022 | 15,213 |
| Equity method earnings | 126 | 493 |
| Earnings before income taxes | 5,148 | 15,706 |
| Income tax expense | 476 | 2,874 |
| Net earnings | 4,672 | 12,832 |
| Earnings attributable to noncontrolling interests | 69 | 130 |
| Net earnings attributable to Berkshire shareholders | $4,603 | $12,702 |
| Net earnings per average equivalent Class A share | $3,200 | $8,825 |
| Net earnings per average equivalent Class B share* | $2.13 | $5.88 |
| Average equivalent Class A shares outstanding | 1,438,223 | 1,439,370 |
| Average equivalent Class B shares outstanding | 2,157,335,139 | 2,159,055,134 |
- Net earnings per average equivalent Class B share outstanding are equal toone-fifteen-hundredth of the equivalent Class A amount. See Note 18.
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