Berkshire Hathaway operating earnings fell nearly 30% in Warren Buffett's final quarter as CEO

February 28, 2026

TL;DR

Berkshire Hathaway's Q4 operating earnings fell by over 29% to $10.2 billion compared to the previous year.
Insurance underwriting profits decreased by 54% to $1.56 billion in Q4.
Insurance investment income declined by nearly 25% to $3.1 billion in Q4.
Full-year 2025 operating earnings were $44.49 billion, down from $47.44 billion in 2024.
Greg Abel assumed the role of CEO at the start of 2026, with Warren Buffett remaining as chairman.
Overall earnings, including investment gains/losses, fell slightly in Q4 to $19.2 billion.
Berkshire's cash hoard decreased to $373.3 billion in Q4.
Since 1965, Berkshire Hathaway has achieved compounded annual gains of 19.7%, significantly outperforming the S&P 500.

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