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

Earnings from operations totaled $10.2 billion in Q4. That’s down more than 29% from $14.56 billion in the year-earlier period.

This was the final quarter under Warren Buffett as CEO, who announced he was stepping down at the annual shareholders meeting last May. Greg Abel took the reins to start 2026 and vowed in Berkshire’s annual letter accompanying Saturday’s results to continue the culture Buffett built of financial strength and capital discipline. Buffett remains chairman.

Insurance underwriting profits dropped 54% to $1.56 billion from $3.41 billion a year prior. Insurance investment income slid nearly 25% from to $3.1 billion from $4.088 billion.

For the full-year 2025, operating earnings totaled $44.49 billion. That’s down from $47.44 billion in the year prior.

Profits from insurance underwriting came in at $7.26 billion, down from $9 billion in 2024. Insurance investment income for the year eased to $12.5 billion from $13.6 billion a year prior.