Berkshire Hathaway(BRK_A) - 2025 Q1 - Quarterly Report

Financial Performance - Net earnings attributable to Berkshire shareholders for Q1 2025 were $4,603 million, a decrease of 63.7$12,702 million in Q1 2024[160] - Operating earnings for Q1 2025 were $9,641 million, down 13.9$11,222 million in Q1 2024[310] - Investment losses in Q1 2025 amounted to $5,038 million, compared to investment gains of$1,480 million in Q1 2024[310] - Net investment income increased by $295 million (11.4$2,893 million in Q1 2025 compared to $2,598 million in Q1 2024[195] - Net earnings increased by$52 million (13.8%) in Q1 2025 compared to Q1 2024, driven by higher electric utility margin and tax benefits from wind production credits[215] Insurance Operations - Insurance underwriting after-tax earnings decreased by $1.3 billion in Q1 2025, with losses from Southern California wildfires amounting to approximately$860 million[162] - Insurance-underwriting income for Q1 2025 was $1,336 million, down 48.6$2,598 million in Q1 2024[315] - Losses and loss adjustment expenses for GEICO increased by $10 million (0.1$640 million (22.8%) in Q1 2025, with losses from Southern California wildfires estimated at approximately $300 million[180] - Losses and loss adjustment expenses for the Berkshire Hathaway Reinsurance Group increased by$606 million (20.2%) in Q1 2025, with losses from Southern California wildfires estimated at approximately $770 million[185] Energy Sector - After-tax earnings from Berkshire Hathaway Energy (BHE) rose by$380 million (53.0%) in Q1 2025, reflecting higher earnings from utilities and energy businesses[163] - BHE's total revenue increased to $6,356 million in Q1 2025, compared to$6,277 million in Q1 2024[211] - Net earnings attributable to BHE increased by 39.4% to $1,100 million in Q1 2025 from$789 million in Q1 2024[213] - Energy operating revenue for BHE rose to $5,506 million in Q1 2025, up from$5,245 million in Q1 2024[211] - Electric utility margin reached $1.9 billion in Q1 2025, an increase of$225 million (13.2%) from 2024, attributed to higher retail customer rates and volumes[216] Transportation Sector - After-tax earnings from BNSF increased by 6.2% in Q1 2025 compared to 2024, driven by higher volumes and improved operating efficiencies[163] - Railroad operating revenues for BNSF increased to $5,676 million in Q1 2025, up from$5,644 million in Q1 2024, driven by a 4.1% increase in unit volume[202] - BNSF's pre-tax earnings rose by 5.5% to $1,603 million in Q1 2025 from$1,519 million in Q1 2024[202] Manufacturing and Retail - Manufacturing revenues totaled $18.8 billion in Q1 2025, a slight increase of 1.3$198 million (6.8%) in Q1 2025 compared to 2024, while service and retailing pre-tax earnings increased by $147 million (12.9$2.9 billion in Q1 2025, with financial services revenues rising by 14.7%[235] - Consumer products group revenues declined by 0.4% to $3.5 billion in Q1 2025, with pre-tax earnings dropping by$105 million (29.6%) compared to 2024[240] - Retailing group revenues increased by 2.0% in Q1 2025, with BHA revenues up by 5.3% and home furnishings down by 1.4%[250] Investment and Shareholder Equity - Berkshire's shareholders' equity was $654.5 billion as of March 31, 2025, an increase of$5.1 billion since December 31, 2024[265] - The company has not repurchased any Class A or Class B shares in the first quarter of 2025, maintaining a cash reserve of at least $30 billion[288] - Average equivalent Class A shares outstanding decreased slightly to 1,438,223 in Q1 2025 from 1,439,370 in Q1 2024[311] - Average equivalent Class B shares outstanding also decreased to 2,157,335,139 in Q1 2025 from 2,159,055,134 in Q1 2024[311] Legal and Regulatory Matters - The company is involved in various legal actions, but it does not expect these to materially affect its financial condition or results of operations[285] - There were no material changes in market risks as of March 31, 2025, compared to the previous annual report[283] - The company concluded that it was more likely than not that goodwill and other indefinite-lived intangible assets were not impaired as of March 31, 2025[279] Miscellaneous - The company anticipates that future payments under insurance and reinsurance contracts will be funded by operating cash flows[273] - The total number of reportable Mine Safety Act citations for the first quarter of 2025 was not specified, but no significant violations were reported[303] - Forward-looking statements regarding future financial performance are subject to risks and uncertainties, and actual results may differ materially[282]