Buffett’s Final Quarter: Berkshire Slows as Insurance Slump Signals New Era

Berkshire Hathaway reported Q4 2025 operating earnings of $10.2B, down about 29% from a year earlier, with insurance underwriting profits down 54% to $1.56B and insurance investment income down ~25% to $3.1B. This was Buffett’s final quarter as CEO before Greg Abel begins 2026. For 2025, operating earnings totaled $44.49B and overall earnings $66.97B, pressured by a $4.5B impairment from Kraft Heinz and Occidental; investment gains helped but overall earnings still fell. Berkshire did not buy back shares and its cash hoard eased to $373.3B, while its stock rose ~10% in 2025, lagging the S&P 500.}