Berkshire Hathaway Reports 34% Surge in Operating Income Amid Record Cash Reserves

Berkshire Hathaway reported a 34% year-on-year increase in operating income, reaching $13.5 billion in the third quarter of 2025. This growth was primarily driven by a significant rise in insurance underwriting income, which nearly tripled to $2.4 billion. The company's cash reserves also reached a new high of $358 billion, excluding payables for Treasury purchases.

During the quarter, Berkshire invested $6.4 billion in stocks but sold $12.5 billion worth, marking the 12th consecutive quarter as net sellers. The specific details of these transactions will be disclosed in a regulatory filing later this month. Notably, the company did not repurchase any of its own shares for the fifth consecutive quarter.

Warren Buffett, 95, announced in May that he will step down as CEO at the end of this year after 55 years in the role. Greg Abel, who currently oversees Berkshire's non-insurance businesses, is set to succeed him, while Buffett will remain as chairman.

Despite the overall positive performance, some segments faced challenges. Berkshire Hathaway Energy and the insurance investment segment experienced declines in operating earnings. Additionally, the company has been cautious in its investment approach, reflecting Buffett's ongoing search for value in a competitive market.