Berkshire Hathaway’s profits took a hit this quarter, largely due to a sharp decline in the value of its investment portfolio and $860 million in insurance-related losses tied to policies issued by Geico and its other insurers before the devastating wildfires in Southern California.
Buffett and Berkshire now have $347.7 Billion of cash and cash equivalents as of the end of Q1 202
5/3/2025
The company reported net earnings of $4.6 billion, or $3,200 per Class A share, for the first quarter—down significantly from $12.7 billion, or $8,825 per Class A share, in the same period last year.
However, Warren Buffett has consistently urged investors to focus on Berkshire’s operating earnings, which strip out changes in the value of its investments—fluctuations that don’t always reflect the company’s core business performance, especially since most of those investments haven’t been sold.
Using that preferred metric, operating earnings dropped 14% to $9.6 billion, or $6,703.41 per Class A share, compared to $11.2 billion, or $7,796.47 per share, a year earlier.
Analysts surveyed by FactSet Research had forecast operating earnings of $7,076.90 per Class A share.
Still, most of the attention on Saturday will be focused on Buffett’s remarks. Investors are eager for insight into why Berkshire is now holding $347.7 billion in cash as of the end of Q1—up from $334.2 billion at the close of last year. The ballooning cash reserves signal that Buffett hasn’t seen many compelling investment opportunities lately, though the report doesn’t reveal whether he made any significant purchases in April after President Donald Trump’s tariff-related market disruption.
One devoted shareholder, Haibo Liu, even camped outside the arena overnight to ensure he’d be first in line Saturday morning. Liu, who traveled from China, said he was determined to attend his second Berkshire meeting—especially since Buffett, now 94, might not lead many more.
“He has helped me a lot,” Liu said. “I really want to express my thanks to him.”
Berkshire Hathaway owns a broad mix of businesses, from Geico and BNSF Railway to large utilities and a range of retail and manufacturing companies, including
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