Warren Buffett’s Berkshire Hathaway reported a 34% jump in operating profit for the third quarter to $13.5 billion, driven by a 200% surge in insurance underwriting income to $2.37 billion.
Despite the strong results, Berkshire did not conduct any share buybacks in the first nine months of 2025, even as its stock pulled back. The company’s cash reserves soared to a record $381.6 billion, surpassing the previous high set earlier this year.
The conglomerate also sold more equities than it bought, realizing a taxable gain of $10.4 billion, signaling Buffett’s cautious stance amid high valuations.
Berkshire’s Class A and B shares are each up 5% this year, lagging the S&P 500’s 16.3% gain.
The 95-year-old Buffett is set to step down as CEO at the end of 2025, handing leadership to Greg Abel, who will begin writing Berkshire’s annual letters in 2026.
Berkshire recently announced a $9.7 billion deal to acquire Occidental Petroleum’s OxyChem unit, its largest purchase since the $11.6 billion Alleghany acquisition in 2022.Including investment gains, total earnings rose 17% year-on-year to $30.8 billion, underscoring Berkshire’s strong performance and vast liquidity as it prepares for a leadership transition.