Berkshire Q4 operating earnings $10.2B vs $14.5B YoY; full-year impairments $8.3B

BERKSHIRE HATHAWAY INC

Q4 net earnings $19.2B ($13,349/Class A share) vs $19.7B YoY; full-year $67.0B vs $89.0B.
Operating earnings fell to $10.2B (Q4) and $44.5B (FY) from $14.5B and $47.4B in 2024.
Other-than-temporary impairments of $8.3B in 2025 on Kraft Heinz and Occidental investments.
Insurance-underwriting profit dropped to $1.56B (Q4) and $7.26B (FY) from $3.41B and $9.02B.
Insurance float rose $5B to $176B at Dec 31, 2025; BNSF operating earnings $1.35B (Q4).

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