伯克希尔Q2净利润暴跌59%，现金储备接近历史高位，警告关税将打击业绩

Core Viewpoint - Berkshire Hathaway's Q2 financial results reflect significant challenges, with a notable decline in net profit and concerns over international trade policies impacting various business segments [2][3]. Financial Performance - Q2 revenue reached $92.515 billion, slightly above market expectations of $91.963 billion but down from $93.653 billion year-on-year [5]. - Operating profit for Q2 was $11.16 billion, a year-on-year decrease of 3.8% [5]. - Net profit for Q2 was $12.37 billion, a staggering 59% drop compared to $30.35 billion in the same period last year [5]. - Cash reserves stood at $344.1 billion, close to historical highs, but marked the first decline in three years [12]. Investment Performance - Investment income for Q2 was $6.4 billion, with significant volatility noted in the investment portfolio [10]. - A $3.8 billion impairment loss was recognized on the investment in Kraft Heinz, reflecting ongoing valuation challenges [10][11]. - The company has been a net seller of stocks for 11 consecutive quarters, selling approximately $3 billion worth of stocks in Q2 [12]. Business Segment Analysis - The BNSF railroad segment showed strong performance with a 19% increase in net profit to $1.47 billion, driven by improved operational efficiency [6][13]. - Insurance underwriting profits were $2.5 billion, impacted by $1.2 billion in losses from California wildfires [6][9]. - The manufacturing, service, and retail sectors reported mixed results, with notable declines in revenue for certain consumer brands due to trade policy uncertainties [14][15]. Trade Policy Impact - The company highlighted that trade policy uncertainties have led to significant revenue declines in its clothing and toy brands, with specific brands experiencing drops of 11.7% to 38.5% [15][16]. - The upcoming tariffs announced by the Trump administration are expected to further exacerbate these challenges [16].