Core Insights - Berkshire Hathaway reported a significant decline in operating earnings for Q4 2025, primarily due to weakness in its insurance business [1][3] - The company’s operating earnings for Q4 totaled $10.2 billion, a decrease of over 29% from $14.56 billion in the same quarter the previous year [1][3] - For the full year 2025, operating earnings were $44.49 billion, down from $47.44 billion in 2024 [3] Insurance Business Performance - Insurance underwriting profits fell by 54% to $1.56 billion from $3.41 billion year-over-year [3] - Insurance investment income decreased nearly 25%, dropping to $3.1 billion from $4.088 billion [3] - For the full year, profits from insurance underwriting were $7.26 billion, down from $9 billion in 2024, while insurance investment income eased to $12.5 billion from $13.6 billion [3] Leadership Transition - The fourth quarter of 2025 marked the final quarter under Warren Buffett as CEO, with Greg Abel taking over in 2026 [2] - Greg Abel committed to maintaining the financial strength and capital discipline culture established by Buffett in his annual letter [2]