"Berkshire’s operating profit — those from the company’s wholly owned businesses including insurance and railroads — dipped to $11.16 billion in the second quarter."

"The Omaha-based conglomerate once again issued a stern warning of President Donald Trump’s tariffs and the potential impact on its various businesses."

"The pace of changes in these events, including tensions from developing international trade policies and tariffs, accelerated through the first six months of 2025.
Considerable uncertainty remains as to the ultimate outcome of these events."
"It is reasonably possible there could be adverse consequences on most, if not all, of our operating businesses, as well as on our investments in equity securities, which could significantly affect our future results."

Berkshire also didn’t repurchase any stock in the first half of 2025 even as shares declined more than 10% from a record high.

cnbc.com - Berkshire hathaway brk earnings q2