No. of Recommendations: 2
" Berkshire Hathaway Q2 operating earnings -3.8% Y/Y, cash pile slips to $344.09B
Aug. 02, 2025 8:29 AM ETBerkshire Hathaway Inc. (BRK.A) Stock, BRK.B StockBy: Anuron Mitra, SA News Editor
Berkshire Hathaway press release (NYSE:BRK.A)(NYSE:BRK.B): Q2 operating earnings of $11.16B (-3.8% Y/Y).
Q2 total revenue of $92.52B (-1.2% Y/Y).
Net earnings per average equivalent Class A share of $8,601.
Net earnings per average equivalent Class B share of $5.73.
Cash, cash equivalents, and short-term securities of $344.09
Gambino's comments are always worth reading.
Gary Gambino
Today, 8:52 AM
Analyst
Comments (3.76K)
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Cash pile did not "slip". The real number for Q1 was $328B, not $342B because there was a $14B payable for T Bills bought but not settles at quarter end.
The comparable number for Q2 is $339.8B. There were zero payables for T-bills.
Generally, we don't include the cash held within "Railroad, Utilities and Other" because it is working capital needed to run that business. When we talk about "cash pile", it refers to cash held within Insurance only.
So that is a $11.8 B cash build.
The real question is why is there almost $60 B more "actual" cash and $60 B less T bills? That's in the neighborhood of what $CSX would cost. Just sayin'.
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zball
Today, 8:49 AM
Comments (282)
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A lot of noise here that is masking a very good quarter.
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Gary Gambino
Today, 8:55 AM
Analyst
Comments (3.76K)
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@zball revenues flat in most businesses but costs down. I like to see that.
I don't like to see the $KHC impairment but that's just recognizing something the market knew already.
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porky11
Today, 8:42 AM
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Buying opportunity incoming…..
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Mr. Slushy
Today, 8:40 AM
Investing Group
Comments (51)
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No bueno. Hoping for at least good statements.
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BTB9192
Today, 8:37 AM
Comments (742)
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Very steady. No buybacks, as predicted.
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alexferguson60
Today, 8:35 AM
Investing Group
Comments (435)
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Business losses all over the shop + falling investment income = bad quarter
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Gary Gambino
Today, 8:44 AM
Analyst
Comments (3.76K)
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@alexferguson60 neither of those things are true
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nashman
Today, 8:44 AM
Comments (3.21K)
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@alexferguson60 lol, no. Insurance was the culprit . Hurricanes and the la fires
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Wapiti19
Today, 8:32 AM
Investing Group
Comments (4.22K)
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Oh boy …..
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No. of Recommendations: 19
The real question is why is there almost $60 B more "actual" cash and $60 B less T bills? That's in the neighborhood of what $CSX would cost. Just sayin'.That's dumb. There was a distortion in t-bill rates during the quarter associated with maturities that fell around the estimated x-date for the debt ceiling. The distortion was both a "too-high" yield on 60 day bills and a "too low" yield on 30-day bills as shown in these two CNBC graphs linked below.
The commenter's "actual" cash is still t-bills - they are just t-bills of 3 months or less at the time of purchase. T-bills of 3 and 6 months are affected by rate cut expectations so the distortion is best seen in the unique opportunity 2 month t-bills offered to earn a few extra bps.
2 month t-bill yield index (the ones BRK likely piled into):
https://www.cnbc.com/quotes/US2M1 month t-bill index (these are just linked to show how the distortion was related to debt ceiling x-date and resulted in a piling in by money market funds and other scaredy-cats):
https://www.cnbc.com/quotes/US1MSo suggest it had something to do with a merger that hasn't even been announced and would take a year to close to actually require any "cash" is pretty dumb. Also, when large amounts of "cash" are delivered by Berkshire in acquisitions, it is still t-bills that are transferred. It isn't a personal check for $60 billion out of a Wells Fargo savings account.
