It has been about a month since the last earnings report for Berkshire Hathaway B (BRK.B Quick QuoteBRK.B - Free Report) . Shares have added about 6.4% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Berkshire Hathaway B due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Berkshire Hathaway Q2 Earnings & Revenues Decline Year Over Year

Berkshire Hathaway second-quarter 2025 operating earnings of $11.2 billion, which decreased 3.8% year over year. The decrease was due to lower earnings in insurance underwriting and other areas, offset by higher earnings in Insurance-investment income, BNSF, Berkshire Hathaway Energy Company, Manufacturing, service, and retailing.

Behind the Headlines

Revenues declined 1.2% year over year to $92.5 billion due to lower revenues at Insurance and Other and Railroad, Utilities and Energy.
 
Costs and expenses decreased 0.3% year over year to $79.4 billion, largely due to a decline in insurance losses and loss adjustment expenses, cost of sales and services, interest expense, freight rail transportation expenses, utility and energy cost of sales and other expenses. The figure was lower than our estimate of $97.3 billion.

Segment Performance

Berkshire Hathaway’s Insurance and Other segment revenues decreased 1.2% year over year to $80.4 billion in the reported quarter due to lower sales and service revenues. It was offset by higher insurance premiums earned, leasing revenues and interest, dividend, and other investment income. 
Insurance underwriting earnings decreased 12% year over year to $2 billion. 

Railroad, Utilities, and Energy operating revenues decreased 0.9% year over year to $12.1 billion, primarily due to lower freight rail transportation revenues, service revenues, and other income. The figure was lower than our estimate of $25.4 billion. Pre-tax earnings of the Railroad increased 11.5% to $1.8 billion, attributable to lower operating expenses.

Operating earnings from the Railroad business increased 10.6% year over year to $2 billion. 

Total revenues at Manufacturing, Service, and Retailing decreased 3.4% year over year to $53.4 billion. Pre-tax earnings increased 4.7% year over year to $4.6 billion.

Earnings from Manufacturing, Service, and Retailing businesses rose 6.5% year over year to $3.6 billion.

Financial Position

As of June 30, 2025, consolidated shareholders’ equity was $670.3 billion, up 2.8% from the level as of Dec. 31, 2024. At quarter-end, cash and cash equivalents were $96.2 billion, doubled from the level at 2024-end.

BRK.B exited the second quarter of 2025 with a float of about $174 billion, up from $171 billion at Dec. 31, 2024

Cash flow from operating activities totaled $21 billion in the reported quarter, down 13.1% from the year-ago period. BRK.B did not repurchase shares in the first six months of 2025.

How Have Estimates Been Moving Since Then?

Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.

VGM Scores

At this time, Berkshire Hathaway B has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Berkshire Hathaway B has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Berkshire Hathaway B belongs to the Zacks Insurance - Property and Casualty industry. Another stock from the same industry, W.R. Berkley (WRB Quick QuoteWRB - Free Report) , has gained 3.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2025.

W.R. Berkley reported revenues of $3.64 billion in the last reported quarter, representing a year-over-year change of +7.9%. EPS of $1.05 for the same period compares with $1.04 a year ago.

For the current quarter, W.R. Berkley is expected to post earnings of $1.03 per share, indicating a change of +10.8% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.5% over the last 30 days.

W.R. Berkley has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.