Berkshire Hathaway’s Q3 operating results met expectations with insurance business still strong. Despite some normalization in insurance operations in 2025, BNSF underperformed and Berkshire Hathaway Energy saw a slight decline. The company ended Q3 with a record $358 billion in cash. Adjusted operating revenue increased 2.1% to $95.0 billion. Adjusted operating earnings rose 33.6% to $13.5 billion, while book value per share increased 10.9% year over year. Morningstar maintains a fair value of $765,000 per Class A share.

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