Berkshire Hathaway earnings rise $1.8B as currency swing adds $1.2B

Berkshire Hathaway reported Saturday that its operating earnings rose 16% in the second quarter to $12.98 billion, up $1.8 billion from $11.16 billion a year earlier. About $1.2 billion of that gain came from a currency swing tied to the company’s own debt—not from its core businesses.

The surprise boost came because Berkshire owes billions in euros, pounds, and yen through senior notes. Accounting rules force the company to restate the dollar value of that debt every quarter. In Q2 2025, a weaker dollar turned a $877 million after-tax loss into a $326 million gain, creating a $1.2 billion swing inside operating earnings. Without this currency effect, operating profit grew just 5%—a more modest but still solid performance.

The rest of the report looked familiar for Berkshire. Manufacturing, services, and retail earnings jumped 24% to $4.5 billion, its strongest segment. Berkshire Hathaway Energy earned $891 million (up 27%), and its BNSF railroad made $1.6 billion (up 6%). Insurance lagged, with underwriting profit down 13% to $1.7 billion and investment income sliding 9% to $3.1 billion.

Berkshire usually tells investors to ignore its headline net earnings because they include unpredictable stock market swings. But the currency gains—driven by exchange rates, not business performance—land inside operating earnings, the figure the company prefers. That’s an odd spot for noise. The first half of 2025 shows similar currency effects: operating earnings rose 17% with the swings, but just 6% without them. In short, Berkshire delivered a solid, if unspectacular, quarter—one where the headlines need a closer look.