Berkshire Hathaway's (BRK) operating earnings for Q4 2024 amounted to $14.5 billion, a significant increase from $8.5 billion in Q4 2023. For the full year 2024, operating earnings reached $47.4 billion, up from $37.4 billion in 2023. This growth reflects strong performance across various business segments, including insurance underwriting, insurance investment income, and controlled businesses.

Insurance underwriting earnings surged to $3.4 billion in Q4 2024, compared to $848 million in Q4 2023. For the full year, this segment generated $9 billion, up from $5.4 billion in 2023. Similarly, insurance investment income rose to $4.1 billion in Q4 2024, compared to $2.8 billion in Q4 2023, and totaled $13.7 billion for the year, up from $9.6 billion in 2023.

Other segments like BNSF (railroad operations) and Berkshire Hathaway Energy Company showed stable performance, with BNSF contributing $5 billion for the year and Berkshire Hathaway Energy generating $3.7 billion, both slightly lower than their 2023 figures. Controlled businesses added $13.1 billion in earnings for 2024, while non-controlled businesses contributed $1.5 billion.

Foreign currency exchange gains also played a role, with approximately $1.2 billion in Q4 2024 and $1.1 billion for the full year, contrasting with losses in 2023.

Berkshire repurchased $2.9 billion worth of shares in 2024, ending the year with 1,438,223 Class A equivalent shares outstanding. Insurance float increased by $2 billion to $171 billion as of December 31, 2024.

Net earnings attributable to Berkshire shareholders for Q4 2024 were $19.7 billion, down from $37.6 billion in Q4 2023. For the full year, net earnings totaled $89 billion, compared to $96.2 billion in 2023. This decline was primarily driven by fluctuations in investment gains/losses.

Investment gains/losses for Q4 2024 included after-tax gains of $5.2 billion, significantly lower than the $29.1 billion in Q4 2023. For the full year, after-tax investment gains/losses amounted to $41.6 billion, down from $58.9 billion in 2023. These figures include unrealized gains/losses due to changes in equity security investments, which are required under GAAP accounting rules.

Net earnings per average equivalent Class A share were $13,695 for Q4 2024, compared to $26,043 in Q4 2023. For the full year, earnings per share were $61,900, down from $66,412 in 2023. Similarly, Class B shares earnings per share were $9.13 for Q4 2024 and $41.27 for the full year, compared to $17.36 and $44.27 in 2023, respectively.

The average equivalent Class A shares outstanding were 1,438,022 for Q4 2024, slightly lower than 1,442,785 in Q4 2023. Average equivalent Class B shares outstanding were 2,157,034,121 for Q4 2024, compared to 2,164,177,636 in Q4 2023.

Berkshire emphasized that investment gains/losses are not indicative of quarterly business performance and can be misleading due to accounting rules.