TLDR
- BRK.A and BRK.B have fallen for eight straight sessions — their longest losing streak since December 2018
- Class A is down 4.7% and Class B down 4.9% since March 17
- Q4 2025 operating earnings dropped ~30% year-over-year to $10.2 billion; insurance underwriting fell 54%
- New CEO Greg Abel restarted buybacks on March 4 and personally bought $15.3 million in stock
- Berkshire invested $1.8 billion for a ~2.5% stake in Tokio Marine Holdings, which surged 24% this week
Berkshire Hathaway has now fallen for eight straight trading sessions — the longest losing streak the stock has seen since December 2018. Class A is down 4.7% and Class B down 4.9% since their last positive close on March 17.
Berkshire Hathaway Inc., BRK-B
The broader market isn’t helping. The S&P 500 is off 5.2% over the same stretch and is down around 7% year-to-date, on a five-week losing streak of its own. Rising energy prices and global uncertainty tied to the Iran conflict are weighing on sentiment.
For Berkshire, the timing is sensitive. Greg Abel officially took over as CEO at the start of 2026, with Warren Buffett remaining as chairman. The stock is now down more than 13% since Buffett announced last year he would step down from the CEO role.
The company’s earnings didn’t help matters. Q4 2025 operating earnings came in at $10.2 billion, down roughly 30% year-over-year. For the full year, operating earnings were $44.5 billion, off 6% from 2024.
Insurance underwriting was the main drag, falling 54% year-over-year in Q4 to $1.56 billion. That comparison was against an unusually strong prior-year period. But it still spooked investors when results hit on February 28.
BNSF, Berkshire’s freight railroad, faces continued margin pressure from elevated diesel costs. The company’s consumer and manufacturing businesses are also exposed to higher energy costs eating into disposable income.
Abel Makes Early Moves
Despite the headline weakness, Abel has moved quickly to send capital allocation signals. Berkshire resumed share buybacks on March 4 — the first repurchases since May 2024. Abel told CNBC the company buys back stock when it trades below intrinsic value, suggesting he sees the current price as an opportunity.
He also disclosed a personal purchase of $15.3 million in Berkshire stock and committed to investing his entire after-tax salary in the company each year he serves as CEO.
Berkshire ended 2025 with $373.3 billion in cash, equivalents, and T-bills, down from a Q3 record of $381.6 billion but still one of the largest cash piles held by any company globally.
New Stake in Tokio Marine
In a separate development this week, Berkshire’s insurance arm National Indemnity paid $1.8 billion for just under a 2.5% stake in Tokio Marine Holdings — Japan’s oldest insurance company.
Tokio Marine stock surged more than 24% following the Monday announcement. That stake is now worth nearly $2.3 billion.
Berkshire can increase its position to just under 10% through open-market purchases. Any stake beyond that requires board approval.
The deal was overseen by Ajit Jain and reportedly involved Buffett in an advisory capacity. Tokio Marine issued new shares for the purchase and plans to buy back an equivalent amount to prevent dilution.
The two companies will collaborate on reinsurance and jointly pursue strategic investments. Tokio Marine called the partnership a “long-term strategic relationship.”
Berkshire’s existing five Japanese trading house positions — Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo — have risen between 42% and 124% over the past 52 weeks, with a combined market value of more than $44 billion.
Mitsubishi hit an all-time closing high on Friday.
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