In the first quarter of 2025, Berkshire Hathaway experienced a significant 14% drop in operating earnings, totaling $9.64 billion, down from the previous year. This decline is largely attributed to a 48.6% reduction in insurance-underwriting profits, driven notably by $1.1 billion in wildfire losses. The company also faced a $713 million foreign exchange loss compared to a gain last year. Despite these challenges, cash reserves reached a record $347 billion. The company highlights ongoing tariff-related and geopolitical uncertainties which could affect future performance.