Berkshire takes $4.5 billion of Q4 2025 impairments on its Kraft Heinz and Occidental stakes

Berkshire recorded other-than-temporary impairments of $4,495 million in the fourth quarter of 2025 on its Kraft Heinz and Occidental Petroleum investments, and $8,255 million for the full year. The writedowns are non-cash, but they cut reported net earnings and show the market value of two large holdings sat below their carrying values at year-end. None were recorded in 2024.

• Q4 2025 impairments on Kraft Heinz and Occidental: $4,495 million
• Full-year 2025 impairments on the same two stakes: $8,255 million
• No comparable impairments were recorded in 2024
• Q4 2025 investment gains before the impairments were not separately reduced in the release