巴菲特交出“收官答卷”！阿贝尔接棒掌舵，承诺坚守长期价值投资
Buffett Hands Over His Final Performance Report! Abel Takes the Helm, Vowing to Adhere to Long-Term Value Investing
【环球网财经综合报道】近日，伯克希尔·哈撒韦发布了2025年第四季度及全年财务业绩。
Global Finance Comprehensive News Recently, Berkshire Hathaway released its financial performance for the fourth quarter and full year of 2025.
财报数据显示，伯克希尔2025年四季度运营利润为102亿美元，较2024年同期的145.27亿美元下降超29%，业绩下滑的核心原因是公司保险业务的显著疲软。其中，保险承保利润同比暴跌54%，从去年同期的34.1亿美元降至15.6亿美元；保险投资收入也下滑近25%，由40.88亿美元减少至31亿美元。
Financial reports show that Berkshire’s operating profit in Q4 2025 reached 10.2 billion U.S. dollars, a year-on-year plunge of over 29% from USD 14.527 billion in the same period of 2024. The core driver of the performance decline was the marked weakness in the company’s insurance business. Specifically, underwriting profits nosedived 54% year-on-year, dropping from USD 3.41 billion to USD 1.56 billion; income from insurance investments also fell by nearly 25%, declining from USD 4.088 billion to USD 3.1 billion.
2025年整年，公司2025年运营利润为444.9亿美元，较2024年的474.4亿美元有所回落。保险业务全年表现同样承压，承保利润从2024年的90亿美元降至72.6亿美元，保险投资收入由136亿美元微降至125亿美元。
For the full-year 2025, the company posted an annual operating profit of USD 44.49 billion, down from USD 47.44 billion in 2024. The insurance business faced mounting pressure throughout the year as well: annual underwriting profits fell from USD 9 billion in 2024 to USD 7.26 billion, while insurance investment income edged down slightly from USD 13.6 billion to USD 12.5 billion.
伯克希尔在财报中提醒投资者，单季度的投资损益通常不具备实际参考意义，相关数据会让不熟悉会计规则的投资者对每股净收益产生严重误解，建议市场更关注反映公司核心经营状况的运营利润指标。此外，2025年四季度巴菲特依旧未进行公司股票回购操作。尽管无回购动作，公司现金储备较三季度的历史峰值3816亿美元小幅下降至3733亿美元。
Berkshire reminded investors in its financial statements that quarterly investment gains and losses are generally not of practical reference value. Such data may lead investors unfamiliar with accounting standards to seriously misinterpret net earnings per share. The company advised the market to focus more on operating profit indicators, which reflect its core business performance. In addition, Warren Buffett did not conduct any share repurchases for the company in the fourth quarter of 2025. Despite no repurchase activities, the company’s cash reserves dipped slightly from the record high of USD 381.6 billion in the third quarter to USD 373.3 billion.
值得一提的是，这是沃伦·巴菲特担任首席执行官期间的最后一份季度财报。2026年起，格雷格·阿贝尔正式接棒CEO一职，巴菲特则继续担任公司董事长。
Notably, this marks the last quarterly financial report during Warren Buffett’s tenure as Chief Executive Officer. Starting from 2026, Greg Abel will officially take over as CEO, while Buffett will remain Chairman of the Board.
阿贝尔在其首份致股东年度信中指出，自1965年以来，伯克希尔·哈撒韦的复合年增长率达19.7%，几乎是同期标普500指数复合增长率的两倍；该时间段内公司整体涨幅达6099294%，而标普500指数包括股息在内的涨幅仅为46061%。
In his first annual letter to shareholders, Abel pointed out that Berkshire Hathaway has achieved a compound annual growth rate (CAGR) of 19.7% since 1965, nearly double the compound growth rate of the S&P 500 Index over the same period. During this timeframe, the company’s overall total return surged by 6,099,294%, compared with a 46,061% gain of the S&P 500 Index including dividends.
此外，阿贝尔承诺，将延续巴菲特打造的以财务实力和资本纪律为核心的公司文化，继续坚守伯克希尔·哈撒韦的长期价值投资理念。同时，他承认，随着公司规模不断扩大，复利效应的边际递减成为客观现实，这一点公司始终清晰认知；未来公司的核心目标不再是高增速，而是实现每股内在价值的稳步增长，同时持续管理下行风险，为股东守护财富。（南木）
Furthermore, Abel pledged to continue the corporate culture built by Buffett centered on financial strength and capital discipline, and firmly uphold Berkshire Hathaway’s long-term value investing philosophy. Meanwhile, he acknowledged that as the company continues to expand in scale, the marginal diminishing effect of compound interest has become an objective reality, a trend fully recognized by the company. Moving forward, the company’s core goal will no longer be high growth, but the steady growth of intrinsic value per share, alongside continuous downside risk management to preserve shareholders’ wealth.
