Berkshire Hathaway reported a $3.76 billion write-down on its stake in Kraft Heinz during the second quarter of 2025, reflecting challenges with the decade-old investment. The conglomerate's net earnings declined sharply to $12.37 billion from $30.35 billion in the same period last year, impacted by investment losses and the impairment related to Kraft Heinz. Operating profit fell 4%, driven in part by weaker insurance underwriting premiums. Despite these setbacks, core businesses such as insurance and railroads showed stability and growth. Berkshire also sold $1.2 billion worth of VeriSign shares, reducing its stake to 8 million shares. The company’s cash holdings remain high at 29.6% of assets, near record levels, suggesting a cautious approach amid a challenging market environment. Berkshire’s B shares fell 3.3% to their lowest level since early February, trading around $472.84, about 15% below their May peak. Warren Buffett is expected to step down as CEO in December, with Greg Abel set to succeed him. The company also warned of adverse consequences on most, if not all, of its operating businesses due to mounting global pressures.