Berkshire Hathaway, led by Warren Buffett, reported a $3.8 billion write-down on its stake in Kraft Heinz during the second quarter of 2025, reflecting challenges in the decade-old investment. The impairment reduced the Kraft Heinz stake value to approximately $8.4 billion from $17 billion in 2017. The conglomerate's quarterly operating profit declined by 4%, impacted by weaker insurance underwriting premiums and currency movements. Net earnings dropped sharply to $12.37 billion in Q2 2025 from $30.35 billion a year earlier, driven by investment losses and the Kraft Heinz impairment. Despite these setbacks, core operations such as insurance and railroads showed stability and growth. Berkshire Hathaway also sold $1.2 billion in VeriSign shares, reducing its stake to 8 million shares. The company held a cash reserve of $344.1 billion but did not execute any stock buybacks for the fourth consecutive quarter. Following the earnings release, Berkshire Hathaway's shares fell as much as 3.4% to the lowest level since February 3, 2025. The stock has underperformed the S&P 500 total return index by 26 percentage points since Buffett announced his planned retirement, scheduled for December 2025, when Greg Abel is set to succeed him as CEO. Buffett's retirement announcement has coincided with a 14% decline in Berkshire Hathaway shares since May 2025, and he has lost an estimated $28 billion in net worth amid market adjustments to the post-Buffett era. The company also warned of adverse consequences on most, if not all, of its operating businesses due to mounting global pressures.