Berkshire Hathaway reported second-quarter operating earnings of $11.16 billion, a 4% decline from a year earlier, as revenue in its manufacturing, service and retailing division fell 3.4%. The group cited order delays and weaker volumes linked to U.S. tariffs, with unit sales dropping 12% at Fruit of the Loom, 10% at children’s apparel maker Garan and 39% at toy company Jazwares. In its earnings release the conglomerate warned that continuing trade frictions could squeeze product availability, lift supply-chain costs and dampen consumer demand, adding that “adverse consequences” are reasonably possible for most of its businesses in the coming quarters. Berkshire’s cash pile grew to roughly $344 billion, equal to 29.6% of total assets and near the highest level in two decades. Market watchers say the expanding war chest reflects caution amid expensive equity valuations and gives Warren Buffett—and designated successor Greg Abel—greater flexibility if economic conditions deteriorate. During the quarter the company also sold about $3.8 billion of Kraft Heinz stock, extending a multiyear retrenchment from public-equity positions. Berkshire shares have lagged the S&P 500 in 2025, increasing scrutiny of Buffett’s strategy as he approaches his planned retirement in early 2026.