𝐁𝐞𝐫𝐤𝐬𝐡𝐢𝐫𝐞 𝐇𝐚𝐭𝐡𝐚𝐰𝐚𝐲 𝐄𝐏𝐒 𝐁𝐞𝐚𝐭 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐁𝐞𝐚𝐭

📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Adj. EPS: $5.26 (Est. $5.05) ✅

• Revenue: $93.68B (Est. $92.91B) ✅

• EPS (reported): $4.68

• Net income: $10.1B

• Operating earnings: $11.35B

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• EPS +18% YoY, continued strong operating momentum

• Revenue +4% YoY, broad-based growth across segments

• QoQ: EPS +11%, revenue slightly down (-1%)

• Core operating earnings strong despite investment volatility

• Investment swings continue to distort GAAP net income

⠀

💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“Investment gains and losses can be extremely misleading and are usually meaningless in any given quarter.”

𝐁𝐞𝐫𝐤𝐬𝐡𝐢𝐫𝐞 𝐇𝐚𝐭𝐡𝐚𝐰𝐚𝐲: 𝐄𝐏𝐒 𝐁𝐞𝐚𝐭, 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐁𝐞𝐚𝐭