Berkshire Hathaway said Q2 2025 aviation services revenues reflected NetJets fleet growth, increased flight hours, and higher average rates.
Berkshire Hathaway, parent of NetJets, said Service group revenue in the second quarter of 2025 reached $5.68 billion.
Year-to-date revenue was $11.17 billion for the division that houses the world’s largest private jet operator.
Service group revenues increased $466 million in Q2 2025.
That represented an 8.9% gain in the second quarter.
For the first six months, revenue increased $808 million, a 7.8% year-over-year gain.
Berkshire Hathaway said the revenue increases were in part based on a 9.6% year-to-date gain from Aviation Services.
NetJets gets credit:
‘The revenue increases from Aviation Services reflected increases in the number of aircraft in shared aircraft ownership programs and in-flight hours across NetJets’ various programs and higher average rates.’
Last month, NetJets received its first two of up to 250 Praetor 500s.
As of July 2025, NetJets and NetJets Europe were operating 802 private jets.
The most recent analysis by Private Jet Card Comparisons of guaranteed jet card programs showed rates increasing 1.1% sequentially at the end of Q2 2025.
Service group pre-tax earnings increased 15.2% or by $96 million in the second quarter.
Group earnings were up by 12.5%, or $153 million, in the first six months of 2025 year-over-year.
However, commentary also noted continued cost pressure on NetJets.
Berkshire Hathaway wrote, “The earnings increases from aviation services were primarily attributable to increased revenues, partially offset by higher flight crew costs and higher maintenance, fuel, and depreciation expenses.”
Last year, NetJets agreed to a pay package for pilots that will increase compensation by 52.5% through 2029.
More recently, it was rebuffed in trying to sell a repair station.
The Service group businesses include NetJets and FlightSafety, which are deemed Aviation Services.
NetJets includes private jet management and charter arm Executive Jet Management.
Group businesses include TTI, a distributor of electronics components, Dairy Queen, and XTRA, which leases transportation equipment, among others.
Per CNBC’s report of Berkshire Hathaway’s quarterly report, cash fell from $347 billion to $344.1 billion at the end of June.
Total revenues dipped from $93.7 billion to $92.5 billion.
CNBC reports:
‘Berkshire’s operating profit — those from the company’s wholly owned businesses including insurance and railroads — dipped 4% year over year to $11.16 billion in the second quarter. The results were impacted by a decline in insurance underwriting, while railroad, energy, manufacturing, service and retailing all saw higher profits from a year ago.’
CNBC also pointed to management warnings about future uncertainty.
Berkshire Hathaway wrote in its Q2 filing, “Our periodic operating results may be affected in future periods by the impacts of ongoing macroeconomic and geopolitical conflicts and events, as well as changes in industry or company-specific factors or events. The pace of changes in these events, including tensions from developing international trade policies and tariffs, accelerated through the first six months of 2025.”
It added, “Considerable uncertainty remains as to the ultimate outcome of these events. We are currently unable to reliably predict the ultimate impact on our businesses, whether through changes in the availability of products, supply chain costs and efficiency, and customer demand for our products and services. It is reasonably possible there could be adverse consequences on most, if not all, of our operating businesses, as well as on our investments in equity securities, which could significantly affect our future results.”
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