NetJets Revenue Grows 10.4% in 1Q

Berkshire Hathaway recently reported that revenue from its services group—which includes NetJets and FlightSafety International—rose 6.6% year over year in the first quarter to $5.493 billion. This was driven in large part by a 10.4% increase in aviation services revenue.

The company attributed the growth to a higher number of aircraft in NetJets’ shared ownership programs and increased flight hours across its various offerings. Higher average rates across the board also contributed to the top-line performance. Pre-tax earnings for the services group rose 9.6% to $648 million, with aviation services among the primary contributors.

“The earnings increase from aviation services was primarily attributable to increased revenues, partially offset by higher flight crew, maintenance, fuel costs, and depreciation expense,” the company said in its latest financial report. Margins in the services segment improved modestly, with pre-tax earnings rising to 11.8% of revenues.

In addition to NetJets and FlightSafety, the services group includes electronic components distributor TTI, food service franchise Dairy Queen, and several logistics and leasing operations. While other businesses contributed to gains, aviation services were cited as the leading factor in both revenue and earnings growth for the service group.

Separately, Berkshire announced that Warren Buffett will step down as CEO. Greg Abel, the company’s vice chairman for non-insurance operations, will succeed Buffett on Jan. 1, 2026. Buffett will remain chairman of the board.