Berkshire Hathaway provided significantly more detail than usual regarding Pilot Travel Centers in its most recent quarterly earnings report. Pilot became a wholly-owned subsidiary of Berkshire Hathaway in early 2024, following the acquisition of the remaining 20% stake from the Haslam family, founders and controllers of the nation's largest travel center network. Previously, data and commentary on Pilot's financial health in Berkshire Hathaway's quarterly reports had been sparse. However, the 2025 annual report, released on Saturday, features a more comprehensive discussion. This increased focus on Pilot's performance is largely attributed to the letter to shareholders penned by Greg Abel, who has succeeded Warren Buffett as CEO of Berkshire. (In contrast, Buffett's final letter the previous year did not specifically name Pilot).

The letter, along with some data in the annual report, offers greater insight into Pilot's operations. The key takeaway is that 2025 was not a strong year for the company. The year-end figures indicate a sharp decline in Pilot's pre-tax earnings. Revenues at Pilot fell to $42.2 billion from $46.9 billion in the prior year. This decrease is partly attributable to a general drop in average diesel prices during 2025. The Department of Energy/Energy Information Administration's average weekly retail diesel price for 2025 was approximately $3.65 per gallon, about 10 cents per gallon lower than the previous year.