10-QPeriod: Q2 FY2026

BERKSHIRE HATHAWAY INC Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 10, 2026For Securities:BRK-BBRK-A

Summary

Berkshire Hathaway Inc. reported strong financial performance for the second quarter and the first six months of 2026, demonstrating resilience and growth across its diverse business segments. Total revenues saw a significant increase, driven by robust performance in the manufacturing, service, and retailing sectors, alongside continued strength in BNSF railroad and Berkshire Hathaway Energy (BHE). Insurance underwriting earnings showed mixed results, with GEICO experiencing higher loss ratios due to increased claims frequencies and severities, while the reinsurance segment benefited from favorable prior accident year adjustments and no major catastrophe events. Investment gains, particularly from equity securities, significantly boosted net earnings, underscoring the importance of its investment portfolio to overall profitability, though this also introduces volatility. The company's financial position remains exceptionally strong, characterized by substantial shareholders' equity of $747.9 billion and ample liquidity. Berkshire Hathaway also continued its share repurchase program, indicating confidence in its intrinsic value. The acquisition of OxyChem and Taylor Morrison Home Corporation were notable strategic moves during the period, integrating new businesses and expanding the company's reach. Despite ongoing macroeconomic uncertainties, Berkshire Hathaway's decentralized management structure and diversified operations position it well to navigate challenges and capitalize on opportunities.

Key Highlights

  • 1Total revenues increased to $101.8 billion for Q2 2026 and $195.5 billion for the first six months, up from $92.5 billion and $182.2 billion in the prior year periods, respectively.
  • 2Net earnings attributable to Berkshire shareholders significantly increased to $25.7 billion in Q2 2026 and $35.8 billion in the first six months, driven by strong operating results and substantial investment gains.
  • 3The company completed two significant acquisitions: OxyChem for approximately $9.4 billion in January 2026 and Taylor Morrison Home Corporation for approximately $6.8 billion in July 2026.
  • 4Insurance underwriting earnings saw a decline in GEICO due to higher loss ratios, while BNSF and BHE reported increased earnings driven by higher volumes and improved operating efficiencies.
  • 5Investment gains (losses) contributed significantly to net earnings, with $16.1 billion in the second quarter of 2026, primarily from equity securities.
  • 6Shareholders' equity grew to $747.9 billion as of June 30, 2026, reflecting strong retained earnings and positive other comprehensive income movements.
  • 7Berkshire Hathaway repurchased approximately $4.8 billion of treasury stock in the first six months of 2026, demonstrating a continued commitment to returning capital to shareholders.

Frequently Asked Questions

Insurance underwriting earnings showed mixed results. GEICO's pre-tax underwriting earnings decreased significantly due to an increase in its loss ratio, driven by higher claims frequencies and severities. Berkshire Hathaway Primary Group saw an increase in pre-tax underwriting earnings, benefiting from reduced catastrophe losses and favorable prior accident year adjustments. Berkshire Hathaway Reinsurance Group also reported strong pre-tax underwriting earnings, largely due to a significant decrease in prior accident year loss estimates and the absence of major catastrophe events.

The substantial increase in net earnings was driven by two main factors: strong operating performance across most business segments, particularly manufacturing, service, and retailing, as well as BNSF and BHE, and significant investment gains. Notably, the company recorded $16.1 billion in investment gains in the second quarter of 2026, largely from changes in the market value of its equity securities portfolio.

Berkshire Hathaway completed two significant acquisitions. On January 2, 2026, it acquired OxyChem, a chemicals business, for approximately $9.4 billion. Additionally, on July 24, 2026, Berkshire acquired Taylor Morrison Home Corporation, a homebuilder, for approximately $6.8 billion.

Berkshire Hathaway maintains a very strong capital base and significant liquidity. Shareholders' equity increased to $747.9 billion as of June 30, 2026. The company held $359.2 billion in cash, cash equivalents, and U.S. Treasury Bills within its insurance and other businesses at quarter-end. Furthermore, the company actively engaged in share repurchases, acquiring approximately $4.8 billion of treasury stock in the first six months of 2026, while maintaining its policy of not reducing cash reserves below $30 billion.