← Berkshire Hathaway Inc. (BRK-B)

Berkshire Hathaway Inc. (BRK-B) Q2 FY2026 Financial Statements: Revenue $101.81B, Net earnings $25.67B

CIK 0001067983 · NYSE · Latest period: Q2 FY2026 (ended 2026-06-30, 10-Q accession 0001193125-26-341032) · Annual report: FY2025 10-K (filed 2026-03-02, accession 0001193125-26-083899) · Next expected filing: 10-Q ~2026-11-02

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PeriodQ2 FY2026Q1 FY2026

Published August 22, 2026

Berkshire Hathaway reported $101.81 billion in revenue for Q2 FY2026, the quarter ended June 30, 2026, up 10.0% from a year earlier, and net earnings attributable to Berkshire shareholders of $25.67 billion, up 107.5%. Most of that increase came from Berkshire's equity portfolio, which is marked to market through earnings each quarter whether or not the shares are sold and contributed $12.68 billion after tax, up 155.2%, and from the absence of the Kraft Heinz impairment charge taken a year earlier. Operating earnings excluding investment gains and impairments, the measure that leaves out those equity marks, were $12.98 billion, up 16.3%, but the largest single contributor to that increase was the swing in foreign currency on Berkshire's non-dollar denominated senior notes, from a loss of $877.00 million a year earlier to a gain of $326.00 million, a period-end remeasurement of debt rather than an operating result; manufacturing, service and retailing and Berkshire Hathaway Energy also earned more than a year earlier, while insurance underwriting and insurance investment income were both lower.

Metric	Amount	vs. year ago
Revenue	$101,808,000,000	up 10.0%
Net earnings	$25,667,000,000	up 107.5%
Operating earnings	$12,983,000,000	up 16.3%
After-tax investment gains	$12,684,000,000	up 155.2%
Currency gain on non-dollar debt	$326,000,000	swung from -$877.00 million
Earnings per Class B share	$11.91	up 107.9%
Book value per Class B share	$348.26

About this file

Ticker	BRK-B
CIK	0001067983
Company	Berkshire Hathaway Inc.
Business type	insurance_conglomerate
Schema template	insurance_conglomerate
Reporting currency	USD
Converted to USD	no
Units	actual dollars (not millions), except where a field name says per_share, _pct, _ratio or _shares

BRK-B annual income statement, balance sheet and cash flow

	FY2025	FY2024	FY2023
Fiscal year	2025	2024	2023
Label	FY2025	FY2024	FY2023
Period type	fiscal year	fiscal year	fiscal year
Period start	2025-01-01	2024-01-01	2023-01-01
Period end	2025-12-31	2024-12-31	2023-12-31
Source accession	0001193125-26-083899	0001193125-26-083899	0001193125-26-083899
Income statement
Revenues
Insurance and other
Insurance premiums earned	88,902,000,000	88,257,000,000	83,403,000,000
Sales and service revenues	199,524,000,000	202,334,000,000	207,148,000,000
Leasing revenues	10,034,000,000	9,227,000,000	8,416,000,000
Interest dividend and other investment income	23,261,000,000	21,825,000,000	15,764,000,000
Subtotal	321,721,000,000	321,643,000,000	314,731,000,000
Railroad utilities and energy
Railroad transportation revenues	23,330,000,000	23,355,000,000	23,791,000,000
Utility and energy operating revenues	21,856,000,000	21,518,000,000	21,232,000,000
Service revenues and other income	4,537,000,000	4,917,000,000	4,728,000,000
Subtotal	49,723,000,000	49,790,000,000	49,751,000,000
Total revenues	371,444,000,000	371,433,000,000	364,482,000,000
Investment gains losses	39,078,000,000	52,799,000,000	74,855,000,000
Costs and expenses
Insurance and other
Insurance losses and loss adjustment expenses	57,307,000,000	56,186,000,000	57,187,000,000
Life annuity and health insurance benefits	4,379,000,000	3,858,000,000	4,029,000,000
Insurance underwriting expenses	17,756,000,000	16,808,000,000	15,270,000,000
Cost of sales and services	160,062,000,000	163,642,000,000	169,281,000,000
Cost of leasing	7,685,000,000	7,069,000,000	6,037,000,000
Selling general and administrative expenses	29,735,000,000	25,642,000,000	25,458,000,000
Interest expense	1,329,000,000	1,594,000,000	1,671,000,000
Subtotal	278,253,000,000	274,799,000,000	278,933,000,000
Railroad utilities and energy
Freight rail transportation expenses	15,366,000,000	15,965,000,000	16,464,000,000
Utilities and energy cost of sales and other expenses	16,959,000,000	16,984,000,000	18,399,000,000
Other expenses	4,155,000,000	4,343,000,000	4,016,000,000
Interest expense	3,740,000,000	3,606,000,000	3,332,000,000
Subtotal	40,220,000,000	40,898,000,000	42,211,000,000
Total costs and expenses	318,473,000,000	315,697,000,000	321,144,000,000
Earnings before income taxes and equity method earnings	92,049,000,000	108,535,000,000	118,193,000,000
Equity method earnings losses	-9,590,000,000	1,841,000,000	1,973,000,000
Earnings before income taxes	82,459,000,000	110,376,000,000	120,166,000,000
Income tax expense	15,199,000,000	20,815,000,000	23,019,000,000
Net earnings including noncontrolling interests	67,260,000,000	89,561,000,000	97,147,000,000
Earnings attributable to noncontrolling interests	292,000,000	566,000,000	924,000,000
Net earnings attributable to berkshire shareholders	66,968,000,000	88,995,000,000	96,223,000,000
Per share
Net earnings per average equivalent class a share	46,563	61,900	66,412
Net earnings per average equivalent class b share	31.04	41.27	44.27
Average equivalent class a shares outstanding	1,438,223	1,437,720	1,448,880
Average equivalent class b shares outstanding	2,157,335,139	2,156,580,296	2,173,319,709
Class b to class a ratio	1 Class B share = 1/1500 of a Class A share	1 Class B share = 1/1500 of a Class A share	1 Class B share = 1/1500 of a Class A share
After tax earnings by source
Insurance underwriting	7,258,000,000	9,020,000,000	5,428,000,000
Insurance investment income	12,513,000,000	13,670,000,000	9,567,000,000
Bnsf railroad	5,476,000,000	5,031,000,000	5,087,000,000
Berkshire hathaway energy	3,979,000,000	3,730,000,000	2,331,000,000
Manufacturing service and retailing	13,647,000,000	13,072,000,000	13,362,000,000
Investment gains losses	30,737,000,000	41,558,000,000	58,873,000,000
Other than temporary impairment of kraft heinz and occidental	-8,255,000,000	n/a	n/a
Other	1,613,000,000	2,914,000,000	1,575,000,000
Net earnings attributable to berkshire shareholders	66,968,000,000	88,995,000,000	96,223,000,000
Operating earnings excluding investment gains and impairments	44,486,000,000	47,437,000,000	37,350,000,000
Insurance underwriting
Pre tax underwriting earnings
Geico	6,824,000,000	7,813,000,000	3,635,000,000
Bh primary	785,000,000	855,000,000	1,374,000,000
Bh reinsurance group	1,851,000,000	2,737,000,000	1,904,000,000
Total	9,460,000,000	11,405,000,000	6,913,000,000
Income taxes	2,202,000,000	2,385,000,000	1,485,000,000
After tax underwriting earnings	7,258,000,000	9,020,000,000	5,428,000,000
Effective income tax rate %	23.3%	20.9%	21.5%
Geico
Premiums written	45,193,000,000	42,916,000,000	39,837,000,000
Premiums earned	44,481,000,000	42,252,000,000	39,264,000,000
Losses and lae	32,144,000,000	30,331,000,000	31,814,000,000
Underwriting expenses	5,513,000,000	4,108,000,000	3,815,000,000
Loss ratio %	72.3%	71.8%	81.0%
Expense ratio %	12.4%	9.7%	9.7%
Combined ratio %	84.7%	81.5%	90.7%
Pre tax underwriting earnings	6,824,000,000	7,813,000,000	3,635,000,000
Bh primary
Premiums written	18,713,000,000	18,836,000,000	18,142,000,000
Premiums earned	18,713,000,000	18,733,000,000	17,129,000,000
Losses and lae	12,519,000,000	12,666,000,000	11,224,000,000
Underwriting expenses	5,409,000,000	5,212,000,000	4,531,000,000
Loss ratio %	66.9%	67.6%	65.5%
Expense ratio %	28.9%	27.8%	26.5%
Combined ratio %	95.8%	95.4%	92.0%
Pre tax underwriting earnings	785,000,000	855,000,000	1,374,000,000
Bh reinsurance group
Property casualty
Premiums written	20,168,000,000	21,899,000,000	22,360,000,000
Premiums earned	20,439,000,000	22,239,000,000	21,938,000,000
Losses and lae	11,689,000,000	12,244,000,000	12,664,000,000
Underwriting expenses	5,580,000,000	6,195,000,000	5,766,000,000
Loss ratio %	57.2%	55.1%	57.7%
Expense ratio %	27.3%	27.8%	26.3%
Combined ratio %	84.5%	82.9%	84.0%
Pre tax underwriting earnings	3,170,000,000	3,800,000,000	3,508,000,000
Life health
Premiums written	5,302,000,000	5,007,000,000	5,093,000,000
Premiums earned	5,269,000,000	4,998,000,000	5,072,000,000
Life and health benefits	3,927,000,000	3,415,000,000	3,593,000,000
Underwriting expenses	968,000,000	1,360,000,000	1,125,000,000
Pre tax underwriting earnings	374,000,000	223,000,000	354,000,000
Retroactive reinsurance pre tax	-1,070,000,000	-846,000,000	-1,541,000,000
Periodic payment annuity pre tax	-711,000,000	-597,000,000	-650,000,000
Variable annuity pre tax	88,000,000	157,000,000	233,000,000
Total pre tax underwriting earnings	1,851,000,000	2,737,000,000	1,904,000,000
After tax losses from significant catastrophe events approx	-850,000,000	-1,200,000,000	-725,000,000
Insurance investment income
Interest and other investment income	10,175,000,000	11,550,000,000	6,081,000,000
Dividend income	5,086,000,000	5,198,000,000	5,500,000,000
Pre tax net investment income	15,261,000,000	16,748,000,000	11,581,000,000
Income taxes	2,748,000,000	3,078,000,000	2,014,000,000
After tax net investment income	12,513,000,000	13,670,000,000	9,567,000,000
Effective income tax rate %	18.0%	18.4%	17.4%
Insurance float approx	176,000,000,000	171,000,000,000	169,000,000,000
Railroad bnsf
Railroad operating revenues	23,350,000,000	23,355,000,000	23,474,000,000
Railroad operating expenses	15,295,000,000	15,886,000,000	16,059,000,000
Railroad operating earnings	8,055,000,000	7,469,000,000	7,415,000,000
Other revenues expenses net	218,000,000	257,000,000	247,000,000
Interest expense	-1,098,000,000	-1,078,000,000	-1,048,000,000
Pre tax earnings	7,175,000,000	6,648,000,000	6,614,000,000
Income taxes	1,699,000,000	1,617,000,000	1,527,000,000
Net earnings	5,476,000,000	5,031,000,000	5,087,000,000
Effective income tax rate %	23.7%	24.3%	23.1%
Operating ratio %	65.5%	68.0%	68.4%
Utilities and energy bhe
Energy operating revenues	21,871,000,000	21,566,000,000	21,280,000,000
Real estate operating revenues	4,327,000,000	4,354,000,000	4,322,000,000
Other income	99,000,000	428,000,000	406,000,000
Total revenues	26,297,000,000	26,348,000,000	26,008,000,000
Energy cost of sales	6,346,000,000	6,616,000,000	7,057,000,000
Energy operating expenses	10,665,000,000	10,403,000,000	11,412,000,000
Real estate operating costs and expenses	4,302,000,000	4,509,000,000	4,316,000,000
Interest expense	2,642,000,000	2,528,000,000	2,283,000,000
Total costs and expenses	23,955,000,000	24,056,000,000	25,068,000,000
Pre tax earnings	2,342,000,000	2,292,000,000	940,000,000
Income tax benefit	-1,785,000,000	-1,871,000,000	-2,022,000,000
Net earnings after income taxes	4,127,000,000	4,163,000,000	2,962,000,000
Noncontrolling interests of bhe subsidiaries	145,000,000	137,000,000	352,000,000
Net earnings attributable to bhe	3,982,000,000	4,026,000,000	2,610,000,000
Noncontrolling interests and preferred stock dividends	3,000,000	296,000,000	279,000,000
Net earnings attributable to berkshire shareholders	3,979,000,000	3,730,000,000	2,331,000,000
After tax earnings by activity
US utilities	2,097,000,000	1,961,000,000	906,000,000
Natural gas pipelines	1,151,000,000	1,232,000,000	1,079,000,000
Other energy businesses	1,175,000,000	1,334,000,000	1,024,000,000
Real estate brokerage	24,000,000	-107,000,000	13,000,000
Corporate interest and other	-465,000,000	-394,000,000	-412,000,000
Manufacturing service and retailing
Revenues
Manufacturing	78,487,000,000	77,231,000,000	75,405,000,000
Service and retailing	135,843,000,000	138,672,000,000	144,342,000,000
Total	214,330,000,000	215,903,000,000	219,747,000,000
Pre tax earnings
Manufacturing	12,571,000,000	11,895,000,000	11,445,000,000
Service and retailing	4,905,000,000	4,948,000,000	6,144,000,000
Total	17,476,000,000	16,843,000,000	17,589,000,000
Income taxes and noncontrolling interests	3,829,000,000	3,771,000,000	4,227,000,000
Net earnings	13,647,000,000	13,072,000,000	13,362,000,000
Effective income tax rate %	21.2%	21.7%	22.2%
Pre tax margin %	8.2%	7.8%	8.0%
After tax acquisition accounting expenses excluded	-528,000,000	-531,000,000	-693,000,000
Investment gains losses detail
Pre tax investment gains losses	39,078,000,000	52,799,000,000	74,855,000,000
Income taxes and noncontrolling interests	8,341,000,000	11,241,000,000	15,982,000,000
After tax investment gains losses	30,737,000,000	41,558,000,000	58,873,000,000
Effective income tax rate %	21.3%	21.2%	21.3%
Pre tax unrealized gains on equity securities still held at year end approx	40,000,000,000	49,300,000,000	69,100,000,000
Pre tax gains losses on equity securities sold during year	-18,000,000	3,500,000,000	2,700,000,000
Other after tax earnings
Investment income not allocated to operating businesses	3,566,000,000	1,445,000,000	959,000,000
Foreign currency gains losses on non USD senior notes	-642,000,000	1,151,000,000	211,000,000
Goodwill impairment losses	-1,555,000,000	-399,000,000	n/a
Equity method earnings	900,000,000	1,519,000,000	1,750,000,000
Acquisition accounting expenses	-528,000,000	-531,000,000	-693,000,000
Other earnings losses	-128,000,000	-271,000,000	-652,000,000
Total	1,613,000,000	2,914,000,000	1,575,000,000
Balance sheet
Assets
Insurance and other
Cash and cash equivalents	47,719,000,000	44,333,000,000
Short term investments in US treasury bills	321,434,000,000	286,472,000,000
Investments in fixed maturity securities	17,816,000,000	15,364,000,000
Investments in equity securities	297,778,000,000	271,588,000,000
Equity method investments	19,978,000,000	31,134,000,000
Loans and finance receivables	29,836,000,000	27,798,000,000
Other receivables	44,331,000,000	43,887,000,000
Inventories	24,424,000,000	24,008,000,000
Property plant and equipment	31,885,000,000	30,071,000,000
Equipment held for lease	18,535,000,000	17,828,000,000
Goodwill	55,945,000,000	56,860,000,000
Other intangible assets	33,802,000,000	34,638,000,000
Deferred charges retroactive reinsurance	8,104,000,000	8,797,000,000
Other	24,413,000,000	24,994,000,000
Subtotal	976,000,000,000	917,772,000,000
Railroad utilities and energy
Cash and cash equivalents	4,158,000,000	3,396,000,000
Receivables	4,387,000,000	4,503,000,000
Property plant and equipment	184,740,000,000	175,030,000,000
Goodwill	27,129,000,000	27,020,000,000
Regulatory assets	4,821,000,000	5,349,000,000
Other	20,941,000,000	20,811,000,000
Subtotal	246,176,000,000	236,109,000,000
Total assets	1,222,176,000,000	1,153,881,000,000
Liabilities
Insurance and other
Unpaid losses and loss adjustment expenses	120,713,000,000	115,151,000,000
Unpaid losses and lae retroactive reinsurance	31,048,000,000	32,443,000,000
Unearned insurance premiums	31,339,000,000	30,808,000,000
Life annuity and health insurance benefits	17,890,000,000	17,616,000,000
Other insurance policyholder liabilities	10,312,000,000	10,703,000,000
Accounts payable accruals and other liabilities	38,019,000,000	37,489,000,000
Payable for purchase of US treasury bills	167,000,000	12,769,000,000
Aircraft repurchase liabilities and unearned lease revenues	10,686,000,000	9,356,000,000
Notes payable and other borrowings	45,763,000,000	44,885,000,000
Subtotal	305,937,000,000	311,220,000,000
Railroad utilities and energy
Accounts payable accruals and other liabilities	19,250,000,000	18,226,000,000
Regulatory liabilities	7,013,000,000	7,033,000,000
Notes payable and other borrowings	83,318,000,000	79,877,000,000
Subtotal	109,581,000,000	105,136,000,000
Income taxes principally deferred	86,955,000,000	85,870,000,000
Total liabilities	502,473,000,000	502,226,000,000
Shareholders equity
Common stock at par value	8,000,000	8,000,000
Capital in excess of par value	35,612,000,000	35,665,000,000
Accumulated other comprehensive income	-2,448,000,000	-3,584,000,000	-3,763,000,000
Retained earnings	763,186,000,000	696,218,000,000	607,350,000,000
Treasury stock at cost	-78,939,000,000	-78,939,000,000	-76,802,000,000
Berkshire shareholders equity	717,419,000,000	649,368,000,000	561,273,000,000
Noncontrolling interests	2,284,000,000	2,287,000,000	6,236,000,000
Total shareholders equity	719,703,000,000	651,655,000,000	567,509,000,000
Common stock and capital in excess of par value			34,488,000,000
Total liabilities and shareholders equity	1,222,176,000,000	1,153,881,000,000
Debt summary
Insurance and other borrowings	45,763,000,000	44,885,000,000
Railroad utilities and energy borrowings	83,318,000,000	79,877,000,000
Total notes payable and other borrowings	129,081,000,000	124,762,000,000
Berkshire parent borrowings	22,662,000,000	21,091,000,000
Berkshire hathaway finance corporation borrowings	18,262,000,000	17,915,000,000
Bnsf borrowings	24,062,000,000	23,497,000,000
Bhe and subsidiaries borrowings	59,256,000,000	56,380,000,000
Cash and investments held in insurance businesses
Cash cash equivalents and US treasury bills	212,651,000,000	212,591,000,000
Equity securities	294,144,000,000	263,366,000,000
Fixed maturity securities	17,466,000,000	15,137,000,000
Other including loans to affiliates	4,702,000,000	5,980,000,000
Total	528,963,000,000	497,074,000,000
Memo
US treasury bills with maturities of three months or less included in cash	17,600,000,000	14,400,000,000
Unsettled purchases of US treasury bills included in short term investments and liabilities	167,000,000	12,769,000,000
Note			The FY2025 10-K's balance sheet presents only December 31, 2025 and December 31, 2024. The equity figures below for December 31, 2023 come from the statement of changes in shareholders' equity in the same filing, which does carry a 2023 column.
Equity securities portfolio
Cost basis	85,389,000,000	75,506,000,000
Net unrealized gains	212,389,000,000	196,082,000,000
Fair value	297,778,000,000	271,588,000,000
By sector fair value
Banks insurance and finance	104,129,000,000	91,643,000,000
Consumer products	94,954,000,000	104,749,000,000
Commercial industrial and other	98,695,000,000	75,196,000,000
Five largest holdings share of portfolio %	65.0%	71.0%
Five largest holdings	American Express Company; Apple Inc.; Bank of America Corporation; The Coca-Cola Company; Chevron Corporation	American Express Company; Apple Inc.; Bank of America Corporation; The Coca-Cola Company; Chevron Corporation
Book value
Berkshire shareholders equity	717,419,000,000	649,368,000,000
Equivalent class a shares outstanding at period end	1,438,223	1,438,223
Book value per equivalent class a share	498,823.2	451,507.17
Book value per equivalent class b share	332.55	301.0
Cash flow
Operating activities
Net earnings	67,260,000,000	89,561,000,000	97,147,000,000
Investment gains losses reversal	-39,078,000,000	-52,799,000,000	-74,855,000,000
Depreciation and amortization	13,476,000,000	12,855,000,000	12,486,000,000
Discount accretion on investments principally US treasury bills	-11,964,000,000	-11,349,000,000	-5,510,000,000
Equity method investment impairment losses	10,681,000,000	n/a	n/a
Other adjustments	3,239,000,000	-892,000,000	-513,000,000
Change in unpaid losses and lae	3,088,000,000	2,173,000,000	2,628,000,000
Change in deferred charges retroactive reinsurance	693,000,000	698,000,000	375,000,000
Change in unearned insurance premiums	432,000,000	376,000,000	1,854,000,000
Change in receivables and originated loans	-2,426,000,000	626,000,000	-1,949,000,000
Change in other assets	-861,000,000	-206,000,000	98,000,000
Change in other liabilities	429,000,000	-2,288,000,000	2,570,000,000
Change in income taxes	1,000,000,000	-8,163,000,000	14,865,000,000
Net cash flows from operating activities	45,969,000,000	30,592,000,000	49,196,000,000
Investing activities
Purchases of equity securities	-16,923,000,000	-9,237,000,000	-16,462,000,000
Sales of equity securities	30,686,000,000	143,359,000,000	40,631,000,000
Purchases of US treasury bills and fixed maturity securities	-586,129,000,000	-526,842,000,000	-235,007,000,000
Sales of US treasury bills and fixed maturity securities	44,769,000,000	48,462,000,000	52,302,000,000
Redemptions and maturities of US treasury bills and fixed maturity securities	503,954,000,000	353,538,000,000	153,201,000,000
Acquisitions of businesses net of cash acquired	-1,074,000,000	-396,000,000	-8,604,000,000
Purchases of property plant and equipment and equipment held for lease	-20,927,000,000	-18,976,000,000	-19,409,000,000
Other	1,157,000,000	-195,000,000	685,000,000
Net cash flows from investing activities	-44,487,000,000	-10,287,000,000	-32,663,000,000
Financing activities
Proceeds from borrowings of insurance and other businesses	3,071,000,000	5,528,000,000	2,133,000,000
Repayments of borrowings of insurance and other businesses	-3,050,000,000	-7,796,000,000	-6,027,000,000
Proceeds from borrowings of railroad utilities and energy businesses	6,101,000,000	7,658,000,000	5,684,000,000
Repayments of borrowings of railroad utilities and energy businesses	-3,974,000,000	-4,151,000,000	-5,284,000,000
Changes in short term borrowings net	878,000,000	-3,059,000,000	2,407,000,000
Acquisitions of treasury stock share repurchases	0	-2,918,000,000	-9,171,000,000
Other principally transactions with noncontrolling interests	-793,000,000	-5,622,000,000	-4,147,000,000
Net cash flows from financing activities	2,233,000,000	-10,360,000,000	-14,405,000,000
Effects of foreign currency exchange rate changes	478,000,000	-212,000,000	116,000,000
Increase decrease in cash and restricted cash	4,193,000,000	9,733,000,000	2,244,000,000
Cash and cash equivalents and restricted cash beginning of year	48,376,000,000	38,643,000,000	36,399,000,000
Cash and cash equivalents and restricted cash end of year	52,569,000,000	48,376,000,000	38,643,000,000
Derived
Capital expenditures	20,927,000,000	18,976,000,000	19,409,000,000
Operating cash flow less capital expenditures	25,042,000,000	11,616,000,000	29,787,000,000
Dividends paid	0	0	0
Capital expenditures by segment
Insurance	109,000,000	99,000,000	68,000,000
Bnsf	3,796,000,000	3,690,000,000	3,920,000,000
Bhe	10,589,000,000	9,013,000,000	9,148,000,000
Manufacturing	2,681,000,000	2,779,000,000	2,714,000,000
Service retailing	2,604,000,000	2,360,000,000	2,590,000,000
Mclane	207,000,000	236,000,000	264,000,000
Pilot	941,000,000	799,000,000	705,000,000
Total	20,927,000,000	18,976,000,000	19,409,000,000
Depreciation and amortization by segment
Insurance	438,000,000	411,000,000	401,000,000
Bnsf	2,722,000,000	2,621,000,000	2,627,000,000
Bhe	4,220,000,000	4,003,000,000	4,010,000,000
Manufacturing	2,464,000,000	2,422,000,000	2,290,000,000
Service retailing	1,643,000,000	1,522,000,000	1,335,000,000
Mclane	214,000,000	217,000,000	208,000,000
Pilot	1,095,000,000	1,012,000,000	796,000,000
Segment total	12,796,000,000	12,208,000,000	11,667,000,000
Corporate eliminations other	680,000,000	647,000,000	819,000,000
Consolidated	13,476,000,000	12,855,000,000	12,486,000,000

BRK-B quarterly income statement, balance sheet and cash flow

	Second Quarter 2026	Second Quarter 2025 (comparative)
Label	Second Quarter 2026	Second Quarter 2025 (comparative)
Period type	three months	three months
Period start	2026-04-01	2025-04-01
Period end	2026-06-30	2025-06-30
Source accession	0001193125-26-341032	0001193125-26-341032
Income statement
Revenues
Insurance and other
Insurance premiums earned	22,475,000,000	22,195,000,000
Sales and service revenues	57,282,000,000	49,658,000,000
Leasing revenues	2,887,000,000	2,509,000,000
Interest dividend and other investment income	5,857,000,000	6,002,000,000
Subtotal	88,501,000,000	80,364,000,000
Railroad utilities and energy
Railroad transportation revenues	6,553,000,000	5,718,000,000
Utility and energy operating revenues	5,408,000,000	5,118,000,000
Service revenues and other income	1,346,000,000	1,315,000,000
Subtotal	13,307,000,000	12,151,000,000
Total revenues	101,808,000,000	92,515,000,000
Investment gains losses	16,077,000,000	6,364,000,000
Costs and expenses
Insurance and other
Insurance losses and loss adjustment expenses	14,274,000,000	14,073,000,000
Life annuity and health insurance benefits	1,233,000,000	1,132,000,000
Insurance underwriting expenses	4,788,000,000	4,456,000,000
Cost of sales and services	45,947,000,000	39,616,000,000
Cost of leasing	2,141,000,000	1,887,000,000
Selling general and administrative expenses	6,724,000,000	7,931,000,000
Interest expense	315,000,000	318,000,000
Subtotal	75,422,000,000	69,413,000,000
Railroad utilities and energy
Freight rail transportation expenses	4,308,000,000	3,729,000,000
Utilities and energy cost of sales and other expenses	4,134,000,000	4,156,000,000
Other expenses	1,186,000,000	1,151,000,000
Interest expense	1,020,000,000	935,000,000
Subtotal	10,648,000,000	9,971,000,000
Total costs and expenses	86,070,000,000	79,384,000,000
Earnings before income taxes and equity method earnings	31,815,000,000	19,495,000,000
Equity method earnings losses	248,000,000	-4,745,000,000
Earnings before income taxes	32,063,000,000	14,750,000,000
Income tax expense	6,291,000,000	2,293,000,000
Net earnings including noncontrolling interests	25,772,000,000	12,457,000,000
Earnings attributable to noncontrolling interests	105,000,000	87,000,000
Net earnings attributable to berkshire shareholders	25,667,000,000	12,370,000,000
Per share
Net earnings per average equivalent class a share	17,868	8,601
Net earnings per average equivalent class b share	11.91	5.73
Average equivalent class a shares outstanding	1,436,443	1,438,223
Average equivalent class b shares outstanding	2,154,664,073	2,157,335,139
Class b to class a ratio	1 Class B share = 1/1500 of a Class A share	1 Class B share = 1/1500 of a Class A share
After tax earnings by source
Insurance underwriting	1,731,000,000	1,992,000,000
Insurance investment income	3,059,000,000	3,367,000,000
Bnsf railroad	1,558,000,000	1,466,000,000
Berkshire hathaway energy	891,000,000	702,000,000
Manufacturing service and retailing	4,470,000,000	3,601,000,000
Investment gains losses	12,684,000,000	4,970,000,000
Other than temporary impairment of kraft heinz and occidental	0	-3,760,000,000
Other	1,274,000,000	32,000,000
Net earnings attributable to berkshire shareholders	25,667,000,000	12,370,000,000
Operating earnings excluding investment gains and impairments	12,983,000,000	11,160,000,000
Insurance underwriting
Pre tax underwriting earnings
Geico	994,000,000	1,821,000,000
Bh primary	273,000,000	63,000,000
Bh reinsurance group	913,000,000	650,000,000
Total	2,180,000,000	2,534,000,000
Income taxes	449,000,000	542,000,000
After tax underwriting earnings	1,731,000,000	1,992,000,000
Effective income tax rate %	20.6%	21.4%
Geico
Premiums written	11,124,000,000	11,003,000,000
Premiums earned	11,291,000,000	11,064,000,000
Losses and lae	8,644,000,000	7,945,000,000
Underwriting expenses	1,653,000,000	1,298,000,000
Loss ratio %	76.6%	71.8%
Expense ratio %	14.6%	11.7%
Combined ratio %	91.2%	83.5%
Pre tax underwriting earnings	994,000,000	1,821,000,000
Bh primary
Premiums written	4,620,000,000	4,820,000,000
Premiums earned	4,673,000,000	4,677,000,000
Losses and lae	3,011,000,000	3,193,000,000
Underwriting expenses	1,389,000,000	1,421,000,000
Loss ratio %	64.4%	68.3%
Expense ratio %	29.8%	30.4%
Combined ratio %	94.2%	98.7%
Pre tax underwriting earnings	273,000,000	63,000,000
Bh reinsurance group
Property casualty
Premiums written	5,226,000,000	5,022,000,000
Premiums earned	5,029,000,000	5,108,000,000
Losses and lae	2,442,000,000	2,754,000,000
Underwriting expenses	1,449,000,000	1,309,000,000
Loss ratio %	48.6%	53.9%
Expense ratio %	28.8%	25.6%
Combined ratio %	77.4%	79.5%
Pre tax underwriting earnings	1,138,000,000	1,045,000,000
Life health
Premiums written	1,479,000,000	1,347,000,000
Premiums earned	1,482,000,000	1,346,000,000
Life and health benefits	1,118,000,000	1,043,000,000
Underwriting expenses	313,000,000	251,000,000
Pre tax underwriting earnings	51,000,000	52,000,000
Retroactive reinsurance pre tax	-180,000,000	-268,000,000
Periodic payment annuity pre tax	-148,000,000	-213,000,000
Variable annuity pre tax	52,000,000	34,000,000
Total pre tax underwriting earnings	913,000,000	650,000,000
After tax losses from significant catastrophe events approx	0	0
Insurance investment income
Interest and other investment income	2,200,000,000	2,524,000,000
Dividend income	1,485,000,000	1,479,000,000
Pre tax net investment income	3,685,000,000	4,003,000,000
Income taxes	626,000,000	636,000,000
After tax net investment income	3,059,000,000	3,367,000,000
Effective income tax rate %	17%	15.9%
Railroad bnsf
Railroad operating revenues	6,562,000,000	5,726,000,000
Railroad operating expenses	4,292,000,000	3,713,000,000
Railroad operating earnings	2,270,000,000	2,013,000,000
Other revenues expenses net	67,000,000	66,000,000
Interest expense	-276,000,000	-270,000,000
Pre tax earnings	2,061,000,000	1,809,000,000
Income taxes	503,000,000	343,000,000
Net earnings	1,558,000,000	1,466,000,000
Effective income tax rate %	24.4%	19%
Operating ratio %	65.4%	64.8%
Utilities and energy bhe
Energy operating revenues	5,413,000,000	5,130,000,000
Real estate operating revenues	1,273,000,000	1,264,000,000
Other	49,000,000	24,000,000
Total revenues	6,735,000,000	6,418,000,000
Energy cost of sales	1,376,000,000	1,434,000,000
Energy operating expenses	2,760,000,000	2,725,000,000
Real estate operating costs and expenses	1,250,000,000	1,210,000,000
Interest expense	745,000,000	664,000,000
Total costs and expenses	6,131,000,000	6,033,000,000
Pre tax earnings	604,000,000	385,000,000
Income tax benefit	-333,000,000	-357,000,000
Net earnings after income taxes	937,000,000	742,000,000
Noncontrolling interests of bhe subsidiaries	46,000,000	40,000,000
Net earnings attributable to bhe	891,000,000	702,000,000
Preferred stock dividends	0	0
Net earnings attributable to berkshire shareholders	891,000,000	702,000,000
Effective income tax rate %	-55.1%	-92.7%
After tax earnings by activity
US utilities	597,000,000	434,000,000
Natural gas pipelines	242,000,000	183,000,000
Other energy businesses	291,000,000	303,000,000
Real estate brokerage	20,000,000	45,000,000
Corporate interest and other	-259,000,000	-263,000,000
Manufacturing service and retailing
Revenues
Manufacturing	22,568,000,000	19,969,000,000
Service and retailing	38,934,000,000	33,398,000,000
Total	61,502,000,000	53,367,000,000
Pre tax earnings
Manufacturing	4,117,000,000	3,247,000,000
Service and retailing	1,729,000,000	1,400,000,000
Total	5,846,000,000	4,647,000,000
Income taxes and noncontrolling interests	1,376,000,000	1,046,000,000
Net earnings	4,470,000,000	3,601,000,000
Effective income tax rate %	22.8%	21.8%
Pre tax margin %	9.5%	8.7%
After tax acquisition accounting expenses excluded	-113,000,000	-124,000,000
Investment gains losses detail
Pre tax investment gains losses	16,077,000,000	6,364,000,000
Income taxes and noncontrolling interests	3,393,000,000	1,394,000,000
After tax investment gains losses	12,684,000,000	4,970,000,000
Effective income tax rate %	21%	21.7%
Pre tax unrealized gains losses on equity securities still held at period end	15,644,000,000	7,593,000,000
Pre tax gains losses on equity securities sold during period	430,000,000	-370,000,000
Pre tax gains losses on equity securities total	16,074,000,000	7,223,000,000
Pre tax gross realized gains on fixed maturity securities	29,000,000	8,000,000
Pre tax gross realized losses on fixed maturity securities	-6,000,000	-8,000,000
Pre tax other investment gains losses	-20,000,000	-859,000,000
Other after tax earnings
Investment income not allocated to operating businesses	957,000,000	866,000,000
Foreign currency gains losses on non USD senior notes	326,000,000	-877,000,000
Equity method earnings	211,000,000	184,000,000
Acquisition accounting expenses	-113,000,000	-124,000,000
Other earnings losses	-107,000,000	-17,000,000
Total	1,274,000,000	32,000,000
Capital expenditures by segment
Insurance	38,000,000	11,000,000
Bnsf	996,000,000	947,000,000
Bhe	2,531,000,000	2,445,000,000
Manufacturing	955,000,000	603,000,000
Service retailing	799,000,000	553,000,000
Mclane	54,000,000	45,000,000
Pilot	272,000,000	254,000,000
Total	5,645,000,000	4,858,000,000
Depreciation and amortization by segment
Insurance	108,000,000	110,000,000
Bnsf	698,000,000	679,000,000
Bhe	1,048,000,000	1,064,000,000
Manufacturing	868,000,000	612,000,000
Service retailing	412,000,000	404,000,000
Mclane	48,000,000	47,000,000
Pilot	279,000,000	260,000,000
Segment total	3,461,000,000	3,176,000,000
Corporate eliminations other	145,000,000	153,000,000
Consolidated	3,606,000,000	3,329,000,000
Insurance float approx	177,500,000,000
Balance sheet
As of	2026-06-30	2025-06-30
Assets
Insurance and other
Cash and cash equivalents	35,096,000,000
Short term investments in US treasury bills	324,905,000,000
Investments in fixed maturity securities	17,034,000,000
Investments in equity securities	323,779,000,000
Equity method investments	19,948,000,000
Loans and finance receivables	30,724,000,000
Other receivables	48,635,000,000
Inventories	26,575,000,000
Property plant and equipment	39,409,000,000
Equipment held for lease	18,912,000,000
Goodwill	56,192,000,000
Other intangible assets	33,949,000,000
Deferred charges retroactive reinsurance	7,675,000,000
Other	27,813,000,000
Subtotal	1,010,646,000,000
Railroad utilities and energy
Cash and cash equivalents	5,513,000,000
Receivables	4,562,000,000
Property plant and equipment	185,815,000,000
Goodwill	26,981,000,000
Regulatory assets	4,385,000,000
Other	25,169,000,000
Subtotal	252,425,000,000
Total assets	1,263,071,000,000
Liabilities
Insurance and other
Unpaid losses and loss adjustment expenses	122,875,000,000
Unpaid losses and lae retroactive reinsurance	29,978,000,000
Unearned insurance premiums	32,754,000,000
Life annuity and health insurance benefits	17,738,000,000
Other insurance policyholder liabilities	9,942,000,000
Accounts payable accruals and other liabilities	41,422,000,000
Payable for purchases of US treasury bills	771,000,000
Aircraft repurchase liabilities and unearned lease revenues	11,217,000,000
Notes payable and other borrowings	43,302,000,000
Subtotal	309,999,000,000
Railroad utilities and energy
Accounts payable accruals and other liabilities	20,424,000,000
Regulatory liabilities	6,998,000,000
Notes payable and other borrowings	85,297,000,000
Subtotal	112,719,000,000
Income taxes principally deferred	90,176,000,000
Total liabilities	512,894,000,000
Shareholders equity
Common stock at par value	8,000,000
Capital in excess of par value	35,615,000,000
Accumulated other comprehensive income	-2,971,000,000	-1,895,000,000
Retained earnings	798,959,000,000	713,191,000,000
Treasury stock at cost	-83,701,000,000	-78,939,000,000
Berkshire shareholders equity	747,910,000,000	667,989,000,000
Noncontrolling interests	2,267,000,000	2,287,000,000
Total shareholders equity	750,177,000,000	670,276,000,000
Common stock and capital in excess of par value		35,632,000,000
Total liabilities and shareholders equity	1,263,071,000,000
Debt summary
Insurance and other borrowings	43,302,000,000
Railroad utilities and energy borrowings	85,297,000,000
Total notes payable and other borrowings	128,599,000,000
Berkshire parent borrowings	20,364,000,000
Berkshire hathaway finance corporation borrowings	18,190,000,000
Other and short term subsidiary borrowings of insurance and other	4,748,000,000
Bnsf borrowings	23,530,000,000
Bhe and subsidiaries borrowings	61,767,000,000
Cash and investments held in insurance businesses
Cash cash equivalents and US treasury bills	210,310,000,000
Equity securities	321,865,000,000
Fixed maturity securities	16,781,000,000
Other including loans to affiliates	4,360,000,000
Total	553,316,000,000
Memo
US treasury bills with maturities of three months or less included in cash approx	3,200,000,000
Unsettled purchases of US treasury bills included in short term investments and liabilities	771,000,000
Cash cash equivalents and US treasury bills of insurance and other net of unsettled purchases approx	359,200,000,000
Note		The second-quarter 2026 Form 10-Q presents balance sheets only at June 30, 2026 and December 31, 2025. The equity amounts below are the June 30, 2025 column of the same filing's statement of changes in shareholders' equity; no June 30, 2025 asset or liability detail is presented.
Cash and cash equivalents and restricted cash
Insurance and other		96,193,000,000
Railroad utilities and energy		4,293,000,000
Restricted cash included in other assets		742,000,000
Total		101,228,000,000
Equity securities portfolio
Cost basis	106,521,000,000
Net unrealized gains	217,258,000,000
Fair value	323,779,000,000
By sector fair value
Banks insurance and finance	94,477,000,000
Consumer products	100,486,000,000
Commercial industrial and other	128,816,000,000
Five largest holdings share of portfolio %	66.0%
Five largest holdings	Alphabet Inc.; American Express Company; Apple Inc.; Bank of America Corporation; The Coca-Cola Company
Book value
Berkshire shareholders equity	747,910,000,000
Equivalent class a shares outstanding at period end	1,431,693
Book value per equivalent class a share	522,395.51
Book value per equivalent class b share	348.26
Shares outstanding on cover page
As of	2026-07-29
Class a shares	488,450
Class b shares	1,408,035,161
Note	Cover-page counts reported in the second-quarter 2026 Form 10-Q, stated as of July 29, 2026. Each Class A share is convertible into 1,500 Class B shares, so on an equivalent Class A basis these July 29, 2026 counts correspond to 1,427,140 equivalent Class A shares. Separately, the notes to the financial statements state that 1,431,693 equivalent Class A shares were outstanding at June 30, 2026 - that is the count the book value per share uses.

BRK-B year-to-date income statement and cash flow

	First Six Months 2026
Label	First Six Months 2026
Period type	six months
Period start	2026-01-01
Period end	2026-06-30
Source accession	0001193125-26-341032
Income statement
Revenues
Insurance and other
Insurance premiums earned	44,480,000,000
Sales and service revenues	108,228,000,000
Leasing revenues	5,558,000,000
Interest dividend and other investment income	11,287,000,000
Subtotal	169,553,000,000
Railroad utilities and energy
Railroad transportation revenues	12,493,000,000
Utility and energy operating revenues	11,215,000,000
Service revenues and other income	2,222,000,000
Subtotal	25,930,000,000
Total revenues	195,483,000,000
Investment gains losses	14,472,000,000
Costs and expenses
Insurance and other
Insurance losses and loss adjustment expenses	28,478,000,000
Life annuity and health insurance benefits	2,252,000,000
Insurance underwriting expenses	9,305,000,000
Cost of sales and services	87,154,000,000
Cost of leasing	4,168,000,000
Selling general and administrative expenses	13,280,000,000
Interest expense	639,000,000
Subtotal	145,276,000,000
Railroad utilities and energy
Freight rail transportation expenses	8,231,000,000
Utilities and energy cost of sales and other expenses	8,451,000,000
Other expenses	2,042,000,000
Interest expense	1,997,000,000
Subtotal	20,721,000,000
Total costs and expenses	165,997,000,000
Earnings before income taxes and equity method earnings	43,958,000,000
Equity method earnings losses	424,000,000
Earnings before income taxes	44,382,000,000
Income tax expense	8,431,000,000
Net earnings including noncontrolling interests	35,951,000,000
Earnings attributable to noncontrolling interests	178,000,000
Net earnings attributable to berkshire shareholders	35,773,000,000
Per share
Net earnings per average equivalent class a share	24,889
Net earnings per average equivalent class b share	16.59
Average equivalent class a shares outstanding	1,437,279
Average equivalent class b shares outstanding	2,155,918,015
Class b to class a ratio	1 Class B share = 1/1500 of a Class A share
After tax earnings by source
Insurance underwriting	3,448,000,000
Insurance investment income	5,738,000,000
Bnsf railroad	2,935,000,000
Berkshire hathaway energy	2,005,000,000
Manufacturing service and retailing	7,669,000,000
Investment gains losses	11,444,000,000
Other than temporary impairment of kraft heinz and occidental	0
Other	2,534,000,000
Net earnings attributable to berkshire shareholders	35,773,000,000
Operating earnings excluding investment gains and impairments	24,329,000,000
Insurance underwriting
Pre tax underwriting earnings
Geico	2,410,000,000
Bh primary	749,000,000
Bh reinsurance group	1,286,000,000
Total	4,445,000,000
Income taxes	997,000,000
After tax underwriting earnings	3,448,000,000
Effective income tax rate %	22.4%
Geico
Premiums written	22,798,000,000
Premiums earned	22,477,000,000
Losses and lae	16,921,000,000
Underwriting expenses	3,146,000,000
Loss ratio %	75.3%
Expense ratio %	14%
Combined ratio %	89.3%
Pre tax underwriting earnings	2,410,000,000
Bh primary
Premiums written	9,086,000,000
Premiums earned	9,264,000,000
Losses and lae	5,803,000,000
Underwriting expenses	2,712,000,000
Loss ratio %	62.6%
Expense ratio %	29.3%
Combined ratio %	91.9%
Pre tax underwriting earnings	749,000,000
Bh reinsurance group
Property casualty
Premiums written	11,218,000,000
Premiums earned	9,941,000,000
Losses and lae	5,326,000,000
Underwriting expenses	2,840,000,000
Loss ratio %	53.6%
Expense ratio %	28.5%
Combined ratio %	82.1%
Pre tax underwriting earnings	1,775,000,000
Life health
Premiums written	2,797,000,000
Premiums earned	2,798,000,000
Life and health benefits	2,022,000,000
Underwriting expenses	599,000,000
Pre tax underwriting earnings	177,000,000
Retroactive reinsurance pre tax	-426,000,000
Periodic payment annuity pre tax	-284,000,000
Variable annuity pre tax	44,000,000
Total pre tax underwriting earnings	1,286,000,000
After tax losses from significant catastrophe events approx	0
Insurance investment income
Interest and other investment income	4,460,000,000
Dividend income	2,529,000,000
Pre tax net investment income	6,989,000,000
Income taxes	1,251,000,000
After tax net investment income	5,738,000,000
Effective income tax rate %	17.9%
Railroad bnsf
Railroad operating revenues	12,521,000,000
Railroad operating expenses	8,203,000,000
Railroad operating earnings	4,318,000,000
Other revenues expenses net	116,000,000
Interest expense	-553,000,000
Pre tax earnings	3,881,000,000
Income taxes	946,000,000
Net earnings	2,935,000,000
Effective income tax rate %	24.4%
Operating ratio %	65.5%
Utilities and energy bhe
Energy operating revenues	11,223,000,000
Real estate operating revenues	2,135,000,000
Other	38,000,000
Total revenues	13,396,000,000
Energy cost of sales	3,046,000,000
Energy operating expenses	5,428,000,000
Real estate operating costs and expenses	2,129,000,000
Interest expense	1,445,000,000
Total costs and expenses	12,048,000,000
Pre tax earnings	1,348,000,000
Income tax benefit	-763,000,000
Net earnings after income taxes	2,111,000,000
Noncontrolling interests of bhe subsidiaries	106,000,000
Net earnings attributable to bhe	2,005,000,000
Preferred stock dividends	0
Net earnings attributable to berkshire shareholders	2,005,000,000
Effective income tax rate %	-56.6%
After tax earnings by activity
US utilities	956,000,000
Natural gas pipelines	848,000,000
Other energy businesses	546,000,000
Real estate brokerage	8,000,000
Corporate interest and other	-353,000,000
Manufacturing service and retailing
Revenues
Manufacturing	43,240,000,000
Service and retailing	73,104,000,000
Total	116,344,000,000
Pre tax earnings
Manufacturing	7,176,000,000
Service and retailing	2,904,000,000
Total	10,080,000,000
Income taxes and noncontrolling interests	2,411,000,000
Net earnings	7,669,000,000
Effective income tax rate %	23.2%
Pre tax margin %	8.7%
After tax acquisition accounting expenses excluded	-227,000,000
Investment gains losses detail
Pre tax investment gains losses	14,472,000,000
Income taxes and noncontrolling interests	3,028,000,000
After tax investment gains losses	11,444,000,000
Effective income tax rate %	21%
Pre tax unrealized gains losses on equity securities still held at period end	12,761,000,000
Pre tax gains losses on equity securities sold during period	1,674,000,000
Pre tax gains losses on equity securities total	14,435,000,000
Pre tax gross realized gains on fixed maturity securities	76,000,000
Pre tax gross realized losses on fixed maturity securities	-6,000,000
Pre tax other investment gains losses	-33,000,000
Other after tax earnings
Investment income not allocated to operating businesses	1,924,000,000
Foreign currency gains losses on non USD senior notes	575,000,000
Equity method earnings	366,000,000
Acquisition accounting expenses	-227,000,000
Other earnings losses	-104,000,000
Total	2,534,000,000
Capital expenditures by segment
Insurance	63,000,000
Bnsf	1,740,000,000
Bhe	4,949,000,000
Manufacturing	1,859,000,000
Service retailing	1,382,000,000
Mclane	104,000,000
Pilot	534,000,000
Total	10,631,000,000
Depreciation and amortization by segment
Insurance	209,000,000
Bnsf	1,388,000,000
Bhe	2,137,000,000
Manufacturing	1,614,000,000
Service retailing	820,000,000
Mclane	98,000,000
Pilot	560,000,000
Segment total	6,826,000,000
Corporate eliminations other	290,000,000
Consolidated	7,116,000,000
Cash flow
Operating activities
Net earnings	35,951,000,000
Investment gains losses reversal	-14,472,000,000
Depreciation and amortization	7,116,000,000
Discount accretion on investments principally US treasury bills	-6,116,000,000
Other adjustments	60,000,000
Change in unpaid losses and lae	1,102,000,000
Change in deferred charges retroactive reinsurance	429,000,000
Change in unearned insurance premiums	1,443,000,000
Change in receivables and originated loans	-5,407,000,000
Change in other assets	-2,620,000,000
Change in other liabilities	1,552,000,000
Change in income taxes	2,615,000,000
Net cash flows from operating activities	21,653,000,000
Investing activities
Purchases of equity securities	-39,405,000,000
Sales of equity securities	27,780,000,000
Purchases of US treasury bills and fixed maturity securities	-338,439,000,000
Sales of US treasury bills and fixed maturity securities	50,173,000,000
Redemptions and maturities of US treasury bills and fixed maturity securities	291,677,000,000
Acquisitions of businesses net of cash acquired	-9,704,000,000
Purchases of property plant and equipment and equipment held for lease	-10,631,000,000
Other	-95,000,000
Net cash flows from investing activities	-28,644,000,000
Financing activities
Proceeds from borrowings of insurance and other businesses	1,713,000,000
Repayments of borrowings of insurance and other businesses	-3,426,000,000
Proceeds from borrowings of railroad utilities and energy businesses	4,564,000,000
Repayments of borrowings of railroad utilities and energy businesses	-1,788,000,000
Changes in short term borrowings net	-573,000,000
Acquisitions of treasury stock share repurchases	-4,444,000,000
Other principally transactions with noncontrolling interests	-155,000,000
Net cash flows from financing activities	-4,109,000,000
Effects of foreign currency exchange rate changes	-109,000,000
Increase decrease in cash and restricted cash	-11,209,000,000
Cash and cash equivalents and restricted cash beginning of year	52,569,000,000
Cash and cash equivalents and restricted cash end of period	41,360,000,000
Derived
Capital expenditures	10,631,000,000
Operating cash flow less capital expenditures	11,022,000,000
Dividends paid	0
Prior year comparative
Label	First Six Months 2025
Period type	six months
Period start	2025-01-01
Period end	2025-06-30
Source accession	0001193125-26-341032
Income statement
Revenues
Insurance and other
Insurance premiums earned	43,999,000,000
Sales and service revenues	97,473,000,000
Leasing revenues	4,940,000,000
Interest dividend and other investment income	11,634,000,000
Subtotal	158,046,000,000
Railroad utilities and energy
Railroad transportation revenues	11,389,000,000
Utility and energy operating revenues	10,612,000,000
Service revenues and other income	2,193,000,000
Subtotal	24,194,000,000
Total revenues	182,240,000,000
Investment gains losses	-71,000,000
Costs and expenses
Insurance and other
Insurance losses and loss adjustment expenses	28,719,000,000
Life annuity and health insurance benefits	2,200,000,000
Insurance underwriting expenses	8,824,000,000
Cost of sales and services	78,167,000,000
Cost of leasing	3,774,000,000
Selling general and administrative expenses	15,612,000,000
Interest expense	658,000,000
Subtotal	137,954,000,000
Railroad utilities and energy
Freight rail transportation expenses	7,602,000,000
Utilities and energy cost of sales and other expenses	8,247,000,000
Other expenses	1,997,000,000
Interest expense	1,852,000,000
Subtotal	19,698,000,000
Total costs and expenses	157,652,000,000
Earnings before income taxes and equity method earnings	24,517,000,000
Equity method earnings losses	-4,619,000,000
Earnings before income taxes	19,898,000,000
Income tax expense	2,769,000,000
Net earnings including noncontrolling interests	17,129,000,000
Earnings attributable to noncontrolling interests	156,000,000
Net earnings attributable to berkshire shareholders	16,973,000,000
Per share
Net earnings per average equivalent class a share	11,801
Net earnings per average equivalent class b share	7.87
Average equivalent class a shares outstanding	1,438,223
Average equivalent class b shares outstanding	2,157,335,139
Class b to class a ratio	1 Class B share = 1/1500 of a Class A share
After tax earnings by source
Insurance underwriting	3,328,000,000
Insurance investment income	6,260,000,000
Bnsf railroad	2,680,000,000
Berkshire hathaway energy	1,799,000,000
Manufacturing service and retailing	6,661,000,000
Investment gains losses	-68,000,000
Other than temporary impairment of kraft heinz and occidental	-3,760,000,000
Other	73,000,000
Net earnings attributable to berkshire shareholders	16,973,000,000
Operating earnings excluding investment gains and impairments	20,801,000,000
Insurance underwriting
Pre tax underwriting earnings
Geico	3,994,000,000
Bh primary	-81,000,000
Bh reinsurance group	343,000,000
Total	4,256,000,000
Income taxes	928,000,000
After tax underwriting earnings	3,328,000,000
Effective income tax rate %	21.8%
Geico
Premiums written	22,509,000,000
Premiums earned	21,816,000,000
Losses and lae	15,369,000,000
Underwriting expenses	2,453,000,000
Loss ratio %	70.4%
Expense ratio %	11.3%
Combined ratio %	81.7%
Pre tax underwriting earnings	3,994,000,000
Bh primary
Premiums written	9,243,000,000
Premiums earned	9,254,000,000
Losses and lae	6,645,000,000
Underwriting expenses	2,690,000,000
Loss ratio %	71.8%
Expense ratio %	29.1%
Combined ratio %	100.9%
Pre tax underwriting earnings	-81,000,000
Bh reinsurance group
Property casualty
Premiums written	11,157,000,000
Premiums earned	10,343,000,000
Losses and lae	6,353,000,000
Underwriting expenses	2,877,000,000
Loss ratio %	61.4%
Expense ratio %	27.8%
Combined ratio %	89.2%
Pre tax underwriting earnings	1,113,000,000
Life health
Premiums written	2,590,000,000
Premiums earned	2,586,000,000
Life and health benefits	1,999,000,000
Underwriting expenses	465,000,000
Pre tax underwriting earnings	122,000,000
Retroactive reinsurance pre tax	-477,000,000
Periodic payment annuity pre tax	-412,000,000
Variable annuity pre tax	-3,000,000
Total pre tax underwriting earnings	343,000,000
After tax losses from significant catastrophe events approx	-850,000,000
Insurance investment income
Interest and other investment income	5,043,000,000
Dividend income	2,521,000,000
Pre tax net investment income	7,564,000,000
Income taxes	1,304,000,000
After tax net investment income	6,260,000,000
Effective income tax rate %	17.2%
Railroad bnsf
Railroad operating revenues	11,402,000,000
Railroad operating expenses	7,568,000,000
Railroad operating earnings	3,834,000,000
Other revenues expenses net	120,000,000
Interest expense	-542,000,000
Pre tax earnings	3,412,000,000
Income taxes	732,000,000
Net earnings	2,680,000,000
Effective income tax rate %	21.5%
Operating ratio %	66.4%
Utilities and energy bhe
Energy operating revenues	10,636,000,000
Real estate operating revenues	2,124,000,000
Other	14,000,000
Total revenues	12,774,000,000
Energy cost of sales	2,965,000,000
Energy operating expenses	5,310,000,000
Real estate operating costs and expenses	2,081,000,000
Interest expense	1,310,000,000
Total costs and expenses	11,666,000,000
Pre tax earnings	1,108,000,000
Income tax benefit	-779,000,000
Net earnings after income taxes	1,887,000,000
Noncontrolling interests of bhe subsidiaries	85,000,000
Net earnings attributable to bhe	1,802,000,000
Preferred stock dividends	3,000,000
Net earnings attributable to berkshire shareholders	1,799,000,000
Effective income tax rate %	-70.3%
After tax earnings by activity
US utilities	862,000,000
Natural gas pipelines	671,000,000
Other energy businesses	650,000,000
Real estate brokerage	30,000,000
Corporate interest and other	-411,000,000
Manufacturing service and retailing
Revenues
Manufacturing	38,735,000,000
Service and retailing	66,140,000,000
Total	104,875,000,000
Pre tax earnings
Manufacturing	5,963,000,000
Service and retailing	2,690,000,000
Total	8,653,000,000
Income taxes and noncontrolling interests	1,992,000,000
Net earnings	6,661,000,000
Effective income tax rate %	22.3%
Pre tax margin %	8.3%
After tax acquisition accounting expenses excluded	-248,000,000
Investment gains losses detail
Pre tax investment gains losses	-71,000,000
Income taxes and noncontrolling interests	-3,000,000
After tax investment gains losses	-68,000,000
Effective income tax rate %	14.9%
Pre tax unrealized gains losses on equity securities still held at period end	1,236,000,000
Pre tax gains losses on equity securities sold during period	-417,000,000
Pre tax gains losses on equity securities total	819,000,000
Pre tax gross realized gains on fixed maturity securities	16,000,000
Pre tax gross realized losses on fixed maturity securities	-55,000,000
Pre tax other investment gains losses	-851,000,000
Other after tax earnings
Investment income not allocated to operating businesses	1,735,000,000
Foreign currency gains losses on non USD senior notes	-1,590,000,000
Equity method earnings	300,000,000
Acquisition accounting expenses	-248,000,000
Other earnings losses	-124,000,000
Total	73,000,000
Capital expenditures by segment
Insurance	35,000,000
Bnsf	1,599,000,000
Bhe	4,573,000,000
Manufacturing	1,310,000,000
Service retailing	1,097,000,000
Mclane	67,000,000
Pilot	458,000,000
Total	9,139,000,000
Depreciation and amortization by segment
Insurance	217,000,000
Bnsf	1,350,000,000
Bhe	2,083,000,000
Manufacturing	1,222,000,000
Service retailing	803,000,000
Mclane	96,000,000
Pilot	517,000,000
Segment total	6,288,000,000
Corporate eliminations other	306,000,000
Consolidated	6,594,000,000
Cash flow
Operating activities
Net earnings	17,129,000,000
Investment gains losses reversal	71,000,000
Depreciation and amortization	6,594,000,000
Discount accretion on investments principally US treasury bills	-6,169,000,000
Other adjustments	7,826,000,000
Change in unpaid losses and lae	2,144,000,000
Change in deferred charges retroactive reinsurance	323,000,000
Change in unearned insurance premiums	1,512,000,000
Change in receivables and originated loans	-4,234,000,000
Change in other assets	-862,000,000
Change in other liabilities	-370,000,000
Change in income taxes	-2,976,000,000
Net cash flows from operating activities	20,988,000,000
Investing activities
Purchases of equity securities	-7,092,000,000
Sales of equity securities	11,592,000,000
Purchases of US treasury bills and fixed maturity securities	-249,863,000,000
Sales of US treasury bills and fixed maturity securities	18,203,000,000
Redemptions and maturities of US treasury bills and fixed maturity securities	268,859,000,000
Acquisitions of businesses net of cash acquired	-101,000,000
Purchases of property plant and equipment and equipment held for lease	-9,139,000,000
Other	498,000,000
Net cash flows from investing activities	32,957,000,000
Financing activities
Proceeds from borrowings of insurance and other businesses	723,000,000
Repayments of borrowings of insurance and other businesses	-2,653,000,000
Proceeds from borrowings of railroad utilities and energy businesses	3,570,000,000
Repayments of borrowings of railroad utilities and energy businesses	-2,569,000,000
Changes in short term borrowings net	570,000,000
Acquisitions of treasury stock share repurchases	0
Other principally transactions with noncontrolling interests	-754,000,000
Net cash flows from financing activities	-1,113,000,000
Effects of foreign currency exchange rate changes	20,000,000
Increase decrease in cash and restricted cash	52,852,000,000
Cash and cash equivalents and restricted cash beginning of year	48,376,000,000
Cash and cash equivalents and restricted cash end of period	101,228,000,000
Derived
Capital expenditures	9,139,000,000
Operating cash flow less capital expenditures	11,849,000,000
Dividends paid	0

BRK-B trailing twelve month income statement and cash flow

	Trailing twelve months ended June 30, 2026
Label	Trailing twelve months ended June 30, 2026
Period type	twelve months
Period start	2025-07-01
Period end	2026-06-30
Source accessions	0001193125-26-083899; 0001193125-26-341032
Derivation	Arithmetic: the year ended December 31, 2025 from the FY2025 Form 10-K (accession 0001193125-26-083899) plus the first six months of 2026 less the first six months of 2025, both from the second-quarter 2026 Form 10-Q (accession 0001193125-26-341032). Berkshire does not publish a trailing twelve-month statement.
Income statement
Revenues
Insurance and other
Insurance premiums earned	89,383,000,000
Sales and service revenues	210,279,000,000
Leasing revenues	10,652,000,000
Interest dividend and other investment income	22,914,000,000
Subtotal	333,228,000,000
Railroad utilities and energy
Railroad transportation revenues	24,434,000,000
Utility and energy operating revenues	22,459,000,000
Service revenues and other income	4,566,000,000
Subtotal	51,459,000,000
Total revenues	384,687,000,000
Investment gains losses	53,621,000,000
Costs and expenses
Total costs and expenses	326,818,000,000
Earnings before income taxes and equity method earnings	111,490,000,000
Equity method earnings losses	-4,547,000,000
Earnings before income taxes	106,943,000,000
Income tax expense	20,861,000,000
Net earnings including noncontrolling interests	86,082,000,000
Earnings attributable to noncontrolling interests	314,000,000
Net earnings attributable to berkshire shareholders	85,768,000,000
Per share
Net earnings per average equivalent class a share	59,674
Net earnings per average equivalent class b share	39.78
Average equivalent class a shares outstanding basis	1,437,279
Basis note	Per-share amounts use the average equivalent Class A share count for the first six months of 2026 as the denominator; a true weighted average over the four quarters would differ slightly.
After tax earnings by source
Insurance underwriting	7,378,000,000
Insurance investment income	11,991,000,000
Bnsf railroad	5,731,000,000
Berkshire hathaway energy	4,185,000,000
Manufacturing service and retailing	14,655,000,000
Investment gains losses	42,249,000,000
Other than temporary impairment of kraft heinz and occidental	-4,495,000,000
Other	4,074,000,000
Net earnings attributable to berkshire shareholders	85,768,000,000
Operating earnings excluding investment gains and impairments	48,014,000,000
Cash flow
Net cash flows from operating activities	46,634,000,000
Capital expenditures	22,419,000,000
Acquisitions of treasury stock share repurchases	-4,444,000,000
Dividends paid	0
Operating cash flow less capital expenditures	24,215,000,000

Adjustments

	Value
Splits applied	none
ADR ratio	n/a
FX	n/a

Notes

Every figure in this record was read from one of two filings: the Form 10-K for the year ended December 31, 2025 (accession 0001193125-26-083899, filed March 2, 2026) and the Form 10-Q for the quarter ended June 30, 2026 (accession 0001193125-26-341032, filed August 10, 2026). Each period block names its source accession.
This record covers exactly the periods those two filings present: the fiscal years 2025, 2024 and 2023 from the 10-K; the second quarters of 2026 and 2025, and the first six months of 2026 with its 2025 comparative, from the 10-Q; plus a trailing-twelve-month view derived from both. Three-month periods are in the quarterly list; the six-month and trailing-twelve-month views have their own blocks and are never mixed in with the quarters.
The three annual periods were checked line by line against the columns printed in the FY2025 10-K - the income statement, balance sheet, cash flow statement, the earnings-by-source table and the segment capital-expenditure and depreciation tables - and agreed in every case, so they are carried unchanged. Berkshire restated nothing.
All dollar amounts have been converted from the millions in which Berkshire prints its statements into actual dollars. Percentages, ratios and per-share amounts are left as the filings state them.
Reported net earnings are dominated by investment gains and losses, not by operations. Under the accounting rule effective since 2018, every change in the market value of Berkshire's equity portfolio flows through the income statement whether or not anything is sold. Pre-tax investment gains were $16.1 billion in the second quarter of 2026 against $6.4 billion a year earlier, and $14.5 billion in the first six months of 2026 against a loss of $71 million in 2025. Berkshire states in the 10-Q that it believes these gains and losses 'are generally meaningless in understanding our reported periodic results.' The after_tax_earnings_by_source block in each period, and the operating_earnings_excluding_investment_gains_and_impairments line within it, are the filing's own disaggregation and are the more useful read of the operating businesses: $12.98 billion in the second quarter of 2026 against $11.16 billion a year earlier, and $24.33 billion for the first six months against $20.80 billion.
The year-over-year comparison is also distorted by a one-off charge in the prior year: the second quarter of 2025 absorbed a $3.76 billion after-tax other-than-temporary impairment on Berkshire's equity-method stake in Kraft Heinz, which is why equity method results that quarter were a loss of $4.745 billion. In the quarterly periods the filing labels this line as relating to the Kraft Heinz investment alone; in the annual periods it covers both Kraft Heinz and Occidental. The same field name is used throughout so the series can be read as one line. At June 30, 2026 Berkshire states the carrying value of the Kraft Heinz investment exceeded its fair value by $1.1 billion but concluded no further impairment was required.
Earnings per share are reported by Berkshire on two bases in the same statement: per average equivalent Class A share and per average equivalent Class B share, the latter being exactly 1/1,500 of the former. For BRK-B the Class B figures are the relevant ones: $11.91 in the second quarter of 2026 against $5.73 a year earlier, and $16.59 for the first six months against $7.87.
Book value per share is computed as Berkshire shareholders' equity (which excludes noncontrolling interests) divided by the equivalent Class A shares outstanding at the period end that the filing states directly: 1,431,693 at June 30, 2026, against 1,438,223 at December 31, 2025. That gives $522,395.51 per equivalent Class A share and $348.26 per equivalent Class B share at June 30, 2026. Berkshire shareholders' equity rose $30.5 billion in the first six months of 2026, to $747.9 billion.
Total debt is presented the way Berkshire's balance sheet splits it, because the two halves are not cross-guaranteed. At June 30, 2026 the insurance and other businesses owed $43.302 billion and the railroad, utilities and energy businesses owed $85.297 billion, for $128.599 billion in total, against $45.763 billion and $83.318 billion at December 31, 2025. Within those totals the Berkshire parent owed $20.364 billion, Berkshire Hathaway Finance Corporation $18.190 billion, BNSF $23.530 billion and Berkshire Hathaway Energy and its subsidiaries $61.767 billion. The 10-Q states plainly that Berkshire does not guarantee any debt, borrowings or lines of credit of BHE, BNSF or their subsidiaries.
Cash is unusually structured and easy to misread. At June 30, 2026 the insurance and other businesses held $35.096 billion of cash and cash equivalents plus $324.905 billion of short-term U.S. Treasury Bills; the 10-Q states the combined figure net of payables for unsettled Treasury Bill purchases was $359.2 billion, down from $369.0 billion at December 31, 2025. The cash line itself already includes Treasury Bills with three months or less to maturity ($3.2 billion at June 30, 2026 against $17.6 billion at December 31, 2025), and the short-term investment line includes unsettled purchases that also sit in liabilities ($771 million against $167 million). Both memo items are carried in the balance_sheet block so the figures can be reconciled.
Float - the insurance liabilities Berkshire holds and invests before claims are paid - was approximately $177.5 billion at June 30, 2026, an increase of about $1.1 billion since December 31, 2025. Berkshire states its underwriting operations produced pre-tax earnings in the first six months of both 2026 and 2025, meaning the average cost of that float was negative in each period.
Share repurchases resumed in earnest. Berkshire bought back $235 million of stock in the first quarter of 2026 and $4.527 billion in the second, $4.762 billion charged to treasury stock in the equity statement for the six months; the cash flow statement shows $4.444 billion paid, the difference being settlement timing, and the 10-Q's discussion rounds the six-month figure to $4.8 billion. Berkshire repurchased nothing in 2025. It pays no dividend on either class of common stock, so dividends paid are zero in every period.
Capital spending remains concentrated in the two capital-intensive subsidiaries. Consolidated purchases of property, plant and equipment and equipment held for lease were $10.631 billion in the first six months of 2026, of which BNSF and BHE accounted for $6.689 billion. The 10-Q says BNSF and BHE forecast approximately $8.6 billion of capital expenditures over the remainder of 2026.
Two acquisitions shape the period. Berkshire completed the purchase of Occidental's chemicals business, OxyChem, on January 2, 2026 for approximately $9.4 billion; it is reported inside the industrial products group and contributed $1.4 billion of revenue and $149 million of pre-tax earnings in the second quarter. After the quarter closed, on July 24, 2026, Berkshire completed the acquisition of Taylor Morrison Home Corporation for approximately $6.8 billion in cash; none of the figures here include it, and the 10-Q says it was impracticable to estimate the values of the assets acquired at the time of filing.
Berkshire's 10-Q presents a cash flow statement only for the six-month periods, not for the quarter alone. The quarterly blocks therefore carry no cash_flow section; the six-month statements are in the year_to_date block and its prior-year comparative.
Likewise, the 10-Q presents balance sheets only at June 30, 2026 and December 31, 2025. The June 30, 2025 block therefore carries only the shareholders' equity amounts from that filing's statement of changes in shareholders' equity and the cash reconciliation at the foot of its cash flow statement.
Segment and MD&A tables reproduced here are Berkshire's own presentations, which do not always tie exactly to the consolidated income statement. BNSF is the clearest case: railroad operating revenues of $6.562 billion in the second quarter of 2026 in MD&A differ from the $6.553 billion of railroad transportation revenues on the consolidated statement and from the $6.601 billion of BNSF segment revenues in the segment note, because of intersegment items Berkshire does not eliminate from segment results. Similarly, the manufacturing, service and retailing tables in MD&A group McLane and Pilot into service and retailing, while the segment note reports them separately. These are presentation differences, not restatements.
Berkshire's manufacturing, service and retailing net earnings as presented in MD&A exclude certain acquisition-accounting expenses, chiefly intangible-asset amortization ($113 million after tax in the second quarter of 2026, $124 million a year earlier, and $227 million and $248 million for the respective six-month periods). Those amounts sit in the 'other' line of the earnings-by-source table instead. Both figures are carried here so the reconciliation is visible.
BNSF's operating ratio is not printed in the filing; it is computed here as railroad operating expenses divided by railroad operating revenues from the MD&A table, and was 65.4% in the second quarter of 2026 against 64.8% a year earlier.
The trailing-twelve-month block is arithmetic - the year ended December 31, 2025 plus the first six months of 2026 less the first six months of 2025 - and not a figure Berkshire publishes. It is kept in its own block rather than in the period lists.
Where the SEC's structured XBRL company-facts data disagreed with the filings, the filings were used. That data renames and re-scales several of Berkshire's line items, and it has no concept matching Berkshire's two-class equivalent-share earnings-per-share presentation. The share counts and per-share amounts here are taken from the face of the statements of earnings, where they are printed in whole shares.

Uncertainties

No book value per equivalent share is given for June 30, 2025. The second-quarter 2026 10-Q states the equivalent Class A shares outstanding at June 30, 2026 and December 31, 2025 but not at June 30, 2025, so the per-share figure cannot be computed for that date from this filing.
No balance sheet is presented at June 30, 2025 beyond shareholders' equity and the cash reconciliation, so no assets, liabilities, debt split or float figure is reported for that date.
Berkshire does not present a cash flow statement for the quarter alone, and the second quarter's cash flows cannot be derived from this filing on its own. The quarterly blocks therefore report no operating, investing or financing cash flows; the six-month figures are complete.
Float is an estimate by its nature. Berkshire describes it as unpaid losses and loss adjustment expenses including retroactive reinsurance, plus life, annuity and health benefit liabilities, unearned premiums and certain other liabilities, less premiums and reinsurance receivable, deferred charges on retroactive reinsurance and deferred policy acquisition costs. The company gives only a rounded figure ('approximately $177.5 billion'), which is what is recorded here, and states it only at June 30, 2026, not at June 30, 2025.
Borrower-level debt figures - Berkshire parent, Berkshire Hathaway Finance Corporation, BNSF, and BHE and its subsidiaries - are sums of the individual lines in the borrowings note rather than single stated totals. The $61.767 billion shown for BHE and its subsidiaries is the sum of BHE senior unsecured debt, subsidiary and other debt and short-term borrowings; the MD&A of the same filing describes the same amount in round terms as $61.8 billion, and the parent's $20.364 billion as $20.4 billion. The two consolidated totals they roll up into are exact balance-sheet lines.
The after-tax catastrophe-loss line is stated by Berkshire only for the six-month periods: none in 2026, approximately $850 million in 2025. It is recorded as zero for both second quarters on the strength of the filing's statements that there were no significant catastrophe events in the first six months of 2026 and that the 2025 losses, from the Southern California wildfires, occurred in the first quarter. Berkshire does not print a quarterly figure.
The trailing-twelve-month block is arithmetic, not a published statement, and its per-share amounts use the first six months of 2026 average equivalent share counts as the denominator; a true weighted average over the four quarters would differ slightly, though the share count has moved less than one half of one percent over the period. Its cash flow lines combine a full-year statement with two six-month statements and should be read as an approximation of the twelve months to June 30, 2026.
Berkshire records its share of Occidental's earnings on a one-quarter lag and, since the second quarter of 2025, its share of Kraft Heinz's earnings on the same basis. Equity-method earnings across the periods here are therefore not on a perfectly consistent timing basis, and the second quarter of 2026 excluded Berkshire's share of Occidental's gain on the sale of OxyChem to Berkshire itself.
Amounts the filings describe only in rounded terms - the approximately $3.2 billion of Treasury Bills with three months or less to maturity inside the cash line, the $359.2 billion of cash, equivalents and Treasury Bills net of unsettled purchases, the approximately $850 million of after-tax catastrophe losses in the first six months of 2025 - are recorded at that stated precision and should not be read as exact.
PacifiCorp's wildfire litigation is a material open exposure that no figure in this record fully quantifies. The 10-Q discloses cumulative estimated probable losses of approximately $2.85 billion through June 30, 2026, of which approximately $2.3 billion has been paid, leaving estimated unpaid liabilities of $572 million. Jury verdicts in the James Phase II damages trials have awarded approximately $1.25 billion to 201 plaintiffs; the Oregon Court of Appeals reversed the Phase I liability verdict in April 2026, the Oregon Supreme Court allowed the plaintiffs' petition for review with argument set for November 3, 2026, and most remaining damages trials are stayed. PacifiCorp states it cannot reasonably estimate a range of possible additional losses, and that it is reasonably possible those losses would be material.
HomeServices of America's antitrust settlement in the Burnett case (scheduled payments totalling $250 million, of which $130 million has been paid into escrow) is on appeal to the Eighth Circuit, and two related cases carry asserted Texas state-law damages of approximately $9 billion. No figure here provides for an outcome other than the settlement as agreed.

Company details

	Value
Name	Berkshire Hathaway Inc
Ticker	BRK-B
CIK	0001067983
Exchange	NYSE
State	Nebraska
Incorporation	Delaware
SIC	6331
Office	Finance
Industry	Fire, Marine & Casualty Insurance

Fiscal period

	FY2026
Fiscal year	2026
Fiscal period	Q2
Tag	FY26Q2
Period end	2026-06-30
Form	10-Q
Accession	0001193125-26-341032
Fiscal year end	1231
Source	facts

FAQ · Berkshire Hathaway financial statements

How much did Berkshire Hathaway earn in Q2 FY2026?

Berkshire Hathaway reported net earnings attributable to Berkshire shareholders of $25.67 billion for Q2 FY2026, the quarter ended June 30, 2026, up 107.5% from $12.37 billion a year earlier, or $11.91 per average equivalent Class B share. Operating earnings excluding investment gains and impairments were $12.98 billion, up 16.3%, though most of that increase came from the swing in foreign currency on non-dollar denominated senior notes, from a loss of $877.00 million a year earlier to a gain of $326.00 million.

Why did Berkshire Hathaway's net earnings rise in Q2 FY2026?

Berkshire Hathaway's reported earnings move with its equity portfolio, because unrealized changes in the value of those holdings run through earnings every quarter whether or not any shares are sold. Investment gains contributed $12.68 billion after tax in Q2 FY2026, up 155.2%, and the year-ago quarter also carried an impairment charge on the Kraft Heinz stake, while operating earnings excluding gains and impairments were $12.98 billion, up 16.3%.

How much revenue did Berkshire Hathaway report in Q2 FY2026?

Berkshire Hathaway reported total revenues of $101.81 billion for Q2 FY2026, the quarter ended June 30, 2026, up 10.0% from $92.52 billion in the same quarter a year earlier. That line covers the insurance, railroad, utility, manufacturing, service and retailing businesses and does not include investment gains and losses, which Berkshire reports separately.

What is Berkshire Hathaway's book value per share?

Berkshire Hathaway's book value was $348.26 per equivalent Class B share at June 30, 2026, measured as shareholders' equity attributable to Berkshire divided by the equivalent shares outstanding on that date. Berkshire did not state an equivalent share count at the year-ago quarter end, so no year over year comparison of book value per share is available.

Where can I get Berkshire Hathaway Inc. (BRK-B) financial data in machine-readable form?

Ticker Scout publishes Berkshire Hathaway Inc.'s financial statements as JSON at https://tickerscout.ai/brk-b/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/brk-b/narrative.md and https://tickerscout.ai/brk-b/events.md. Berkshire Hathaway Inc.'s SEC CIK is 0001067983. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.

When does Berkshire Hathaway Inc. (BRK-B) next file with the SEC?

Berkshire Hathaway Inc. (BRK-B) is expected to file its next Form 10-Q with the SEC on or around November 2, 2026. That date is a projection rather than a company-announced date: it is derived from Berkshire Hathaway Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001193125-26-341032.

How this page was built

This page was built from two of Berkshire Hathaway Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names 11 such gaps.

A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.

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Built from Berkshire Hathaway Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.