Berkshire Hathaway Inc. (BRK-B) Q1 FY2026 Financial Statements: Total revenues $93.67B, Net earnings attributable to shareholders $10.11B
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PeriodQ2 FY2026Q1 FY2026
Archived record for Q1 FY2026. The current period is Q2 FY2026.
Published
Berkshire Hathaway reported $93.67 billion in total revenues for Q1 FY2026, the quarter ended March 31, 2026, up 4.4% from a year earlier, and net earnings attributable to Berkshire shareholders of $10.11 billion, up 119.6% from $4.60 billion. Most of that increase came from outside the operating businesses: after-tax losses on Berkshire's equity investments were far smaller than in the year-ago quarter, and operating earnings excluding investment gains and losses, the measure Berkshire directs shareholders to, were $11.35 billion, up 17.7%. Insurance underwriting after tax rose to $1.72 billion, up 28.5%, with no significant catastrophe events in the quarter and the primary and reinsurance groups swinging to underwriting profits while GEICO earned less; a swing to currency gains on Berkshire's non-dollar senior notes accounted for a larger part of the operating increase.
| Metric | Amount | vs. year ago |
|---|---|---|
| Total revenues | $93,675,000,000 | up 4.4% |
| Net earnings attributable to shareholders | $10,106,000,000 | up 119.6% |
| Operating earnings excluding investment gains and losses | $11,346,000,000 | up 17.7% |
| Earnings per Class B share | $4.68 | up 119.7% |
| Insurance underwriting earnings after tax | $1,717,000,000 | up 28.5% |
About this file
| Ticker | BRK-B |
|---|---|
| CIK | 0001067983 |
| Company | Berkshire Hathaway Inc. |
| Business type | insurance_conglomerate |
| Business type detail | Property/casualty and life/health insurance and reinsurance group (GEICO, Berkshire Hathaway Primary Group, Berkshire Hathaway Reinsurance Group) whose underwriting float funds a very large investment portfolio, combined with wholly-owned non-insurance operating businesses: the BNSF railroad, Berkshire Hathaway Energy's regulated utilities and pipelines, and a manufacturing, service and retailing group (including McLane and Pilot Travel Centers). SEC classification: SIC 6331, Fire, Marine & Casualty Insurance. Berkshire has two share classes; each Class B share carries 1/1,500 of the economic rights of a Class A share, and the company reports earnings per share on both an equivalent Class A and an equivalent Class B basis. |
| Schema template | insurance_conglomerate |
| Schema rationale | A single revenue/cost-of-goods/capex template would hide what actually drives Berkshire. This file instead follows the structure Berkshire itself reports: an insurance block (premiums earned, losses and loss adjustment expenses, underwriting expenses, underwriting earnings by group, float, and investment income) held separately from the operating businesses; a separate line for investment gains and losses, because since 2018 all changes in the market value of the equity portfolio run through reported net earnings and dominate it; and per-segment blocks for BNSF, Berkshire Hathaway Energy and the manufacturing, service and retailing group. The balance sheet keeps Berkshire's own two-column presentation, which splits 'insurance and other' from 'railroad, utilities and energy' and therefore splits total debt the same way. Book value per share is carried because it is the conventional yardstick for this company. |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual dollars (not millions), except where a field name says per_share, _pct, _ratio or _shares |
| Share units | actual shares (not thousands) |
BRK-B annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Fiscal year | 2025 | 2024 | 2023 |
| 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
| First Quarter 2026 | First Quarter 2025 (comparative) | |
|---|---|---|
| Label | First Quarter 2026 | First Quarter 2025 (comparative) |
| Period type | three months | three months |
| Period start | 2026-01-01 | 2025-01-01 |
| Period end | 2026-03-31 | 2025-03-31 |
| Source accession | 0001193125-26-202243 | 0001193125-26-202243 |
| Income statement | ||
| Revenues | ||
| Insurance and other | ||
| Insurance premiums earned | 22,005,000,000 | 21,804,000,000 |
| Sales and service revenues | 50,946,000,000 | 47,815,000,000 |
| Leasing revenues | 2,671,000,000 | 2,431,000,000 |
| Interest dividend and other investment income | 5,430,000,000 | 5,632,000,000 |
| Subtotal | 81,052,000,000 | 77,682,000,000 |
| Railroad utilities and energy | ||
| Railroad transportation revenues | 5,940,000,000 | 5,671,000,000 |
| Utilities and energy operating revenues | 5,807,000,000 | 5,494,000,000 |
| Service revenues and other income | 876,000,000 | 878,000,000 |
| Subtotal | 12,623,000,000 | 12,043,000,000 |
| Total revenues | 93,675,000,000 | 89,725,000,000 |
| Investment gains losses | -1,605,000,000 | -6,435,000,000 |
| Costs and expenses | ||
| Insurance and other | ||
| Insurance losses and loss adjustment expenses | 14,204,000,000 | 14,646,000,000 |
| Life annuity and health insurance benefits | 1,019,000,000 | 1,068,000,000 |
| Insurance underwriting expenses | 4,517,000,000 | 4,368,000,000 |
| Cost of sales and services | 41,207,000,000 | 38,551,000,000 |
| Cost of leasing | 2,027,000,000 | 1,887,000,000 |
| Selling general and administrative expenses | 6,556,000,000 | 7,681,000,000 |
| Interest expense | 324,000,000 | 340,000,000 |
| Subtotal | 69,854,000,000 | 68,541,000,000 |
| Railroad utilities and energy | ||
| Railroad transportation expenses | 3,923,000,000 | 3,873,000,000 |
| Utilities and energy cost of sales and other expenses | 4,317,000,000 | 4,091,000,000 |
| Other expenses | 856,000,000 | 846,000,000 |
| Interest expense | 977,000,000 | 917,000,000 |
| Subtotal | 10,073,000,000 | 9,727,000,000 |
| Total costs and expenses | 79,927,000,000 | 78,268,000,000 |
| Earnings before income taxes and equity method earnings | 12,143,000,000 | 5,022,000,000 |
| Equity method earnings | 176,000,000 | 126,000,000 |
| Earnings before income taxes | 12,319,000,000 | 5,148,000,000 |
| Income tax expense | 2,140,000,000 | 476,000,000 |
| Net earnings including noncontrolling interests | 10,179,000,000 | 4,672,000,000 |
| Earnings attributable to noncontrolling interests | 73,000,000 | 69,000,000 |
| Net earnings attributable to berkshire shareholders | 10,106,000,000 | 4,603,000,000 |
| Per share | ||
| Net earnings per average equivalent class a share | 7,027 | 3,200 |
| Net earnings per average equivalent class b share | 4.68 | 2.13 |
| Average equivalent class a shares outstanding | 1,438,124 | 1,438,223 |
| Average equivalent class b shares outstanding | 2,157,185,889 | 2,157,335,139 |
| After tax earnings by source | ||
| Insurance underwriting | 1,717,000,000 | 1,336,000,000 |
| Insurance investment income | 2,679,000,000 | 2,893,000,000 |
| Bnsf railroad | 1,377,000,000 | 1,214,000,000 |
| Berkshire hathaway energy | 1,114,000,000 | 1,097,000,000 |
| Manufacturing service and retailing | 3,199,000,000 | 3,060,000,000 |
| Investment gains losses | -1,240,000,000 | -5,038,000,000 |
| Other | 1,260,000,000 | 41,000,000 |
| Net earnings attributable to berkshire shareholders | 10,106,000,000 | 4,603,000,000 |
| Operating earnings excluding investment gains and losses | 11,346,000,000 | 9,641,000,000 |
| Insurance underwriting | ||
| Pre tax underwriting earnings | ||
| Geico | 1,416,000,000 | 2,173,000,000 |
| Bh primary | 476,000,000 | -144,000,000 |
| Bh reinsurance group | 373,000,000 | -307,000,000 |
| Total | 2,265,000,000 | 1,722,000,000 |
| Income taxes | 548,000,000 | 386,000,000 |
| After tax underwriting earnings | 1,717,000,000 | 1,336,000,000 |
| Effective income tax rate % | 24.2% | 22.4% |
| Geico | ||
| Premiums written | 11,674,000,000 | 11,506,000,000 |
| Premiums earned | 11,186,000,000 | 10,752,000,000 |
| Losses and lae | 8,277,000,000 | 7,424,000,000 |
| Underwriting expenses | 1,493,000,000 | 1,155,000,000 |
| Loss ratio % | 73.9% | 69.0% |
| Expense ratio % | 13.4% | 10.8% |
| Combined ratio % | 87.3% | 79.8% |
| Pre tax underwriting earnings | 1,416,000,000 | 2,173,000,000 |
| Bh primary | ||
| Premiums written | 4,466,000,000 | 4,423,000,000 |
| Premiums earned | 4,591,000,000 | 4,577,000,000 |
| Losses and lae | 2,792,000,000 | 3,452,000,000 |
| Underwriting expenses | 1,323,000,000 | 1,269,000,000 |
| Loss ratio % | 60.8% | 75.4% |
| Expense ratio % | 28.8% | 27.7% |
| Combined ratio % | 89.6% | 103.1% |
| Pre tax underwriting earnings | 476,000,000 | -144,000,000 |
| Bh reinsurance group | ||
| Property casualty | ||
| Premiums written | 5,992,000,000 | 6,135,000,000 |
| Premiums earned | 4,912,000,000 | 5,235,000,000 |
| Losses and lae | 2,884,000,000 | 3,599,000,000 |
| Underwriting expenses | 1,391,000,000 | 1,568,000,000 |
| Loss ratio % | 58.7% | 68.7% |
| Expense ratio % | 28.3% | 30.0% |
| Combined ratio % | 87.0% | 98.7% |
| Pre tax underwriting earnings | 637,000,000 | 68,000,000 |
| Life health | ||
| Premiums written | 1,318,000,000 | 1,243,000,000 |
| Premiums earned | 1,316,000,000 | 1,240,000,000 |
| Life and health benefits | 904,000,000 | 956,000,000 |
| Underwriting expenses | 286,000,000 | 214,000,000 |
| Pre tax underwriting earnings | 126,000,000 | 70,000,000 |
| Retroactive reinsurance pre tax | -246,000,000 | -209,000,000 |
| Periodic payment annuity pre tax | -136,000,000 | -199,000,000 |
| Variable annuity pre tax | -8,000,000 | -37,000,000 |
| Total pre tax underwriting earnings | 373,000,000 | -307,000,000 |
| Insurance investment income | ||
| Interest and other investment income | 2,260,000,000 | 2,519,000,000 |
| Dividend income | 1,044,000,000 | 1,042,000,000 |
| Pre tax net investment income | 3,304,000,000 | 3,561,000,000 |
| Income taxes | 625,000,000 | 668,000,000 |
| After tax net investment income | 2,679,000,000 | 2,893,000,000 |
| Effective income tax rate % | 18.9% | 18.8% |
| Railroad bnsf | ||
| Railroad operating revenues | 5,959,000,000 | 5,676,000,000 |
| Railroad operating expenses | 3,911,000,000 | 3,855,000,000 |
| Railroad operating earnings | 2,048,000,000 | 1,821,000,000 |
| Other revenues expenses net | 49,000,000 | 54,000,000 |
| Interest expense | -277,000,000 | -272,000,000 |
| Pre tax earnings | 1,820,000,000 | 1,603,000,000 |
| Income taxes | 443,000,000 | 389,000,000 |
| Net earnings | 1,377,000,000 | 1,214,000,000 |
| Effective income tax rate % | 24.3% | 24.3% |
| Operating ratio % | 65.6% | 67.9% |
| Utilities and energy bhe | ||
| Energy operating revenues | 5,810,000,000 | 5,506,000,000 |
| Real estate operating revenues | 862,000,000 | 860,000,000 |
| Other | -11,000,000 | -10,000,000 |
| Total revenues | 6,661,000,000 | 6,356,000,000 |
| Energy cost of sales | 1,670,000,000 | 1,531,000,000 |
| Energy operating expenses | 2,668,000,000 | 2,585,000,000 |
| Real estate operating costs and expenses | 879,000,000 | 871,000,000 |
| Interest expense | 700,000,000 | 646,000,000 |
| Total costs and expenses | 5,917,000,000 | 5,633,000,000 |
| Pre tax earnings | 744,000,000 | 723,000,000 |
| Income tax benefit | -430,000,000 | -422,000,000 |
| Net earnings after income taxes | 1,174,000,000 | 1,145,000,000 |
| Noncontrolling interests of bhe subsidiaries | 60,000,000 | 45,000,000 |
| Net earnings attributable to bhe | 1,114,000,000 | 1,100,000,000 |
| Preferred stock dividends | 0 | 3,000,000 |
| Net earnings attributable to berkshire shareholders | 1,114,000,000 | 1,097,000,000 |
| After tax earnings by activity | ||
| US utilities | 359,000,000 | 428,000,000 |
| Natural gas pipelines | 606,000,000 | 488,000,000 |
| Other energy businesses | 255,000,000 | 347,000,000 |
| Real estate brokerage | -12,000,000 | -15,000,000 |
| Corporate interest and other | -94,000,000 | -148,000,000 |
| Manufacturing service and retailing | ||
| Revenues | ||
| Manufacturing | 20,672,000,000 | 18,766,000,000 |
| Service and retailing | 34,170,000,000 | 32,742,000,000 |
| Total | 54,842,000,000 | 51,508,000,000 |
| Pre tax earnings | ||
| Manufacturing | 3,059,000,000 | 2,716,000,000 |
| Service and retailing | 1,175,000,000 | 1,290,000,000 |
| Total | 4,234,000,000 | 4,006,000,000 |
| Income taxes and noncontrolling interests | 1,035,000,000 | 946,000,000 |
| Net earnings | 3,199,000,000 | 3,060,000,000 |
| Effective income tax rate % | 23.7% | 22.9% |
| Pre tax margin % | 7.7% | 7.8% |
| After tax acquisition accounting expenses excluded | -114,000,000 | -124,000,000 |
| Investment gains losses detail | ||
| Pre tax investment gains losses | -1,605,000,000 | -6,435,000,000 |
| Income taxes and noncontrolling interests | -365,000,000 | -1,397,000,000 |
| After tax investment gains losses | -1,240,000,000 | -5,038,000,000 |
| Effective income tax rate % | 21.6% | 21.6% |
| Pre tax unrealized gains losses on equity securities still held at period end approx | -3,300,000,000 | -6,800,000,000 |
| Pre tax gains on equity securities sold during period approx | 1,700,000,000 | 371,000,000 |
| Other after tax earnings | ||
| Investment income not allocated to operating businesses | 967,000,000 | 869,000,000 |
| Foreign currency gains losses on non USD senior notes | 249,000,000 | -713,000,000 |
| Equity method earnings | 155,000,000 | 116,000,000 |
| Acquisition accounting expenses | -114,000,000 | -124,000,000 |
| Other earnings losses | 3,000,000 | -107,000,000 |
| Total | 1,260,000,000 | 41,000,000 |
| Cash flow | ||
| Operating activities | ||
| Net earnings | 10,179,000,000 | 4,672,000,000 |
| Investment gains losses reversal | 1,605,000,000 | 6,435,000,000 |
| Depreciation and amortization | 3,510,000,000 | 3,265,000,000 |
| Discount accretion on investments principally US treasury bills | -3,068,000,000 | -3,129,000,000 |
| Other adjustments | 277,000,000 | 1,504,000,000 |
| Change in unpaid losses and lae | 223,000,000 | 1,215,000,000 |
| Change in deferred charges retroactive reinsurance | 252,000,000 | 169,000,000 |
| Change in unearned insurance premiums | 1,443,000,000 | 1,451,000,000 |
| Change in receivables and originated loans | -3,173,000,000 | -3,295,000,000 |
| Change in other assets | -1,358,000,000 | -297,000,000 |
| Change in other liabilities | -988,000,000 | -1,291,000,000 |
| Change in income taxes | 1,536,000,000 | 204,000,000 |
| Net cash flows from operating activities | 10,438,000,000 | 10,903,000,000 |
| Investing activities | ||
| Purchases of equity securities | -15,938,000,000 | -3,183,000,000 |
| Sales of equity securities | 24,087,000,000 | 4,677,000,000 |
| Purchases of US treasury bills and fixed maturity securities | -189,625,000,000 | -158,722,000,000 |
| Sales of US treasury bills and fixed maturity securities | 12,491,000,000 | 6,286,000,000 |
| Redemptions and maturities of US treasury bills and fixed maturity securities | 179,028,000,000 | 138,620,000,000 |
| Acquisitions of businesses net of cash acquired | -9,690,000,000 | -90,000,000 |
| Purchases of property plant and equipment and equipment held for lease | -4,986,000,000 | -4,281,000,000 |
| Other | 325,000,000 | 292,000,000 |
| Net cash flows from investing activities | -4,308,000,000 | -16,401,000,000 |
| Financing activities | ||
| Proceeds from borrowings of insurance and other businesses | 7,000,000 | 0 |
| Repayments of borrowings of insurance and other businesses | -2,543,000,000 | -1,299,000,000 |
| Proceeds from borrowings of railroad utilities and energy businesses | 4,568,000,000 | 2,353,000,000 |
| Repayments of borrowings of railroad utilities and energy businesses | -713,000,000 | -443,000,000 |
| Changes in short term borrowings net | -961,000,000 | -415,000,000 |
| Acquisitions of treasury stock share repurchases | -235,000,000 | 0 |
| Other principally transactions with noncontrolling interests | 51,000,000 | -143,000,000 |
| Net cash flows from financing activities | 174,000,000 | 53,000,000 |
| Effects of foreign currency exchange rate changes | -63,000,000 | -76,000,000 |
| Increase decrease in cash and restricted cash | 6,241,000,000 | -5,521,000,000 |
| Cash and cash equivalents and restricted cash beginning of year | 52,569,000,000 | 48,376,000,000 |
| Cash and cash equivalents and restricted cash end of quarter | 58,810,000,000 | 42,855,000,000 |
| Derived | ||
| Capital expenditures | 4,986,000,000 | 4,281,000,000 |
| Operating cash flow less capital expenditures | 5,452,000,000 | 6,622,000,000 |
| Dividends paid | 0 | 0 |
| Capital expenditures by segment | ||
| Insurance | 25,000,000 | 24,000,000 |
| Bnsf | 744,000,000 | 652,000,000 |
| Bhe | 2,418,000,000 | 2,128,000,000 |
| Manufacturing | 904,000,000 | 707,000,000 |
| Service retailing | 583,000,000 | 544,000,000 |
| Mclane | 50,000,000 | 22,000,000 |
| Pilot | 262,000,000 | 204,000,000 |
| Total | 4,986,000,000 | 4,281,000,000 |
| Balance sheet | ||
| As of | 2026-03-31 | 2025-03-31 |
| Assets | ||
| Insurance and other | ||
| Cash and cash equivalents | 51,478,000,000 | |
| Short term investments in US treasury bills | 339,261,000,000 | |
| Investments in fixed maturity securities | 17,669,000,000 | |
| Investments in equity securities | 288,034,000,000 | |
| Equity method investments | 19,951,000,000 | |
| Loans and finance receivables | 30,101,000,000 | |
| Other receivables | 47,492,000,000 | |
| Inventories | 25,523,000,000 | |
| Property plant and equipment | 39,042,000,000 | |
| Equipment held for lease | 18,674,000,000 | |
| Goodwill | 56,173,000,000 | |
| Other intangible assets | 34,275,000,000 | |
| Deferred charges retroactive reinsurance | 7,852,000,000 | |
| Other | 27,412,000,000 | |
| Subtotal | 1,002,937,000,000 | |
| Railroad utilities and energy | ||
| Cash and cash equivalents | 6,644,000,000 | |
| Receivables | 4,267,000,000 | |
| Property plant and equipment | 184,028,000,000 | |
| Goodwill | 27,007,000,000 | |
| Regulatory assets | 4,471,000,000 | |
| Other | 22,917,000,000 | |
| Subtotal | 249,334,000,000 | |
| Total assets | 1,252,271,000,000 | |
| Liabilities | ||
| Insurance and other | ||
| Unpaid losses and loss adjustment expenses | 121,561,000,000 | |
| Unpaid losses and lae retroactive reinsurance | 30,368,000,000 | |
| Unearned insurance premiums | 32,753,000,000 | |
| Life annuity and health insurance benefits | 17,479,000,000 | |
| Other insurance policyholder liabilities | 9,896,000,000 | |
| Accounts payable accruals and other liabilities | 39,670,000,000 | |
| Payable for purchases of US treasury bills | 17,229,000,000 | |
| Aircraft repurchase liabilities and unearned lease revenues | 10,915,000,000 | |
| Notes payable and other borrowings | 42,835,000,000 | |
| Subtotal | 322,706,000,000 | |
| Railroad utilities and energy | ||
| Accounts payable accruals and other liabilities | 18,545,000,000 | |
| Regulatory liabilities | 6,834,000,000 | |
| Notes payable and other borrowings | 86,051,000,000 | |
| Subtotal | 111,430,000,000 | |
| Income taxes principally deferred | 88,685,000,000 | |
| Total liabilities | 522,821,000,000 | |
| Shareholders equity | ||
| Common stock at par value | 8,000,000 | |
| Capital in excess of par value | 35,566,000,000 | |
| Accumulated other comprehensive income | -2,511,000,000 | -3,084,000,000 |
| Retained earnings | 773,292,000,000 | 700,821,000,000 |
| Treasury stock at cost | -79,174,000,000 | -78,939,000,000 |
| Berkshire shareholders equity | 727,181,000,000 | 654,471,000,000 |
| Noncontrolling interests | 2,269,000,000 | 2,271,000,000 |
| Total shareholders equity | 729,450,000,000 | 656,742,000,000 |
| Common stock and capital in excess of par value | 35,673,000,000 | |
| Total liabilities and shareholders equity | 1,252,271,000,000 | |
| Debt summary | ||
| Insurance and other borrowings | 42,835,000,000 | |
| Railroad utilities and energy borrowings | 86,051,000,000 | |
| Total notes payable and other borrowings | 128,886,000,000 | |
| Berkshire parent borrowings | 19,908,000,000 | |
| Berkshire hathaway finance corporation borrowings | 18,197,000,000 | |
| Bnsf borrowings | 23,560,000,000 | |
| Bhe and subsidiaries borrowings | 62,491,000,000 | |
| Cash and investments held in insurance businesses | ||
| Cash cash equivalents and US treasury bills | 236,779,000,000 | |
| Equity securities | 284,965,000,000 | |
| Fixed maturity securities | 17,386,000,000 | |
| Other including loans to affiliates | 4,655,000,000 | |
| Total | 543,785,000,000 | |
| Memo | ||
| US treasury bills with maturities of three months or less included in cash | 19,700,000,000 | |
| Unsettled purchases of US treasury bills included in short term investments and liabilities | 17,229,000,000 | |
| Insurance and other cash equivalents and treasury bills net of unsettled purchase payables | 373,500,000,000 | |
| Goodwill of acquired businesses | 83,180,000,000 | |
| Indefinite lived intangible assets | 19,000,000,000 | |
| Property casualty unpaid losses and lae including retroactive reinsurance | 151,900,000,000 | |
| Note | The first-quarter 2026 Form 10-Q balance sheet presents March 31, 2026 and December 31, 2025 only. The equity figures below for March 31, 2025 come from the statement of changes in shareholders' equity in the same filing, which carries a first-quarter 2025 column. | |
| Insurance float approx | 176,900,000,000 | |
| Book value | ||
| Berkshire shareholders equity | 727,181,000,000 | |
| Equivalent class a shares outstanding at period end | 1,437,903 | |
| Book value per equivalent class a share | 505,723.27 | |
| Book value per equivalent class b share | 337.15 | |
| Shares outstanding on cover page | ||
| As of | 2026-04-30 | |
| Class a shares | 505,697 | |
| Class b shares | 1,398,308,677 | |
| Note | Cover-page counts reported in the first-quarter 2026 Form 10-Q. Each Class A share is convertible into 1,500 Class B shares; on an equivalent Class A basis these counts correspond to the 1,437,903 equivalent Class A shares outstanding at March 31, 2026. | |
BRK-B trailing twelve month income statement and cash flow
| Trailing twelve months ended March 31, 2026 | |
|---|---|
| Label | Trailing twelve months ended March 31, 2026 |
| Period start | 2025-04-01 |
| Period end | 2026-03-31 |
| Basis | Full year 2025 from the FY2025 10-K plus first-quarter 2026 less first-quarter 2025, both from the first-quarter 2026 10-Q. |
| Source accessions | 0001193125-26-083899; 0001193125-26-202243 |
| Total revenues | 375,394,000,000 |
| Insurance premiums earned | 89,103,000,000 |
| Investment gains losses pre tax | 43,908,000,000 |
| Earnings before income taxes | 89,630,000,000 |
| Income tax expense | 16,863,000,000 |
| Net earnings attributable to berkshire shareholders | 72,471,000,000 |
| After tax earnings by source | |
| Insurance underwriting | 7,639,000,000 |
| Insurance investment income | 12,299,000,000 |
| Bnsf railroad | 5,639,000,000 |
| Berkshire hathaway energy | 3,996,000,000 |
| Manufacturing service and retailing | 13,786,000,000 |
| Investment gains losses | 34,535,000,000 |
| Other than temporary impairment of kraft heinz and occidental | -8,255,000,000 |
| Other | 2,832,000,000 |
| Operating earnings excluding investment gains and impairments | 46,191,000,000 |
| Pre tax underwriting earnings | 10,003,000,000 |
| Net cash flows from operating activities | 45,504,000,000 |
| Capital expenditures | 21,632,000,000 |
| Operating cash flow less capital expenditures | 23,872,000,000 |
| Derived per share | |
| Net earnings per equivalent class a share | 50,393.0 |
| Net earnings per equivalent class b share | 33.6 |
| Note | Computed by dividing trailing-twelve-month net earnings attributable to Berkshire shareholders by the average equivalent share counts reported for the first quarter of 2026. The filings themselves do not present a trailing-twelve-month earnings-per-share figure. |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| Splits note | No stock splits are on record for either share class over the periods covered, so no per-share figure in this file has been split-adjusted. Berkshire last split its Class B shares 50-for-1 in 2010, well before the earliest period reported here. |
| ADR ratio | n/a |
| ADR note | Berkshire is a U.S. domestic filer; its shares are common stock, not depositary receipts. |
| FX | None. Berkshire reports in U.S. dollars, so no currency conversion was applied. Foreign-currency effects that Berkshire itself records in earnings (chiefly the revaluation of its yen-, euro- and sterling-denominated senior notes) are carried as the company reports them. |
| Class conversion | Per-share figures are given on both bases exactly as the filings present them. Where a Class B figure is shown it equals 1/1,500 of the corresponding Class A figure, which is the ratio fixed in Berkshire's charter. |
Coverage
| Value | |
|---|---|
| Annual periods reported | 2,025; 2,024; 2,023 |
| Annual note | The FY2025 10-K presents three years on the statements of earnings and cash flows (2025, 2024, 2023) but only two years on the balance sheet (December 31, 2025 and 2024). The 2023 entry therefore carries a full income statement and cash flow statement but only the shareholders' equity balances, which the statement of changes in shareholders' equity does present for 2023. |
| Quarterly periods reported | 2026-03-31 (first quarter 2026); 2025-03-31 (first quarter 2025, comparative) |
| Quarterly note | Berkshire's fiscal year is the calendar year, so the first quarter is the only interim period covered by the latest 10-Q. No later quarter has been reported: second-quarter 2026 results were not yet filed as of the latest filings used here. |
Notes
- Every figure in this file was read from one of two filings: the FY2025 Form 10-K (accession 0001193125-26-083899, filed March 2, 2026, for the year ended December 31, 2025) and the first-quarter 2026 Form 10-Q (accession 0001193125-26-202243, filed May 4, 2026, for the quarter ended March 31, 2026). Each period block names its source accession.
- 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 $39.1 billion in 2025, $52.8 billion in 2024 and $74.9 billion in 2023 - in each year a large share of total pre-tax earnings. Berkshire itself states in the 10-K 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.
- 2025 net earnings also absorbed $8.255 billion of after-tax other-than-temporary impairment losses on the equity-method stakes in Kraft Heinz ($3.76 billion) and Occidental ($4.50 billion), disclosed in the FY2025 10-K. That charge is why 2025 equity method results swing to a loss of $9.59 billion from earnings of $1.84 billion in 2024.
- 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 the ticker in question, BRK-B, the Class B figures are the relevant ones: $31.04 in 2025, $41.27 in 2024 and $44.27 in 2023, and $4.68 in the first quarter of 2026 against $2.13 a year earlier. Both bases are carried in every period block.
- 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 filings state directly: 1,438,223 at December 31, 2025 and December 31, 2024, and 1,437,903 at March 31, 2026. No book value per share is given for 2023 because the FY2025 10-K does not state the equivalent share count outstanding at December 31, 2023.
- Total debt is presented the way Berkshire's balance sheet splits it, because the two halves are not cross-guaranteed. At December 31, 2025 the insurance and other businesses owed $45.763 billion and the railroad, utilities and energy businesses owed $83.318 billion, for $129.081 billion in total. Within the second figure, BNSF accounted for $24.062 billion and Berkshire Hathaway Energy and its subsidiaries $59.256 billion. The 10-K states plainly that Berkshire does not guarantee any borrowings of BNSF, BHE or their subsidiaries. By March 31, 2026 the split was $42.835 billion and $86.051 billion, as the parent repaid maturing debt while BHE subsidiaries issued $4.6 billion of new term debt.
- Cash is unusually structured and easy to misread. At December 31, 2025 the insurance and other businesses held $47.719 billion of cash and cash equivalents plus $321.434 billion of short-term U.S. Treasury Bills; the 10-K states the combined figure net of payables for unsettled Treasury Bill purchases was $369.0 billion. At March 31, 2026 the same measure was $373.5 billion. The cash line itself already includes Treasury Bills with three months or less to maturity ($17.6 billion at December 31, 2025, $19.7 billion at March 31, 2026), and the short-term investment line includes unsettled purchases that also sit in liabilities ($167 million at December 31, 2025, $17.229 billion at March 31, 2026). Both memo items are carried in the balance_sheet blocks so the figures can be reconciled.
- Float - the insurance liabilities Berkshire holds and invests before claims are paid - was approximately $176 billion at December 31, 2025, $171 billion at December 31, 2024 and $169 billion at December 31, 2023, and approximately $176.9 billion at March 31, 2026. Berkshire states its underwriting operations produced pre-tax gains in each of these periods, meaning the average cost of that float was negative.
- Berkshire repurchased no shares in 2025 - the first full year of none - after $2.918 billion in 2024 and $9.171 billion in 2023 (the 2023 cash flow figure of $9.171 billion differs from the $8.976 billion charged to treasury stock in the equity statement because of settlement timing). Repurchases resumed at a token level in the first quarter of 2026, at $235 million. Berkshire pays no dividend on either class of common stock, so dividends paid are zero in every period.
- Capital spending is concentrated in the two capital-intensive subsidiaries. Consolidated purchases of property, plant and equipment and equipment held for lease were $20.927 billion in 2025, of which BNSF and BHE together accounted for $14.385 billion. The 10-K says BNSF and BHE forecast about $15 billion of capital expenditures in 2026; after $3.162 billion of that was spent by the two in the first quarter, the 10-Q says approximately $12.4 billion is forecast for the remainder of 2026.
- The first quarter of 2026 includes the January 2, 2026 acquisition of Occidental's chemicals business (OxyChem) for approximately $9.5 billion, which is the bulk of the $9.690 billion of acquisitions of businesses in the quarter's investing cash flow and a large part of the $7.157 billion quarter-over-quarter rise in insurance-and-other property, plant and equipment.
- Segment revenue and earnings tables reproduced here are Berkshire's own MD&A and segment-note presentations, which do not always tie exactly to the consolidated income statement. Two examples: BNSF's MD&A railroad operating revenues of $23.350 billion in 2025 differ from the $23.330 billion of railroad transportation revenues on the consolidated statement and from the $23.533 billion of segment revenues in the segment note, because of intersegment items that Berkshire does not eliminate from segment results; and 2023 insurance underwriting expenses are $15.270 billion on the consolidated statement against $15.274 billion summed across the three underwriting segments. These are presentation differences, not restatements.
- Where the SEC's structured XBRL company-facts data disagreed with the filings, the filings were used. The XBRL data renames and re-scales several of Berkshire's line items, and it has no concept that matches Berkshire's two-class equivalent-share earnings-per-share presentation. In particular, the share counts and per-share amounts in this file are taken from the face of the statements of earnings, where they are printed in whole shares.
- Berkshire's manufacturing, service and retailing net earnings as presented in MD&A exclude certain acquisition-accounting expenses, chiefly intangible-asset amortization ($528 million after tax in 2025, $531 million in 2024, $693 million in 2023, and $114 million in the first quarter of 2026). Those amounts sit in the 'other' line of the earnings-by-source table instead. Both figures are carried here so the reconciliation is visible.
Uncertainties
- No book value per equivalent share is reported for fiscal 2023, and no balance sheet is reported for that year beyond shareholders' equity. The FY2025 10-K's balance sheet carries only December 31, 2025 and 2024 columns, and the 2023 equity figures shown here come from the statement of changes in shareholders' equity. The equivalent Class A shares outstanding at December 31, 2023 are not stated in that filing, so the per-share book value cannot be computed for that date without an older filing.
- Likewise, no book value per share is given for March 31, 2025. The first-quarter 2026 10-Q states the equivalent Class A shares outstanding at March 31, 2026 and December 31, 2025 but not at March 31, 2025.
- 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 rounded figures ('approximately $176 billion'), which is what is recorded here; it does not publish a line-by-line float computation.
- Borrower-level debt figures - Berkshire parent, Berkshire Hathaway Finance Corporation, BNSF and BHE - are sums of the individual lines in the borrowings notes to the two filings rather than single stated totals. For example, the $59.256 billion shown for BHE and its subsidiaries at December 31, 2025 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 'approximately $59.3 billion.' The two consolidated totals they roll up into - insurance and other, and railroad, utilities and energy - are exact balance-sheet lines.
- The trailing-twelve-month block is arithmetic (full year 2025 plus first quarter 2026 less first quarter 2025), not a figure Berkshire publishes. The trailing-twelve-month per-share amounts within it use the first quarter of 2026's 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 tenth of one percent over the period.
- Berkshire began recording its share of Kraft Heinz's earnings on a one-quarter lag during the second quarter of 2025, joining Occidental, which had long been recorded on a lag. Equity-method earnings across the periods here are therefore not on a perfectly consistent timing basis.
- Amounts described in the filings only in rounded billions - the approximately $850 million, $1.2 billion and $725 million of after-tax catastrophe losses in 2025, 2024 and 2023; the approximately $40.0 billion, $49.3 billion and $69.1 billion of pre-tax unrealized gains on equity securities still held at each year end - 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 file quantifies. The FY2025 10-K discloses that amounts sought in unsettled complaints and demands total approximately $50 billion before any doubling, trebling or punitive damages, of which about $48 billion relates to the James mass complaints, and states that PacifiCorp cannot reasonably estimate a range of possible additional losses beyond what it has accrued. A $575 million federal settlement was approved in February 2026, and an Oregon Court of Appeals opinion on the James class action was issued in April 2026.
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 | Q1 |
| Tag | FY26Q1 |
| Period end | 2026-03-31 |
| Form | 10-Q |
| Accession | 0001193125-26-202243 |
| Fiscal year end | 1231 |
| Source | facts |
FAQ · Berkshire Hathaway financial statements
How much did Berkshire Hathaway earn in Q1 FY2026?
Berkshire Hathaway reported net earnings attributable to Berkshire shareholders of $10.11 billion for Q1 FY2026, the quarter ended March 31, 2026, up 119.6% from $4.60 billion in the same quarter a year earlier. That works out to $4.68 per equivalent Class B share.
What were Berkshire Hathaway's operating earnings in Q1 FY2026?
Berkshire Hathaway's operating earnings excluding investment gains and losses were $11.35 billion in Q1 FY2026, up 17.7% from $9.64 billion a year earlier. Berkshire treats this figure, which leaves out the marks on its equity portfolio, as the better guide to how its businesses actually performed.
How much revenue did Berkshire Hathaway report in Q1 FY2026?
Berkshire Hathaway reported total revenues of $93.67 billion for Q1 FY2026, the quarter ended March 31, 2026, up 4.4% from $89.72 billion a year earlier. The figure covers insurance premiums and investment income alongside the railroad, utility, energy, manufacturing, service and retailing businesses, and excludes investment gains and losses.
How did Berkshire Hathaway's insurance underwriting perform in Q1 FY2026?
Berkshire Hathaway's insurance underwriting produced after-tax earnings of $1.72 billion in Q1 FY2026, up 28.5% from $1.34 billion a year earlier. There were no significant catastrophe events in the quarter, and the Berkshire Hathaway Primary and reinsurance groups both swung from underwriting losses to profits while GEICO's underwriting earnings fell.
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.
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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 eight 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.