Berkshire Hathaway Inc. (BRK-B) Q2 FY2026

Business

From the FY2025 10-K, accession 0001193125-26-083899.

Berkshire Hathaway is a Delaware-domiciled holding company headquartered in Omaha, Nebraska, owning subsidiaries engaged in numerous diverse business activities. The most important are insurance businesses conducted on both a primary and a reinsurance basis, a freight rail transportation business, and a group of utility and energy generation and distribution businesses. It also owns a large collection of manufacturing, service and retailing businesses.

Operating subsidiaries are managed on an unusually decentralized basis, with few centralized or integrated business functions. The Chief Executive Officer, Gregory E. Abel, who succeeded Warren E. Buffett in that role effective January 1, 2026, is ultimately responsible for significant capital allocation decisions, investment activities, and evaluating the operating performance of the businesses. Berkshire and its subsidiaries employed approximately 387,800 people worldwide at the end of 2025, approximately 80% in the United States, with roughly 19% represented by unions.

Insurance

Berkshire's insurance subsidiaries write property and casualty risks as well as life and health risks worldwide, and employed approximately 42,600 people at the end of 2025. Underwriting is organized into three groups:

• GEICO, headquartered in Maryland, principally sells private passenger automobile insurance to individuals in all 50 states and the District of Columbia, mainly by direct response methods (internet and telephone) and to a lesser extent through agencies. It also writes motorcycle, ATV, recreational vehicle, boat and commercial vehicle coverage and operates an agency placing third-party homeowners, renters, life and identity-protection policies. Per A.M. Best data for 2024 published in 2025, the five largest private passenger auto insurers held about 63.6% of the market on written premiums, with GEICO third largest at approximately 11.6%. Principal competitors named are State Farm, Progressive, Allstate and USAA.
• Berkshire Hathaway Primary Group (BH Primary), a collection of independently managed commercial insurers: NICO Primary (commercial auto and general liability), Berkshire Hathaway Homestate (workers' compensation, commercial auto, commercial property), Berkshire Hathaway Specialty Insurance (commercial property/casualty, executive and professional lines, with offices across Asia, Europe, Australia, New Zealand and Canada), RSUI and CapSpecialty (specialty property, umbrella/excess, professional and D&O liability), MedPro and MLMIC (healthcare liability), USLI (five specialty insurers), and BH Direct and GUARD (small and medium business, the former through the biBERK.com and Threeinsurance.com platforms). Nearly 90% of BH Primary net premiums written in 2025 were in the U.S., of which approximately 40% was written on a non-admitted basis.
• Berkshire Hathaway Reinsurance Group (BHRG), global reinsurance conducted in 23 countries through the NICO Group, the General Re Group and the TransRe Group, on both quota-share and excess-of-loss terms, treaty and facultative. A significant portion of the NICO Group's annual reinsurance premium derives from a 20% quota-share agreement with Insurance Australia Group that expires December 31, 2029. The General Re Group also writes a global life and health book; Berkshire Hathaway Life Insurance Company of Nebraska (BHLN) writes traditional life reinsurance and reinsured closed blocks of variable annuity guarantees now in run-off.

Two long-tail books are written with the deliberate expectation of underwriting losses in exchange for investable funds: retroactive reinsurance, which indemnifies ceding companies for adverse development on loss events that already occurred (and carries substantial asbestos, environmental and latent-injury exposure), and periodic payment annuities issued by BHLN, typically settling personal injury or workers' compensation claims. No new contracts of significance have been written in either book in recent years; BHLN has written no new periodic payment annuity policies since 2022.

The combined statutory surplus of Berkshire's U.S.-based insurers was approximately $333 billion at December 31, 2025, and the major insurance subsidiaries are rated AA+ by Standard & Poor's and A++ by A.M. Best. Berkshire's aggregate deductible under the federal terrorism reinsurance program (TRIA, extended through December 31, 2027) is expected to be approximately $2.5 billion in 2026.

Float. Invested assets derive from shareholder capital plus net policyholder funds held for investment, or "float", principally unpaid losses and loss adjustment expenses, life, annuity and health benefit liabilities and unearned premiums, reduced by premium and reinsurance receivables, deferred acquisition costs and deferred charges on retroactive reinsurance. Float grew from approximately $138 billion at the end of 2020 to approximately $176 billion at the end of 2025. Investment portfolios have historically held a much greater proportion of equity securities than is customary in the industry, unusually concentrated in relatively few companies, with no target allocations by investment type and no attempt to match asset and liability durations.

Burlington Northern Santa Fe (BNSF)

BNSF, based in Fort Worth, operates one of the largest freight rail systems in North America, over 32,500 route miles in 28 states plus three Canadian provinces, serving the Midwest, Pacific Northwest, Western, Southwestern and Southeastern U.S. and certain ports. BNSF Railway had approximately 35,000 employees at the end of 2025, of whom roughly 30,000 were union members. Freight revenue is classified as consumer products, industrial products, agricultural and energy products, and coal. The railroad works with approximately 200 shortline railroads. Operations are regulated by the Surface Transportation Board, the Federal Railroad Administration, OSHA and the EPA, and BNSF is required as a common carrier to transport hazardous materials. Its primary rail competitor in the Western U.S. is Union Pacific; deregulated motor carriers, barges, ships and pipelines also compete on price and service. Management has committed to a 30% reduction in BNSF Railway greenhouse gas emissions by 2030 from a 2018 baseline, in which locomotive diesel consumption accounted for roughly 80% of emissions.

Berkshire Hathaway Energy (BHE)

BHE is an Iowa-headquartered holding company employing approximately 24,000 people. Its domestic regulated interests comprise four regulated U.S. utilities, PacifiCorp (Utah, Oregon, Wyoming, Washington, Idaho, California), MidAmerican Energy (Iowa, Illinois, South Dakota, Nebraska), and NV Energy's Nevada Power and Sierra Pacific, serving approximately 5.4 million retail customers, together owning approximately 32,400 net megawatts of generation in operation and under construction. Five U.S. interstate natural gas pipeline companies (BHE GT&S, Northern Natural and Kern River) operate approximately 20,900 miles of pipeline with design capacity of roughly 21.6 billion cubic feet per day, and BHE holds a 75% interest in a liquefied natural gas export, import and storage facility. Other businesses include electricity distribution in Great Britain (Northern Powergrid), transmission in Alberta, a portfolio of mostly renewable independent power projects, and HomeServices of America, a residential real estate brokerage and brokerage franchisor. Rates charged by the regulated businesses are based largely on costs including income taxes and a return on capital, and are subject to regulatory approval; costs not allowed in approved rates depress results.

Manufacturing

• Industrial products, Precision Castparts (investment castings, forgings, fasteners and aerostructures for aerospace and power, with Boeing, Airbus, GE Aerospace, Rolls Royce and Pratt & Whitney among significant customers); Lubrizol (lubricant additives and advanced materials, competing with Infineum, Chevron Oronite and Afton); IMC, one of the three largest makers of consumable carbide metal-cutting tools (ISCAR, TaeguTec, Ingersoll, Tungaloy, NTK), with much of its manufacturing in Israel; Marmon, comprising eleven business groups at year-end 2025 (twelve as described in the second-quarter 2026 report) and more than 120 autonomous businesses across roughly 630 facilities, including Union Tank Car, which with Canadian affiliate Procor owns a fleet of approximately 118,000 railcars, and EXSIF, a lessor of approximately 76,000 intermodal tank containers. Also CTB (agricultural systems), LiquidPower Specialty Products (pipeline drag-reduction agents), W&W|AFCO Steel (19 fabrication plants), and Bell Laboratories (rodent control), acquired July 31, 2025.
• OxyChem, acquired from Occidental Petroleum on January 2, 2026 under an agreement dated October 1, 2025, with Occidental retaining OxyChem's legacy environmental liabilities. A top three North American producer of PVC, chlor-alkali products and chlorinated organics, with 21 U.S. plants across ten states plus sites in Canada and Chile and approximately 4,000 employees and contractors.
• Building products, Clayton Homes (shipped approximately 49,400 off-site built homes in 2025, over 83% to the Department of Energy's Zero Energy Ready Home standard, plus roughly 10,000 site-built homes; its Clayton Properties Group spans nine builders in 17 states with approximately 300 subdivisions, roughly 67,300 owned or controlled homesites and a $1.2 billion order backlog at year-end); Shaw Industries (carpet, carpet tile and hard surface flooring, over 3,800 styles, sold to more than 42,000 retailers and distributors); Johns Manville (insulation, roofing, reinforcement fiberglass and nonwovens, over 40 plants); Benjamin Moore (premium coatings sold through more than 8,000 independent retailers including approximately 4,000 Ace Hardware stores); MiTek (engineered connectors, software and machinery for the truss component market); and Acme Brick.
• Consumer products, Forest River (recreational vehicles, cargo trailers, buses and boats; approximately 36% market share at December 2025 versus roughly 39% for the largest competitor); Fruit of the Loom, Garan, Fechheimer, BH Shoe Holdings and Brooks Sports; Duracell (estimated 32% share of the global alkaline battery market in 2025); Jazwares (Squishmallows, plus licensed Pokémon, Hello Kitty, Star Wars and Disney lines); Richline (jewelry) and Larson-Juhl (custom framing).

Service and retailing

Service businesses include NetJets (shared private aircraft ownership, headquartered in Columbus with European operations in Lisbon) and FlightSafety (aviation training and full flight simulator manufacturing); TTI, a global specialty distributor of electronic components operating from more than 180 locations, with its Mouser subsidiary serving lower-volume customers online; International Dairy Queen (approximately 7,800 franchised restaurants); XTRA (transportation equipment leasing, approximately 90,000 units); CORT (furniture rental); Charter Brokerage (third-party logistics); Business Wire; IPS (pharmaceutical, biotech, data center and life sciences design and construction management); and WPLG in Miami. Excluding McLane, service businesses employed approximately 31,200 people at the end of 2025.

McLane provides wholesale distribution in all 50 states through retail, restaurant and beverage units, serving approximately 43,100 retail locations and approximately 35,300 restaurants; its beverage unit, Empire Distributors, serves approximately 30,800 locations. Major customers in 2025 were Walmart (approximately 17.2% of revenues), 7-Eleven (approximately 13.3%) and Yum! Brands (approximately 13.3%). McLane had approximately 24,900 employees at the end of 2025.

Retailing centers on Berkshire Hathaway Automotive, one of the largest U.S. auto retailers, operating 108 new vehicle franchises through 83 dealerships plus 31 collision centers, with approximately 75% of dealership-related revenues from Arizona and Texas and roughly 90% of dealership revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura brands. Also included are four home furnishings retailers (Nebraska Furniture Mart, R.C. Willey, Star and Jordan's), three jewelers (Borsheims, Helzberg with 161 stores, and Ben Bridge), See's Candies (approximately 250 stores, with roughly half of annual revenue earned in the fourth quarter), Pampered Chef, Oriental Trading and Detlev Louis Motorrad in Europe. Excluding Pilot, retailing employed approximately 25,400 people at the end of 2025.

Pilot Travel Centers, wholly owned since January 2024, operates 675 travel centers and 82 fuel-only locations across the U.S. and five Canadian provinces, plus 94 locations in unconsolidated joint ventures, and runs wholesale fuel and fuel marketing businesses. Pilot sold approximately 10.9 billion gallons of fuel in 2025 and had approximately 29,300 employees at year-end. Its top 10 diesel customers accounted for approximately 10% of diesel gallons sold, and its top 10 fuel suppliers for approximately 45% of gallons purchased.

Risk factors

From the FY2025 10-K, accession 0001193125-26-083899.

General business risks

• Terrorism. A nuclear, biological or chemical attack or armed terrorist incursion could produce significant losses across worldwide operations.
• Cybersecurity. Certain information systems have already been subject to cyber threats, and attacks have become more sophisticated and frequent. A significant disruption or intrusion at one or more significant operations could affect results, financial condition and liquidity; a failure to acquire, develop or protect rights around new technology could create competitive disadvantage.
• Geopolitical events. Management states the risk of adverse effects from geopolitical events is rising. Government policies and other governments' responses may reduce sales, raise operating costs, trigger sanctions, restrict supply chains, damage properties and depress the value of securities owned. International trade policies, including tariffs and other barriers, could negatively affect operating results.
• Dependence on a few key people. Gregory E. Abel was appointed in May 2025 to succeed Warren E. Buffett as Chief Executive Officer effective January 1, 2026, and major capital allocation and investment decisions are his responsibility. Ajit Jain is Vice Chairman of insurance operations and Adam Johnson is President of consumer products, service and retailing; both report directly to Mr. Abel. Loss of key personnel could have a material adverse effect.
• Need for qualified personnel. The decentralized model requires competent management at each subsidiary; labor disruptions or strikes at subsidiaries, customers or within supply chains could reduce sales and increase costs.
• Equity concentration. A high percentage of the insurance subsidiaries' equity investments sits in a relatively small number of issuers. A significant decline in the fair values of the larger holdings would produce a material decline in consolidated shareholders' equity and earnings, and, because most equities are held at the insurers, in statutory surplus, whose size is treated as a competitive advantage supporting claims-paying ratings and the capacity to write new business.
• Competition and technology. Technological change, disruptive innovation and difficulty enforcing intellectual property may erode competitive advantages across the operating businesses.
• Economic conditions and capital market access. Significant deterioration in economic conditions, including sustained high inflation, could materially affect one or more significant operations. The utilities, energy and railroad businesses regularly use debt and depend on access to borrowed funds at reasonable rates.
• Epidemics and pandemics. Future outbreaks could disrupt supply chains and workforces, reduce demand, create credit losses and drive equity market volatility.
• Regulatory change. Initiatives addressing financial institutions, products and services, environmental and climate matters and income tax policy raise compliance costs. Data privacy and artificial intelligence laws are enacted or under development in multiple jurisdictions; failure to comply could bring reputational damage and significant economic penalties.
• Climate change and greenhouse gas regulation. More frequent or intense extreme weather raises physical risk to non-insurance operating assets and produces losses in the insurance operations. Additional GHG and climate policy could raise compliance costs, particularly at BNSF and BHE, which combined represent the vast majority of Berkshire's direct emissions.

Risks specific to the regulated businesses

• Underwriting risk tolerance. When properly paid for the risk, Berkshire has been and will continue to be willing to assume more risk from a single event than any other insurer has knowingly assumed, and could incur a significant loss from a single natural or man-made catastrophe. Underwriting practices attempt to avoid writing groups of policies from which pre-tax losses from a single catastrophe event might aggregate in excess of $15 billion, but losses could manifest in unanticipated ways and policy limitations or exclusions may not prove enforceable as intended.
• Claims estimation. Premiums are received today against losses paid over decades, and estimating claim costs is inherently imprecise. Evolving legal, social and environmental conditions, new or expanded theories of liability, third-party litigation funding and increasingly large jury verdicts, may extend coverage beyond underwriting intent. Estimated unpaid losses on property and casualty risks were $151.8 billion at December 31, 2025, and a small percentage increase can materially reduce reported earnings.
• Insurance regulation. Regulation governs the business that can be written, rates, capital levels, permitted investments and the timing and amount of dividends to Berkshire. Internationally active insurance group regimes covering group capital, liquidity, governance and risk management continue to develop.
• Railroad regulation and exposure. BNSF is subject to extensive rate, tax, operating, safety, labor and environmental regulation, and can face significant litigation costs. Policies limiting or displacing coal, or other commodities BNSF hauls, could reduce revenues and earnings; as a common carrier it must transport toxic inhalation hazard chemicals and other hazardous materials. Because U.S. freight infrastructure is integrated, disruption at ports, passenger railroads or interchanging carriers, including from consolidation or mergers among major rail carriers, can hurt BNSF's results.
• Utility regulation and wildfire exposure. BHE's businesses are highly regulated across virtually every aspect of operations, including asset acquisition and retirement, rate setting, capital structure and dividends. The regulated energy subsidiaries are exposed to losses arising from wildfires and related litigation and judicial outcomes, and costs not recoverable through approved rates can materially hurt results.
• Capital intensity. BNSF and BHE require significant ongoing capital investment whose operational or financial failure may not be recoverable through customer rates, and a significant portion of that spending may be debt funded.

Management's discussion, fiscal year 2025

From the FY2025 10-K, accession 0001193125-26-083899.

Total revenues were $371.4 billion in 2025, essentially unchanged from $371.4 billion in 2024 and up from $364.5 billion in 2023. Net earnings attributable to Berkshire shareholders were $67.0 billion, down from $89.0 billion in 2024 and $96.2 billion in 2023, with the swing driven by investment gains rather than operations. The after-tax composition (in millions):

Insurance underwriting. Pre-tax underwriting earnings were $9.46 billion, down from $11.41 billion, with all three groups lower: GEICO $6,824 million (from $7,813 million), BH Primary $785 million (from $855 million) and BHRG $1,851 million (from $2,737 million). Management described the three-year run of results as exceptional relative to longer periods and warned earnings may decline from industry competition and rising claim cost trends. After-tax losses from significant catastrophe events were approximately $850 million, chiefly the Southern California wildfires, versus $1.2 billion in 2024 and $725 million in 2023.

At GEICO, premiums written rose $2.3 billion (5.3%) on higher policies-in-force. The loss ratio rose to 72.3% from 71.8% on higher average claim severities, bodily injury severity up twelve to fourteen percent, partly offset by higher average earned premium per policy, lower catastrophe losses and greater favorable prior-year development ($957 million versus $550 million). Underwriting expenses rose 34.2% and the expense ratio rose 2.7 points to 12.4% on higher advertising and policy acquisition costs. BH Primary premiums written were slightly lower, with gains at MedPro, BHHC, NICO Primary, BH Direct and USLI offset by declines at GUARD (down 32.6% as it exited unprofitable lines) and RSUI (down 8.7% on reduced property volumes); prior-year loss estimates increased approximately $190 million versus a $52 million reduction in 2024, with claim costs for liability coverages pressured by social inflation. BHRG property and casualty premiums written fell $1.7 billion on lower property volumes amid increased competition and lower rates, though prior-year reserves released $1.1 billion, mostly from lower-than-expected property losses.

The long-tail run-off books continued to cost earnings: retroactive reinsurance produced pre-tax underwriting losses of $950 million before currency effects, and periodic payment annuities $603 million, mainly from accretion of discounted liabilities. Retroactive reinsurance unpaid losses were $31.0 billion with $8.1 billion of deferred charge assets at year-end; management expects deferred charges to decline approximately $800 million in 2026, a corresponding pre-tax charge. Aggregate remaining losses payable under retroactive contracts are currently expected not to exceed $46 billion, and estimated asbestos and environmental liabilities were approximately $11.1 billion. For BHRG's casualty book, management considers a five percent increase in claim liabilities reasonably possible over time, which would raise casualty liabilities by roughly $1.8 billion.

Insurance investment income. Pre-tax investment income fell 8.9% and after-tax income fell $1.2 billion (8.5%) on lower short-term interest rates and reduced dividend income, and was also affected by large capital distributions from the insurers to the parent at the end of 2024. Float was approximately $176 billion at year-end, up from $171 billion, and the average cost of float was negative in each of the three years.

BNSF. Railroad operating revenues were $23.35 billion, essentially flat, with average revenue per car/unit down 0.5% on lower fuel surcharges and unfavorable mix. Operating expenses fell $591 million (3.7%) and the operating ratio improved 2.5 points to 65.5%, helped by productivity, lower litigation accruals and the non-recurrence of a $290 million December 2024 charge for the SMART-TD labor agreement. Pre-tax earnings rose 7.9% to $7.18 billion and net earnings 8.8% to $5.48 billion. By group, consumer products revenue fell 2.8% to $8.2 billion (volumes up 1.2%), industrial products fell 1.5% to $5.0 billion (volumes down 4.6%), agricultural and energy rose 3.2% to $6.6 billion, and coal rose 2.5% to $3.0 billion on higher natural gas prices. Total volumes were 9.62 million cars/units, up 0.3%.

BHE. Net earnings attributable to Berkshire rose $249 million (6.7%) to $3,979 million. By business, U.S. utilities earned $2,097 million (up 6.9%), natural gas pipelines $1,151 million (down 6.6%), other energy businesses $1,175 million (down 11.9%), real estate brokerage $24 million (versus a $107 million loss), against corporate interest and other costs of $465 million. Pre-tax wildfire loss accruals at PacifiCorp were $100 million versus $346 million in 2024. U.S. utilities' electric margin rose $651 million (8.4%) to $8.4 billion on higher retail rates, retail volumes up 2.2% and higher wholesale prices. Northern Powergrid earnings fell on lower tariffs from inflation adjustments beginning in the second quarter of 2025. Management flagged the One Big Beautiful Bill Act, enacted July 4, 2025, which accelerates the phase-out of clean electricity production and investment tax credits and adds sourcing requirements for facilities starting construction after December 31, 2025; it did not materially affect 2025 results but may affect future renewable, storage and technology-neutral project economics.

Manufacturing, service and retailing. Revenues were $214.3 billion (down 0.7%) with pre-tax earnings of $17.48 billion (up 3.8%) and a pre-tax margin of 8.2%.

• Manufacturing revenues of $78.5 billion produced $12.57 billion of pre-tax earnings. Industrial products revenue rose 4.1% to $37.3 billion and earnings 13.1% to $6.81 billion, an 18.3% margin: PCC revenue $10.8 billion (aerospace up 7.5%) with earnings up 34.2% including insurance recoveries from a first-quarter fire at a fasteners plant; Marmon revenue $12.8 billion (up 4.7%) with earnings up 8.5%; IMC revenue approximately $4.1 billion with earnings essentially flat; Lubrizol revenue $6.2 billion (down 3.0%) with earnings down 20.6%. Building products revenue rose 0.9% to $26.8 billion while earnings fell 3.9% to $3.97 billion; Clayton Homes revenue rose 4.3% to $12.9 billion with pre-tax earnings about $1.9 billion, unchanged, as financial services gains offset weaker home building, and loan balances reached approximately $29.5 billion (up 8.6%). Consumer products revenue fell 3.0% to $14.4 billion while pre-tax earnings rose 2.8% to $1.79 billion, but only because Duracell recorded refundable advanced manufacturing production credits for 2023 through 2025 in 2025, which GAAP places in pre-tax earnings; before those credits, group earnings declined significantly.
• Service and retailing revenues were $135.8 billion with $4.91 billion of pre-tax earnings. Service revenue rose 11.0% to $23.0 billion and earnings 17.2% to $2.70 billion on aviation services (up 9.9%, with shared-ownership aircraft up 6.9% and in-flight hours up 11.3%), IPS (up 24.2%) and TTI (up 12.3%). McLane revenue fell 1.8% to $51.0 billion, partly on one fewer week, while earnings rose 6.6% to $676 million. Retailing revenue rose 2.5% to $19.7 billion while earnings fell 4.2% to $1.34 billion. Pilot was the weak point: revenue fell 10.0% to $42.2 billion on lower bulk fuel and trading volumes and lower fuel prices, and pre-tax earnings fell 69.1% to $190 million on weaker wholesale fuel and in-store margins, higher operating costs and charges from adjustments to certain fuel-related balance sheet accounts.

Investments and other. Pre-tax investment gains were $39.1 billion, including $40.0 billion of unrealized gains on equities held at year-end. Management repeats that such gains and losses are "generally meaningless" for understanding periodic results. Other-than-temporary impairments of $8.255 billion were recorded on the equity-method holdings, $3.76 billion on Kraft Heinz and $4.50 billion on Occidental. Other after-tax earnings fell $1.3 billion, reflecting $642 million of currency losses on non-dollar debt (versus $1.15 billion of gains in 2024), lower equity-method earnings and goodwill impairment losses of $1,555 million (versus $399 million), relating to certain building products, consumer products and retailing businesses.

Financial condition. Shareholders' equity was $717.4 billion at December 31, 2025, up $68.1 billion. Insurance and other businesses held cash, cash equivalents and U.S. Treasury Bills of $369.0 billion, with equity and fixed maturity securities (excluding equity-method holdings) of $315.6 billion. During 2025 Berkshire paid $16.9 billion to acquire equity securities and received $30.7 billion from sales. No shares were repurchased in 2025; the program permits repurchases below intrinsic value as conservatively determined by the CEO after consultation with the Chairman, and prohibits repurchases that would reduce consolidated cash, cash equivalents and Treasury Bills below $30 billion. Berkshire has not declared a cash dividend since 1967.

Operating cash flow was $46.0 billion and capital expenditures $20.9 billion, of which $14.4 billion was BNSF and BHE; those two forecast approximately $15 billion of capital spending in 2026. Borrowings excluding BNSF and BHE were $45.8 billion (Berkshire $22.7 billion, BHFC $18.3 billion); BNSF debt was $24.1 billion and BHE $59.3 billion. Berkshire does not guarantee BNSF or BHE borrowings. Property and casualty claim liabilities were approximately $152 billion, with payments on pre-2026 occurrences expected to exceed $30 billion in 2026.

At year-end, goodwill was $83.1 billion and indefinite-lived intangibles $18.9 billion. In the fourth-quarter impairment review, four reporting units did not exceed carrying value by at least 20%; the largest was Pilot, with estimated fair value of approximately $20.2 billion against carrying value of $18.7 billion including $6.5 billion of goodwill. Approximately 65% of the aggregate fair value of equity securities was concentrated in five companies at December 31, 2025; a hypothetical 30% decline in prices was estimated to reduce net earnings by $68.6 billion.

Current quarter, second quarter and first six months of 2026

From the Q2 2026 10-Q, accession 0001193125-26-341032.

After-tax earnings attributable to Berkshire shareholders by component (in millions):

Total revenues were $101.8 billion in the quarter and $195.5 billion for the half, versus $92.5 billion and $182.2 billion. Net earnings attributable to shareholders were $25.7 billion in the quarter and $35.8 billion for the half, against $12.4 billion and $17.0 billion; operating earnings excluding investment gains and impairments were $13.0 billion in the quarter and $24.3 billion for the half, against $11.2 billion and $20.8 billion. The after-tax gain from remeasuring Berkshire's and BHFC's non-U.S. dollar denominated senior notes into dollars was $326 million in the quarter against an $877 million loss a year earlier, a swing of roughly $1.20 billion that lifts the "Other" line from $32 million to $1,274 million and accounts for most of the $1.8 billion increase in operating earnings excluding investment gains and impairments.

Insurance. Underwriting earnings fell 13.1% in the quarter but rose 3.6% for the half. There were no significant catastrophe events in the first six months of 2026, against $850 million of after-tax losses in the same period of 2025. The offset was GEICO, where the loss ratio rose to 76.6% in the quarter and 75.3% for the half, increases of 4.8 and 4.9 percentage points, on higher claim frequencies (bodily injury up five to seven percent, property damage and collision up three to five percent) and higher severities (bodily injury up ten to twelve percent). Underwriting expenses rose 27.3% in the quarter on commissions and advertising, lifting the half-year expense ratio 2.7 points to 14.0%. Premiums written rose only 1.1% in the quarter, with growth in commercial auto partly offset by lower average premiums per private passenger auto policy.

BH Primary premiums written fell 4.1% in the quarter, with year-to-date declines at RSUI (13.2%), GUARD (7.5%), BHHC (5.7%) and BHSI (2.6%) as several primary insurers cut U.S. property volumes; the loss ratio improved 9.2 points for the half, helped by $444 million of prior-year reserve releases versus $401 million of increases a year earlier. In BHRG property/casualty, premiums written rose 4.1% in the quarter entirely because of a new whole account reinsurance agreement with wholly-owned insurance subsidiaries of Tokio Marine Holdings that commenced April 1, 2026, under which NICO assumes on a quota-share basis a portion of Tokio Marine's non-life premiums and related losses on risks attaching over a ten-year term; it contributed $483 million of premiums written. Excluding it, premiums written fell 5.6% in the quarter and 3.8% for the half on lower property volumes. Prior-year reserve releases were $869 million for the half versus $506 million.

Float was approximately $177.5 billion at June 30, 2026, up roughly $1.1 billion since year-end, and the average cost of float remained negative. Retroactive reinsurance unpaid losses declined $1.1 billion to $30.0 billion, with deferred charge assets of $7.7 billion. Insurance investment income fell 7.9% pre-tax in the quarter on lower short-term rates.

BNSF. Railroad operating revenues rose 14.6% in the quarter and 9.8% for the half, with volumes up 6.5% and 4.3% and average revenue per car/unit up 7.6% and 5.3%, mainly on higher fuel surcharge revenue and higher yield. Consumer products revenue rose 20.5% in the quarter to $2.4 billion on intermodal from higher west coast imports, market share gains and tightening truck capacity; agricultural and energy rose 17.9% to $1.9 billion on grain exports, petroleum fuels and oilseeds; industrial products rose 9.1% to $1.4 billion on steel, aggregates and cement; coal revenue was up slightly at $722 million despite volume declines from plant retirements and lower natural gas prices. Operating expenses rose 15.6% in the quarter, driven by a 68.1% ($475 million) increase in fuel expense on higher average prices and volume; compensation and benefits rose only 1.9%. Pre-tax earnings rose 13.9% in the quarter and 13.7% for the half.

BHE. Earnings rose 26.9% in the quarter and 11.5% for the half. U.S. utilities net earnings rose $163 million (37.6%) in the quarter, with electric utility margin of $2.3 billion in the quarter and $4.3 billion for the half (up 8.1% and 5.4%) and retail volumes up 3.1% for the half (MEC up 6.0%, NV Energy up 4.3%, PacifiCorp up 0.8%). Natural gas pipelines added $177 million for the half on a general rate case and higher variable LNG revenues from colder first-quarter weather. Other energy businesses fell $104 million for the half on lower Northern Powergrid distribution revenue and higher interest expense; real estate brokerage fell on charges from a second-quarter settlement in the real estate industry litigation.

Manufacturing, service and retailing. After-tax earnings rose 24.1% in the quarter and 15.1% for the half, led by industrial products manufacturing and the services businesses.

• Industrial products revenue rose 27.3% in the quarter to $12.2 billion and 25.5% for the half to $23.3 billion, largely on acquisitions; pre-tax earnings rose 41.0% and 32.2%, with a 19.3% half-year margin. OxyChem contributed revenue of $1.4 billion in the quarter and $2.6 billion for the half, with pre-tax earnings of $149 million and $121 million after incremental acquisition-accounting depreciation and amortization and transition costs. IMC revenue rose 26.5% in the quarter and earnings 71.0%, though management expects second-half earnings to be hurt by rising raw materials costs and noted customers had been accelerating purchases. PCC revenue rose 14.4% on aerospace and industrial gas turbine demand with earnings up 34.2%. Lubrizol revenue rose 11.1% with earnings up 23.4%, with price increases necessitated by sharply higher raw materials, energy and supply chain costs from late in the first quarter. Marmon revenue rose 4.9%, mostly from the transfer of Acme Brick into Marmon effective January 1, 2026, with earnings up 10.3% helped by gains on business divestitures and real estate disposals.
• Building products revenue rose 0.9% in the quarter and fell 0.9% for the half amid low home construction activity. Clayton Homes revenue rose 2.8% in the quarter but pre-tax earnings fell 3.5% in the quarter and 5.9% for the half on lower home building volume and gross margins; loan balances reached approximately $30.4 billion, up 7.8% year over year. Other building products earnings rose 16.6% in the quarter, but only because of refunds received on trade tariffs paid primarily in 2025 and lower restructuring and legal costs, before those items earnings fell 8.8% in the quarter and 8.9% for the half.
• Consumer products revenue fell 2.0% in the quarter on lower volumes at Fruit of the Loom and Forest River, while pre-tax earnings rose 12.2% in the quarter and 19.1% for the half on Brooks Sports, Duracell (advanced manufacturing production tax credits) and Jazwares, partly aided by the same tariff refunds.
• Service revenue rose 21.1% in the quarter and 19.1% for the half, with half-year gains at TTI (26.5%), aviation services (15.5%) and IPS (22.5%); pre-tax earnings rose 20.6% and 20.8%. Management noted part of TTI's demand increase reflected customers responding to potential further price increases and supply chain concerns including extended lead times, and warned inventory cost and supply chain uncertainty could hurt TTI's gross margins in future.
• McLane revenue fell 3.8% in the quarter, with retail sales down 8.9% year to date on net customer losses, partly offset by restaurant sales up 7.4%; pre-tax earnings fell 11.2% for the half. Retailing was roughly flat, with BHA about 70% of group revenue and its earnings up 5.1% in the quarter on service contract operations. Pilot revenue rose 47.7% in the quarter on higher fuel prices with pre-tax earnings up 143.7%, but half-year earnings fell 16.4% against 2025 asset disposition gains.

Financial condition. Shareholders' equity was $747.9 billion at June 30, 2026, up $30.5 billion since year-end. Berkshire resumed share repurchases in 2026 after buying back no stock in 2025, acquiring $4.8 billion of treasury stock in the first six months, most of it in the second quarter. Insurance and other businesses held cash, cash equivalents and U.S. Treasury Bills of $359.2 billion, with equity and fixed maturity securities excluding equity-method holdings of $340.8 billion. The equity portfolio itself was $323.8 billion at fair value against a $106.5 billion cost basis; the five largest holdings, Alphabet, American Express, Apple, Bank of America and Coca-Cola, were 66% of it, up from 65% at year-end. Berkshire owned 151.6 million American Express shares, 22.5% of that company, and continues to carry the stake at fair value rather than under the equity method given voting and passivity commitments. Equity-method holdings were 27.5% of Kraft Heinz and 26.7% of Occidental, plus Occidental preferred with an aggregate liquidation value of approximately $8.5 billion accruing an 8% dividend and warrants on 83.9 million Occidental shares at $59.59.

Operating cash flow was $21.7 billion for the half and capital expenditures $10.6 billion, of which $6.7 billion was BNSF and BHE; those two forecast approximately $8.6 billion more over the remainder of 2026. Borrowings excluding BNSF and BHE were $43.3 billion, with Berkshire's own debt down $2.3 billion to $20.4 billion; BNSF debt was $23.5 billion and BHE $61.8 billion, with BHE subsidiaries issuing $4.6 billion of term debt at a 5.8% weighted average rate. Property and casualty unpaid losses and loss adjustment expenses were $152.9 billion. Goodwill was $83.1 billion and indefinite-lived intangibles $19.0 billion, with no impairment concluded as of June 30, 2026.

Litigation and commitments. PacifiCorp had recorded cumulative estimated probable wildfire losses of approximately $2.85 billion through June 30, 2026 and paid approximately $2.3 billion of settlements to date, including $589 million in the first six months of 2026; estimated unpaid wildfire liabilities were $572 million, down from approximately $1.2 billion at year-end, and no further insurance recoveries are expected. In the James class action arising from the 2020 Oregon wildfires, the Oregon Court of Appeals in April 2026 reversed the Phase I liability verdict on an erroneous jury instruction and awarded costs to PacifiCorp; the plaintiffs petitioned the Oregon Supreme Court, which on June 25, 2026 allowed review and scheduled oral argument for November 3, 2026. Phase II jury verdicts to date have awarded net damages of approximately $1.25 billion to 201 plaintiffs, and PacifiCorp has posted bonds totaling $719 million; most remaining Phase II trials are stayed, with one trial scheduled to begin in September 2027. Management states it is reasonably possible PacifiCorp will incur material additional losses beyond amounts accrued and cannot reasonably estimate a range.

HomeServices' $250 million nationwide class settlement of the Burnett real estate commission antitrust case is payable over four years, with $130 million paid into escrow; appeals of all defendants' settlements were argued before the Eighth Circuit on January 14, 2026 and a ruling is pending. Separately, National Indemnity's September 2024 agreement to pay $535 million to a bankruptcy estate concerning certain non-insurance affiliates remains subject to court approval, and a related environmental consent decree was filed with the court on April 3, 2026.

On February 15, 2026, PacifiCorp agreed to sell certain assets and liabilities associated with its Washington operations to Portland General Electric Company and an affiliate for a base sales price of $1.9 billion in cash; the transaction is subject to regulatory approvals and is expected to close in the first half of 2027.

Subsequent events

From the Q2 2026 10-Q, accession 0001193125-26-341032 (period ended June 30, 2026).

• Acquisition of Taylor Morrison Home Corporation. Berkshire entered into an Agreement and Plan of Merger with Taylor Morrison Home Corporation on May 31, 2026 to acquire all outstanding shares of Taylor Morrison common stock for $72.50 per share in cash, or approximately $6.8 billion in the aggregate. A majority of Taylor Morrison shareholders voted to adopt the agreement on July 22, 2026, and with all necessary regulatory approvals received, the acquisition was completed on July 24, 2026. Taylor Morrison is a national community developer and homebuilder that also provides financial services to its customers, including mortgage, title and escrow, and homeowners' insurance. It will be reported within the building products group from the acquisition date. Because the closing was so close to the issuance of the quarterly financial statements, it was impracticable to provide an initial estimate of the values of identifiable assets acquired, liabilities assumed and residual goodwill; those disclosures are expected in the interim financial statements for the period ending September 30, 2026.
• Scheduled wildfire litigation dates. Damages discovery related to previously scheduled James Phase II trials was set to resume on August 10, 2026, ahead of the Oregon Supreme Court oral argument scheduled for later in the year.

For reference, the acquisition of Occidental's chemicals business, OxyChem, closed earlier in the period on January 2, 2026 for cash consideration of approximately $9.4 billion including certain post-closing adjustments, with Occidental retaining OxyChem's legacy environmental liabilities; preliminary acquisition-date asset values were $10.7 billion (including approximately $7.0 billion of property, plant and equipment) against $1.3 billion of liabilities.

Filings that contain financial statements

• 8-K, August 11, 2026 (accession 0001193125-26-344495), earnings release for the second quarter and first six months of 2026 (Exhibit 99.1), with consolidated net earnings, operating earnings by segment, and share-count and float data. This is the most recent quarterly results filing.
• 8-K, May 7, 2026 (accession 0001193125-26-212148), earnings release for the first quarter of 2026 (Exhibit 99.1).
• 8-K, March 2, 2026 (accession 0001193125-26-085801), earnings release for the fourth quarter and full year 2025 (Exhibit 99.1).
• 8-K, November 3, 2025 (accession 0001193125-25-262260), earnings release for the third quarter and first nine months of 2025 (Exhibit 99.1).
• 8-K, August 4, 2025 (accession 0001193125-25-172579), earnings release for the second quarter and first six months of 2025 (Exhibit 99.1).
• 8-K, May 6, 2025 (accession 0001193125-25-113900), earnings release for the first quarter of 2025 (Exhibit 99.1), filed alongside annual-meeting voting results.
• 8-K, February 24, 2025 (accession 0001193125-25-033393), earnings release for the fourth quarter and full year 2024 (Exhibit 99.1).

Each of these earnings releases carries condensed, non-GAAP-reconciled summary figures (net earnings, operating earnings by segment, per-share data); the underlying GAAP financial statements are in the corresponding Form 10-Q or 10-K, not in the 8-K itself.

CEO succession from Warren Buffett to Greg Abel

• May 3-5, 2025 (8-K, accession 0001193125-25-115695, filed May 8, 2025). At the question-and-answer session preceding Berkshire's May 3, 2025 annual meeting, Warren Buffett announced he would recommend that the board appoint Greg Abel, then Vice Chairman - Non-Insurance Operations, as Berkshire's CEO effective January 1, 2026. On May 4, 2025 the board voted unanimously to appoint Abel as President and CEO effective that date; Buffett was to remain Chairman of the Board. A press release dated May 5, 2025 confirmed the succession (Exhibit 99.1).
• September 30, 2025 (8-K, accession 0001193125-25-229405). The board amended and restated Berkshire's by-laws to formally separate the Chairman and CEO roles ahead of the transition, adding a new by-law section on the Chairman's authority and revising the officer provisions.
• January 6, 2026 (8-K/A, accession 0001193125-26-004727). Berkshire confirmed that, as previously announced, Greg Abel became President and CEO effective January 1, 2026, with his annual cash salary increasing to $25 million from that date. Warren Buffett continues as Chairman of the Board.
• March 4-5, 2026 (8-K, accession 0001193125-26-092557). "In the interest of transparency with our leadership transition," Berkshire disclosed that it began repurchasing shares of its common stock under its long-standing buyback policy on March 4, 2026. The filing does not disclose a dollar amount for this specific disclosure (see Capital allocation below for the amounts later reported in earnings releases).
• May 7, 2026 (8-K, accession 0001193125-26-212148). The board voted to further amend and restate the by-laws effective May 3, 2026, updating officer roles and responsibilities "to conform to Berkshire's current operating structure" following the CEO transition.

Chief Financial Officer transition

• December 8-11, 2025 (8-K, accession 0001193125-25-314935). Berkshire announced that CFO Marc D. Hamburg will retire on June 1, 2027, resigning as CFO on June 1, 2026 and working with his successor in the interim. Charles C. Chang, then Berkshire Hathaway Energy's CFO (in that role since October 2024, previously a PricewaterhouseCoopers partner since 2002), was named to succeed Hamburg as CFO effective June 1, 2026.
• May 2-7, 2026 (8-K, accession 0001193125-26-212148). Confirmed that Charles C. Chang succeeded Hamburg as CFO on June 1, 2026, with an annual cash salary of $8,000,000. In recognition of Hamburg's decades of service, Berkshire will provide him (or his spouse) up to 30 flight hours per year on a mid-sized NetJets aircraft from June 1, 2026 through no later than May 31, 2037, plus tax gross-up payments, at an estimated cost of approximately $490,000 per year.

Quarterly and annual earnings

• Q4/FY2024 (8-K, February 24, 2025, accession 0001193125-25-033393): Full-year 2024 net earnings attributable to Berkshire shareholders of $88,995 million versus $96,223 million in 2023; full-year operating earnings of $47,437 million versus $37,350 million. Berkshire repurchased approximately $2.9 billion of its own shares during 2024; insurance float was approximately $171 billion at year-end.
• Q1 2025 (8-K, May 6, 2025, accession 0001193125-25-113900): Filed alongside the annual meeting's voting results (director elections and seven shareholder proposals).
• Q2 2025 (8-K, August 4, 2025, accession 0001193125-25-172579): Second-quarter net earnings of $12,370 million versus $30,348 million a year earlier, reflecting a $3,760 million other-than-temporary impairment of Berkshire's investment in Kraft Heinz. Operating earnings were $11,160 million.
• Q3 2025 (8-K, November 3, 2025, accession 0001193125-25-262260): Third-quarter net earnings of $30,796 million, up from $26,251 million a year earlier; operating earnings of $13,485 million. Insurance float was approximately $176 billion.
• Q4/FY2025 (8-K, March 2, 2026, accession 0001193125-26-085801): Full-year 2025 net earnings of $66,968 million versus $88,995 million in 2024, including a combined $8,255 million of other-than-temporary impairments on the Kraft Heinz and Occidental investments for the year. Full-year operating earnings were $44,486 million versus $47,437 million in 2024. Insurance float was approximately $176 billion at year-end.
• Q1 2026 (8-K, May 7, 2026, accession 0001193125-26-212148): First-quarter net earnings of $10,106 million versus $4,603 million a year earlier; operating earnings of $11,346 million versus $9,641 million. Filed together with the annual meeting's director-election and other voting results and the by-laws amendment described above.
• Q2 2026 (8-K, August 11, 2026, accession 0001193125-26-344495): Second-quarter net earnings of $25,667 million versus $12,370 million a year earlier; operating earnings of $12,983 million versus $11,160 million. First-half 2026 net earnings were $35,773 million versus $16,973 million in the first half of 2025.

Capital allocation

• Berkshire's press release accompanying the Q2 2026 earnings 8-K (accession 0001193125-26-344495) disclosed that the company repurchased approximately $4.5 billion of its own shares during the second quarter of 2026, bringing the six-month 2026 total to about $4.8 billion, following the buyback commencement it had separately disclosed on March 4, 2026 (accession 0001193125-26-092557). At June 30, 2026, insurance float was approximately $177.5 billion, up roughly $1.1 billion since year-end 2025.
• Berkshire disclosed in its Q4/FY2024 earnings release that it had used approximately $2.9 billion to repurchase shares during 2024. No 8-K in this period discloses a dividend policy change.

Debt financing (yen-denominated senior notes offerings)

Berkshire periodically issues senior notes denominated in Japanese yen under its existing shelf registration statement (Form S-3, Registration No. 333-284622, filed January 31, 2025) and a January 31, 2025 indenture with Berkshire Hathaway Finance Corporation and The Bank of New York Mellon Trust Company, N.A. These are standard debt-financing transactions, not operating events:

• April 17, 2025 (8-K, accession 0001193125-25-084458): Issued six tranches of yen-denominated senior notes due 2028 through 2055 (totaling approximately ¥90.0 billion across the tranches disclosed), underwritten by Merrill Lynch International and Mizuho Securities USA LLC.
• November 20, 2025 (8-K, accession 0001193125-25-290864): Issued four tranches of yen-denominated senior notes due 2028 through 2040 (approximately ¥210.1 billion aggregate), underwritten by Mizuho Securities USA LLC and Merrill Lynch International.
• April 16, 2026 (8-K, accession 0001193125-26-159326): Issued six yen-denominated tranches totalling approximately ¥272.3 billion (approximately $1.7 billion), with maturities ranging from 2029 to 2056 and a weighted average interest rate of 2.4% (per the Q2 2026 10-Q, accession 0001193125-26-341032), including the two longest-dated tranches, ¥2.0 billion of 3.452% notes due 2041 and ¥5.0 billion of 4.037% notes due 2056 (Exhibits 4.6 and 4.7). Underwritten by Mizuho Securities USA LLC and Merrill Lynch International.

None of these filings disclose a stated use of proceeds beyond the standard debt-issuance mechanics; each names the underwriters, the officers' certificates for each tranche, and counsel's opinion on the notes (Baker & McKenzie LLP) as exhibits.

The FY2025 10-K (accession 0001193125-26-083899) states that "[a]t various dates in 2025, Berkshire borrowed approximately ¥451.6 billion (approximately $3.0 billion) under senior note issuances and term loan agreements," against the ¥300.1 billion (¥90.0 billion plus ¥210.1 billion) covered by the two 2025 offering 8-Ks described above; the 10-K does not break out how much of the difference was term borrowings.

Governance

• May 3, 2025 and May 2, 2026 (8-Ks, accessions 0001193125-25-113900 and 0001193125-26-212148): Annual shareholder meetings. In 2025, shareholders elected all director nominees (including both Abel and Buffett) and voted down seven shareholder proposals covering topics such as environmental disclosure, pay-ratio disclosure, civil-rights and racial-discrimination audits, board diversity oversight, clean-energy financing disclosure, and AI-risk oversight. In 2026, shareholders again elected all director nominees, approved (on an advisory basis) executive compensation, favored a 3-year frequency for future say-on-pay votes, and voted down a shareholder proposal requesting disclosure of the board's workforce and human-capital oversight framework.
• September 30, 2025 (8-K, accession 0001193125-25-229405) and May 3, 2026 (8-K, accession 0001193125-26-212148): By-laws amendments described above under CEO succession, separating the Chairman and CEO roles and later updating officer roles to match the post-transition operating structure.

No 8-K in this period reports an M&A transaction (signed or closed), a going-concern or covenant issue, or a legal or regulatory settlement. That is a statement about Berkshire's 8-K practice, not about its activity: the OxyChem acquisition (completed January 2, 2026, approximately $9.4 billion in cash, agreement entered into October 1, 2025) and the Taylor Morrison Home Corporation acquisition (completed July 24, 2026 at $72.50 per share, approximately $6.8 billion in the aggregate, agreement entered into May 31, 2026), together with HomeServices' $250 million Burnett antitrust settlement and $589 million of PacifiCorp wildfire-settlement payments in the first half of 2026, were disclosed in Berkshire's periodic reports rather than by 8-K.

About this file

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

Taken from the SEC filings and normalized to actual dollars.

• Balance sheet: note, FY2023. 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: five largest holdings, FY2025, FY2024. American Express Company; Apple Inc.; Bank of America Corporation; The Coca-Cola Company; Chevron Corporation

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

Taken from the SEC filings and normalized to actual dollars.

• Balance sheet: note, Second Quarter 2025 (comparative). 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.
• Equity securities portfolio: five largest holdings, Second Quarter 2026. Alphabet Inc.; American Express Company; Apple Inc.; Bank of America Corporation; The Coca-Cola Company
• Shares outstanding on cover page: note, Second Quarter 2026. 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

Taken from the SEC filings and normalized to actual dollars.

BRK-B trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• 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: per share 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.

Adjustments

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.

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