Berkshire Hathaway Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 11 August 2026: press release. The quarter’s numbers.

Key takeaways

Net earnings more than doubled: Net earnings attributable to Berkshire shareholders were $25,667 million in the second quarter of 2026, against $12,370 million in the second quarter of 2025. Source
Operating earnings rose: Operating earnings were $12,983 million in the second quarter of 2026, against $11,160 million a year earlier. Source
Investment gains rose sharply: Investment gains (losses) were $12,684 million in the second quarter of 2026, against $4,970 million. For the first six months they were $11,444 million, against a loss of $68 million. Source
Investment income declined: Insurance-investment income was $3,059 million in the second quarter, against $3,367 million. For the six months it was $5,738 million, against $6,260 million. Source
Manufacturing, service and retailing rose: Manufacturing, service and retailing earnings were $4,470 million in the second quarter, against $3,601 million. For the six months they were $7,669 million, against $6,661 million. Source
Buybacks of about $4.5 billion: Berkshire acquired about $4.5 billion of its treasury shares in the second quarter, bringing the six-month total to about $4.8 billion. Source

“we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com”
Berkshire Hathaway Inc., press release

Quarterly earnings and per-share results

Net earnings more than doubled: Net earnings attributable to Berkshire shareholders were $25,667 million in the second quarter of 2026, against $12,370 million in the second quarter of 2025. Source
Operating earnings rose: Operating earnings were $12,983 million in the second quarter of 2026, against $11,160 million a year earlier. Source
Second-quarter per-share earnings: Net earnings per average equivalent Class A share were $17,868 in the second quarter of 2026, against $8,601. Per Class B share they were $11.91, against $5.73. Source

Six-month earnings and per-share results

Six-month net earnings roughly doubled: For the first six months of 2026, net earnings attributable to Berkshire shareholders were $35,773 million, against $16,973 million a year earlier. Source
Six-month operating earnings rose: Operating earnings for the first six months of 2026 were $24,329 million, against $20,801 million a year earlier. Source
Six-month per-share earnings rose: Six-month net earnings per Class A share were $24,889, against $11,801. Per Class B share they were $16.59, against $7.87. Source

“The limited information that follows in this press release is not adequate for making an informed investment judgment”
Berkshire Hathaway Inc., press release

Investment gains and losses

Investment gains rose sharply: Investment gains (losses) were $12,684 million in the second quarter of 2026, against $4,970 million. For the first six months they were $11,444 million, against a loss of $68 million. Source
Unrealized equity gains rose: Investment gains in 2026 include $10.9 billion of gains from changes in unrealized gains on equity holdings in the second quarter, against $1.5 billion in 2025. Six-month gains were $3.9 billion, against $5.9 billion of losses. Source
Realized gains mixed across periods: After-tax realized gains on investment sales were $1.8 billion in the second quarter of 2026, against $4.2 billion. For the six months they were $7.5 billion, against $6.6 billion. Source
Kraft Heinz impairment absent in 2026: The second quarter of 2025 included a $3,760 million other-than-temporary impairment of the Kraft Heinz investment. The 2026 periods show none. Source
Other investments losses in 2025: Investment results in 2025 also included $0.7 billion of losses from other investments, in both the second quarter and the six-month period. Source

Insurance underwriting and float

Underwriting earnings fell in Q2: Insurance-underwriting earnings were $1,731 million in the second quarter, against $1,992 million. For the six months they were $3,448 million, against $3,328 million. Source
Investment income declined: Insurance-investment income was $3,059 million in the second quarter, against $3,367 million. For the six months it was $5,738 million, against $6,260 million. Source
Insurance float rose to $177.5 billion: Insurance float, the net liabilities assumed under insurance contracts, was about $177.5 billion at June 30, 2026, up about $1.1 billion from year-end 2025. Source

Railroad, energy, manufacturing and other

BNSF earnings rose in both periods: BNSF earnings were $1,558 million in the second quarter, against $1,466 million. For the six months they were $2,935 million, against $2,680 million. Source
Energy segment earnings increased: Berkshire Hathaway Energy Company earnings were $891 million in the second quarter, against $702 million. For the six months they were $2,005 million, against $1,799 million. Source
Manufacturing, service and retailing rose: Manufacturing, service and retailing earnings were $4,470 million in the second quarter, against $3,601 million. For the six months they were $7,669 million, against $6,661 million. Source
Other line earnings rose: The Other line, which includes foreign currency exchange effects, reported $1,274 million in the second quarter, against $32 million. For six months it was $2,534 million, against $73 million. Source
Currency effects swung from losses: Foreign currency exchange gains on non-U.S. dollar denominated debt were $326 million in the second quarter of 2026, against losses of $877 million in 2025. Six-month gains were $575 million, against losses of $1.59 billion. Source

Share repurchases and share count

Buybacks of about $4.5 billion: Berkshire acquired about $4.5 billion of its treasury shares in the second quarter, bringing the six-month total to about $4.8 billion. Source
Class A equivalent shares at June 30: Class A equivalent shares outstanding at June 30, 2026 totalled 1,431,693. Source
Average share counts slightly lower: Average equivalent Class A shares outstanding were 1,436,443 in the second quarter, against 1,438,223. Class B averaged 2,154,664,073, against 2,157,335,139. Source

Reporting basis and per-share notes

Operating earnings definition: Operating earnings is defined as net earnings excluding investment gains (losses), goodwill and intangible impairments, and other-than-temporary impairments of equity method investments. Source
Unrealized equity changes in earnings: GAAP requires unrealized changes in equity security holdings to be included in investment gains (losses) in the earnings statement, so those changes affect reported earnings each period. Source
Class B per-share basis: Per-share amounts for Class B shares are 1/1,500th of those shown for Class A shares. Source

Figures management reported

Figure	Reported
Investment income Source	$3,059 million in the second quarter of 2026 (2025: $3,367 million)

Risks management discussed

Financial: Management notes that investment gains and losses in a single quarter can move net earnings per share widely. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

BERKSHIRE HATHAWAY INC.

Omaha, NE (BRK.A; BRK.B) -

Berkshire’s operating results for the second quarter and first six months of 2026 and 2025 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.

Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the second quarter and first six months of 2026 and 2025 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).

	Second Quarter		First Six Months
	2026	2025	2026	2025
Net earnings attributable to Berkshire shareholders	$25,667	$12,370	$35,773	$16,973
Net earnings includes:
Investment gains (losses)	12,684	4,970	11,444	(68)
Other-than-temporary impairment of investment in Kraft Heinz	-	(3,760)	-	(3,760)
Operating earnings	12,983	11,160	24,329	20,801
Net earnings attributable to Berkshire shareholders	$25,667	$12,370	$35,773	$16,973
Net earnings per average equivalent Class A Share	$17,868	$8,601	$24,889	$11,801
Net earnings per average equivalent Class B Share	$11.91	$5.73	$16.59	$7.87
Average equivalent Class A shares outstanding	1,436,443	1,438,223	1,437,279	1,438,223
Average equivalent Class B shares outstanding	2,154,664,073	2,157,335,139	2,155,918,015	2,157,335,139

Note: Per share amounts for Class B shares are 1/1,500 of those shown for Class A shares.

In the table above, investment gains (losses) in each period predominantly relate to our investments in equity securities. Generally Accepted Accounting Principles (“GAAP”) require that we include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our earnings statements. Investment gains (losses) in 2026 include gains of $10.9 billion in the second quarter and $3.9 billion in the first six months and in 2025 include gains of $1.5 billion in the second quarter and losses of $5.9 billion in the first six months due to changes during the second quarter and the first six months in the unrealized gains that existed in our equity security investment holdings. Investment gains (losses) in 2026 also include after-tax realized gains on sales of investments of $1.8 billion in the second quarter and $7.5 billion in the first six months and in 2025 include $4.2 billion in the second quarter and $6.6 billion in the first six months. Investment gains (losses) in the table above also include losses of $0.7 billion in the second quarter and first six months of 2025 from other investments.

The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.

An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).

	Second Quarter		First Six Months
	2026	2025	2026	2025
Insurance-underwriting	$1,731	$1,992	$3,448	$3,328
Insurance-investment income	3,059	3,367	5,738	6,260
BNSF	1,558	1,466	2,935	2,680
Berkshire Hathaway Energy Company	891	702	2,005	1,799
Manufacturing, service and retailing	4,470	3,601	7,669	6,661
Other*	1,274	32	2,534	73
Operating earnings	$12,983	$11,160	$24,329	$20,801

* Includes foreign currency exchange gains related to non-U.S. Dollar denominated debt in 2026 of $326 million in the second quarter and $575 million in the first six months and in 2025 includes foreign currency exchange losses of $877 million in the second quarter and $1.59 billion in the first six months.

Berkshire acquired approximately $4.5 billion in treasury shares during the second quarter of 2026, bringing the six-month total to about $4.8 billion. On June 30, 2026, there were 1,431,693 Class A equivalent shares outstanding. At June 30, 2026, insurance float (the net liabilities we assume under insurance contracts) was approximately $177.5 billion, an increase of approximately $1.1 billion since yearend 2025.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.

Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment gains (losses), impairments of goodwill and intangible assets and other-than-temporary impairments of equity method investments.

Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are required to include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our periodic earnings statements. In sum, investment gains (losses) for any particular period are not indicative of quarterly business performance.

About Berkshire

Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

Cautionary Statement

Certain statements contained in this press release are “forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.

END -

Contacts
Chuck Chang
402-346-1400