NYSE: BRK-B
BERKSHIRE HATHAWAY INCCIK 0001067983 · SIC 6331 · Fire, Marine & Casualty Insurance
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Berkshire Hathaway reports Q2 net earnings of $25.7B, repurchases $4.5B in shares
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Berkshire Q2 2026 net earnings +107% to $25.7B on investment gains; GEICO loss ratio rises 480bp
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Berkshire Hathaway names Charles Chang CFO at $8M salary, replacing retiring Marc Hamburg
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Berkshire Q1 earnings double to $10.1B on lower catastrophe losses; GEICO margins deteriorate
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Berkshire Hathaway raises $7B and ¥265.3B in multi-tranche debt offering
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Berkshire Hathaway begins share buybacks, cites leadership transition and undervaluation
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Berkshire Hathaway reports Q4 and full-year 2025 earnings
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Latest financial statements
From 10-Q filed Aug 10, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Earnings (Unaudited)
(dollars in millions except per share amounts)
| Description | Second Quarter 2026 | Second Quarter 2025 | First Six Months 2026 | First Six Months 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Insurance and Other: | ||||
| Insurance premiums earned | 22,475 | 22,195 | 44,480 | 43,999 |
| Sales and service revenues | 57,282 | 49,658 | 108,228 | 97,473 |
| Leasing revenues | 2,887 | 2,509 | 5,558 | 4,940 |
| Interest, dividend and other investment income | 5,857 | 6,002 | 11,287 | 11,634 |
| 88,501 | 80,364 | 169,553 | 158,046 | |
| Railroad, Utilities and Energy: | ||||
| Railroad transportation revenues | 6,553 | 5,718 | 12,493 | 11,389 |
| Utilities and energy operating revenues | 5,408 | 5,118 | 11,215 | 10,612 |
| Service revenues and other income | 1,346 | 1,315 | 2,222 | 2,193 |
| 13,307 | 12,151 | 25,930 | 24,194 | |
| Total revenues | 101,808 | 92,515 | 195,483 | 182,240 |
| Investment gains (losses) | 16,077 | 6,364 | 14,472 | (71) |
| Costs and expenses: | ||||
| Insurance and Other: | ||||
| Insurance losses and loss adjustment expenses | 14,274 | 14,073 | 28,478 | 28,719 |
| Life, annuity and health insurance benefits | 1,233 | 1,132 | 2,252 | 2,200 |
| Insurance underwriting expenses | 4,788 | 4,456 | 9,305 | 8,824 |
| Cost of sales and services | 45,947 | 39,616 | 87,154 | 78,167 |
| Cost of leasing | 2,141 | 1,887 | 4,168 | 3,774 |
| Selling, general and administrative expenses | 6,724 | 7,931 | 13,280 | 15,612 |
| Interest expense | 315 | 318 | 639 | 658 |
| 75,422 | 69,413 | 145,276 | 137,954 | |
| Railroad, Utilities and Energy: | ||||
| Railroad transportation expenses | 4,308 | 3,729 | 8,231 | 7,602 |
| Utilities and energy cost of sales and other expenses | 4,134 | 4,156 | 8,451 | 8,247 |
| Other expenses | 1,186 | 1,151 | 2,042 | 1,997 |
| Interest expense | 1,020 | 935 | 1,997 | 1,852 |
| 10,648 | 9,971 | 20,721 | 19,698 | |
| Total costs and expenses | 86,070 | 79,384 | 165,997 | 157,652 |
| Earnings before income taxes and equity method earnings | 31,815 | 19,495 | 43,958 | 24,517 |
| Equity method earnings (losses) | 248 | (4,745) | 424 | (4,619) |
| Earnings before income taxes | 32,063 | 14,750 | 44,382 | 19,898 |
| Income tax expense | 6,291 | 2,293 | 8,431 | 2,769 |
| Net earnings | 25,772 | 12,457 | 35,951 | 17,129 |
| Earnings attributable to noncontrolling interests | 105 | 87 | 178 | 156 |
| 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 |
Consolidated Balance Sheets
(dollars in millions)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| Assets: | ||
| Insurance and Other: | ||
| Cash and cash equivalents* | 35,096 | 47,719 |
| Short-term investments in U.S. Treasury Bills** | 324,905 | 321,434 |
| Investments in fixed maturity securities | 17,034 | 17,816 |
| Investments in equity securities | 323,779 | 297,778 |
| Equity method investments | 19,948 | 19,978 |
| Loans and finance receivables | 30,724 | 29,836 |
| Other receivables | 48,635 | 44,331 |
| Inventories | 26,575 | 24,424 |
| Property, plant and equipment | 39,409 | 31,885 |
| Equipment held for lease | 18,912 | 18,535 |
| Goodwill | 56,192 | 55,945 |
| Other intangible assets | 33,949 | 33,802 |
| Deferred charges retroactive reinsurance | 7,675 | 8,104 |
| Other | 27,813 | 24,413 |
| 1,010,646 | 976,000 | |
| Railroad, Utilities and Energy: | ||
| Cash and cash equivalents* | 5,513 | 4,158 |
| Receivables | 4,562 | 4,387 |
| Property, plant and equipment | 185,815 | 184,740 |
| Goodwill | 26,981 | 27,129 |
| Regulatory assets | 4,385 | 4,821 |
| Other | 25,169 | 20,941 |
| 252,425 | 246,176 | |
| Total assets | 1,263,071 | 1,222,176 |
| Liabilities: | ||
| Insurance and Other: | ||
| Unpaid losses and loss adjustment expenses | 122,875 | 120,713 |
| Unpaid losses and loss adjustment expenses retroactive reinsurance | 29,978 | 31,048 |
| Unearned insurance premiums | 32,754 | 31,339 |
| Life, annuity and health insurance benefits | 17,738 | 17,890 |
| Other insurance policyholder liabilities | 9,942 | 10,312 |
| Accounts payable, accruals and other liabilities | 41,422 | 38,019 |
| Payable for purchases of U.S. Treasury Bills | 771 | 167 |
| Aircraft repurchase liabilities and unearned lease revenues | 11,217 | 10,686 |
| Notes payable and other borrowings | 43,302 | 45,763 |
| 309,999 | 305,937 | |
| Railroad, Utilities and Energy: | ||
| Accounts payable, accruals and other liabilities | 20,424 | 19,250 |
| Regulatory liabilities | 6,998 | 7,013 |
| Notes payable and other borrowings | 85,297 | 83,318 |
| 112,719 | 109,581 | |
| Income taxes, principally deferred | 90,176 | 86,955 |
| Total liabilities | 512,894 | 502,473 |
| Shareholders’ equity: | ||
| Common stock at par value | 8 | 8 |
| Capital in excess of par value | 35,615 | 35,612 |
| Accumulated other comprehensive income | (2,971) | (2,448) |
| Retained earnings | 798,959 | 763,186 |
| Treasury stock, at cost | (83,701) | (78,939) |
| Berkshire shareholders’ equity | 747,910 | 717,419 |
| Noncontrolling interests | 2,267 | 2,284 |
| Total shareholders’ equity | 750,177 | 719,703 |
| Total liabilities and shareholders’ equity | 1,263,071 | 1,222,176 |
Consolidated Statements of Cash Flows (Unaudited)
(dollars in millions)
| Description | First Six Months 2026 | First Six Months 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net earnings | 35,951 | 17,129 |
| Adjustments to reconcile net earnings to operating cash flows: | ||
| Investment (gains) losses | (14,472) | 71 |
| Depreciation and amortization | 7,116 | 6,594 |
| Discount accretion on investments, principally U.S. Treasury Bills | (6,116) | (6,169) |
| Other | 60 | 7,826 |
| Changes in operating assets and liabilities: | ||
| Unpaid losses and loss adjustment expenses | 1,102 | 2,144 |
| Deferred charges retroactive reinsurance | 429 | 323 |
| Unearned insurance premiums | 1,443 | 1,512 |
| Receivables and originated loans | (5,407) | (4,234) |
| Other assets | (2,620) | (862) |
| Other liabilities | 1,552 | (370) |
| Income taxes | 2,615 | (2,976) |
| Net cash flows from operating activities | 21,653 | 20,988 |
| Cash flows from investing activities: | ||
| Purchases of equity securities | (39,405) | (7,092) |
| Sales of equity securities | 27,780 | 11,592 |
| Purchases of U.S. Treasury Bills and fixed maturity securities | (338,439) | (249,863) |
| Sales of U.S. Treasury Bills and fixed maturity securities | 50,173 | 18,203 |
| Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities | 291,677 | 268,859 |
| Acquisitions of businesses, net of cash acquired | (9,704) | (101) |
| Purchases of property, plant and equipment and equipment held for lease | (10,631) | (9,139) |
| Other | (95) | 498 |
| Net cash flows from investing activities | (28,644) | 32,957 |
| Cash flows from financing activities: | ||
| Proceeds from borrowings of insurance and other businesses | 1,713 | 723 |
| Repayments of borrowings of insurance and other businesses | (3,426) | (2,653) |
| Proceeds from borrowings of railroad, utilities and energy businesses | 4,564 | 3,570 |
| Repayments of borrowings of railroad, utilities and energy businesses | (1,788) | (2,569) |
| Changes in short-term borrowings, net | (573) | 570 |
| Acquisitions of treasury stock | (4,444) | — |
| Other, principally transactions with noncontrolling interests | (155) | (754) |
| Net cash flows from financing activities | (4,109) | (1,113) |
| Effects of foreign currency exchange rate changes | (109) | 20 |
| Increase (decrease) in cash and cash equivalents and restricted cash | (11,209) | 52,852 |
| Cash and cash equivalents and restricted cash at the beginning of the year* | 52,569 | 48,376 |
| Cash and cash equivalents and restricted cash at the end of the second quarter* | 41,360 | 101,228 |
| * Cash and cash equivalents and restricted cash are comprised of: | ||
| Beginning of the year— | ||
| Insurance and Other | 47,719 | 44,333 |
| Railroad, Utilities and Energy | 4,158 | 3,396 |
| Restricted cash included in other assets | 692 | 647 |
| 52,569 | 48,376 | |
| End of the second quarter— | ||
| Insurance and Other | 35,096 | 96,193 |
| Railroad, Utilities and Energy | 5,513 | 4,293 |
| Restricted cash included in other assets | 751 | 742 |
| 41,360 | 101,228 | |
Amounts as printed on the EDGAR/iXBRL face — (dollars in millions except per share amounts); (dollars in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗