Berkshire Q1 earnings double to $10.1B on lower catastrophe losses; GEICO margins deteriorate

Filed May 4, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 5, 2025 · ~1 min read

Key Changes

• high

  Net earnings surged to $10.1 billion from $4.6 billion year-over-year, driven by absence of catastrophe losses ($860M in Q1 2025), improved underwriting, and the OxyChem acquisition, partially offset by investment losses.

  MD&A: Consolidated Results verify on EDGAR →
• high

  GEICO's combined ratio deteriorated 7.5 points to 87.3% as loss ratio climbed to 73.9% (from 69.0%) on higher claim frequencies and severities, while expense ratio rose to 13.4% (from 10.8%) on increased acquisition costs.

  MD&A: GEICO verify on EDGAR →
• high

  Cash and Treasury Bills reached $373.5 billion (up from $328.0B year-ago) while equity securities declined to $285.0B from $294.1B at year-end, reflecting continued net selling activity and modest share repurchases resumed after Q1 2025 pause.

  MD&A: Liquidity & Capital Resources verify on EDGAR →