BERKSHIRE HATHAWAY INC (BRK-A): Results of Operations and Financial Condition
BERKSHIRE HATHAWAY INC (BRK-A) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 BERKSHIRE HATHAWAY INC. NEWS RELEASE FOR IMMEDIATE RELEASE August 8, 2026 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
How this was made
The 30-second read
Why it matters
Traders can use this filing to locate the exact earnings-release exhibit and assess whether results or commentary warrant repricing in BRK.A/BRK.B and related credit instruments.
Market read
This is a primary-source procedural update that points to the earnings release; the actionable content is in Exhibit 99.1, not in the provided 8-K text.
What to watch
The actual trading impact hinges on Exhibit 99.1 details (earnings, segment performance, capital allocation, and any guidance), which are not included in the scraped text.
Berkshire reports second-quarter 2026 operating earnings of $12,983 million and net earnings attributable to Berkshire shareholders of $25,667 million.
Second-quarter operating earnings were $12,983 million versus $11,160 million in 2025, with higher earnings from BNSF, Berkshire Hathaway Energy Company, manufacturing, service and retailing, and Other. Net earnings attributable to Berkshire shareholders were $25,667 million versus $12,370 million, including $12,684 million of investment gains.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net earnings attributable to Berkshire shareholdersGAAP | $25,667 million | – | – |
| Operating earningsnon-GAAP | $12,983 million | – | – |
| Investment gains (losses)GAAP | $12,684 million | – | – |
| Other-than-temporary impairment of investment in Kraft HeinzGAAP | — | – | – |
| Net earnings per average equivalent Class A ShareGAAP | $17,868 | – | – |
| Net earnings per average equivalent Class B ShareGAAP | $11.91 | – | – |
| Average equivalent Class A shares outstandingother | 1,436,443 | – | – |
| Average equivalent Class B shares outstandingother | 2,154,664,073 | – | – |
| Unrealized gains in equity security investment holdingsGAAP | $10.9 billion | – | – |
| After-tax realized gains on sales of investmentsGAAP | $1.8 billion | – | – |
| Losses from other investmentsGAAP | . | – | – |
| Insurance-underwriting operating earningsnon-GAAP | $1,731 million | – | – |
| Insurance-investment incomenon-GAAP | $3,059 million | – | – |
| BNSF operating earningsnon-GAAP | $1,558 million | – | – |
| Berkshire Hathaway Energy Company operating earningsnon-GAAP | $891 million | – | – |
| Manufacturing, service and retailing operating earningsnon-GAAP | $4,470 million | – | – |
| Other operating earningsnon-GAAP | $1,274 million | – | – |
| Foreign currency exchange gains related to non-U.S. Dollar denominated debtother | $326 million | – | – |
| First six months net earnings attributable to Berkshire shareholdersGAAP | $35,773 million | – | – |
| First six months operating earningsnon-GAAP | $24,329 million | – | – |
| First six months investment gains (losses)GAAP | $11,444 million | – | – |
| First six months other-than-temporary impairment of investment in Kraft HeinzGAAP | — | – | – |
| First six months net earnings per average equivalent Class A ShareGAAP | $24,889 | – | – |
| First six months net earnings per average equivalent Class B ShareGAAP | $16.59 | – | – |
| First six months average equivalent Class A shares outstandingother | 1,437,279 | – | – |
| First six months average equivalent Class B shares outstandingother | 2,155,918,015 | – | – |
| First six months unrealized gains in equity security investment holdingsGAAP | $3.9 billion | – | – |
| First six months after-tax realized gains on sales of investmentsGAAP | $7.5 billion | – | – |
| First six months losses from other investmentsGAAP | . | – | – |
| First six months insurance-underwriting operating earningsnon-GAAP | $3,448 million | – | – |
| First six months insurance-investment incomenon-GAAP | $5,738 million | – | – |
| First six months BNSF operating earningsnon-GAAP | $2,935 million | – | – |
| First six months Berkshire Hathaway Energy Company operating earningsnon-GAAP | $2,005 million | – | – |
| First six months manufacturing, service and retailing operating earningsnon-GAAP | $7,669 million | – | – |
| First six months Other operating earningsnon-GAAP | $2,534 million | – | – |
| First six months foreign currency exchange gains related to non-U.S. Dollar denominated debtother | $575 million | – | – |
Capital returns
- Berkshire acquired approximately $4.5 billion in treasury shares during the second quarter of 2026.
- The six-month total of treasury shares acquired was about $4.8 billion.
- On June 30, 2026, there were 1,431,693 Class A equivalent shares outstanding.
What drove it
- Operating earnings reflected $4,470 million from manufacturing, service and retailing, $3,059 million from insurance-investment income, $1,731 million from insurance-underwriting, $1,558 million from BNSF, $1,274 million from Other, and $891 million from Berkshire Hathaway Energy Company.
- Other operating earnings included foreign currency exchange gains related to non-U.S. Dollar denominated debt of $326 million in the second quarter of 2026, compared with foreign currency exchange losses of $877 million in the second quarter of 2025.
- Net earnings included $12,684 million of investment gains, including gains of $10.9 billion from changes in unrealized gains in equity security investment holdings and after-tax realized gains on sales of investments of $1.8 billion.
Concerns
- Insurance-underwriting operating earnings were $1,731 million versus $1,992 million in the second quarter of 2025.
- Insurance-investment income was $3,059 million versus $3,367 million in the second quarter of 2025.
- Berkshire stated that investment gains (losses) in any given quarter are usually meaningless and can make net earnings per share extremely misleading to investors unfamiliar with accounting rules.
- The release stated that the limited information in the press release is not adequate for making an informed investment judgment.
What to watch
- Insurance-underwriting operating earnings following the reported $1,731 million in the second quarter of 2026.
- Insurance-investment income following the reported $3,059 million in the second quarter of 2026.
- The effect of changes in unrealized gains and losses in equity security investments on reported GAAP net earnings.
- The pace of treasury-share acquisitions after approximately $4.5 billion in the second quarter and about $4.8 billion in the first six months of 2026.
- Insurance float after reaching approximately $177.5 billion at June 30, 2026.
Balance sheet and cash flow
- At June 30, 2026, insurance float was approximately $177.5 billion.
- Insurance float increased by approximately $1.1 billion since yearend 2025.
Analysis
Berkshire reported $12,983 million of second-quarter operating earnings, compared with $11,160 million in the second quarter of 2025. The six-month operating-earnings figure was $24,329 million, compared with $20,801 million. The release defines operating earnings as net earnings excluding investment gains and losses, impairments of goodwill and intangible assets, and other-than-temporary impairments of equity method investments.
The operating-earnings mix showed higher results at BNSF, Berkshire Hathaway Energy Company, manufacturing, service and retailing, and Other. Manufacturing, service and retailing produced $4,470 million versus $3,601 million, BNSF produced $1,558 million versus $1,466 million, and Berkshire Hathaway Energy Company produced $891 million versus $702 million. Insurance-underwriting earnings were $1,731 million versus $1,992 million, while insurance-investment income was $3,059 million versus $3,367 million.
GAAP net earnings attributable to Berkshire shareholders were $25,667 million, compared with $12,370 million. Investment gains were $12,684 million, including gains of $10.9 billion from changes in unrealized gains in equity security investment holdings and $1.8 billion of after-tax realized gains on sales of investments. Berkshire explicitly cautioned that investment gains and losses in a particular quarter are not indicative of quarterly business performance because GAAP requires changes in unrealized gains and losses on equity securities to be included in earnings.
Other operating earnings were $1,274 million versus $32 million. The release identifies foreign currency exchange gains related to non-U.S. Dollar denominated debt of $326 million in 2026, compared with foreign currency exchange losses of $877 million in 2025, within Other. This item is an important contributor to the year-over-year movement in that category.
Capital allocation included approximately $4.5 billion of treasury-share acquisitions in the quarter and about $4.8 billion in the first six months. Insurance float was approximately $177.5 billion at June 30, 2026, an increase of approximately $1.1 billion since yearend 2025. The release provided no forward financial guidance, revenue, margin, operating cash flow, free cash flow, cash, or debt figures.
Not in the filing
stated, not guessed- Total revenue
- Segment revenue
- Gross profit and gross margin
- Operating income under GAAP
- Operating margin
- Income tax expense and tax rate
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Debt
- Dividend information
- Forward financial guidance
- Prior-quarter comparisons
- Printed year-over-year percentage changes
- Segment revenue drivers
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The SEC 8-K (Item 2.02) states Berkshire issued a press release announcing Q2 and first-six-months ended June 30, 2026 earnings, furnished as Exhibit 99.1.
Market effects
Limited signal from the filing alone; any sector read-through depends on the missing earnings-release content.
US large-cap sentiment could react if the earnings-release figures differ materially from expectations.
Minimal from the 8-K cover text; global impact would come only from the omitted results.
Counterpoint
Because the body provides no earnings numbers or guidance, traders should treat this as a confirmation of timing rather than a standalone catalyst.
Key entities
- issuerBerkshire Hathaway Inc.
Filed an 8-K (Item 2.02) furnishing its earnings release for Q2 and first six months ended June 30, 2026.
- documentExhibit 99.1
Earnings release dated August 8, 2026, furnished with the 8-K.
