second quarter 2026
Filed Aug 11, 2026Filed under $BRK-ABerkshire 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
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net earnings attributable to Berkshire shareholdersGAAP | $25.67B | – | – |
| Operating earningsnon-GAAP | $12.98B | – | – |
| Investment gains (losses)GAAP | $12.68B | – | – |
| 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 | $10.9B | – | – |
| After-tax realized gains on sales of investmentsGAAP | $1.8B | – | – |
| Losses from other investmentsGAAP | . | – | – |
| Insurance-underwriting operating earningsnon-GAAP | $1.73B | – | – |
| Insurance-investment incomenon-GAAP | $3.06B | – | – |
| BNSF operating earningsnon-GAAP | $1.56B | – | – |
| Berkshire Hathaway Energy Company operating earningsnon-GAAP | $891M | – | – |
| Manufacturing, service and retailing operating earningsnon-GAAP | $4.47B | – | – |
| Other operating earningsnon-GAAP | $1.27B | – | – |
| Foreign currency exchange gains related to non-U.S. Dollar denominated debtother | $326M | – | – |
| First six months net earnings attributable to Berkshire shareholdersGAAP | $35.77B | – | – |
| First six months operating earningsnon-GAAP | $24.33B | – | – |
| First six months investment gains (losses)GAAP | $11.44B | – | – |
| 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 | $3.9B | – | – |
| First six months after-tax realized gains on sales of investmentsGAAP | $7.5B | – | – |
| First six months losses from other investmentsGAAP | . | – | – |
| First six months insurance-underwriting operating earningsnon-GAAP | $3.45B | – | – |
| First six months insurance-investment incomenon-GAAP | $5.74B | – | – |
| First six months BNSF operating earningsnon-GAAP | $2.94B | – | – |
| First six months Berkshire Hathaway Energy Company operating earningsnon-GAAP | $2.00B | – | – |
| First six months manufacturing, service and retailing operating earningsnon-GAAP | $7.67B | – | – |
| First six months Other operating earningsnon-GAAP | $2.53B | – | – |
| First six months foreign currency exchange gains related to non-U.S. Dollar denominated debtother | $575M | – | – |
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.