Berkshire Hathaway Inc. First Quarter 2026 Earnings Release

Key Terms

gaap financial

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

non-gaap financial measures financial

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

regulation g regulatory

Regulation G is a U.S. securities rule that requires companies to show and explain how any highlighted financial numbers that differ from standard accounting figures were calculated, and to provide a clear bridge to the official results. For investors this acts like a recipe card: when a company presents a simplified or adjusted profit number, Regulation G forces them to show the original ingredients and steps so readers can judge whether the adjusted figure gives a clearer or misleading picture of financial health.

form 10-q regulatory

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

insurance float financial

Insurance float is the pool of premium money an insurer holds between receiving payments from customers and paying out claims, which the insurer can invest in the meantime. For investors, float is important because it acts like an interest-free or low-cost source of capital that can boost investment returns and company profitability if managed well, but it also signals potential risk if claims rise or reserves are underfunded—think of it as a temporary, investable cash balance that must be handled responsibly.

equity security investments financial

Equity security investments are ownership stakes in a company, typically bought as shares of stock that represent a piece of the business and may carry voting rights. They matter to investors because their value rises or falls with the company’s performance and market sentiment, offering the potential for price gains and periodic payouts, and they help determine a portfolio’s mix of risk and reward—like owning a piece of a rental property that can appreciate and sometimes pay income.

other-than-temporary impairments financial

An other-than-temporary impairment is an accounting judgment that a long-lived asset or investment has lost value that is not expected to recover, so the company must write down its carrying amount and record a loss. For investors this matters because such write-downs reduce reported earnings and shareholders’ equity now, and can signal deteriorating business conditions or credit quality — like deciding a damaged item is beyond repair and must be written off from your household budget.

investment gains (losses) financial

Investment gains (losses) are the increase or decrease in the value of money placed into assets such as stocks, bonds or real estate, calculated by comparing what you paid (plus any income like interest or dividends) to what you receive when you sell or if the asset’s market price changes. They matter to investors because they determine actual profit or shortfall, influence portfolio decisions, cash flow and tax obligations, and signal whether holdings are performing like a growing plant or a wilting one.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

OMAHA, Neb.--(BUSINESS WIRE)-- (BRK.A; BRK.B) –

Berkshire’s operating results for the first quarters 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 first quarters 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).

	First Quarter
		2026				2025
Net earnings attributable to Berkshire shareholders	$	10,106			$	4,603
Net earnings includes:
Investment gains (losses)		(1,240	)			(5,038	)
Operating earnings		11,346				9,641
Net earnings attributable to Berkshire shareholders	$	10,106			$	4,603

Net earnings per average equivalent Class A Share	$	7,027			$	3,200
Net earnings per average equivalent Class B Share*	$	4.68			$	2.13

Average equivalent Class A shares outstanding		1,438,124				1,438,223
Average equivalent Class B shares outstanding		2,157,185,889				2,157,335,139
* Per share amounts for the Class B shares are 1/1,500th of those shown for Class A.

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. In the table above, investment gains (losses) include losses of approximately $7.0 billion in the first quarter of 2026 and $7.4 billion in the first quarter of 2025 due to changes during the first quarters of 2026 and 2025 in the amount of unrealized gains that existed in our equity security investment holdings. Investment gains (losses) also include after-tax realized gains on sales of investments of $5.8 billion in the first quarter of 2026 and $2.4 billion in the first quarter of 2025.

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).

	First Quarter
		2026				2025
Insurance-underwriting	$	1,717			$	1,336
Insurance-investment income		2,679				2,893
BNSF		1,377				1,214
Berkshire Hathaway Energy Company		1,114				1,097
Manufacturing, service and retailing		3,199				3,060
Other*		1,260				41
Operating earnings	$	11,346			$	9,641
* Includes foreign currency exchange gains of $249 million in 2026 and foreign currency exchange losses of $713 million in 2025. Also includes interest and dividend income related to U.S. Treasury Bills and other investments not directly owned by a Berkshire insurance subsidiary or certain non-insurance operating companies of $967 million in 2026 and $869 million in 2025.

On March 31, 2026, there were 1,437,903 Class A equivalent shares outstanding. At March 31, 2026, insurance float (the net liabilities we assume under insurance contracts) was approximately $176.9 billion, an increase of approximately $500 million 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, freight rail transportation, utilities and energy, manufacturing, service 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260502322193/en/

Marc D. Hamburg
402-346-1400

Source: Berkshire Hathaway Inc.