Berkshire Hathaway (BRK) net earnings surge in Q2 2026 on investment gains and buybacks

What were Berkshire Hathaway (BRK) per-share earnings in Q2 2026?

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Q: How did Berkshire Hathaway (BRK) net earnings change in Q2 2026?

Q: What were Berkshire Hathaway (BRK) operating earnings for Q2 and the first half of 2026?

Q: How much stock did Berkshire Hathaway (BRK) repurchase in 2026 so far?

Q: How large was Berkshire Hathaway (BRK) insurance float at June 30, 2026?

Q: What investment gains did Berkshire Hathaway (BRK) report in 2026?

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Earnings Snapshot

How did Berkshire Hathaway (BRK) net earnings change in Q2 2026?

What were Berkshire Hathaway (BRK) operating earnings for Q2 and the first half of 2026?

How much stock did Berkshire Hathaway (BRK) repurchase in 2026 so far?

How large was Berkshire Hathaway (BRK) insurance float at June 30, 2026?

What investment gains did Berkshire Hathaway (BRK) report in 2026?

Press Releases

Net earnings per average equivalent Class A share were $17,868 in Q2 2026 and $24,889 for the first six months. Net earnings per average equivalent Class B share were $11.91 in Q2 2026 and $16.59 for the first half of 2026.

Net earnings attributable to Berkshire shareholders were $25,667 million in Q2 2026, compared with $12,370 million in Q2 2025, reflecting much higher reported profitability driven in part by investment gains and increased operating earnings.

Operating earnings were $12,983 million in Q2 2026 and $24,329 million for the first six months, versus $11,160 million and $20,801 million in the same 2025 periods, spanning insurance, BNSF, energy, manufacturing, services and retailing, and other activities.

Berkshire acquired approximately $4.5 billion of treasury shares during Q2 2026, bringing total repurchases for the first six months of 2026 to about $4.8 billion , indicating ongoing capital return through share buybacks.

Insurance float was approximately $177.5 billion at June 30, 2026, an increase of about $1.1 billion since yearend 2025. Float represents net liabilities assumed under insurance contracts that can be invested for Berkshire’s benefit.

Investment gains in 2026 included $12,684 million in Q2 and $11,444 million for the first six months. These figures reflect unrealized changes in equity investment values and realized gains on investment sales, which Berkshire notes are not indicative of underlying business performance.

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(High)

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(Neutral)

Form Type

8-K

Berkshire Hathaway Inc. reported substantially higher results for the second quarter and first six months of 2026 compared with 2025. Net earnings attributable to Berkshire shareholders were $25,667 million for the second quarter of 2026 versus $12,370 million in 2025, and $35,773 million for the first six months of 2026 versus $16,973 million a year earlier.

Operating earnings, which exclude investment gains (losses) and certain impairments, were $12,983 million in the second quarter of 2026 and $24,329 million for the first six months, compared with $11,160 million and $20,801 million in 2025. Contributions came from insurance-underwriting, insurance-investment income, BNSF, Berkshire Hathaway Energy, manufacturing, service and retailing, and an "Other" category.

The company recorded significant investment gains in 2026, including $12,684 million in the second quarter. Berkshire repurchased approximately $4.5 billion of its shares in the second quarter and about $4.8 billion over the first six months of 2026. Insurance float was about $177.5 billion at June 30, 2026, up roughly $1.1 billion since yearend 2025.

Net earnings attributable to shareholders more than doubled to $25,667 million in Q2 2026 from $12,370 million in Q2 2025, and to $35,773 million in the first six months of 2026 from $16,973 million a year earlier.
Operating earnings increased to $12,983 million in Q2 2026 and $24,329 million for the first six months, compared with $11,160 million and $20,801 million, respectively, in 2025.
Berkshire executed substantial share repurchases, acquiring approximately $4.5 billion of treasury shares in Q2 2026 and about $4.8 billion over the first six months.

None.

The 8-K furnished Berkshire’s earnings release. Its net-earnings headline includes investment gains that the company says are not indicative of quarterly business performance; operating earnings exclude those gains and certain impairments, so the release’s headline earnings do not by themselves describe quarterly operating results.

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Net earnings Q2 2026: $25,667 million Net earnings Q2 2025: $12,370 million Operating earnings Q2 2026: $12,983 million +5 more

8 metrics

Net earnings Q2 2026 $25,667 million Net earnings attributable to Berkshire shareholders for the second quarter of 2026

Net earnings Q2 2025 $12,370 million Net earnings attributable to Berkshire shareholders for the second quarter of 2025

Operating earnings Q2 2026 $12,983 million Operating earnings for the second quarter of 2026

Operating earnings six months 2026 $24,329 million Operating earnings for the first six months of 2026

Share repurchases Q2 2026 $4.5 billion Approximate treasury shares acquired during the second quarter of 2026

Share repurchases six months 2026 $4.8 billion Approximate treasury shares acquired during the first six months of 2026

Insurance float $177.5 billion Insurance float at June 30, 2026, up about $1.1 billion since yearend 2025

Class A equivalent shares 1,431,693 Class A equivalent shares outstanding on June 30, 2026

operating earnings, insurance float, other-than-temporary impairment, non-GAAP financial measures, +1 more

5 terms

operating earnings financial

"In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive"

Operating earnings are the profit a company generates from its core business activities after subtracting everyday costs like wages, rent, and materials but before interest, taxes and one‑time gains or losses. Think of it as the result of running the business day to day—like a household’s monthly budget outcome before mortgage interest or a sudden unexpected bill—and investors use it to judge how healthy and repeatable a company’s core profit is.

insurance float financial

"At June 30, 2026, insurance float (the net liabilities we assume under insurance contracts) was approximately $177.5 billion"

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.

other-than-temporary impairment financial

"other-than-temporary impairments of equity method investments"

Other-than-temporary impairment is an accounting write-down taken when a company concludes that an asset—most often an investment or loan—has lost value that is unlikely to recover. For investors, it matters because the write-down reduces reported profits and the company’s net worth and can signal lasting credit or portfolio problems, similar to recognizing a car has been permanently damaged and selling it for much less.

non-GAAP financial measures financial

"This press release includes certain non-GAAP financial measures. The reconciliations of such measures"

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.

insurance-underwriting financial

"An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions). Insurance-underwriting"

Net earnings attributable to shareholders Q2 2026: $25,667 million

second quarter and first six months ended June 30, 2026

Net earnings attributable to shareholders Q2 2026 $25,667 million Compared with $12,370 million in Q2 2025

Net earnings attributable to shareholders six months 2026 $35,773 million Compared with $16,973 million in the first six months of 2025

Operating earnings Q2 2026 $12,983 million Compared with $11,160 million in Q2 2025

Operating earnings six months 2026 $24,329 million Compared with $20,801 million in the first six months of 2025

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Available on EDGAR 08/11/2026 - 03:53 PM Accepted by SEC EDGAR 08/11/2026 - 03:52 PM

Net earnings attributable to Berkshire shareholders were $25,667 million in Q2 2026, compared with $12,370 million in Q2 2025, reflecting much higher reported profitability driven in part by investment gains and increased operating earnings.

Operating earnings were $12,983 million in Q2 2026 and $24,329 million for the first six months, versus $11,160 million and $20,801 million in the same 2025 periods, spanning insurance, BNSF, energy, manufacturing, services and retailing, and other activities.

Berkshire acquired approximately $4.5 billion of treasury shares during Q2 2026, bringing total repurchases for the first six months of 2026 to about $4.8 billion, indicating ongoing capital return through share buybacks.

Insurance float was approximately $177.5 billion at June 30, 2026, an increase of about $1.1 billion since yearend 2025. Float represents net liabilities assumed under insurance contracts that can be invested for Berkshire’s benefit.

Investment gains in 2026 included $12,684 million in Q2 and $11,444 million for the first six months. These figures reflect unrealized changes in equity investment values and realized gains on investment sales, which Berkshire notes are not indicative of underlying business performance.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (D)

OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) August 8, 2026

BERKSHIRE HATHAWAY INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

Delaware

001-14905

47-0813844

(STATE OR OTHER JURISDICTION

OF INCORPORATION)

(COMMISSION

FILE NUMBER)

(I.R.S. EMPLOYER

IDENTIFICATION NO.)


3555 Farnam Street
Omaha, Nebraska		68131
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)		(ZIP CODE)

(402) 346-1400

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of each exchange on which registered
Class A Common Stock	BRK.A	New York Stock Exchange
Class B Common Stock	BRK.B	New York Stock Exchange
1.125% Senior Notes due 2027	BRK27	New York Stock Exchange
2.150% Senior Notes due 2028	BRK28	New York Stock Exchange
1.500% Senior Notes due 2030	BRK30	New York Stock Exchange
2.000% Senior Notes due 2034	BRK34	New York Stock Exchange
1.625% Senior Notes due 2035	BRK35	New York Stock Exchange
2.375% Senior Notes due 2039	BRK39	New York Stock Exchange
0.500% Senior Notes due 2041	BRK41	New York Stock Exchange
2.625% Senior Notes due 2059	BRK59	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act. ☐

ITEM 2.02

Results of Operations and Financial Condition.

On August 8, 2026, Berkshire Hathaway Inc. issued a press release announcing the Company’s earnings for the second quarter and first six months ended June 30, 2026. A copy of this press release is furnished with this report as an exhibit to this Form 8-K.

ITEM 9.01

Financial Statements and Exhibits

Exhibit 99.1 Berkshire Hathaway Inc. Earnings Release Dated August 8, 2026

Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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 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 second quarter and first six months 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).


	Second Quarter					First Six Months
	2026		2025			2026		2025
Net earnings attributable to Berkshire shareholders	$	25,667	$	12,370		$	35,773	$	16,973

Net earnings includes:
Investment gains (losses)		12,684		4,970			11,444		(68	)
Other-than-temporary impairment of investment in Kraft Heinz		—		(3,760	)		—		(3,760	)
Operating earnings		12,983		11,160			24,329		20,801

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

Note: Per share amounts for Class B shares are 1/1,500^th of those shown for Class A shares.

In the table above, investment gains (losses) in each period predominantly relate to our investments in equity securities. 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. Investment gains (losses) in 2026 include gains of $10.9 billion in the second quarter and $3.9 billion in the first six months and in 2025 include gains of $1.5 billion in the second quarter and losses of $5.9 billion in the first six months due to changes during the second quarter and the first six months in the unrealized gains that existed in our equity security investment holdings. Investment gains (losses) in 2026 also include after-tax realized gains on sales of investments of $1.8 billion in the second quarter and $7.5 billion in the first six months and in 2025 include $4.2 billion in the second quarter and $6.6 billion in the first six months. Investment gains (losses) in the table above also include losses of $0.7 billion in the second quarter and first six months of 2025 from other investments.

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).


	Second Quarter				First Six Months
	2026		2025		2026		2025
Insurance-underwriting	$	1,731	$	1,992	$	3,448	$	3,328
Insurance-investment income		3,059		3,367		5,738		6,260
BNSF		1,558		1,466		2,935		2,680
Berkshire Hathaway Energy Company		891		702		2,005		1,799
Manufacturing, service and retailing		4,470		3,601		7,669		6,661
Other*		1,274		32		2,534		73

Operating earnings	$	12,983	$	11,160	$	24,329	$	20,801

Includes foreign currency exchange gains related to non-U.S. Dollar denominated debt in 2026 of $326 million in the second quarter and $575 million in the first six months and in 2025 includes foreign currency exchange losses of $877 million in the second quarter and $1.59 billion in the first six months.

Berkshire acquired approximately $4.5 billion in treasury shares during the second quarter of 2026, bringing the six-month total to about $4.8 billion. On June 30, 2026, there were 1,431,693 Class A equivalent shares outstanding. At June 30, 2026, insurance float (the net liabilities we assume under insurance contracts) was approximately $177.5 billion, an increase of approximately $1.1 billion 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, utilities and energy, freight rail transportation, manufacturing, services 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.

— END —

Contact

Chuck Chang

402-346-1400

Source: View Original Filing on SEC EDGAR

5 documents

August 11, 2026

BERKSHIRE HATHAWAY INC.

/s/ Charles C. Chang

By: Charles C. Chang

Senior Vice President and Chief Financial Officer

EX-99.1 EX-99.1 34.7 KB