BRK-B · Full Picture

BERKSHIRE HATHAWAY INC — the full picture

Earnings window · 2026-05-04 to 2026-09-24 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Investment gains volatility · UnclassifiedPriority 85
    -0.1% cash; 3 sources (news, press_release, sec_filing); 2 forward row(s); structured_verified
    Investment gains (losses) include losses of approximately $7.0 billion in the first quarter of 2026 due to changes in unrealized gains in equity security investment holdings.
  2. Reinsurance (BHRG) and Tokio Marine Deal · UnclassifiedPriority 69
    +10.0% margin (realized); 1 forward row(s); structured_verified
    On March 23, 2026, NICO entered into a ten-year whole account quota-share reinsurance agreement with Tokio Marine effective April 1, 2026.
  3. Liquidity and Cash Position · Liquidity & cash positionPriority 68
    +4.4% net_income (realized); 3 sources (news, press_release, sec_filing); 1 forward row(s); structured_verified
    $324.9B in T-bills are repricing upward for Berkshire.
  4. Pilot Revenue and Earnings · UnclassifiedPriority 67
    +14.8% revenue (realized); 2 sources (news, sec_filing); quote_verified
    Pilot’s revenues increased $4.8 billion (47.7%) in the second quarter and $5.6 billion (27.5%) in the first six months of 2026 compared to 2025, reflecting higher fuel prices, partially offset by slightly lower fuel volumes.
  5. BH Primary underwriting trends · UnclassifiedPriority 66
    +14.6% margin (realized); 2 sources (press_release, sec_filing); quote_verified
    BH Primary losses and LAE declined $660 million (19.1%) in Q1 2026 versus 2025, and the loss ratio declined 14.6 percentage points.
  6. Net earnings and EPS · Operating income & profitabilityPriority 66
    +45.8% net_income (realized); quote_verified
    Net earnings attributable to Berkshire shareholders for the first quarter of 2026: $10,106 million.
  7. Revenue Performance and Mix · Revenue growth & mixPriority 65
    +8.7% net_income (realized); 2 sources (news, sec_filing); structured_verified
    Total manufacturing, service and retailing revenues were $54,842 million in Q1 2026 versus $51,508 million in Q1 2025, an increase of 6.5%.
  8. Berkshire Hathaway Energy Expansion · Capacity & footprint expansionPriority 59
    2 forward row(s); quote_verified
    Berkshire Hathaway Energy (BHE) has 11,000 MW of contracted data center demand.
  9. Industrial Products Surge · UnclassifiedPriority 59
    +6.4% revenue (realized); structured_verified
    Manufacturing revenues were $20,672 million in Q1 2026 and $18,766 million in Q1 2025, an increase of 10.2%.
  10. Buffett Charitable Stock Gifts · UnclassifiedPriority 58
    quote_verified
    Warren Buffett intends to donate all of his Berkshire Hathaway stock by 2034.
  11. Interest Rate Environment · Interest ratesPriority 58
    2 sources (news, sec_filing); quote_verified
    Higher Treasury yields are expected to further boost Berkshire's earnings in coming quarters.
  12. Insurance float and capital support · UnclassifiedPriority 57
    2 sources (news, press_release); quote_verified
    At March 31, 2026, insurance float (the net liabilities we assume under insurance contracts) was approximately $176.9 billion.

Threads by pillar

Revenue & Demand Priority 76 · 8 threads

Costs & Margins Priority 77 · 5 threads

Capital & Balance Sheet Priority 83 · 6 threads

Strategy & Portfolio Priority 74 · 10 threads

Legal, Regulatory & Policy Priority 25 · 2 threads

Guidance & Outlook Priority 19 · 1 thread

Macro & Market Conditions Priority 73 · 9 threads

Management & Governance Priority 48 · 5 threads

Shareholders & Street Priority 47 · 5 threads

Unclassified Priority 100 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
cash-3.2%+3.2%-6.3%
assets+2.3%+2.3%+8.8%
revenue+0.2%+0.2%+61.6%
liability-0.1%+0.1%-0.3%
margin——+31.8%
net_income——+87.0%
operating_income——+14.2%