BRK-B · 8-K · 20260811PR344495
Investment Gains Volatility
BERKSHIRE HATHAWAY INC · 2026-08-11 · Importance 69 · Surprise 64 · No source text
Investment gains were $12.684 billion in the second quarter of 2026 versus $4.970 billion in the prior-year quarter, and $11.444 billion in the first half of 2026 versus a $68 million loss in the first half of 2025. Unrealized equity-security gains contributed $10.9 billion in the second quarter and $3.9 billion in the first six months of 2026, compared with $1.5 billion and a $5.9 billion loss, respectively, in 2025. After-tax realized investment gains were $1.8 billion in the second quarter and $7.5 billion in the first half of 2026, compared with $4.2 billion and $6.6 billion in the corresponding 2025 periods. Investment gains materially increased reported net earnings, but Berkshire stated that quarterly investment gains or losses can make earnings per share extremely misleading.
Key facts
- Other-than-temporary impairment of investment in Kraft Heinz in the second quarter of 2025: $(3,760) (millions). source
- Other-than-temporary impairment of investment in Kraft Heinz for the first six months of 2025: $(3,760) (millions). source
- Investment gains (losses) for the second quarter of 2026: $12,684 (millions). source
- Investment gains (losses) for the first six months of 2026: $11,444 (millions). source
- Investment gains in 2026 include unrealized gains of $10.9 billion in the second quarter and $3.9 billion in the first six months. source
- Investment gains (losses) for the second quarter of 2025: $4,970 (millions). source
- Investment gains in 2025 include unrealized gains of $1.5 billion in the second quarter and unrealized losses of $5.9 billion in the first six months. source
- Investment gains in 2026 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. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +18.1% | Investment gains (losses) for the second quarter of 2026: $12,684 (millions). |
| net_income | positive | realized | +16.3% | Investment gains (losses) for the first six months of 2026: $11,444 (millions). |
| assets | positive | realized | +0.9% | Investment gains in 2026 include unrealized gains of $10.9 billion in the second quarter and $3.9 billion in the first six months. |
| assets | positive | realized | +0.3% | Investment gains in 2026 include unrealized gains of $10.9 billion in the second quarter and $3.9 billion in the first six months. |