BRK-B · 8-K · 20261109PR452530

Investment Gains Volatility

BERKSHIRE HATHAWAY INC · 2026-11-09 · Importance 64 · Surprise 56

Investment gains were $9.407 billion in third-quarter 2026, down from $17.311 billion in third-quarter 2025, and $20.851 billion in the first nine months of 2026, compared with $17.243 billion in the prior-year period. These gains included unrealized gains of $7.7 billion for the quarter and $11.6 billion year to date in 2026, versus $9.2 billion and $3.3 billion, respectively, in 2025. After-tax realized gains on investment sales were $1.7 billion in the 2026 quarter and $9.3 billion year to date, compared with $8.1 billion and $14.6 billion in 2025.

Key facts

• After-tax realized gains on sales of investments were $1.7 billion in third-quarter 2026 and $9.3 billion in the first nine months of 2026, compared with $8.1 billion and $14.6 billion, respectively, in 2025. source
• Investment gains in 2026 included unrealized gains of $7.7 billion in the third quarter and $11.6 billion in the first nine months, compared with $9.2 billion and $3.3 billion, respectively, in 2025. source
• Third-quarter 2026 investment gains were $9,407 million, compared with $17,311 million in third-quarter 2025; first-nine-month 2026 investment gains were $20,851 million, compared with $17,243 million in the first nine months of 2025. source
• Other investments generated losses of $0.7 billion in the first nine months of 2025. source