BRK-B · 10-Q · 2026Q1 · Full report

Industrial Products Surge

BERKSHIRE HATHAWAY INC · 2026-05-04 · Importance 73 · Surprise 66 · From source text

Industrial products revenues rose to $11.196 billion in Q1 2026 (up 23.6%), driven primarily by acquisitions (including the January 2, 2026 acquisition of OxyChem) and increases at legacy businesses; pre‑tax earnings rose 22.1% though margins were modestly lower. PCC revenues grew 8.2% (aerospace +9.4%, industrial gas turbine +18.9%) on strong customer demand and higher prices, but PCC notes future growth depends on expanding production capacity. Lubrizol’s volumes increased and pre‑tax earnings rose, but management warns significant raw material, energy and supply chain cost increases late in Q1 2026 will raise production costs in Q2 and necessitate selling price increases. OxyChem generated $1.2 billion of revenues for the period but a small pre‑tax loss driven by acquisition accounting and higher maintenance, utilities and materials costs.

Key facts

• Manufacturing revenues were $20,672 million in Q1 2026 and $18,766 million in Q1 2025, an increase of 10.2%. source
• Industrial products revenues were $11,196 million in Q1 2026 and $9,057 million in Q1 2025; increase of 23.6% year over year primarily attributable to acquisitions and increases at pre-existing businesses. source
• Manufacturing, service and retailing net earnings in the First Quarter: $3,199 million in 2026 and $3,060 million in 2025. source
• BNSF industrial products car/unit volume declined 0.6% in Q1 2026 versus 2025; operating revenues from industrial products were $1.2 billion in Q1 2026, an increase of 2.3%. source
• Lubrizol revenues were $1.6 billion in Q1 2026, an increase of 2.7% versus 2025; pre-tax earnings increased 8.1% in Q1 2026 versus 2025. source

Impact estimates