BRK-B · 10-Q · 2026Q1 · Full report

Pilot Travel Centers Results

BERKSHIRE HATHAWAY INC · 2026-05-04 · Importance 65 · Surprise 82 · In source text

Pilot Travel Centers (operating under Pilot and Flying J) reported a $815 million (7.8%) revenue increase in Q1 2026 driven primarily by higher fuel prices but partially offset by lower fuel volumes. Pre-tax earnings at Pilot declined $218 million (129.8%) year-over-year, reflecting the absence of 2025 asset disposition gains, lower gross fuel margin rates and higher depreciation, store and G&A expenses. Management attributes margin pressure to losses on hedging contracts recognized in earnings, while related gains on inventory and product values are deferred until sold, creating timing mismatches between hedging and cost recognition. Store and G&A expense increases (8.2%) were primarily driven by higher labor, facilities maintenance costs and accruals.

Key facts

• Pilot’s pre-tax earnings in the first quarter of 2026 declined $218 million (129.8%) compared to 2025. source
• Pilot’s revenues increased $815 million (7.8%) in the first quarter of 2026 compared to 2025. source
• Pilot’s increase in store and general and administrative expenses was 8.2% primarily due to increased labor and facilities maintenance costs and accruals. source

Impact estimates