BRK-B · 10-Q · 2026Q2 · Full report
Investment Gains
BERKSHIRE HATHAWAY INC · 2026-08-10 · Importance 69 · Surprise 64 · In source text
After-tax investment gains increased to $12.7 billion in the second quarter of 2026 from $5.0 billion in the second quarter of 2025. First-half after-tax investment gains were $11.4 billion in 2026, compared with a $68 million loss in 2025. The investment results included significant unrealized gains and losses from changes in equity-security prices and foreign-currency exchange rates, creating substantial volatility in reported earnings. Berkshire also recorded a $3.8 billion other-than-temporary impairment on its Kraft Heinz equity-method investment in the second quarter of 2025, with no comparable charge in 2026.
Key facts
- Taxable investment gains on equity securities sold were gains of $2.3 billion in the second quarter and $9.5 billion in the first six months of 2026 compared to $5.3 billion in the second quarter and $8.4 billion in the first six months of 2025. source
- Equity securities held by insurance businesses at June 30, 2026: $321,865 million and at December 31, 2025: $294,144 million. source
- Other-than-temporary impairment of investment in Kraft Heinz recorded as $(3,760) million in the first six months of 2025. source
- Investment gains (losses) for the second quarter of 2026: $12,684 million. source
- Investment gains (losses) for the first six months of 2026: $11,444 million. source
- Pre-tax investment gains included net unrealized gains of $15.6 billion in the second quarter and $12.8 billion in the first six months of 2026 attributable to changes during the period in market prices on equity securities held at period end. source
- Investment gains (losses) reported were $16,077 million in the second quarter and $14,472 million in the first six months of 2026; income taxes and noncontrolling interests were $3,393 million and $3,028 million, respectively, resulting in net earnings (losses) of $12,684 million and $11,444 million for the second quarter and first six months of 2026. source
- Net earnings attributable to Berkshire shareholders were $35.8 billion for the first six months of 2026 and included after-tax investment gains of approximately $11.4 billion. 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 million. |
| net_income | positive | realized | +13.6% | Taxable investment gains on equity securities sold were gains of $2.3 billion in the second quarter and $9.5 billion in the first six… |
| net_income | positive | realized | +3.3% | Taxable investment gains on equity securities sold were gains of $2.3 billion in the second quarter and $9.5 billion in the first six… |
| assets | positive | realized | +2.2% | Equity securities held by insurance businesses at June 30, 2026: $321,865 million and at December 31, 2025: $294,144 million. |
| net_income | positive | realized | — | Investment gains (losses) for the first six months of 2026: $11,444 million. |