BRK-B · 10-Q · 2026Q2 · Full report
Pilot Revenue and Earnings
BERKSHIRE HATHAWAY INC · 2026-08-10 · Importance 69 · Surprise 64 · In source text
Pilot revenue increased $4.8 billion, or 47.7%, in the second quarter and $5.6 billion, or 27.5%, in the first six months of 2026, primarily because of higher fuel prices despite slightly lower volumes. Second-quarter pre-tax earnings increased $171 million, or 143.7%, because of higher gross margins, while first-half earnings declined $47 million, or 16.4%, as 2025 asset-disposition gains did not recur. 2026 gross margins were reduced by net derivative-contract losses related to higher fuel and commodity prices, creating periodic earnings volatility.
Key facts
- Pilot’s revenues increased $4.8 billion (47.7%) in the second quarter and $5.6 billion (27.5%) in the first six months of 2026 compared to 2025, reflecting higher fuel prices, partially offset by slightly lower fuel volumes. source
- Pilot’s pre-tax earnings increased $171 million (143.7%) in the second quarter and declined $47 million (16.4%) in the first six months of 2026 compared to 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -0.1% | Pilot’s pre-tax earnings increased $171 million (143.7%) in the second quarter and declined $47 million (16.4%) in the first six months of… |