BRK-B · 10-Q · 2026Q2 · Full report

Pilot Revenue and Earnings

BERKSHIRE HATHAWAY INC · 2026-08-10 · Importance 63 · 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 fuel volumes. Second-quarter pre-tax earnings increased $171 million, or 143.7%, due mainly to higher gross margins, partly offset by higher depreciation, store operating and general and administrative expenses. First-half pre-tax earnings declined $47 million, or 16.4%, because 2025 asset-disposition gains did not recur and operating expenses increased; 2026 gross margins also included net derivative-contract losses from higher fuel and commodity prices.

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