BRK-B · 10-Q · 2026Q2 · Full report
FX / Currency Headwinds
BERKSHIRE HATHAWAY INC · 2026-08-10 · Importance 57 · Surprise 64 · In source text
After-tax foreign-currency gains on Berkshire and BHFC non-U.S.-dollar borrowings were $326 million in the second quarter and $575 million in the first six months of 2026, compared with losses of $877 million and $1.6 billion, respectively, in 2025. These currency movements drove after-tax other earnings higher by $1.2 billion in the second quarter and $2.5 billion in the first six months. Foreign-currency translation also contributed to higher life and health reinsurance premiums, while foreign-currency losses affected certain reinsurance contracts.
Key facts
- After-tax foreign currency exchange gains were $326 million in the second quarter and $575 million in the first six months of 2026 compared to losses of $877 million in the second quarter and $1.6 billion in the first six months of 2025. source
- Foreign currency exchange rate losses on Berkshire and BHFC non-U.S. Dollar senior notes were $(877) million in the second quarter and $(1,590) million in the first six months of 2026. source
- TTI's first six months revenue increase reflected accelerating customer demand, favorable foreign currency translation effects and inventory cost-based price increases. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +0.8% | After-tax foreign currency exchange gains were $326 million in the second quarter and $575 million in the first six months of 2026… |
| net_income | positive | realized | +0.5% | After-tax foreign currency exchange gains were $326 million in the second quarter and $575 million in the first six months of 2026… |