BRK-B · 10-Q · 2026Q2 · Full report
Outstanding Indebtedness
BERKSHIRE HATHAWAY INC · 2026-08-10 · Importance 44 · Surprise 24 · In source text
Excluding BHE and BNSF, Berkshire’s borrowings were $43.3 billion at June 30, 2026, including $20.4 billion of Berkshire debt and approximately $18.2 billion of BHFC senior notes. Berkshire debt declined $2.3 billion from year-end after $3.3 billion of maturities were repaid, partly offset by April issuance of ¥272.3 billion, or $1.7 billion, of senior notes at a 2.4% weighted-average rate. BNSF debt was $23.5 billion, while BHE borrowings increased $2.5 billion to $61.8 billion; BHE subsidiaries issued $4.6 billion of term debt at a 5.8% weighted-average rate in the first six months.
Key facts
- In the first six months of 2026, BHE subsidiaries issued $4.6 billion of term debt with a weighted average interest rate of 5.8% and maturity dates ranging from 2029 to 2056, repaid term debt of $1.3 billion and reduced short-term borrowings by $623 million. source
- Berkshire issued ¥272.3 billion ($1.7 billion) of senior notes in April 2026 with maturity dates ranging from 2029 to 2056 and a weighted average interest rate of 2.4%. source
- BHE’s aggregate borrowings were $61.8 billion at June 30, 2026, an increase of $2.5 billion from December 31, 2025. source
- Berkshire’s outstanding debt at June 30, 2026 was $20.4 billion, a decrease of $2.3 billion since December 31, 2025, primarily attributable to repayments of maturing debt of $3.3 billion and reductions in carrying values due to changes in foreign currency exchange rates, partially offset by debt issued in April. source
- Unpaid losses and LAE for retroactive reinsurance contracts were $30.0 billion at June 30, 2026, a decline of $1.1 billion from December 31, 2025. source
- Excluding borrowings of BHE and BNSF, Berkshire's borrowings at June 30, 2026 were $43.3 billion, predominantly issued by Berkshire and BHFC. source
- Senior note borrowings of BHFC were approximately $18.2 billion at June 30, 2026, a decline of $72 million from December 31, 2025. source
- Annuity liabilities were $14.3 billion at June 30, 2026, which includes liabilities of $4.0 billion on contracts without life contingencies. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -0.4% | In the first six months of 2026, BHE subsidiaries issued $4.6 billion of term debt with a weighted average interest rate of 5.8% and… |
| cash | positive | realized | +0.4% | In the first six months of 2026, BHE subsidiaries issued $4.6 billion of term debt with a weighted average interest rate of 5.8% and… |
| liability | negative | realized | -0.1% | Berkshire issued ¥272.3 billion ($1.7 billion) of senior notes in April 2026 with maturity dates ranging from 2029 to 2056 and a weighted… |
| cash | positive | realized | +0.1% | Berkshire issued ¥272.3 billion ($1.7 billion) of senior notes in April 2026 with maturity dates ranging from 2029 to 2056 and a weighted… |
| liability | positive | realized | +0.1% | In the first six months of 2026, BHE subsidiaries issued $4.6 billion of term debt with a weighted average interest rate of 5.8% and… |
| cash | negative | realized | -0.1% | In the first six months of 2026, BHE subsidiaries issued $4.6 billion of term debt with a weighted average interest rate of 5.8% and… |
| liability | positive | realized | +0.1% | In the first six months of 2026, BHE subsidiaries issued $4.6 billion of term debt with a weighted average interest rate of 5.8% and… |
| cash | negative | realized | -0.1% | In the first six months of 2026, BHE subsidiaries issued $4.6 billion of term debt with a weighted average interest rate of 5.8% and… |