BRK-B · 10-Q · 2026Q2 · Full report
Fuel Cost Inflation
BERKSHIRE HATHAWAY INC · 2026-08-10 · Importance 38 · Surprise 46 · In source text
BNSF fuel expenses increased $475 million, or 68.1%, in the second quarter and $473 million, or 32.2%, in the first six months of 2026. The increases reflected higher average fuel prices in the second quarter and higher freight volume, partially offset by improved fuel efficiency. Higher fuel surcharge revenue helped offset the higher fuel costs in freight revenue.
Key facts
- BNSF fuel expenses increased $475 million (68.1%) in the second quarter of 2026 and $473 million (32.2%) in the first six months of 2026 compared to 2025. source
- Gross margins at Pilot in 2026 were negatively affected by net losses on derivative contracts included in earnings from increases in fuel and commodity prices. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -0.7% | BNSF fuel expenses increased $475 million (68.1%) in the second quarter of 2026 and $473 million (32.2%) in the first six months of 2026… |