BRK-B · 10-Q · 2026Q3 · Full report

Investment Gains Volatility

BERKSHIRE HATHAWAY INC · 2026-11-09 · Importance 64 · Surprise 56

Pre-tax investment gains were $11.946 billion in the third quarter and $26.418 billion in the first nine months of 2026, compared with $21.939 billion and $21.868 billion, respectively, in 2025. The 2026 gains included net unrealized equity-security gains of $11.8 billion for the quarter and $24.5 billion year to date; realized taxable gains were $2.2 billion and $11.8 billion, respectively. After income taxes and noncontrolling interests, investment gains contributed $9.407 billion of third-quarter and $20.851 billion of nine-month net earnings in 2026.

Key facts

• Taxable investment gains on equity securities sold were $2.2 billion in Q3 2026 and $11.8 billion in the first nine months of 2026, versus $10.4 billion and $18.7 billion in the corresponding 2025 periods. source
• Berkshire Hathaway recorded investment gains of $9.407 billion in the third quarter and $20.851 billion in the first nine months of 2026, compared with $17.311 billion and $17.243 billion in 2025, respectively. source
• Berkshire recorded investment gains of $11.946 billion in Q3 2026 and $26.418 billion in the first nine months of 2026; net earnings from investment gains were $9.407 billion and $20.851 billion, respectively. source
• Pre-tax investment gains included net unrealized gains of $11.8 billion in Q3 and $24.5 billion in the first nine months of 2026 from market-price changes in equity securities held at period end. source
• Berkshire Hathaway’s periodic earnings will continue to experience significant volatility from investment gains and losses. source