BRK-B · 10-Q · 2026Q3 · Full report
Pilot Revenue and Earnings
BERKSHIRE HATHAWAY INC · 2026-11-09 · Importance 45 · Surprise 64 · In source text
Pilot revenues increased $5.3 billion (48.4%) in the third quarter and $10.9 billion (34.7%) in the first nine months of 2026, primarily because of higher fuel prices; fuel volumes changed only slightly. Pilot pre-tax earnings increased $200 million in the third quarter and $153 million (56.7%) year to date, reflecting higher gross margins partly offset by higher depreciation, amortization and operating expenses. Third-quarter 2026 earnings included a $116 million loss on a business disposition that closed November 2, 2026, while year-to-date gross margins also faced derivative-contract losses as fuel and commodity prices rose.
Key facts
- Pilot revenues increased $5.3 billion (48.4%) in Q3 2026 and $10.9 billion (34.7%) in the first nine months versus 2025, primarily due to higher fuel prices; retail fuel volumes rose slightly in Q3 and fell slightly year to date. source
- Pilot pre-tax earnings increased $200 million in Q3 2026 and $153 million (56.7%) in the first nine months versus 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +14.7% | Pilot revenues increased $5.3 billion (48.4%) in Q3 2026 and $10.9 billion (34.7%) in the first nine months versus 2025, primarily due to… |
| operating_income | positive | realized | +0.2% | Pilot pre-tax earnings increased $200 million in Q3 2026 and $153 million (56.7%) in the first nine months versus 2025. |