BRK-B · 10-Q · 2026Q1

BERKSHIRE HATHAWAY INC

Filed 2026-05-04 · Financials · View original filing on EDGAR

Ranked Events

• OxyChem AcquisitionImportance 78 · Surprise 100
  On January 2, 2026, Berkshire acquired OxyChem, a chemicals business from Occidental Petroleum Corporation, and OxyChem’s results were included in Berkshire’s consolidated results beginning on the acquisition date.…
• Raw material cost inflation (IMC)Importance 77 · Surprise 82
  IMC experienced significant raw material price increases beginning in 2025 and continuing through Q1 2026, contributing to revenue growth (approximately $1.2 billion, +20.6%) as customers accelerated purchases. IMC’s…
• Revenue Performance and MixImportance 77 · Surprise 82
  Berkshire reported net earnings attributable to shareholders of $10,106 million in Q1 2026 versus $4,603 million in Q1 2025, reflecting a large YoY increase in reported earnings. Segment contribution highlights include…
• Industrial Products SurgeImportance 73 · Surprise 66
  Industrial products revenues rose to $11.196 billion in Q1 2026 (up 23.6%), driven primarily by acquisitions (including the January 2, 2026 acquisition of OxyChem) and increases at legacy businesses; pre‑tax earnings…
• Reinsurance (BHRG) and Tokio Marine DealImportance 68 · Surprise 58
  BHRG reported property/casualty premiums written of $5,992 million in Q1 2026, down $143 million (2.3%) YoY, and premiums earned declined $323 million (6.2%) to $4,912 million versus Q1 2025. Losses and LAE fell $715…
• GEICO Underwriting PressureImportance 66 · Surprise 40
  GEICO reported premiums written of $11.7 billion in Q1 2026 (up 1.5%) and premiums earned of $11.186 billion (up 4.0%). The loss ratio rose to 73.9% (an increase of 4.9 percentage points) driven by higher private…
• Pilot Travel Centers ResultsImportance 65 · Surprise 82
  Pilot Travel Centers (operating under Pilot and Flying J) reported a $815 million (7.8%) revenue increase in Q1 2026 driven primarily by higher fuel prices but partially offset by lower fuel volumes. Pre-tax earnings…
• Goodwill and Intangible ImpairmentImportance 65 · Surprise 60
  Berkshire’s consolidated balance sheet at March 31, 2026 included goodwill of acquired businesses of $83.2 billion and indefinite-lived intangible assets of $19.0 billion. In the annual goodwill impairment review…
• BH Primary underwriting trendsImportance 62 · Surprise 58
  BH Primary’s premiums written were modestly higher in Q1 2026 (total premiums written $4,466 million) with premiums earned of $4,591 million, but underwriting performance improved materially as losses and LAE declined…
• Float and Cash HoldingsImportance 61 · Surprise 32
  Berkshire reports very large liquidity and a strong capital base with shareholders' equity of $727.2 billion at March 31, 2026, up $9.8 billion since December 31, 2025. At March 31, 2026, insurance and other businesses…
• Service Group Growth (TTI, Aviation)Importance 60 · Surprise 40
  Service group revenues rose 17.1% to $6,434 million in Q1 2026, led by TTI (revenues up 26.2%), aviation services (+11.8%) and IPS (+23.7%). TTI’s revenue growth reflected accelerating customer demand, inventory…
• PCC Aerospace DemandImportance 58 · Surprise 56
  Precision Castparts Corp. (PCC) reported revenues of $2.9 billion in Q1 2026, up 8.2% YoY, with aerospace product revenues up 9.4% and industrial gas turbine power products up 18.9% YoY due to strong customer demand…
• Insurance Unpaid Losses LiabilityImportance 56 · Surprise 24
  As of March 31, 2026 Berkshire’s consolidated balance sheet included estimated liabilities for unpaid losses and loss adjustment expenses from property and casualty insurance and reinsurance contracts of $151.9…
• Operating Cash Flow and CapexImportance 54 · Surprise 24
  The group generated net operating cash flows of $10.4 billion in Q1 2026 and reported consolidated capital expenditures of $5.0 billion in Q1 2026, of which $3.2 billion were from BNSF and BHE. BNSF and BHE maintain…
• Insurance Underwriting ResultsImportance 49 · Surprise 66
  Consolidated after-tax underwriting earnings were $1,717 million in Q1 2026 versus $1,336 million in Q1 2025, with consolidated pre-tax underwriting earnings of $2,265 million in Q1 2026. Berkshire reported no…
• Investment Gains VolatilityImportance 45 · Surprise 64
  Unrealized and realized gains and losses from Berkshire’s large equity securities portfolio produced significant volatility in Q1 2026, including net unrealized losses of $3.3 billion (Q1 2026) and $6.8 billion (Q1…
• Insurance investment income trendsImportance 43 · Surprise 32
  Pre-tax net investment income attributable to insurance operations declined 7.2% to $3,304 million in Q1 2026 versus Q1 2025, primarily due to lower interest income reflecting lower interest rates; dividend income was…
• BHE Performance and Tax CreditsImportance 39 · Surprise 50
  After-tax earnings of Berkshire Hathaway Energy (BHE) were $1,114 million in Q1 2026 versus $1,097 million in Q1 2025, a 1.5% increase driven by higher natural gas pipeline results and federal income tax credits…
• Outstanding IndebtednessImportance 36 · Surprise 40
  Consolidated borrowings (excluding BHE and BNSF) were $42.8 billion at March 31, 2026, predominantly issued by Berkshire and BHFC. Berkshire's own outstanding debt was $19.9 billion at March 31, 2026, down $2.8 billion…
• Consumer products trendsImportance 36 · Surprise 14
  Consumer products revenues declined 1.5% to $3,487 million in Q1 2026, with weakness at Fruit of the Loom, Garan, Jazwares and Forest River driven by lower volumes and sales‑mix changes and the exit of unprofitable…

Revenue by Product (in millions)