BRK-B · 10-Q · 2026Q2

BERKSHIRE HATHAWAY INC

Filed 2026-08-10 · Financials · View original filing on EDGAR

Ranked Events

• Operating Cash Flow and CapexImportance 70 · Surprise 24
  Berkshire generated $21.7 billion of net cash from operating activities in the first six months of 2026. Consolidated capital expenditures for property, plant and equipment and equipment held for lease were $10.6…
• Investment GainsImportance 69 · Surprise 64
  After-tax investment gains increased to $12.7 billion in the second quarter of 2026 from $5.0 billion in the second quarter of 2025. First-half after-tax investment gains were $11.4 billion in 2026, compared with a $68…
• Pilot Revenue and EarningsImportance 63 · Surprise 64
  Pilot revenue increased $4.8 billion, or 47.7%, in the second quarter and $5.6 billion, or 27.5%, in the first six months of 2026, primarily because of higher fuel prices despite slightly lower fuel volumes.…
• Acquisition / Partnership / DivestitureImportance 59 · Surprise 60
  Berkshire acquired OxyChem from Occidental Petroleum Corporation on January 2, 2026, and included its results in consolidated operations from that date. OxyChem generated $2.6 billion of first-half revenue and $121…
• Capital Return ProgramImportance 58 · Surprise 42
  Berkshire repurchased $4.8 billion of its Class A and Class B shares during the first six months of 2026, with most repurchases occurring in the second quarter. The program permits repurchases below conservatively…
• Industrial and Aerospace DemandImportance 58 · Surprise 56
  Precision Castparts revenue increased 11.4% in the first six months to $6.0 billion and 14.4% in the second quarter to $3.1 billion. PCC earnings increased 33.6% year to date and 34.2% in the second quarter, driven by…
• FX / Currency HeadwindsImportance 57 · Surprise 64
  After-tax foreign-currency gains on Berkshire and BHFC non-U.S.-dollar borrowings were $326 million in the second quarter and $575 million in the first six months of 2026, compared with losses of $877 million and $1.6…
• Revenue Performance and MixImportance 54 · Surprise 40
  Manufacturing, service and retailing revenues increased 15.2% in the second quarter to $61.5 billion and 10.9% in the first six months to $116.3 billion, led by manufacturing growth of 13.0% and 11.6%, respectively.…
• BNSF Operating PerformanceImportance 48 · Surprise 40
  BNSF first-half pre-tax earnings increased 13.7% to $3.9 billion and after-tax earnings increased 9.5% to $2.9 billion. Consumer-products revenue increased 10.3% year to date to $4.4 billion, while agricultural and…
• Outstanding IndebtednessImportance 44 · Surprise 24
  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…
• Liquidity and Cash PositionImportance 42 · Surprise 14
  Insurance cash, cash equivalents and U.S. Treasury bills totaled $210.3 billion at June 30, 2026, compared with $212.7 billion at December 31, 2025. Total insurance-business cash and investments increased to $553.3…
• Fuel Cost InflationImportance 38 · Surprise 46
  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…
• Auto Insurance Claims InflationImportance 36 · Surprise 40
  GEICO losses and LAE increased $699 million, or 8.8%, in the second quarter and approximately $1.6 billion, or 10.1%, in the first six months of 2026. Private-passenger bodily-injury claim frequency increased in the…
• Service Revenue and EarningsImportance 35 · Surprise 48
  Service group revenues increased 21.1% in the second quarter and 19.1% in the first six months of 2026, driven by TTI, aviation services and IPS. TTI’s first-half revenue increased 26.5%, reflecting accelerating…
• Interest Rate EnvironmentImportance 31 · Surprise 32
  After-tax insurance investment income declined $522 million, or 8.3%, in the first six months of 2026, primarily because lower short-term interest rates reduced interest income. Pre-tax investment income declined 7.6%…
• Consumer Products Earnings GrowthImportance 30 · Surprise 40
  Consumer products pre-tax earnings increased 12.2% in the second quarter and 19.1% in the first six months of 2026 versus 2025. Brooks Sports and Jazwares benefited from higher sales, improved gross-margin rates and $…
• Macroeconomic Factors ImpactImportance 29 · Surprise 24
  Berkshire stated that ongoing wars, developing international trade policies and tariffs, and other macroeconomic and geopolitical events could significantly affect its operating businesses and equity investments.…
• Industrial Raw Material CostsImportance 29 · Surprise 24
  Lubrizol experienced revenue growth from higher volumes and selling prices, but significant raw-material, energy and supply-chain cost increases raised production costs. Price increases partly offset those cost…
• Real Estate LitigationImportance 28 · Surprise 42
  BHE’s real-estate brokerage earnings declined $25 million in the second quarter and $22 million in the first six months of 2026. The declines primarily reflected charges recorded in the second quarter associated with a…
• Retailing Demand and CompetitionImportance 25 · Surprise 32
  Retailing group revenues were essentially flat in the second quarter and declined 0.9% in the first six months of 2026. Berkshire Hathaway Automotive, representing about 70% of group revenue, reported a 1.3% first-half…

Revenue by Product (in millions)