BRK-B · 10-Q · 2026Q3

BERKSHIRE HATHAWAY INC

Filed 2026-11-09 · Financials · View original filing on EDGAR

Ranked Events

• Homebuilding Demand and MixImportance 77 · Surprise 92
  Berkshire acquired Taylor Morrison Home Corporation on July 24, 2026, and included it in consolidated results from that date. Homebuilding Businesses revenue increased 41.4% in Q3 and 15.0% to $11.0 billion in the…
• Acquisitions and DivestituresImportance 71 · Surprise 60
  Berkshire acquired OxyChem on January 2, 2026, for approximately $9.4 billion. On July 24, 2026, Berkshire acquired TMHC for aggregate cash consideration of approximately $6.8 billion. These disclosed cash acquisition…
• Investment Gains VolatilityImportance 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…
• Liquidity and Cash PositionImportance 63 · Surprise 32
  At September 30, 2026, Berkshire’s insurance and other businesses held $352.3 billion in cash, cash equivalents and U.S. Treasury Bills, net of specified purchase payables; equity and fixed-maturity securities totaled…
• IMC Revenue and Margin GrowthImportance 58 · Surprise 56
  IMC revenue increased 20.0% to approximately $1.25 billion in Q3 2026 and 22.4% to $3.7 billion in the first nine months. Pre-tax earnings increased 29.8% in Q3 and 47.1% year to date, supported by higher sales, gross…
• Net Earnings and Investment GainsImportance 57 · Surprise 38
  Net earnings attributable to Berkshire shareholders were $22.112 billion in Q3 2026, down from $30.796 billion in Q3 2025, while nine-month earnings rose to $57.885 billion from $47.769 billion. Investment gains were…
• Insurance Unpaid Losses LiabilityImportance 56 · Surprise 24
  Berkshire recorded estimated unpaid losses and loss-adjustment expense liabilities of $152.3 billion at September 30, 2026 for property and casualty insurance and reinsurance contracts. Management states that actual…
• Capital Expenditures and Cash FlowImportance 53 · Surprise 24
  Berkshire generated $33.9 billion of net cash from operating activities in the first nine months of 2026. Consolidated capital expenditures for property, plant and equipment and equipment held for lease were $16.1…
• OxyChem Acquisition ContributionImportance 53 · Surprise 60
  Berkshire acquired OxyChem from Occidental Petroleum on January 2, 2026; OxyChem produces basic chemicals. OxyChem generated $1.3 billion of Q3 revenue and $3.9 billion in the first nine months of 2026, with pre-tax…
• Insurance Investment IncomeImportance 51 · Surprise 32
  Insurance pre-tax net investment income declined 10.7% in Q3 2026 and 8.6% to $10.308 billion in the first nine months, primarily because lower short-term interest rates reduced interest income. Dividend income was…
• Reinsurance Competition and GrowthImportance 50 · Surprise 50
  BHRG property/casualty premiums written increased 7.0% in the third quarter and 2.6% year to date, primarily reflecting new policies, including a Tokio Marine whole-account quota-share agreement that began April 1,…
• Tokio Marine Reinsurance AgreementImportance 50 · Surprise 50
  BHRG property/casualty premiums written increased 7.0% in Q3 and 2.6% to $16.762 billion in the first nine months of 2026. The increase included a whole-account quota-share agreement with certain Tokio Marine…
• Manufacturing Revenue and Earnings GrowthImportance 48 · Surprise 22
  Manufacturing, service and retailing revenue increased 17.8% to $64.452 billion in Q3 2026 and 13.3% to $180.796 billion in the first nine months; net earnings rose 11.8% and 14.0%, respectively. Manufacturing revenue…
• Fuel Cost InflationImportance 46 · Surprise 56
  BNSF’s fuel expenses increased $941 million, or 42.0%, in the first nine months of 2026 compared with 2025, reflecting higher average fuel prices and higher volume. In the third quarter, fuel expenses rose $468…
• Insurance Underwriting ResultsImportance 46 · Surprise 56
  After-tax insurance underwriting earnings fell 42.9% in Q3 2026 and 15.7% in the first nine months compared with 2025; all three underwriting groups earned less in Q3. GEICO’s lower nine-month underwriting earnings…
• Pilot Revenue and EarningsImportance 45 · Surprise 64
  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…
• Service Revenue and EarningsImportance 41 · Surprise 48
  Service group revenues increased 23.3% in the third quarter and 20.6% in the first nine months of 2026, driven by TTI, aviation services and IPS. TTI revenue rose 30.0% year to date, aviation services revenue increased…
• BHE Segment Performance and Tax CreditsImportance 39 · Surprise 32
  BHE net earnings attributable to Berkshire shareholders increased 8.3% to $1.612 billion in Q3 2026 and 10.0% to $3.617 billion in the first nine months. U.S. utilities earnings rose 22.8% in Q3 and 16.8% year to date,…
• State Income Tax Rate ChangesImportance 38 · Surprise 48
  BNSF’s income tax expense rose $288 million, or 24.1%, in the first nine months of 2026 compared with 2025. Berkshire attributed the increase primarily to higher pre-tax earnings and the impacts of changes in enacted…
• Outstanding IndebtednessImportance 37 · Surprise 32
  Excluding BHE and BNSF, Berkshire’s borrowings were $45.8 billion at September 30, 2026; Berkshire debt was approximately $20.4 billion, down $2.2 billion since year-end 2025. Berkshire repaid $3.7 billion of maturing…

Revenue by Product (in millions)