AI Takeaway
Berkshire Hathaway reported Q1 2026 revenue of $93.7B (+4.4% YoY) with net income more than doubling to $10.1B (+119.6% YoY), driven largely by investment gains, while total assets surpassed $1.25T and stockholders' equity grew to $727.2B.
Revenue
$93.67B
++4.40% YoY
Filed · Source: SEC EDGAR 10-Q filing
Berkshire Hathaway generated $93.7B in revenue for Q1 2026, up 4.4% from $89.7B in Q1 2025, reflecting steady contributions from its diversified operating businesses including insurance, railroads (BNSF), energy (BHE), and manufacturing/retail segments.
Source: Source: 10-Q Financial Data, Income Statement
Net income nearly doubled to $10.1B in Q1 2026 from $4.6B in Q1 2025 (+119.6% YoY), a gain likely attributable to mark-to-market appreciation in Berkshire's massive equity investment portfolio, which under GAAP rules flows through the income statement and can create significant volatility quarter to quarter.
Source: Source: 10-Q Financial Data, Income Statement
Total assets grew 7.5% YoY to $1.25T, while stockholders' equity increased 11.1% to $727.2B, underscoring Berkshire's continued accumulation of intrinsic value and its fortress-like financial position with a debt-to-equity ratio of only 0.72.
Source: Source: 10-Q Financial Data, Balance Sheet
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Upgrade to unlockBerkshire's GAAP net income is heavily influenced by unrealized gains and losses on its equity investment portfolio, which exceeded hundreds of billions in market value. A market downturn could cause reported net income to swing sharply negative even if operating businesses perform well, potentially confusing investors who focus on headline earnings rather than operating income.
Source: Source: 10-Q Financial Data, Income Statement
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Upgrade to unlockReported EPS of $7889.44 versus the $8078.52 analyst consensus — a -2.3% miss for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $93.67B | $89.72B | +4.40% |
Net Income | $10.11B | $4.6B | +119.55% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $1.25T | $1.16T | +7.53% |
Total Liabilities | $522.82B | $507.79B | +2.96% |
Stockholders' Equity | $727.18B | $654.47B | +11.11% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $10.44B | $10.9B | -4.26% |
Investing Cash Flow | $-4.31B | $-16.4B | +73.73% |
Financing Cash Flow | $174M | $53M | +228.30% |
Share Buybacks | $235M | — | — |
D&A | $3.51B | $3.27B | +7.50% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 10.8% | — | — |
ROE | 1.4% | — | — |
ROA | 0.8% | — | — |
Debt to Equity | $0.719 | — | — |
Berkshire Hathaway reported Q1 2026 revenue of $93.7B, up 4.4% YoY, and net income of $10.1B, which more than doubled from $4.6B in Q1 2025. The sharp jump in net income was primarily driven by mark-to-market gains on its equity investment portfolio, which under GAAP rules flow directly through reported earnings.
Berkshire's net income surged 119.6% YoY to $10.1B largely because GAAP accounting requires unrealized investment gains to be included in net income, and Berkshire's massive equity portfolio (worth hundreds of billions) appreciated significantly in Q1 2026. Investors should note that Warren Buffett has consistently cautioned that this GAAP figure can be misleading quarter to quarter and that operating earnings are a better measure of business performance.
Berkshire's financial health remains exceptionally strong, with total assets of $1.25T, stockholders' equity of $727.2B (+11.1% YoY), and a manageable debt-to-equity ratio of 0.72. Operating cash flow of $10.4B further underscores the company's ability to generate substantial cash from its diversified operating businesses.
Berkshire repurchased only $235M worth of shares in Q1 2026, a relatively modest amount compared to prior periods, suggesting management may view the current share price as less attractive relative to intrinsic value or is preserving capital for other opportunities. Share buybacks at Berkshire are discretionary and depend on Buffett's assessment of price versus value.
Key risks for Berkshire investors include volatility in reported GAAP earnings due to mark-to-market investment swings, catastrophe losses in its insurance operations (GEICO, reinsurance), and regulatory and economic headwinds facing BNSF Railroad and Berkshire Hathaway Energy. Additionally, ongoing leadership succession remains a longer-term consideration for investors focused on Berkshire's unique capital allocation culture.