Investment Gains Drive Earnings Surge
After-tax investment gains were $12.7 billion in Q2 2026 compared to $5.0 billion in Q2 2025, while the prior year included a $3.76 billion impairment on the Kraft Heinz investment.
Source: 10-Q Item 2 MD&A
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Berkshire Hathaway's net earnings attributable to shareholders more than doubled in the second quarter of fiscal year 2026, driven primarily by substantial investment gains and the absence of a $3.76 billion other-than-temporary impairment on Kraft Heinz recorded in the prior-year period. Revenue grew 10%, with notable strength in manufacturing and service businesses, while insurance underwriting earnings declined due to higher claims frequencies and severities at GEICO. The quarter's results highlight the company's continued reliance on volatile equity markets and the impact of macroeconomic conditions on its diverse operations, with foreign currency gains also providing a tailwind.
Revenue
$101.81B
+10.04% YoY
Filed · Source: SEC EDGAR 10-Q filing
Source: SEC XBRL
Berkshire Hathaway (BRK.B) reported Q2 FY2026 revenue of $101.81B, up 10.0% year over year. BRK.B's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Mar 2026 | 7889.44 | 8078.52 | Miss -2.3% |
| Dec 2025 | 7093.19 | 8431.76 | Miss -15.9% |
| Sep 2025 | 9376.15 | 8945.84 | Beat +4.8% |
| Jun 2025 | 7759.58 | 7744.82 | Beat +0.2% |
7 reported segments · SEC XBRL
Segment revenue totals $101.01B; with $794M of reconciling items (corporate, unallocated and eliminations) it ties to the $101.81B of consolidated revenue on the income statement.
Profit above is reported as pre-tax income, the measure BRK.B itself discloses in this filing. Each company chooses its own measure here, so these margins are not comparable with another company's.
Compiled by AI from 10-Q Item 2 of this filing
After-tax investment gains were $12.7 billion in Q2 2026 compared to $5.0 billion in Q2 2025, while the prior year included a $3.76 billion impairment on the Kraft Heinz investment.
Source: 10-Q Item 2 MD&A
GEICO's pre-tax underwriting earnings fell 45.4% in Q2 as higher claims frequencies (5-7% for bodily injury, 3-5% for property damage/collision) and severities (10-12% for bodily injury) pushed the loss ratio up 4.8 percentage points to 76.6%.
Source: 10-Q Item 2 MD&A
The first six months of 2026 had no significant catastrophe losses, compared to $850 million in after-tax losses from such events in the first half of 2025.
Source: 10-Q Item 2 MD&A
After-tax earnings from manufacturing, service, and retailing businesses increased 24.1% in Q2, driven by industrial products manufacturing and services businesses.
Source: 10-Q Item 2 MD&A
After-tax foreign currency exchange gains were $326 million in Q2 2026 versus losses of $877 million in Q2 2025, contributing to the improvement in other earnings.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 2 of this filing · 2 high, 2 medium, 1 low
Berkshire holds a large portfolio of equity securities ($321.9 billion at quarter-end), and changes in market prices cause significant swings in periodic earnings through unrealized investment gains and losses. The company explicitly states these gains/losses 'have caused, and will continue to cause, significant volatility in our periodic earnings.'
Source: 10-Q Item 2 MD&A
Underwriting earnings, particularly at GEICO, are pressured by rising claims frequency and severity. Additionally, the company faces potential large losses from property catastrophe events; while none occurred in H1 2026, such events have historically caused material losses.
Source: 10-Q Item 2 MD&A
Insurance investment income fell 9.1% in Q2 due to lower short-term interest rates, reflecting the sensitivity of the large fixed-income and cash portfolio ($210.3 billion in cash, equivalents, and U.S. Treasury Bills) to rate changes.
Source: 10-Q Item 2 MD&A
Ongoing wars, trade policy developments, and tariffs could disrupt supply chains, increase costs, and affect demand across Berkshire's diverse operating businesses. The company notes it is 'unable to reliably predict the ultimate impact.'
Source: 10-Q Item 2 MD&A
BNSF's effective income tax rate increased due to reductions in enacted state tax rates in 2025. Future tax or regulatory changes could adversely affect earnings in the railroad, energy, and insurance segments.
Source: 10-Q Item 2 MD&A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 101.81 $B | 92.52 $B | +10.04% |
Net Income $B | 25.67 $B | 12.37 $B | +107.49% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
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.
Berkshire Hathaway (BRK.B) reported essentially flat revenue of $371.4B in FY2025 while net income declined 24.8% to $67.0B, largely reflecting mark-to-market swings in its massive equity portfolio, even as operating cash flow surged 50.3% to $46.0B and stockholders' equity grew 10.5% to $717.4B.