Berkshire Hathaway Inc

Latest Results (02.06.2026):

Berkshire Hathaway Inc. — First Quarter 2026: Berkshire reported consolidated net earnings of $10,179 million ($10.18 billion) in Q1 2026, with net earnings attributable to Berkshire shareholders of $10,106 million ($10.11 billion). Total revenues were $93,675 million ($93.68 billion), up from $89,725 million in Q1 2025. Investment losses narrowed to $1,605 million versus $6,435 million a year earlier. Operating cash flow was $10,438 million and the company maintained substantial liquidity (cash and cash equivalents of $58,810 million plus $339,261 million in short‑term U.S. Treasury Bills).

Top-line and business mix

Revenues by segment: Insurance & Other $81,052 million and Railroad, Utilities & Energy $12,623 million (total $93,675 million). Year‑over‑year revenue increased modestly (about 4.4%).

Profitability and EPS

Net earnings $10,179 million; net earnings attributable to Berkshire shareholders $10,106 million. Reported net earnings rose sharply versus Q1 2025 ($4,672 million). Net earnings per equivalent Class A share $7,027 and per Class B share $4.68.

Investment results

Total investment losses were $1,605 million (improved from $6,435 million in Q1 2025). Unrealized decline on equity securities was $3,291 million, partially offset by $1,652 million of realized gains on sales. Equity securities sales proceeds were ~$24.1 billion in the quarter, producing taxable gains of ~$7.2 billion.

Insurance operations

Insurance premiums earned $22,005 million. Insurance losses and loss adjustment expenses were $14,204 million; underwriting expenses $4,517 million. Management reported no significant catastrophe events in Q1 2026 and recorded modest favorable development on prior accident years.

Railroad, utilities and energy

Railroad transportation revenues $5,940 million; utilities and energy operating revenues $5,807 million. Combined segment revenues $12,623 million with related expenses of $10,073 million, supporting continued positive operating results for BNSF and BHE.

Cash flow and liquidity

Net cash provided by operating activities $10,438 million. Cash and cash equivalents at quarter end $58,810 million and short‑term U.S. Treasury Bills $339,261 million (note: unsettled T‑bill purchases of $17.2 billion were included in payables and paid shortly after quarter end), reflecting very large near‑term liquidity.

Acquisitions and capital deployment

Completed acquisition of Occidental’s chemicals business (OxyChem) on Jan 2, 2026 for ~ $9.5 billion (preliminary acquired assets ~$10.8 billion, liabilities ~$1.3 billion). Berkshire repurchased $235 million of common stock in the quarter.

Balance sheet and capital structure

Total assets $1,252,271 million; Berkshire shareholders’ equity $727,181 million (total shareholders’ equity $729,450 million). Notes payable and other borrowings: Insurance & Other $42,835 million; Railroad, Utilities & Energy $86,051 million.

Equity‑method and major holdings

Equity method investments include Kraft Heinz (carrying value $8,689 million; fair value $7,324 million) and Occidental (carrying $10,808 million; fair value $17,221 million). Public equity portfolio fair value $288,034 million, with five largest holdings (AmEx, Apple, Bank of America, Coca‑Cola, Chevron) representing ~61% of the portfolio.

Taxes and volatility note

Income tax expense was $2,140 million in Q1 2026 (compared with $476 million in Q1 2025), driven in part by realized taxable gains. Management reiterated that investment fair‑value changes and insurance claim estimates can cause interim volatility in GAAP earnings.