Berkshire Hathaway Inc. Earnings Summary — Q2 FY2026

• Operating earnings, which management considers the more reliable metric, increased 17.7% YoY to $11.35 billion.
• Insurance underwriting performance saw a significant boost, rising from $1.34 billion to $1.72 billion YoY.
• The 'Other' earnings segment surged to $1.26 billion, aided by $249 million in foreign currency exchange gains and increased interest income on Treasury Bills.
• Net earnings were heavily influenced by $7.0 billion in unrealized investment losses, though improved from a $7.4 billion loss in the prior year's quarter.
• Insurance float increased by approximately $500 million since year-end 2025, reaching a total of $176.9 billion.
• BNSF and Berkshire Hathaway Energy both reported moderate year-over-year profit growth.

Management reiterates that investment gains or losses in any given quarter are 'meaningless' and can be misleading to investors due to GAAP accounting rules for unrealized gains.

Improving

Core operating earnings across almost all major segments (Insurance, BNSF, Energy) showed year-over-year improvement despite investment portfolio volatility.

The company continues to leverage its massive $176.9 billion insurance float and substantial cash reserves (evidenced by nearly $1B in interest income) to drive long-term intrinsic value.