The 16.4% YoY operating earnings growth and $4.5B in buybacks signal strong underlying business momentum, but the massive unrealized investment gains ($10.9B in Q2) will distort GAAP comparisons. Traders should watch for the 10-Q filing for segment-level detail and any commentary on the sustainability of the manufacturing/service rebound. The insurance-underwriting decline and lower investment income are headwinds to monitor in subsequent quarters.
Price Chart
Executive Summary
Berkshire Hathaway reported Q2 2026 operating earnings of $12.983 billion, up 16.4% from $11.160 billion in Q2 2025, driven by strong performance in manufacturing, service and retailing ($4.470B vs $3.601B) and a swing in 'Other' income from $32M to $1.274B (including $326M in FX gains). Net earnings surged to $25.667B from $12.370B, largely due to $12.684B in investment gains (including $10.9B in unrealized gains on equity securities). The company repurchased ~$4.5B in treasury shares during the quarter. While the headline operating earnings beat is notable, the GAAP net earnings figure is heavily distorted by unrealized investment gains, which Berkshire itself calls 'usually meaningless' — the stock's reaction will depend on whether the market focuses on the solid operating beat or the noise from investment accounting.
Key Financial Metrics
Key Facts
- Q2 2026 operating earnings of $12.983B, up 16.4% YoY from $11.160B
- Q2 2026 net earnings of $25.667B vs $12.370B in Q2 2025, driven by $12.684B in investment gains
- Manufacturing, service and retailing operating earnings rose to $4.470B from $3.601B YoY
- Insurance-underwriting earnings declined to $1.731B from $1.992B YoY
- Insurance-investment income fell to $3.059B from $3.367B YoY
- BNSF operating earnings increased to $1.558B from $1.466B YoY
- Berkshire Hathaway Energy operating earnings rose to $891M from $702M YoY
- 'Other' income swung to $1.274B from $32M, including $326M in FX gains
- Repurchased ~$4.5B in treasury shares during Q2 2026 (six-month total ~$4.8B)
- Insurance float was ~$177.5B at June 30, 2026, up ~$1.1B from year-end 2025
- Class B EPS (GAAP) was $11.91 vs $5.73 in Q2 2025
Financial Impact
Operating earnings beat consensus by an estimated 16%+ (consensus not provided for operating earnings, but prior-year comparison shows clear growth)
Risk Factors
- Investment gains are heavily driven by unrealized mark-to-market on equity holdings, which Berkshire itself calls 'usually meaningless' and can reverse
- Insurance-underwriting earnings declined 13.1% YoY ($1.731B vs $1.992B), signaling potential pricing or loss-cost pressure
- Insurance-investment income fell 9.1% YoY ($3.059B vs $3.367B), possibly reflecting lower yields or asset rotation
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-344495 |
| Document: d159922dex991.htm | 0001193125-26-344495 |
| Document: 0001193125-26-344495-index-headers.html | 0001193125-26-344495 |
| Document: 0001193125-26-344495-index.html | 0001193125-26-344495 |
| Document: 0001193125-26-344495.txt | 0001193125-26-344495 |
| 8-K Data (Synthetic) | 0001193125-26-344495 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 9d ago | Institutional Cluster | $532.02 $548.56 | ▲ +3.11% | ▲ +3.25% | $548.56 (+3.11%) |
Oct 12, 2026 14d ago | Institutional Cluster | $517.60 $532.23 | ▲ +2.83% | ▲ +4.32% | $548.56 (+5.98%) |
Oct 7, 2026 19d ago | SC 13G/A | $511.05 $525.68 | ▲ +2.86% | ▲ +3.14% | $548.56 (+7.34%) |
Sep 21, 2026 4w ago | 3 | $502.88 $502.31 | ▼ −0.11% | ▲ +1.07% | $548.56 (+9.08%) |
Aug 11, 2026 10w ago | 8-K | $516.15 $503.09 | ▼ −2.53% | ▼ −2.13% | $548.56 (+6.28%) |
Mar 13, 2026 32w ago | DEFA14A | $492.26 $480.00 | ▼ −2.49% | ▼ −0.45% | $548.56 (+11.44%) |
Mar 13, 2026 32w ago | DEFA14A | $492.26 $480.00 | ▼ −2.49% | ▼ −0.45% | $548.56 (+11.44%) |
Mar 5, 2026 33w ago | 8-K | $499.78 $491.74 | ▼ −1.61% | ▲ +0.63% | $548.56 (+9.76%) |
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