Berkshire Hathaway (BRKB) Q1 2026 earnings summary

Executive summary

• Net earnings attributable to shareholders rose to $10.1 billion in Q1 2026 from $4.6 billion in Q1 2025, driven by improved insurance underwriting, higher BNSF and BHE earnings, and increased manufacturing and service results, despite significant unrealized investment losses from equity securities volatility.

• Operating earnings were $9.6 billion in Q1 2026, down from $11.3 billion in Q1 2025.

• Insurance underwriting benefited from the absence of significant catastrophe events, while investment income declined due to lower interest rates.

• The acquisition of OxyChem for $9.5 billion was completed, expanding the industrial products segment.

• Investment gains (losses) included significant unrealized losses of $7.0 billion in Q1 2026 and $7.4 billion in Q1 2025.

Financial highlights

• Total revenues increased to $93.7 billion in Q1 2026 from $89.7 billion in Q1 2025.

• Net earnings per Class A share were $7,027 in Q1 2026, up from $3,200 in Q1 2025.

• Net earnings per Class B share were $4.68 in Q1 2026, up from $2.13 in Q1 2025.

• After-tax realized gains on sales of investments were $5.8 billion in Q1 2026 versus $2.4 billion in Q1 2025.

• Cash and cash equivalents rose to $58.8 billion at quarter-end, up from $42.9 billion a year earlier.

Outlook and guidance

• Management highlights ongoing macroeconomic and geopolitical uncertainties, including potential impacts from wars, trade policies, and supply chain disruptions.

• Cautions that investment gains/losses will continue to cause earnings volatility.