Berkshire Hathaway (BRKB) investor relations material

Executive summary

• Net earnings attributable to shareholders rose to $25.7B in Q2 2026 and $35.8B for the first six months, driven by strong investment gains and improved operating results across most segments.

• Operating earnings increased to $13.0B in Q2 2026 from $11.2B in Q2 2025, and to $24.3B for the first six months of 2026 from $20.8B in 2025.

• Significant business acquisitions included the $9.4B purchase of OxyChem and the $6.8B acquisition of Taylor Morrison Home Corporation.

• Shareholders' equity increased by $30.5B since year-end 2025, reaching $747.9B at June 30, 2026.

Financial highlights

• Total revenues were $101.8B for Q2 2026 (up 10% year-over-year) and $195.5B for the first six months (up 7%).

• Net earnings per Class A share were $17,868 in Q2 2026, up from $8,601 in Q2 2025.

• Pre-tax investment gains were $16.1B in Q2 2026, mainly from unrealized equity gains.

• Cash and cash equivalents plus U.S. Treasury Bills totaled $359.2B at June 30, 2026.

• Common stock repurchases totaled $4.8B in the first half of 2026.

Outlook and guidance

• Management expects continued volatility in investment results due to market fluctuations and macroeconomic/geopolitical uncertainties.

• BNSF and BHE forecast $8.6B in capital expenditures for the remainder of 2026.

• No material impact is expected from new global minimum tax rules.

• Forward-looking statements caution that actual results may differ materially from forecasts.