Berkshire Hathaway booked $24,329 million of operating earnings and $35,773 million of net earnings in the first half of 2026, per its latest 10-Q. These Berkshire Hathaway statistics cover segment results, GEICO underwriting, the Treasury bill balance, the August 2026 13F portfolio, recent deals, headcount and the September 2026 chairman change. Every figure comes from Berkshire’s own releases and SEC filings.
Berkshire Hathaway Statistics
How Much Did Berkshire Hathaway Earn in the First Half of 2026?
Operating earnings reached $24,329 million in the six months to June 30, 2026, against $20,801 million a year earlier. Net earnings attributable to shareholders came to $35,773 million, up from $16,973 million.
Total revenues for the half were $195,483 million, compared with $182,240 million in the first half of 2025. Second-quarter revenues were $101,808 million.
Q2 net earnings hit $25,667 million, or $17,868 per average Class A equivalent share. The chart rebuilds first-half net earnings from Berkshire’s own reconciliation.
| After-tax, $ millions | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 |
|---|---|---|---|---|
| Operating earnings | 12,983 | 11,160 | 24,329 | 20,801 |
| Investment gains (losses) | 12,684 | 4,970 | 11,444 | (68) |
| Kraft Heinz impairment | — | (3,760) | — | (3,760) |
| Net earnings to shareholders | 25,667 | 12,370 | 35,773 | 16,973 |
Source: Berkshire Hathaway Q2 2026 news release, quarter and six months ended June 30, 2026
Why Net Earnings Swing Harder
Berkshire states that GAAP requires changes in unrealized gains on equity securities to run through earnings. Those unrealized changes added $3.9 billion in the first half of 2026, after a $5.9 billion loss in the first half of 2025.
After-tax realized gains on investment sales were $7.5 billion, versus $6.6 billion. The consolidated effective tax rate rose to 19.0% from 13.9%.
Source: Berkshire Hathaway Form 10-Q, six months ended June 30, 2026
Operating Earnings by Segment: Berkshire Hathaway Statistics for Q2 2026
| Segment ($M, after tax) | Q2 2026 | Q2 2025 | Q2 change | H1 2026 | H1 2025 |
|---|---|---|---|---|---|
| Insurance underwriting | 1,731 | 1,992 | -13.1% | 3,448 | 3,328 |
| Insurance investment income | 3,059 | 3,367 | -9.1% | 5,738 | 6,260 |
| BNSF | 1,558 | 1,466 | +6.3% | 2,935 | 2,680 |
| Berkshire Hathaway Energy | 891 | 702 | +26.9% | 2,005 | 1,799 |
| Manufacturing, service and retailing | 4,470 | 3,601 | +24.1% | 7,669 | 6,661 |
| Other | 1,274 | 32 | — | 2,534 | 73 |
| Operating earnings | 12,983 | 11,160 | — | 24,329 | 20,801 |
Source: Berkshire Hathaway Q2 2026 news release; percentage changes as reported in the Q2 2026 Form 10-Q
Manufacturing, service and retailing made the largest Q2 contribution at $4,470 million. Berkshire credits industrial products manufacturing and services businesses for the 24.1% rise.
The “Other” line includes $326 million of after-tax currency gains on non-dollar debt in Q2 2026, against $877 million of losses in Q2 2025.
BNSF revenue reached $6,601 million in the quarter. Its fuel expense rose to $1,173 million from $698 million.
Berkshire ties the 9.1% drop in insurance investment income to lower interest income and lower rates.
Source: Berkshire Hathaway Form 10-Q, quarter ended June 30, 2026
Full-Year 2025 Versus 2024
| $ millions, after tax | 2025 | 2024 |
|---|---|---|
| Insurance underwriting | 7,258 | 9,020 |
| Insurance investment income | 12,513 | 13,670 |
| BNSF | 5,476 | 5,031 |
| Berkshire Hathaway Energy | 3,979 | 3,730 |
| Manufacturing, service and retailing | 13,647 | 13,072 |
| Other | 1,613 | 2,914 |
| Operating earnings | 44,486 | 47,437 |
| Net earnings to shareholders | 66,968 | 88,995 |
Source: Berkshire Hathaway full-year 2025 news release, February 28, 2026
Total revenues were $371,444 million in 2025 and $371,433 million in 2024. Net earnings for 2025 absorbed $8,255 million of other-than-temporary impairments on Kraft Heinz and Occidental.
Source: Berkshire Hathaway Form 10-K and full-year 2025 news release, fiscal years 2024–2025
GEICO’s 76.6% Loss Ratio and the Insurance Float
GEICO’s pre-tax underwriting earnings fell to $994 million in Q2 2026 from $1,821 million. Its loss ratio rose to 76.6% from 71.8%, and its expense ratio to 14.6% from 11.7%.
Berkshire attributes the loss ratio increase to higher claims frequencies and severities. It links the expense jump to commissions and advertising.
BH Primary and the reinsurance group moved the other way. BHRG booked $483 million of written premiums from a new Tokio Marine quota-share deal that began April 1, 2026.
| Pre-tax underwriting ($M) | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 |
|---|---|---|---|---|
| GEICO | 994 | 1,821 | 2,410 | 3,994 |
| BH Primary | 273 | 63 | 749 | (81) |
| BHRG | 913 | 650 | 1,286 | 343 |
| Total | 2,180 | 2,534 | 4,445 | 4,256 |
Source: Berkshire Hathaway Form 10-Q, quarter and six months ended June 30, 2026
No significant catastrophe events hit in the first half of 2026. After-tax losses from such events were $850 million in the first half of 2025.
GEICO held about 11.6% of U.S. private passenger auto written premiums in 2024, the third-largest share, per A.M. Best data cited in the 10-K.
Source: Berkshire Hathaway Form 10-K, A.M. Best data for 2024
Insurance Float Since 2020
| Date | Insurance float (approx.) |
|---|---|
| End of 2020 | $138 billion |
| End of 2025 | $176 billion |
| June 30, 2026 | $177.5 billion |
Source: Berkshire Hathaway Form 10-K (2020 and 2025 year-ends); Q2 2026 news release (June 30, 2026)
Combined statutory surplus of Berkshire’s U.S.-based insurers was about $333 billion at December 31, 2025.
Source: Berkshire Hathaway Form 10-K, December 31, 2025
How Much Cash Does Berkshire Hathaway Hold?
| Balance sheet item ($M) | Dec 31, 2025 | Jun 30, 2026 |
|---|---|---|
| Cash and cash equivalents (Insurance and Other) | 47,719 | 35,096 |
| Short-term investments in U.S. Treasury Bills | 321,434 | 324,905 |
| Cash and cash equivalents (Railroad, Utilities and Energy) | 4,158 | 5,513 |
| Total assets | 1,222,176 | 1,263,071 |
| Total shareholders’ equity | 719,703 | 750,177 |
Source: Berkshire Hathaway Form 10-Q, consolidated balance sheets at June 30, 2026 and December 31, 2025
The Insurance and Other cash line includes Treasury Bills bought with maturities of three months or less. Those totaled $3.2 billion at June 30, 2026, down from $17.6 billion at year-end.
At December 31, 2024, total assets stood at $1,153,881 million and total shareholders’ equity at $651,655 million.
Operating activities generated $21,653 million of cash in the first half of 2026. Investing activities used $28,644 million.
Berkshire’s buyback program bars repurchases that would push consolidated cash, cash equivalents and Treasury Bill holdings below $30 billion.
Source: Berkshire Hathaway Form 10-Q, six months ended June 30, 2026
Top Holdings in Berkshire Hathaway’s August 2026 13F
The 13F for June 30, 2026, filed August 14, reported $299.25 billion in value. Apple led at $65.95 billion, 22.0% of the reported total.
| Holding | Value | Shares | Share of 13F value |
|---|---|---|---|
| Apple | $65.95B | 227,917,808 | 22.0% |
| American Express | $51.28B | 151,610,700 | 17.1% |
| Coca-Cola | $32.51B | 400,000,000 | 10.9% |
| Alphabet Class A | $28.16B | 78,791,167 | 9.4% |
| Bank of America | $27.54B | 483,394,015 | 9.2% |
Source: SEC Form 13F-HR information table, period ended June 30, 2026
The 10-Q puts equity securities at $323,779 million of fair value, up from $297,778 million at year-end. A 13F lists U.S.-listed long positions, so the two totals use different scopes.
Five holdings made up 66% of equity securities fair value at June 30, 2026, versus 65% at year-end. The 10-Q names them as Alphabet, American Express, Apple, Bank of America and Coca-Cola.
Equity purchases totaled $39,405 million in the first half, and equity sales $27,780 million.
Source: Berkshire Hathaway Form 10-Q, June 30, 2026
Equity Securities by Sector
| Fair value ($M) | Dec 31, 2025 | Jun 30, 2026 |
|---|---|---|
| Banks, insurance and finance | 104,129 | 94,477 |
| Consumer products | 94,954 | 100,486 |
| Commercial, industrial and other | 98,695 | 128,816 |
| Total | 297,778 | 323,779 |
Source: Berkshire Hathaway Form 10-Q, Note 4, June 30, 2026
Berkshire also owned 22.5% of American Express, 27.5% of Kraft Heinz and 26.7% of Occidental at June 30, 2026.
Source: Berkshire Hathaway Form 10-Q, Notes 4 and 5, June 30, 2026
OxyChem Closed January 2: Acquisitions and Buybacks in 2026
Berkshire closed the OxyChem purchase on January 2, 2026, for about $9.4 billion in cash. OxyChem’s preliminary asset values were $10.7 billion, including about $7.0 billion of property, plant and equipment.
Taylor Morrison followed on July 24, 2026, at $72.50 per share. The homebuilder adds direct exposure to the trends tracked in this 2026 real estate market data.
| Event | Date | Amount |
|---|---|---|
| OxyChem agreement signed | Oct 1, 2025 | — |
| OxyChem acquisition completed | Jan 2, 2026 | ~$9.4B cash |
| Taylor Morrison merger agreement | May 31, 2026 | $72.50 per share |
| Taylor Morrison acquisition completed | Jul 24, 2026 | ~6.8Bequityvalue;~8.5B enterprise value |
| Treasury stock acquired, Q1 2026 | Jan–Mar 2026 | $235M |
| Treasury stock acquired, Q2 2026 | Apr–Jun 2026 | $4,527M |
Source: Berkshire Hathaway Form 10-Q, Note 2 and statement of changes in equity; Taylor Morrison completion release, July 24, 2026
Class A equivalent shares outstanding fell to 1,431,693 at June 30, 2026, from 1,438,223 at year-end 2025.
Source: Berkshire Hathaway Form 10-Q, Note 18, June 30, 2026
Workforce Size: Berkshire Hathaway Employee Statistics
Berkshire and its subsidiaries employed about 387,800 people at the end of 2025. About 80% worked in the United States, and 19% were represented by unions.
| Business group | Employees, end of 2025 |
|---|---|
| Manufacturing | ~175,600 |
| Insurance | ~42,600 |
| BNSF Railway | ~35,000 |
| Service businesses (excluding McLane) | ~31,200 |
| McLane | ~24,900 |
| Berkshire Hathaway Energy | ~24,000 |
Source: Berkshire Hathaway Form 10-K, headcount at end of 2025
Rows cover the groups the 10-K itemizes in these passages. They do not add up to the 387,800 total.
Who Leads Berkshire Hathaway After September 18, 2026?
Berkshire named Warren Buffett Chairman Emeritus on September 18, 2026. He remains a director.
Howard G. Buffett, a board member since 1993, was elected Chairman. Greg Abel stays Chief Executive Officer, and Susan L. Decker continues as Lead Independent Director.
In his letter to shareholders, Warren Buffett noted his 96th birthday and his service to Berkshire since 1965.
Source: Berkshire Hathaway news release and shareholder letter, September 18, 2026
FAQs
How much cash does Berkshire Hathaway have?
At June 30, 2026, Berkshire held $324,905 million in short-term U.S. Treasury Bills, $35,096 million of cash in its insurance and other businesses, and $5,513 million in railroad, utilities and energy.
What are Berkshire Hathaway’s largest stock holdings?
Per the 13F for June 30, 2026: Apple (65.95billion),AmericanExpress(51.28 billion), Coca-Cola (32.51billion),AlphabetClassA(28.16 billion) and Bank of America ($27.54 billion).
How much does Berkshire Hathaway make a year?
In 2025, Berkshire reported $371,444 million in revenues, $44,486 million in operating earnings and $66,968 million in net earnings attributable to shareholders.
Who is the chairman of Berkshire Hathaway now?
Howard G. Buffett, elected September 18, 2026. Warren Buffett became Chairman Emeritus and stays on the board. Greg Abel is Chief Executive Officer.
Where can Reddit users check Berkshire Hathaway statistics at the source?
Berkshire posts its 10-Q, 10-K and earnings releases at berkshirehathaway.com. The SEC hosts its 13F filings on EDGAR. The latest 10-Q covers the quarter ended June 30, 2026.
References
https://www.berkshirehathaway.com/news/aug0826.pdf
https://berkshirehathaway.com/qtrly/2ndqtr26.pdf
https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm
https://www.businesswire.com/news/home/20260918239653/en/Berkshire-Hathaway-Inc.-News-Release
