Berkshire Hathaway Q2 2026 Net Income $25.67 Billion, Up 107%; Revenue $101.8 Billion

Berkshire Hathaway reported net income attributable to shareholders of $25.667 billion for the second quarter of 2026, compared with $12.370 billion in the same period of 2025. Quarterly revenue reached $101.808 billion, up from $92.515 billion a year earlier. Operating profit rose 16% year over year to $12.983 billion, while investment gains totaled $12.684 billion, versus $4.970 billion in the year-ago quarter. Class A shares earned $17,868 per share in the quarter, compared with $8,601 in 2025, and Class B shares earned $11.91, up from $5.73.

As of June 30, 2026, the company's five largest stock holdings were Alphabet, American Express, Apple, Bank of America and Coca-Cola. At the end of the first quarter and at the end of 2025, the top five had been American Express, Apple, Bank of America, Coca-Cola and Chevron. Berkshire also holds common stock of Kraft Heinz and Occidental Petroleum, accounted for under the equity method. Since 2019, it has also held Occidental non-voting perpetual cumulative preferred stock and common stock warrants, which are measured at fair value and classified as equity securities.

In the second quarter of 2026, Berkshire spent approximately $4.5 billion on share repurchases, bringing the first-half total to about $4.8 billion. As of June 30, 2026, Class A equivalent shares outstanding stood at 1,431,693. Insurance float was approximately $177.5 billion, up about $1.1 billion from the end of 2025. Cash reserves fell to $365.51 billion at the end of June from $397.4 billion at the end of the first quarter.

Within operating profit, manufacturing, service and retail earnings increased 24% to $4.47 billion; energy earnings rose 27% to $891 million; BNSF railroad earnings grew 6% to $1.56 billion; insurance underwriting profit declined 13% to $1.73 billion; and insurance investment income fell 9% to $3.06 billion. In the quarter, Berkshire became a net buyer of stocks, with net purchases of about $20 billion, after 14 consecutive quarters of net selling. The company also completed its acquisition of Taylor Morrison during the quarter.

Berkshire also disclosed a $10 billion investment in Alphabet made early in the year to support artificial intelligence development.