◆ Inside the Latest Quarter (Q2 2026)

Berkshire Hathaway (BRK.B) — the variant view

Operating earnings up 16% and the first buybacks since 2024, while GEICO's underwriting profit nearly halved.

📈 BRK.B valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Berkshire's second quarter of 2026 was Greg Abel's second as chief executive and the first in which the money visibly moved. Operating earnings, which is net earnings less investment gains and so removes the swings of the stock portfolio, were about $13.0 billion, up 16% from $11.2 billion.12 Reported net earnings were $25.7 billion, but $12.7 billion of that was investment gains, and a year earlier the quarter had carried a $3.8 billion impairment of Kraft Heinz.3

Change in after-tax earnings, Q2 2026 against Q2 2025 ($M)Mfg, service & retailing+$869MBHE+$189MBNSF+$92MUnderwriting-$261MInvestment income-$308MBerkshire Form 10-Q, June 2026
The operating businesses carried the quarter while insurance gave ground.

The growth came from the businesses Abel ran before he became chief executive. Manufacturing, service and retailing earned $4,470 million after tax, up 24%, with manufacturing's pre-tax earnings up 26.8%.4 BNSF earned $1,558 million, up 6.3%, on revenue of $6,601 million, up 14%, even as its fuel bill rose from $698 million to $1,173 million.5 Berkshire Hathaway Energy earned $891 million against $702 million.6

Insurance went the other way. After-tax underwriting earnings fell to $1,731 million from $1,992 million. GEICO's pre-tax underwriting profit almost halved, to $994 million from $1,821 million, as its combined ratio rose to 91.2% from 83.5%; the reinsurance group earned $913 million against $650 million.7 Investment income on the float fell 9.1% to $3,059 million, which the 10-Q attributes to lower interest rates.8 The float itself reached $177.5 billion.9

The capital side is where the quarter differed from a Buffett quarter. Berkshire bought $39.4 billion of stocks and sold $27.8 billion across the first half, and repurchased $4.8 billion of its own shares, most of it in the second quarter, after buying back none in 2025.1011 On 31 May it agreed to buy the homebuilder Taylor Morrison for $72.50 a share in cash, about $6.8 billion; the deal closed on 24 July.12 Cash and Treasury bills fell from a record $397.4 billion at the end of March to $365.5 billion at the end of June.131415

Shareholders' equity reached $747.9 billion, and at about $1.08 trillion the shares trade at 1.44 times book and about 12.6 times trailing earnings.1617 That is not a price that assumes much: the market is paying slightly more than book for a business whose operating earnings grew 17% in the first half.18

The moat is unchanged; the tempo is new. The number to follow is GEICO's combined ratio, 91.2% in the June quarter. If it keeps rising toward 95%, the auto-pricing cycle that produced 2024's record underwriting has turned, and the float will cost more to hold just as the investment income it earns is falling.

References
  1. ReportedOperating earnings, which is net earnings less investment gains and so removes the swings of the stock portfolio, were about $13.0 billion, up 16% from $11.2 billion.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  2. Moat Explorer calcOperating earnings, which is net earnings less investment gains and so removes the swings of the stock portfolio, were about $13.0 billion, up 16% from $11.2 billion.
    Moat Explorer calculation from Berkshire's Forms 10-K FY2016-FY2025 and 10-Qs for Q1 and Q2 2026: operating earnings = net earnings less after-tax investment gains and the 2025 impairments (FY2023 $37,350M, FY2024 $47,437M, FY2025 $44,486M; Q2 2026 $12,983M vs $11,160M; H1 2026 $24,329M vs $20,801M); consolidated cash and Treasury Bills $397.4B (31 March 2026) and $365.5B (30 June 2026); underwriting as a share of float; OxyChem at 2.6% of the cash pile; five-line after-tax earnings sums — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  3. ReportedReported net earnings were $25.7 billion, but $12.7 billion of that was investment gains, and a year earlier the quarter had carried a $3.8 billion impairment of Kraft Heinz.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  4. ReportedManufacturing, service and retailing earned $4,470 million after tax, up 24%, with manufacturing's pre-tax earnings up 26.8%.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  5. ReportedBNSF earned $1,558 million, up 6.3%, on revenue of $6,601 million, up 14%, even as its fuel bill rose from $698 million to $1,173 million.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  6. ReportedBerkshire Hathaway Energy earned $891 million against $702 million.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  7. ReportedGEICO's pre-tax underwriting profit almost halved, to $994 million from $1,821 million, as its combined ratio rose to 91.2% from 83.5%; the reinsurance group earned $913 million against $650 million.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  8. ReportedInvestment income on the float fell 9.1% to $3,059 million, which the 10-Q attributes to lower interest rates.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  9. ReportedThe float itself reached $177.5 billion.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  10. ReportedBerkshire bought $39.4 billion of stocks and sold $27.8 billion across the first half, and repurchased $4.8 billion of its own shares, most of it in the second quarter, after buying back none in 2025.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  11. ReportedBerkshire bought $39.4 billion of stocks and sold $27.8 billion across the first half, and repurchased $4.8 billion of its own shares, most of it in the second quarter, after buying back none in 2025.
    Berkshire Hathaway Form 10-K, FY2025 - float $176 billion; after-tax earnings 2023-2025 (underwriting $7,258M, insurance investment income $12,513M, BNSF $5,476M, BHE $3,979M, manufacturing, service and retailing $13,647M in 2025; net earnings $66,968M incl. $30,737M investment gains and an $8,255M Kraft Heinz/Occidental impairment); revenues $371,444M; segment revenues (insurance $104,212M incl. premiums earned $88,902M and investment income $15,310M, BNSF $23,533M, BHE $26,297M, manufacturing $78,487M, service and retailing $42,647M, McLane $50,998M, Pilot $42,198M); pre-tax underwriting GEICO $6,824M, Primary $785M, Reinsurance $1,851M; GEICO combined ratio 84.7% (81.5%, 90.7%) and loss ratio 72.3%; capex $20,927M and D&A by segment; identifiable assets and goodwill by segment; 65% of equity fair value in five companies; equity securities $297.8B ($271.6B); BNSF volumes by business group; no share repurchases in 2025; no cash dividend since 1967; about 387,800 employees — FY2023-FY2025 · publ. March 2026 · source ↗
  12. ReportedOn 31 May it agreed to buy the homebuilder Taylor Morrison for $72.50 a share in cash, about $6.8 billion; the deal closed on 24 July.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  13. ReportedCash and Treasury bills fell from a record $397.4 billion at the end of March to $365.5 billion at the end of June.
    Berkshire Hathaway Form 10-Q, quarter ended 31 March 2026 - insurance and other cash and cash equivalents $51,478M and Treasury Bills $339,261M, railroad, utilities and energy cash $6,644M (consolidated $397.4B); insurance and other cash and Treasury Bills net of payables $373.5B; equity securities $288.0B; OxyChem acquired 2 January 2026 — Q1 2026 · publ. May 2026 · source ↗
  14. ReportedCash and Treasury bills fell from a record $397.4 billion at the end of March to $365.5 billion at the end of June.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  15. Moat Explorer calcCash and Treasury bills fell from a record $397.4 billion at the end of March to $365.5 billion at the end of June.
    Moat Explorer calculation from Berkshire's Forms 10-K FY2016-FY2025 and 10-Qs for Q1 and Q2 2026: operating earnings = net earnings less after-tax investment gains and the 2025 impairments (FY2023 $37,350M, FY2024 $47,437M, FY2025 $44,486M; Q2 2026 $12,983M vs $11,160M; H1 2026 $24,329M vs $20,801M); consolidated cash and Treasury Bills $397.4B (31 March 2026) and $365.5B (30 June 2026); underwriting as a share of float; OxyChem at 2.6% of the cash pile; five-line after-tax earnings sums — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  16. ReportedShareholders' equity reached $747.9 billion, and at about $1.08 trillion the shares trade at 1.44 times book and about 12.6 times trailing earnings.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  17. Third-party estimateShareholders' equity reached $747.9 billion, and at about $1.08 trillion the shares trade at 1.44 times book and about 12.6 times trailing earnings.
    Stock market data, September 2026 - Berkshire market capitalization $1.08T, price-to-book 1.44, price-to-earnings 12.57, price-to-sales 2.80 — September 2026 · publ. 2026-09-23 · source ↗
  18. Moat Explorer calcThat is not a price that assumes much: the market is paying slightly more than book for a business whose operating earnings grew 17% in the first half.
    Moat Explorer calculation from Berkshire's Forms 10-K FY2016-FY2025 and 10-Qs for Q1 and Q2 2026: operating earnings = net earnings less after-tax investment gains and the 2025 impairments (FY2023 $37,350M, FY2024 $47,437M, FY2025 $44,486M; Q2 2026 $12,983M vs $11,160M; H1 2026 $24,329M vs $20,801M); consolidated cash and Treasury Bills $397.4B (31 March 2026) and $365.5B (30 June 2026); underwriting as a share of float; OxyChem at 2.6% of the cash pile; five-line after-tax earnings sums — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026