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How Berkshire Hathaway (BRK.B) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 10.0% y/y to $101.81B, pre-tax margin 31.5% vs 15.9%, net income $25.67B (+107.5% y/y).
Key growth driver: Sales and service revenues — the fastest-growing revenue line: $57,282, +15% y/y. · by the Q2 2026 report
Net earnings attributable to Berkshire shareholders
$25,667M
up 107% y/y
Total revenues
$101,808M
up 10.0% y/y
Next report
not announced yet
How does Berkshire Hathaway make money?
Berkshire Hathaway brought in $102 billion of revenue in Q2 2026, up 10.0% year over year. The largest source was Sales and service revenues: $57.3 billion, or 56% of the total, followed by Insurance premiums earned ($22.5B, 22%) and Railroad, Utilities and Energy revenues ($13.3B, 13%); other lines add the remaining 9%. Net income for the quarter was $25.7 billion, up 107% year over year.
Revenue by source, Q2 2026
- Sales and service revenues$57.3B · 56% · +15.4%
- Insurance premiums earned$22.5B · 22% · +1.3%
- Railroad, Utilities and Energy revenues$13.3B · 13% · +9.5%
- Interest, dividend and other investment income$5.86B · 6% · −2.4%
- Leasing revenues$2.89B · 3% · +15.1%
Shares of $102B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Sales and service revenues | $57,282 · +15.4% |
| Insurance premiums earned | $22,475 · +1.3% |
| Railroad, Utilities and Energy revenues | $13,307 · +9.5% |
| Interest, dividend and other investment income | $5,857 · −2.4% |
| Leasing revenues | $2,887 · +15.1% |
| Total revenues | $101,808 · +10.0% |
| Cost of sales and services | $45,947 · +16.0% |
| Insurance losses and loss adjustment expenses | $14,274 · +1.4% |
| Railroad, Utilities and Energy costs and expenses | $10,648 · +6.8% |
| Selling, general and administrative expenses | $6,724 · −15.2% |
| Insurance underwriting expenses | $4,788 · +7.5% |
| Cost of leasing | $2,141 · +13.5% |
| Investment gains | $16,077 · +153% |
| Life, annuity and health benefits and interest expense (calculated) | $1,548 · +6.8% |
| Equity method earnings (losses) | $248 · vs −$4,745 |
| Earnings before income taxes | $32,063 · +117% · 31.5% margin |
| Income tax expense | $6,291 · +174% · 19.6% effective rate |
| Earnings attributable to noncontrolling interests | $105 · +20.7% |
| Net earnings attributable to Berkshire shareholders | $25,667 · +107% · $11.91/sh · 25.2% margin |
Verdict: revenue grew 10.0% y/y to $101.81B, pre-tax margin 31.5% vs 15.9%, net income $25.67B (+107.5% y/y).
Net earnings per average equivalent Class B share $11.91 vs $5.73 a year earlier (Class A $17,868); operating earnings $12,983 million vs $11,160 million (company measure, excludes investment gains).
Source and notation
Source: Berkshire Hathaway earnings release, 8-K EX-99 of 08/11/2026, and Form 10-Q filed 08/10/2026 (SEC EDGAR). The income statement lines were taken from the release by hand; the program found every figure in the release or 10-Q text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Net earnings more than doubled mainly because of investment gains of $12,684 million after tax, largely changes in unrealized gains on equity holdings; a year earlier there was a $3,760 million impairment of the Kraft Heinz investment.
- Operating earnings, which exclude investment gains, rose to $12,983 million from $11,160 million; railroad transportation revenues grew to $6,553M from $5,718M.
- Pre-tax income was $32.06B, a 31.5% margin vs 15.9% a year earlier.
- The effective tax rate was 19.6% vs 15.5% a year earlier.
- Diluted EPS was $11.91 vs $5.73 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Who runs the company now
- Gregory E. AbelPresident and Principal Executive Officer [1]
- Charles C. ChangSenior Vice President—Principal Financial Officer [2]
As of 10/20/2026, per the company’s SEC filings: signatures on the latest report and leadership-change filings.
Positions: the company’s SEC filings. Spotted an error, or is this you and you’d like it corrected or removed? Contact us
How this is compiled
Who runs the company now comes from primary sources only: for US companies, the CEO and CFO signatures on the latest SEC report, and a separate board chair from the proxy statement (DEF 14A); for Russian and Kazakh issuers, the company website and its disclosures. We recheck weekly; if a name can’t be confirmed, or a leadership-change filing came out after the report, we don’t show it until it’s reviewed. History comes from proxy statements, disclosures, Wikipedia and Wikidata; years show when a term started and ended, “since” means the person is in office now. An outcome for a previous employer is shown only when the linked document states it.
Sources · 2
- SEC EDGAR: 10-Q 2026-08-10 · SEC EDGAR · 10/20/2026
- SEC EDGAR: 10-Q 2026-08-10 · SEC EDGAR · 10/20/2026
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. · Text: Wikipedia, CC BY-SA 4.0, abridged
Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of chairman and CEO Warren Buffett and vice chairman Charlie Munger. Greg Abel succeeded Buffett as CEO at the beginning of 2026. Buffett personally owns 38.4% of the Class A voting shares of Berkshire Hathaway, representing a 15.1% overall economic interest in the company.
Company guidance
Same quarter a year ago (ended September 30, 2025): revenue $63.7B
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
BRK.B earnings history: past report dates
| Aug 11, 2026 Tue | 3:52 pmduring market hours | Jun 30, 2026 | $70.1B+14% y/y | — |
| May 7, 2026 Thu | 4:33 pmafter market close | Mar 31, 2026 | $63.1B+6% y/y | — |
| Mar 2, 2026 Mon | 5:27 pmafter market close | Dec 31, 2025 | ≈$62.7B−0% y/y | — |
| Nov 3, 2025 Mon | 1:48 pmduring market hours | Sep 30, 2025 | $63.7B+3% y/y | — |
| Aug 4, 2025 Mon | 3:55 pmduring market hours | Jun 30, 2025 | $61.4B−3% y/y | — |
| May 6, 2025 Tue | 5:11 pmafter market close | Mar 31, 2025 | $59.4B−3% y/y | — |
| Feb 24, 2025 Mon | 4:15 pmafter market close | Dec 31, 2024 | ≈$62.9B−3% y/y | — |
| Nov 4, 2024 Mon | 6:03 ambefore market open | Sep 30, 2024 | $62.0B−5% y/y | — |
| Aug 5, 2024 Mon | 2:44 pmduring market hours | Jun 30, 2024 | $63.5B−31% y/y | — |
| May 7, 2024 Tue | 3:42 pmduring market hours | Mar 31, 2024 | $61.3B−28% y/y | — |
| Feb 26, 2024 Mon | 1:53 pmduring market hours | Dec 31, 2023 | ≈$64.6B−17% y/y | — |
| Nov 7, 2023 Tue | 1:07 pmduring market hours | Sep 30, 2023 | $65.2B−15% y/y | — |
| Aug 7, 2023 Mon | 1:13 pmduring market hours | Jun 30, 2023 | $92.5B+21% y/y | — |
| May 10, 2023 Wed | 5:09 pmafter market close | Mar 31, 2023 | $85.4B+21% y/y | — |
| Mar 1, 2023 Wed | 3:57 pmduring market hours | Dec 31, 2022 | ≈$78.1B+9% y/y | — |
| Nov 8, 2022 Tue | 5:21 pmafter market close | Sep 30, 2022 | $76.9B+9% y/y | — |
| May 4, 2022 Wed | 4:36 pmafter market close | Mar 31, 2022 | $70.8B+10% y/y | — |
| Mar 1, 2022 Tue | 10:47 amduring market hours | Dec 31, 2021 | ≈$71.9B+12% y/y | — |
| Nov 8, 2021 Mon | 6:08 ambefore market open | Sep 30, 2021 | $70.6B+12% y/y | — |
| Aug 9, 2021 Mon | 12:46 pmduring market hours | Jun 30, 2021 | $69.1B+22% y/y | — |
| May 5, 2021 Wed | 5:16 pmafter market close | Mar 31, 2021 | $64.6B+5% y/y | — |
| Mar 1, 2021 Mon | 2:23 pmduring market hours | Dec 31, 2020 | $64.4B−2% y/y | — |
| Nov 9, 2020 Mon | 3:34 pmduring market hours | Sep 30, 2020 | $63.0B−3% y/y | — |
| Aug 17, 2020 Mon | 4:05 pmafter market close | Jun 30, 2020 | $56.8B−11% y/y | — |
| May 5, 2020 Tue | 10:47 amduring market hours | Mar 31, 2020 | $61.3B+1% y/y | — |
| Feb 25, 2020 Tue | 4:18 pmafter market close | Dec 31, 2019 | $65.4B+3% y/y | — |
| Nov 4, 2019 Mon | 5:54 pmafter market close | Sep 30, 2019 | $65.0B+2% y/y | — |
| Aug 5, 2019 Mon | 6:27 ambefore market open | Jun 30, 2019 | $63.6B+2% y/y | — |
| May 7, 2019 Tue | 5:00 pmafter market close | Mar 31, 2019 | $60.7B+4% y/y | — |
| Feb 25, 2019 Mon | 4:13 pmafter market close | Dec 31, 2018 | $63.7B+8% y/y | — |
| Nov 5, 2018 Mon | 6:13 ambefore market open | Sep 30, 2018 | $63.5B+7% y/y | — |
| Aug 6, 2018 Mon | 6:15 ambefore market open | Jun 30, 2018 | $62.2B+9% y/y | — |
| May 8, 2018 Tue | 5:29 pmafter market close | Mar 31, 2018 | $58.5B−9% y/y | — |
| Feb 27, 2018 Tue | 4:46 pmafter market close | Dec 31, 2017 | $58.8B+1% y/y | — |
| Feb 27, 2017 Mon | 6:09 ambefore market open | Dec 31, 2016 | $58.3B+13% y/y | — |
| May 2, 2016 Mon | 8:30 ambefore market open | Mar 31, 2016 | $52.2B+7% y/y | — |
| Feb 26, 2016 Fri | 9:07 pmafter market close | Dec 31, 2015 | $51.7B+7% y/y | — |
| Mar 4, 2014 Tue | 2:20 pmduring market hours | Dec 31, 2013 | $47.0B+5% y/y | — |
| May 2, 2011 Mon | 3:24 pmduring market hours | Mar 31, 2011 | $33.7B | — |
Show all 39 reports since 2011Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Berkshire Hathaway: 15-year financials
| 2025 | 371,444 | — | 66,968 | 25,042 |
| 2024 | 371,433 | — | 88,995 | 11,616 |
| 2023 | 364,482 | — | 96,223 | 29,787 |
| 2022 | 302,020 | — | −22,759 | 21,886 |
| 2021 | 276,185 | — | 89,937 | 26,151 |
| 2020 | 245,579 | — | 42,521 | 26,761 |
| 2019 | 254,616 | — | 81,417 | 22,708 |
| 2018 | 247,837 | — | 4,021 | 22,863 |
| 2017 | 239,933 | — | 44,940 | 34,020 |
| 2016 | 215,114 | — | 24,074 | 19,693 |
| 2015 | 210,943 | — | 24,083 | 15,409 |
| 2014 | 194,699 | — | 19,872 | 16,825 |
| 2013 | 182,150 | — | 19,476 | 16,617 |
| 2012 | 162,463 | 20,079 | 14,824 | 11,175 |
| 2011 | 143,688 | 17,184 | 10,254 | 12,285 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jun 30, 2026: $748B (59% of total assets). Compare with other S&P 500 companies →
Berkshire Hathaway (BRK.B) earnings: FAQ
How does Berkshire Hathaway make money?
Berkshire Hathaway brought in $102 billion of revenue in Q2 2026, up 10.0% year over year. The largest source was Sales and service revenues: $57.3 billion, or 56% of the total, followed by Insurance premiums earned ($22.5B, 22%) and Railroad, Utilities and Energy revenues ($13.3B, 13%); other lines add the remaining 9%. Net income for the quarter was $25.7 billion, up 107% year over year.
When is BRK.B's next earnings date?
We have not yet seen an announcement of the date from Berkshire Hathaway (BRK.B). Based on last year's report on Nov 3, 2025, the next report is expected around Nov 2, 2026.
When did BRK.B last report earnings?
Berkshire Hathaway reported Q2 2026 results on Aug 11, 2026.
Where can I find Berkshire Hathaway's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to BRK.B's filings; this page breaks the latest report down in a Sankey chart.
What was BRK.B's net income in Q2 2026?
Berkshire Hathaway reported net income of $25,667M for Q2 2026 (+107% year over year), under US GAAP.
How has Berkshire Hathaway's revenue changed since 2011?
Per its 10-K filings, revenue grew 2.6x: $143,688M in 2011 and $371,444M in 2025. The latest year is the highest in the table. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
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