Berkshire Q2 operating earnings rise 16% to $12.98 billion; insurance underwriting falls 13%

Berkshire reported second-quarter 2026 operating earnings of $12.98 billion, up from $11.16 billion a year earlier, led by Manufacturing, service and retailing and BNSF. Insurance underwriting fell to $1.73 billion from $1.99 billion, while insurance investment income slipped to $3.06 billion. Net earnings of $25.67 billion were inflated by $12.68 billion of investment gains, most of them unrealized gains on equity holdings.

• Operating earnings $12,983 million vs $11,160 million in Q2 2025 (up 16%)
• Net earnings attributable to Berkshire $25,667 million vs $12,370 million; investment gains $12,684 million, of which $10.9 billion unrealized
• Manufacturing, service and retailing $4,470 million vs $3,601 million; BNSF $1,558 million vs $1,466 million
• Insurance underwriting $1,731 million vs $1,992 million; insurance investment income $3,059 million vs $3,367 million
• Berkshire Hathaway Energy $891 million vs $702 million; about $4.5 billion of treasury shares bought in Q2