BRK-B · Berkshire Hathaway Inc.

Berkshire Hathaway’s Q1 2026 results reflect a substantial rebound in net earnings, rising to $10.1 billion from $4.6 billion a year earlier — a $5.5 billion improvement driven by both operating performance and investment activity. Operating earnings grew 17.7% year-over-year to $11.3 billion, with strength across all major segments: Insurance-underwriting improved by $381 million, BNSF rose $163 million, and Manufacturing/service/retailing increased $139 million. Notably, the 'Other' category surged from $41 million to $1.26 billion, largely due to a $962 million swing in foreign currency exchange gains ($249M gain in 2026 vs. $713M loss in 2025) and higher interest/dividend income. Investment gains (losses) swung from a $5.0 billion loss in Q1 2025 to a $1.2 billion loss in Q1 2026 — still negative but significantly less so — reflecting a $3.4 billion improvement driven by $3.4 billion more in after-tax realized gains ($5.8B vs. $2.4B) partially offset by larger unrealized losses ($7.0B vs. $7.4B). Management explicitly cautions investors that investment gains (losses) are volatile and not indicative of underlying business performance, reinforcing its focus on operating earnings as the primary measure of progress. The $500 million increase in insurance float to $176.9 billion underscores the continued expansion of Berkshire’s low-cost, long-duration capital base — a core strategic advantage. Concurrently, the CFO transition signals leadership continuity, with Chang assuming a critical role overseeing one of the world’s largest and most complex balance sheets. The bylaws amendment reflects operational maturation, while the shareholder votes confirm broad support for governance and compensation practices — though the rejection of the human-capital proposal highlights divergent views on ESG-related oversight scope.