Berkshire Hathaway Inc. reported net earnings attributable to shareholders of $10.1 billion in the first quarter of 2026, more than double the $4.6 billion reported in the same period a year ago, according to the company’s quarterly report filed with the Securities and Exchange Commission on May 2, 2026.
The results were driven by strong performance across Berkshire’s diverse portfolio of operating businesses, with manufacturing, service, and retailing contributing $3.2 billion in after-tax earnings, up 4.5% from a year earlier. Insurance underwriting generated $1.7 billion in after-tax earnings, up from $1.3 billion in the first quarter of 2025, aided by the absence of significant catastrophe events in the quarter. A year ago, the Southern California wildfires had produced $860 million in after-tax catastrophe losses.
Burlington Northern Santa Fe (BNSF) posted after-tax earnings of $1.4 billion, a 13.4% increase from the prior year, driven by higher revenues and improved operating efficiencies. Berkshire Hathaway Energy contributed $1.1 billion in after-tax earnings, up modestly from 2025, with natural gas pipeline earnings rising 24.2% due to higher transportation and storage revenues.
Berkshire’s total assets reached $1.25 trillion at March 31, 2026, up from $1.22 trillion at year-end 2025. The company’s cash, cash equivalents, and U.S. Treasury Bill holdings in its insurance and other businesses stood at approximately $373.5 billion, reflecting continued emphasis on liquidity and capital preservation.
On January 2, 2026, Berkshire completed its acquisition of OxyChem, the chemicals business of Occidental Petroleum Corporation, for approximately $9.5 billion. OxyChem, a global manufacturer of basic chemicals used in water treatment, pharmaceuticals, healthcare, and construction, generated approximately $1.2 billion in revenues in the quarter, though it recorded a small pre-tax loss reflecting acquisition accounting amortization and higher operating expenses.
Investment results were a drag on reported earnings, with the company recording after-tax investment losses of approximately $1.2 billion in the quarter, driven largely by unrealized losses of $3.3 billion on its equity securities portfolio. Berkshire’s five largest equity holdings — American Express, Apple, Bank of America, Coca-Cola, and Chevron — represented 61% of the company’s total equity securities portfolio, which was valued at $288 billion at March 31, 2026.
Berkshire’s shareholders’ equity stood at $727.2 billion at the end of the first quarter, up $9.8 billion from year-end 2025. The company repurchased a modest amount of stock during the quarter, acquiring 33 Class A shares and 431,462 Class B shares.
Gregory E. Abel serves as President and Chief Executive Officer, having signed the quarterly certifications filed with the SEC. Marc D. Hamburg serves as Senior Vice President and Principal Financial Officer.
The report also highlighted ongoing wildfire litigation involving PacifiCorp, a BHE subsidiary. In a significant development, the Oregon Court of Appeals in April 2026 reversed the Phase I liability verdict in the James wildfire class action case and remanded it for further proceedings. PacifiCorp has recorded cumulative estimated probable losses of approximately $2.9 billion related to the 2020 and 2022 wildfires and has paid approximately $2.3 billion in settlements to date.
By DNU staff