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Berkshire's first-quarter 2026 operating earnings rose to 11,346 from 9,641 a year earlier, up 17.68% year over year, driven by a rebound in insurance underwriting and higher earnings across most operating units. Insurance-underwriting operating earnings recovered to 1,717 from 1,336, BNSF rose to 1,377 from 1,214, and the Other line jumped to 1,260 from 41 as foreign currency exchange swung to gains of approximately $249 million from losses of approximately $713 million and interest and dividend income rose to $967 million from $869 million. The main offset was insurance-investment income, which slipped to 2,679 from 2,893. GAAP net earnings attributable to Berkshire shareholders more than doubled to 10,106 from 4,603 as investment gains (losses) improved to (1,240) from (5,038), though management again cautions that quarterly investment gains and losses are usually meaningless. Insurance float rose to approximately $176.9 billion, an increase of approximately $500 million since yearend 2025.
Calendar quarter Q1 2026Earnings call May 7, 2026
FY2026 Q1 in brief
Berkshire's first-quarter 2026 operating earnings rose to 11,346 from 9,641 a year earlier, up 17.68% year over year, driven by a rebound in insurance underwriting and higher earnings across most operating units.
Newest quarter FY2026 Q2 is part of Pro ·
Sources. Tellvest earnings-call sentiment score for Berkshire Hathaway (BRK-B), FY2026 Q1: 7/10. Scores: Berkshire Hathaway’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: BRK-B daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Operating earnings YoY +17.7% → base 7. BRK-B uses a custom rubric anchored to operating earnings (not GAAP revenue) because Berkshire reports only via annual press releases and its GAAP revenue is distorted by equity-portfolio mark-to-market. Bands: ≥20% → 8, 10–19% → 7, 1–10% decline → 4.
What BRK-B and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Berkshire has the monetary capability with $300-plus billion in cash plus they have the capability to invest in the railroad and they're going to be a strong competitor for us after.”
UNP notes Berkshire's ~$300B cash gives its BNSF unit ample capacity to invest and compete post-merger; a signal on Berkshire-backed rail competition.
“our market share is maybe 0.1% of what a Progressive or GEICO is right now”
Lemonade cites Berkshire Hathaway's GEICO as a large auto-insurance incumbent dwarfing Lemonade's market share, highlighting GEICO's scale.
“which includes the shares bought from Berkshire Hathaway pursuant to our repurchase agreement.”
DaVita repurchased shares from Berkshire Hathaway, its largest shareholder, under a standing repurchase agreement.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $94.92B | +1.6% | $9.13 | -47.4% | — | 20.7% |
| FY2025 Q1 | $89.72B | -0.2% | $2.13 | -63.8% | — | 5.1% |
| FY2025 Q2 | $92.52B | -1.2% | $5.73 | -59.3% | — | 13.4% |
| FY2025 Q3 | $94.97B | +2.1% | $14.28 | +17.2% | — | 32.4% |
| FY2025 Q4 | $94.23B | -0.7% | $8.90 | -2.5% | — | 20.4% |
| FY2026 Q1Selected | $93.67B | +4.4% | $4.68 | +119.7% | — | 10.8% |
| FY2026 Q2 | $101.81B | +10.0% | $11.91 | +107.9% | 17.2% | 25.2% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BRK-B Berkshire Hathaway | 7 | n/a | |
| ACGL Arch Capital Group | 3 | -5.0% | |
| AIG American International Group | 6 | -1.8% | |
| HIG Hartford (The) | 6 | +6.1% | |
| PFG Principal Financial Group | 7 | -4.5% |