Berkshire HathawayBRK-B

10-Q · 10 aug 2026 · for the period to 30 jun 2026

accession 0001193125-26-341032

the reasons · as derived · open any one to read itat latest read

every reason’s state · derivation order

01Berkshire generates $177.5 billion in float—funds held before claims are paid—that it invests for its own account while simultaneously earning underwriting profits, making the cost of this quasi-permanent capital negative. This inverts the typical insurance model where float is offset by underwriting losses, giving Berkshire a structural funding advantage no peer can replicate at this scale.

negative-cost capitalnot in the table

strengtheningread 11 sep 2026

02At June 30, 2026, our insurance and other businesses held investments in cash, cash equivalents and U.S. Treasury Bills (net of payables for unsettled purchases) of $359.2 billionFinancial strength and redundant liquidity will always be of paramount importance at BerkshireWe will not repurchase our stock if it reduces our consolidated cash, cash equivalents and U.S. Treasury Bills holdings to below $30 billionBerkshire acquired $4.8 billion of treasury stock in the first six months of 2026, most of which was in the second quarter

reserve cushionowns a thing that cannot be built or permitted twice

holdsread 11 sep 2026

03Through our subsidiaries, we engage in numerous diverse business activitiesAfter-tax earnings of BNSF increased 9.5% in the first six months of 2026 compared to 2025After-tax earnings of BHE increased 11.5% in the first six months of 2026 compared to 2025After-tax earnings from our manufacturing, service and retailing businesses increased 15.1% in the first six months of 2026 compared to 2025In the first six months of 2026, our diverse group of businesses generated net cash flows from operating activities of $21.7 billion

conglomerate diversificationnot in the table

holdsread 11 sep 2026

04Berkshire's shareholders' equity at June 30, 2026 was $747.9 billion, an increase of $30.5 billion since December 31, 2025Our Consolidated Balance Sheet continues to reflect significant liquidity and a very strong capital baseExcluding borrowings of BHE and BNSF, our borrowings at June 30, 2026 were $43.3 billion

capital disciplinea reason to hold, not a barrier

holdsread 11 sep 2026

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