Berkshire HathawayBRK-B

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.

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 billion Financial strength and redundant liquidity will always be of paramount importance at Berkshire We will not repurchase our stock if it reduces our consolidated cash, cash equivalents and U.S. Treasury Bills holdings to below $30 billion Berkshire acquired $4.8 billion of treasury stock in the first six months of 2026, most of which was in the second quarter

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

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