Key Highlights
- Operating profit reached $11.35B in Q1, marking an ~18% increase year-over-year, slightly below the $11.56B analyst consensus
- Record cash position of $397.4B achieved, climbing from $373B at 2025’s close
- Net earnings surged past $10.1B compared to $4.6B in the prior-year quarter
- Insurance underwriting profit jumped 28% to $1.7B, despite a 34% decline at Geico
- Marks Greg Abel’s inaugural earnings release after assuming CEO duties from Warren Buffett in January 2026
In the first quarter of 2026, Berkshire Hathaway delivered operating profit of $11.35 billion, representing an approximately 18% climb from the comparable 2025 period. The figure landed marginally below Wall Street expectations of $11.56 billion, according to FactSet consensus estimates.
$BRK.B (Berkshire Hathaway) #earnings are out: pic.twitter.com/7ePyzVswyM
— The Earnings Correspondent (@earnings_guy) May 2, 2026
The conglomerate’s net earnings totaled approximately $10.1 billion during the three-month period — a substantial increase exceeding double the $4.6 billion figure from Q1 2025.
Shares of BRK.B settled at approximately $487 on Friday, hovering near the $486.92 average price at which the company executed its quarterly share repurchases.
Berkshire Hathaway Inc., BRK-B
The standout metric capturing investor attention remains the company’s liquidity position. Berkshire’s holdings in cash, cash equivalents, and short-duration securities reached an all-time high of $397.4 billion at quarter-end, advancing from $373 billion at the conclusion of 2025.
This represents an extraordinary reserve of capital awaiting deployment.
Insurance Operations Lead Earnings Growth
The primary catalyst behind the earnings improvement came from insurance underwriting operations. This segment produced $1.7 billion in profit, climbing 29% from the year-ago period, benefiting significantly from the absence of major catastrophic loss events during the quarter.
Nevertheless, challenges emerged within certain insurance divisions. Geico, the company’s prominent auto insurance operation, experienced a 34% profit decline. Additionally, insurance investment income retreated 7% to $2.7 billion, pressured by declining interest rates that reduced interest-related returns.
BNSF Railway, the company’s freight rail operation, delivered $1.4 billion in earnings — advancing 13% year-over-year on the strength of increased revenues and improved operational performance.
The manufacturing, service, and retail segment contributed $3.2 billion, representing a 5% annual increase. Berkshire Hathaway Energy generated $1.1 billion, rising 2%, supported by natural gas pipeline operations and federal renewable energy tax incentives.
New CEO’s Inaugural Quarter
This quarterly release represents Greg Abel’s first as chief executive officer. He assumed the position at the beginning of 2026, taking over from Warren Buffett, and delivered the company’s annual shareholder letter in February.
Abel appeared on stage Saturday at Berkshire’s legendary annual shareholder gathering in Omaha — the assembly famously dubbed “Woodstock for Capitalists.”
Buffett, currently 95 years old, had evolved into a legendary figure at these gatherings, attracting massive attendance and associating his reputation with consumer brands including Fruit of the Loom and Squishmallow.
Throughout Q1, Berkshire executed $234.2 million in stock buybacks — representing the company’s first repurchase program since May 2024. The activity encompassed 33 Class A shares acquired at an average of $729,701 per share and 431,462 Class B shares purchased at approximately $486.92 apiece.
The organization also divested a net $8.1 billion in publicly traded securities during the period. Berkshire’s top five equity positions — Apple, American Express, Bank of America, Coca-Cola, and Chevron — constituted 61% of its aggregate equity holdings as of March 31, declining from 65% at the end of 2025.
Berkshire’s Q1 2025 operating profit had totaled $9.6 billion, while Q4 2025 witnessed a pronounced 30% year-over-year decline to $10.2 billion, making the Q1 2026 performance indicative of substantial improvement primarily attributable to insurance operations.
