Berkshire Hathaway Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net earnings attributable to Berkshire shareholders were $22,112 million for the third quarter of 2026, down from $30,796 million in the same period in 2025; for the first nine months of 2026, net earnings were $57,885 million, up from $47,769 million in 2025.
• Investment gains (losses) totaled $9,407 million in the third quarter of 2026 compared to $17,311 million in 2025; for the first nine months, investment gains were $20,851 million in 2026 versus $17,243 million in 2025.
• Operating earnings were $12,705 million for the third quarter of 2026, a decrease from $13,485 million in 2025; for the first nine months, operating earnings were $37,034 million, an increase from $34,286 million in 2025.
• Net earnings per average equivalent Class A share were $15,502 for the third quarter of 2026 (vs. $21,413 in 2025) and $40,377 for the first nine months of 2026 (vs. $33,214 in 2025).
• Net earnings per average equivalent Class B share were $10.33 for the third quarter of 2026 (vs. $14.28 in 2025) and $26.92 for the first nine months of 2026 (vs. $22.14 in 2025).
• Investment gains in 2026 included $7.7 billion in unrealized gains for the third quarter and $11.6 billion for the first nine months; 2025 included $9.2 billion and $3.3 billion respectively.
• Realized gains on sales of investments were $1.7 billion in the third quarter of 2026 and $9.3 billion for the first nine months; 2025 included $8.1 billion and $14.6 billion respectively.
• A $3.76 billion other-than-temporary impairment of investment in Kraft Heinz was recorded in the first nine months of 2025, with no such impairment in 2026.
• Foreign currency exchange losses related to non-U.S. Dollar denominated debt were $343 million in the third quarter of 2026 and $232 million in gains for the first nine months; 2025 included $331 million in gains for the third quarter and $1.3 billion in losses for the first nine months.

Business Segments and Product Lines:

• Insurance underwriting earnings were $1,352 million in the third quarter of 2026 (down from $2,369 million in 2025) and $4,800 million for the first nine months (down from $5,697 million in 2025).
• Insurance investment income was $2,734 million in the third quarter of 2026 (down from $3,181 million in 2025) and $8,472 million for the first nine months (down from $9,441 million in 2025).
• BNSF earnings were $1,729 million in the third quarter of 2026 (up from $1,449 million in 2025) and $4,664 million for the first nine months (up from $4,129 million in 2025).
• Berkshire Hathaway Energy Company earnings were $1,612 million in the third quarter of 2026 (up from $1,489 million in 2025) and $3,617 million for the first nine months (up from $3,288 million in 2025).
• Manufacturing, service and retailing earnings were $4,042 million in the third quarter of 2026 (up from $3,616 million in 2025) and $11,711 million for the first nine months (up from $10,277 million in 2025).
• "Other" earnings were $1,236 million in the third quarter of 2026 (down from $1,381 million in 2025) and $3,770 million for the first nine months (up from $1,454 million in 2025).

Other Key Points:

• Berkshire acquired approximately $9.6 billion in treasury shares during the third quarter of 2026, bringing the nine-month total to about $14.4 billion.
• On September 30, 2026, there were 1,418,900 Class A equivalent shares outstanding.
• Insurance float was approximately $178.5 billion as of September 30, 2026, representing an increase of approximately $2.1 billion since yearend 2025.
• The press release explicitly states that investment gains (losses) for any particular quarter are usually meaningless and can deliver figures for net earnings per share that are extremely misleading to investors unfamiliar with accounting rules.
• Investors are urged to read the company's 10-Q filed at www.berkshirehathaway.com, as the limited information in the press release is not adequate for making an informed investment judgment.