November 10, 2026·44 min read
Berkshire Hathaway (BRK.B), Financial Analysis
Q3 2026 results from the Form 10-Q and the Form 8-K filed on 9 Nov 2026, the first nine months with Greg Abel as CEO, read against the Forms 10-K, 10-Q, 8-K, 13F, 4 and the proxy statement filed since Nov 2025. Independent analysis derived from SEC filings.
Operating earnings Q3 2026 (after tax, non GAAP)
$12.7bn
(5.8%) year on year (Q3 2025 $13.5bn)
Insurance underwriting earnings Q3 2026 (after tax)
$1.35bn
(42.9%) year on year (Q3 2025 $2.37bn)
Insurance float, 30 Sep 2026
$178.5bn
up about $2.1bn since 31 Dec 2025
Key findings
- Q3 2026 operating earnings $12.71bn, (5.8%); net earnings $22.11bn against $30.80bn, incl. after tax investment gains of $9.41bn against $17.31bn. Revenue $105.6bn, +11.2%, from Pilot fuel prices, OxyChem (acquired 2 Jan 2026) and Taylor Morrison (from 24 Jul 2026). 9M 2026 operating earnings $37.03bn, +8.0%.
- Insurance accounts for the decline: underwriting $1.35bn, (42.9%), and investment income $2.73bn, (14.1%), together ($1.46bn). GEICO combined ratio 91.4% against 84.3%, loss ratio 76.6% against 71.5%; Q3 2026 ratios at Progressive 88.7%, Travelers 86.8%, Allstate 86.6% and Chubb 84.1%.
- Rail, utilities and manufacturing add $0.83bn: BNSF $1.73bn, +19.3%, operating ratio 63.9% (Union Pacific 59.1%, CSX 60.9%, Norfolk Southern 67.4%); Berkshire Hathaway Energy $1.61bn, +8.3%; manufacturing, service and retailing $4.04bn, +11.8%.
- Capital: repurchases $9.6bn in Q3 and $14.4bn in 9M 2026, after none in 2025. Cash and Treasury bills $352.3bn on the Form 10-Q basis; equity securities $335.5bn at fair value against $108.5bn cost, five holdings 65%, with Alphabet in the five; float $178.5bn.
- First year under Greg Abel, CEO since 1 Jan 2026: Warren Buffett remains Chairman with about 30.0% of votes and 13.7% of economic interest; Charles Chang CFO from 1 Jun 2026, a new General Counsel role and a new GEICO CEO. Abel bought 21 Class A shares for about $15.3m on 4 Mar 2026, the day repurchases restarted; Ajit Jain reported a sale of Class B shares for about $20.0m on 28 Sep 2026 by the Jain Foundation.
- Shares at $573.50 on 10 Nov 2026: 1.60x book value per Class B share of $357.73 (derived), 25.8x TTM operating earnings. Three year scenarios on price to book value: base $676, best $809, worst $508.
Figures are read from the filings of Berkshire Hathaway Inc. (central index key 1067983): the Forms 10-K for FY2022 to FY2025, the Forms 10-Q for Q3 2025 to Q3 2026, the Forms 8-K with all their exhibits, incl. the quarterly earnings releases (Ex 99.1), the leadership release of 11 Dec 2025, the yen note issues and the amended bylaws, the proxy statement of 13 Mar 2026, the Form 8-K Item 5.07 vote results, the Forms 13F for Q1 and Q2 2026 and 18 Forms 4, together with the filings of 11 peer companies used in chapters 2 to 5 and 9. Operating earnings are Berkshire's non GAAP measure: net earnings excluding investment gains and losses and impairments of equity method investments, after tax. Per share figures are per Class B share; one Class A share equals 1,500 Class B shares in economic rights. Book value per Class B share is derived for this report. Accession numbers for every filing used appear in the Sources appendix. The share price is the close of 10 Nov 2026.
1 Revenue & Business Model
- Storyline: revenue up 11.2%, operating earnings down 5.8% in Q3 2026. Insurance underwriting and insurance investment income fell by $1.46bn after tax combined, while BNSF, Berkshire Hathaway Energy and manufacturing, service and retailing rose by $0.83bn; Other fell $145m. Chapters 2 to 5 cover the four drivers: insurance, BNSF, Berkshire Hathaway Energy, and the equity portfolio with cash, Treasury bills and float.
- Segments as reported from FY2024: insurance underwriting (GEICO, Berkshire Hathaway Primary Group, Berkshire Hathaway Reinsurance Group), insurance investment income, BNSF, Berkshire Hathaway Energy, manufacturing, service and retailing (incl. Precision Castparts, Lubrizol, Clayton, Pilot, McLane, OxyChem and Taylor Morrison) and Other, which holds equity method earnings (Kraft Heinz, Occidental), currency results on non US dollar debt and corporate investment income. Earlier releases used different segments, so segment charts start in Q4 2024.
- Revenue FY2021 $276.2bn to FY2025 $371.4bn, a 7.7% CAGR; TTM Q3 2026 $395.4bn. Operating earnings rose from $27.5bn in FY2021 to $47.4bn in FY2024, fell to $44.5bn in FY2025 and reached $47.2bn TTM Q3 2026.
- Earnings mix TTM Q3 2026: manufacturing, service and retailing 31.9% of operating earnings, insurance investment income 24.4%, insurance underwriting 13.5%, BNSF 12.7%, Berkshire Hathaway Energy 9.1% and Other 8.3%.
- Q3 2026 revenue growth by source: Pilot revenues $16.1bn against $10.9bn (+48.4%) on fuel prices; industrial products $12.2bn, +28.8%, incl. OxyChem ($1.3bn) and Precision Castparts (+19.1%); Taylor Morrison home sales about $1.1bn from 24 Jul 2026; railroad revenues +14.7%. Insurance premiums earned were $22.4bn, flat.
- Geography: the filings show revenue mostly from the US; a country split appears only in the Form 10-K segment note and is not used here.
Table 1.1 Operating earnings by segment, last five quarters ($bn, after tax)
| Segment | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q3 year on year |
|---|---|---|---|---|---|---|
| Insurance underwriting | 2.37 | 1.56 | 1.72 | 1.73 | 1.35 | (42.9%) |
| Insurance investment income | 3.18 | 3.07 | 2.68 | 3.06 | 2.73 | (14.1%) |
| BNSF | 1.45 | 1.35 | 1.38 | 1.56 | 1.73 | +19.3% |
| Berkshire Hathaway Energy | 1.49 | 0.69 | 1.11 | 0.89 | 1.61 | +8.3% |
| Manufacturing, service and retailing | 3.62 | 3.37 | 3.20 | 4.47 | 4.04 | +11.8% |
| Other | 1.38 | 0.16 | 1.26 | 1.27 | 1.24 | (10.5%) |
| Operating earnings, total | 13.49 | 10.20 | 11.35 | 12.98 | 12.71 | (5.8%) |
Non GAAP company measure from the quarterly releases. Prior quarter figures as restated in the latest release covering each quarter.
Table 1.2 Operating earnings by segment, FY2024 to TTM Q3 2026 ($bn, after tax)
| Segment | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|
| Insurance underwriting | 9.02 | 7.26 | 6.36 |
| Insurance investment income | 13.67 | 12.51 | 11.54 |
| BNSF | 5.03 | 5.48 | 6.01 |
| Berkshire Hathaway Energy | 3.73 | 3.98 | 4.31 |
| Manufacturing, service and retailing | 13.07 | 13.65 | 15.08 |
| Other | 2.91 | 1.61 | 3.93 |
| Total operating earnings | 47.44 | 44.49 | 47.23 |
TTM Q3 2026 = FY2025 + 9M 2026 less 9M 2025. FY2021 to FY2023 used different segments and are omitted.
Table 1.3 Revenues by business, Q3 and 9M ($bn)
| Business | Q3 2025 | Q3 2026 | Change | 9M 2025 | 9M 2026 | Change |
|---|---|---|---|---|---|---|
| Insurance premiums earned | 22.45 | 22.44 | (0.0%) | 66.44 | 66.92 | +0.7% |
| Railroad revenues (BNSF) | 5.99 | 6.87 | +14.7% | 17.39 | 19.39 | +11.5% |
| Berkshire Hathaway Energy revenues | 7.30 | 7.77 | +6.4% | 20.08 | 21.17 | +5.4% |
| Manufacturing revenues | 20.05 | 24.00 | +19.7% | 58.78 | 67.24 | +14.4% |
| of which industrial products | 9.47 | 12.20 | +28.8% | 28.07 | 35.55 | +26.6% |
| of which building products | 7.00 | 8.35 | +19.3% | 20.11 | 21.35 | +6.1% |
| of which consumer products | 3.58 | 3.45 | (3.5%) | 10.60 | 10.35 | (2.3%) |
| Service and retailing revenues | 34.67 | 40.45 | +16.7% | 100.81 | 113.56 | +12.6% |
| of which Pilot | 10.88 | 16.15 | +48.4% | 31.42 | 42.32 | +34.7% |
| of which McLane | 13.19 | 12.33 | (6.5%) | 37.97 | 36.38 | (4.2%) |
| of which service group | 5.75 | 7.09 | +23.3% | 16.92 | 20.40 | +20.6% |
| of which retailing | 4.84 | 4.89 | +0.9% | 14.50 | 14.45 | (0.3%) |
| Total revenues | 94.97 | 105.65 | +11.2% | 277.21 | 301.13 | +8.6% |
Form 10-Q segment note. Total revenues incl. investment income and other items not shown.
2 Insurance: GEICO, Reinsurance and Primary Against Progressive, Allstate, Chubb and Travelers
- Underwriting earnings $1.35bn after tax in Q3 2026, (42.9%); 9M 2026 $4.80bn, (15.7%). Pretax: GEICO $0.98bn against $1.77bn; Berkshire Hathaway Reinsurance Group $582m against $884m; Berkshire Hathaway Primary Group $119m against $506m.
- GEICO: premiums earned $11.41bn, +1.3%; premiums written $11.71bn, (0.3%); loss ratio 76.6% against 71.5%, expense ratio 14.8% against 12.8%, combined ratio 91.4% against 84.3%.
- Reinsurance and Primary: reinsurance property and casualty premiums written $5.54bn, +7.0%, incl. the Tokio Marine quota share, with a combined ratio of 84.5% against 79.4%; Primary premiums written $4.86bn, (7.9%), combined ratio 97.4% against 89.3%. The 10-Q states increased price competition in US property markets constrained 2026 premium volume.
- Float $178.5bn at 30 Sep 2026, up about $2.1bn since 31 Dec 2025. Underwriting results add to the float when the combined ratio is below 100%.
Table 2.1 Underwriting by group, Q3 2025 and Q3 2026 (pretax)
| Group | Q3 2025 ($bn) | Q3 2026 ($bn) | Change | Combined ratio Q3 2025 (%) | Combined ratio Q3 2026 (%) |
|---|---|---|---|---|---|
| GEICO | 1.77 | 0.98 | (44.6%) | 84.3 | 91.4 |
| Berkshire Hathaway Primary Group | 0.51 | 0.12 | (76.5%) | 89.3 | 97.4 |
| Berkshire Hathaway Reinsurance Group (all lines) | 0.88 | 0.58 | (34.2%) | 79.4 (P and C) | 84.5 (P and C) |
| Underwriting, all groups, pretax | 3.16 | 1.68 | (46.8%) | n/a | n/a |
GEICO and Primary combined ratios computed as losses and expenses over premiums earned from Form 10-Q figures; reinsurance ratio for property and casualty lines as stated.
How US property and casualty insurance is changing
- Auto insurers diverge: Progressive net premiums written $22.3bn, +4.0%, policies in force +6%, underwriting margin 11.3%, and its 10-Q notes continued increase in competition; GEICO premiums written (0.3%) with policies in force up and average premium per policy down.
- Combined ratios rose at Allstate and Chubb: Allstate Property Liability 86.6% against 80.1%, with catastrophe losses of 10.9 points; Chubb 84.1% against 81.8%; Travelers 86.8% against 87.3%. GEICO's 91.4% is the highest of the five in Q3 2026.
- Personal lines volumes: Travelers Personal Insurance net written premiums fell 6.7% to $4.40bn; Chubb consumer lines rose 6.2% (Forms 10-Q).
- Claims costs: GEICO bodily injury severity rose 9% to 11% and frequency 4% to 6% in 9M 2026; the FY2025 Form 10-K risk factors add third party litigation funding and social inflation as drivers of claims litigation.
Table 2.2 Insurers, Q3 2026 ($bn unless stated)
| Company and measure | Period | Detail | Value | Growth (%) | Margin (%) |
|---|---|---|---|---|---|
| GEICO, premiums written | Q3 2026 | Combined ratio 91.4% against 84.3%; pretax underwriting $982m against $1.77bn | 11.71 | (0.3%) | 8.6 |
| Progressive, net premiums written | Q3 2026 | Underwriting profit margin 11.3% (combined ratio 88.7%), 0.8 pts above Q3 2025; policies in force +6% (+2.4m); expense ratio down 4.5 pts, loss ratio up 3.7 pts | 22.30 | +4.0% | 11.3 |
| Allstate, Property Liability premiums written | Q3 2026 | Combined ratio 86.6% against 80.1%; catastrophe losses 10.9 pts; premiums earned $15.09bn (+3.8%); net income to common $2.05bn, down $1.67bn | 16.02 | +2.5% | 13.4 |
| Chubb, net premiums written | Q3 2026 | PandC combined ratio 84.1% against 81.8%; consumer lines NPW +6.2%, commercial +0.4%; net income attributable $2.84bn (+1.5%) | 15.14 | +1.9% | 15.9 |
| Travelers, net written premiums | Q3 2026 | Combined ratio 86.8% against 87.3%; Personal Insurance NWP $4.40bn (6.7%); net income $1.92bn (+1.5%) | 11.48 | +0.1% | 13.2 |
Margin is 100 less the combined ratio as each company reports it: GEICO computed, Progressive companywide, Allstate Property Liability, Chubb property and casualty, Travelers consolidated. Growth is year on year.
Table 2.3 GEICO by quarter
| Quarter | Premiums earned ($bn) | Pretax underwriting ($bn) | Combined ratio (%) |
|---|---|---|---|
| Q3 2025 | 11.26 | 1.77 | 84.3 |
| Q4 2025 | 11.40 | 1.06 | 90.7 |
| Q1 2026 | 11.19 | 1.42 | 87.3 |
| Q2 2026 | 11.29 | 0.99 | 91.2 |
| Q3 2026 | 11.41 | 0.98 | 91.4 |
Q4 2025 = FY2025 less 9M 2025. Combined ratio computed from premiums earned and pretax underwriting earnings.
3 BNSF: Volume, Fuel and Operating Ratio Against Union Pacific, CSX and Norfolk Southern
- BNSF net earnings $1.73bn in Q3 2026, +19.3%; pretax $2.27bn, +18.5%. 9M 2026 net earnings $4.66bn, +13.0%.
- Revenues and costs: railroad operating revenues $6.87bn, +14.7%; volume 2.61m cars or units, +3.9%; revenue per car or unit +10.5%; fuel expense +60.6% (+$468m); coal volume (8.4%).
- Operating ratio 63.9% against 64.1% (computed: operating expenses over railroad operating revenues); 9M 2026 64.9% against 65.6%. BNSF has the second highest ratio of the four large US railroads in Q3 2026.
How US freight rail is changing
- Consolidation: Union Pacific agreed on 28 Jul 2025 to acquire Norfolk Southern (Union Pacific and Norfolk Southern Forms 10-Q); Union Pacific paused share repurchases pending the deal. Berkshire's FY2025 risk factors add mergers among major carriers as a source of network disruption for BNSF.
- Fuel: Union Pacific locomotive diesel averaged $4.21 a gallon in Q3 2026 against $2.56 and its fuel surcharge revenue reached $1.2bn against $602m; CSX locomotive fuel prices rose 67% (Forms 10-Q). Revenue growth at all four railroads, 12.0% to 15.3%, exceeded volume growth of 3% to 6%.
- Intermodal and coal: Union Pacific intermodal +11% and Norfolk Southern domestic intermodal +10%; BNSF consumer products volume +5.6% on West Coast imports. Coal volumes fell at BNSF (8.4%) and Union Pacific coal and renewables carloads (3%).
- Operating ratios in Q3 2026: Union Pacific 59.1%, CSX 60.9%, BNSF 63.9% and Norfolk Southern 67.4% (GAAP, incl. merger costs of $42m).
Table 3.1 Railroads, Q3 2026 ($bn unless stated)
| Company and measure | Period | Detail | Value | Growth (%) | Margin (%) |
|---|---|---|---|---|---|
| BNSF, railroad operating revenues | Q3 2026 | Operating ratio 63.9% against 64.1%; volume +3.9%; fuel expense +60.6% | 6.87 | +14.7% | 36.1 |
| Union Pacific, operating revenues | Q3 2026 | Operating ratio 59.1% against 59.2%; carloads +6%; diesel $4.21 a gallon against $2.56; share repurchases paused pending Norfolk Southern acquisition | 7.20 | +15.3% | 40.9 |
| CSX, revenue | Q3 2026 | Operating ratio 60.9% against 69.7% (Q3 2025 included $164m goodwill impairment); volume +5%; locomotive fuel prices +67% | 4.02 | +12.0% | 39.1 |
| Norfolk Southern, railway operating revenues | Q3 2026 | Operating ratio 67.4% against 64.6% (adjusted 65.4% against 63.3%); units +3%; merger related expenses $42m | 3.53 | +13.6% | 32.6 |
Margin is 100 less the operating ratio; CSX reports an operating margin; Norfolk Southern GAAP ratio incl. merger costs. Growth is year on year.
4 Berkshire Hathaway Energy: Load Growth, Wildfire Claims and Utility Deals
- Net earnings attributable to Berkshire $1.61bn in Q3 2026, +8.3%; revenues $7.77bn, +6.4%. 9M 2026 $3.62bn, +10.0%.
- US utilities net earnings $1.04bn, +22.8%; electric utility margin $2.9bn, up $325m; retail volumes +5.5% in 9M 2026. Q3 2025 included $100m of PacifiCorp wildfire loss accruals. The effective tax rate was (53.2%) on production tax credits, mainly from wind.
- Funding: BHE debt $61.5bn at 30 Sep 2026, up $2.2bn since 31 Dec 2025; subsidiaries issued $4.8bn of term debt at a 5.8% weighted average rate in 9M 2026.
- Wildfire litigation: in the PacifiCorp James class action, verdicts to date award about $1.25bn of net damages to 201 plaintiffs (Form 10-Q).
How US electric utilities are changing
- Demand: BHE US utilities retail volumes rose 5.5% in 9M 2026; Duke Energy names data center demand as a contributor to projected load growth (Form 10-Q).
- Consolidation and capital: NextEra Energy and Dominion Energy signed a merger agreement in May 2026 (NextEra Form 10-Q); Duke Energy raised about $5.3bn in two transactions, incl. the sale of a 9.19% stake in Florida Progress to a Brookfield affiliate (Duke Form 10-Q).
- Comparison: NextEra net income $4.78bn in Q3 2026 against $2.44bn, incl. $1.66bn at Corporate and Other against a $0.30bn loss (Florida Power and Light $1.62bn, +10.7%); Duke Electric Utilities and Infrastructure operating revenues $8.75bn, +6.9%; BHE revenues +6.4% and net earnings +8.3%.
Table 4.1 Utilities, Q3 2026 ($bn unless stated)
| Company and measure | Period | Detail | Value | Growth (%) |
|---|---|---|---|---|
| Berkshire Hathaway Energy, total revenues | Q3 2026 | Net earnings attributable $1.61bn (+8.3%); US utilities net earnings $1.04bn (+22.8%) | 7.77 | +6.4% |
| NextEra Energy, net income attributable | Q3 2026 | FPL net income $1.62bn (+10.7%); merger agreement with Dominion Energy signed May 2026 | 4.78 | +95.9% |
| Duke Energy, Electric Utilities and Infrastructure operating revenues | Q3 2026 | 9M 2026 GAAP reported earnings $4.16bn against $3.74bn (+11.2%); two transactions raised about $5.3bn, including a minority stake sale in Florida Progress to Brookfield | 8.75 | +6.9% |
Measures differ: BHE total revenues, NextEra net income attributable (incl. Corporate and Other), Duke Electric Utilities and Infrastructure segment operating revenues. Growth is year on year.
5 Equity Portfolio, Cash, Treasury Bills and Float
- Equity securities $335.5bn at fair value against $108.5bn cost at 30 Sep 2026; unrealized gain $227.1bn. Five holdings, Alphabet, American Express, Apple, Bank of America and Coca‑Cola, make up 65% of fair value; Chevron left the five and Alphabet entered (Form 10-Q).
- Cost basis +$23.1bn in 9M 2026: purchases $41.8bn and sales $30.6bn, mostly in Q1 and Q2; Q3 alone purchases $2.4bn and sales $2.8bn. Commercial, industrial and other holdings at cost rose from $58.0bn to $84.5bn.
- Cash and Treasury bills $352.3bn (Form 10-Q basis) after acquisitions of about $16.2bn in 2026 (OxyChem and Taylor Morrison) and repurchases of $14.4bn. The insurance investment income from these balances fell 14.1% after tax in Q3 2026.
- Repurchases restarted 4 Mar 2026: about $0.3bn in Q1, $4.5bn in Q2 and $9.6bn in Q3 2026; Class A equivalent shares fell from 1,438,223 at 31 Dec 2025 to 1,418,900 at 30 Sep 2026 ((1.3%)).
Portfolio changes in the Forms 13F (Q2 2026)
- Latest filed Form 13F is for Q2 2026 (filed 14 Aug 2026): reported value $299.3bn in 26 issuers (29 share classes) against $263.1bn at Q1 2026. The Form 13F for Q3 2026 is due by 16 Nov 2026; the Form 10-Q gives Q3 purchases of $2.4bn and sales of $2.8bn without names.
- Q2 2026 changes against Q1 2026: additions to Alphabet Class A and Class C (+48.1m shares together), Delta Air Lines, Lennar, Macy's and New York Times; reductions in Bank of America (5.9%), Capital One (58.0%), Kroger (22.0%), Nucor (52.5%), Ally Financial and DaVita; Constellation Brands sold in full.
- Interest income comparison: Chubb pretax net investment income +8.6% and Allstate +24.0% in Q3 2026 on higher invested assets and yields, against (10.7%) for Berkshire insurance, which holds most of its liquidity in Treasury bills.
Table 5.1 Form 13F changes, Q2 2026 against Q1 2026
| Holding | Ticker | Change in shares | Change (%) | Action |
|---|---|---|---|---|
| Alphabet Class A | GOOGL | +24.54m | +45.2% | added |
| Alphabet Class C | GOOG | +23.60m | +658.3% | added |
| Delta Air Lines | DAL | +17.51m | +44.0% | added |
| Lennar Class A | LEN | +3.01m | +29.8% | added |
| Macy's | M | +4.31m | +141.8% | added |
| New York Times | NYT | +0.55m | +3.7% | added |
| D.R. Horton | DHI | +3,564 | n/a | new, 3,564 shares |
| Bank of America | BAC | (30.23m) | (5.9%) | trimmed |
| Capital One | COF | (4.15m) | (58.0%) | trimmed |
| Kroger | KR | (11.00m) | (22.0%) | trimmed |
| Nucor | NUE | (2.05m) | (52.5%) | trimmed |
| Ally Financial | ALLY | (2.00m) | (6.9%) | trimmed |
| DaVita | DVA | (1.22m) | (4.1%) | trimmed |
| Constellation Brands | STZ | (0.63m) | (100.0%) | exited |
Aggregated by ticker across Berkshire's reporting managers. Q3 2026 changes by name are available only from the Form 13F due 16 Nov 2026.
Table 5.2 Largest Form 13F positions at 30 Jun 2026
| Holding | Ticker | Shares (m) | Value ($bn) | % of 13F value |
|---|---|---|---|---|
| Apple | AAPL | 227.9 | 66.0 | 22.0 |
| American Express | AXP | 151.6 | 51.3 | 17.1 |
| Alphabet (A and C) | GOOGL, GOOG | 106.0 | 37.8 | 12.6 |
| Coca‑Cola | KO | 400.0 | 32.5 | 10.9 |
| Bank of America | BAC | 483.4 | 27.5 | 9.2 |
| Chevron | CVX | 84.4 | 14.0 | 4.7 |
| Occidental (equity method) | OXY | 264.9 | 12.9 | 4.3 |
| Chubb | CB | 34.2 | 11.7 | 3.9 |
| Moody's | MCO | 24.7 | 11.2 | 3.7 |
| Kraft Heinz (equity method) | KHC | 325.6 | 7.7 | 2.6 |
Form 13F values incl. Occidental and Kraft Heinz, which Berkshire carries under the equity method. American Express: 151.6m shares, 22.6% of the company at 30 Sep 2026 (Form 10-Q).
Table 5.3 Investment income, Q3 2026 ($bn unless stated)
| Company and measure | Period | Detail | Value | Growth (%) |
|---|---|---|---|---|
| Berkshire insurance, investment income, pretax | Q3 2026 | Decline attributed to lower interest income on short dated holdings; float $178.5bn | 3.32 | (10.7%) |
| Chubb, net investment income, pretax | Q3 2026 | Increase attributed to higher average invested assets and higher interest rates | 1.80 | +8.6% |
| Allstate, net investment income | Q3 2026 | Market based $887m, performance based $368m | 1.18 | +24.0% |
| Travelers, net investment income | Q3 2026 | Total investments $100.59bn at 30 Sep 2026 | 1.10 | n/a |
6 Financial Analysis & Ratios
- Net earnings TTM Q3 2026 $77.1bn incl. $34.3bn of after tax investment gains; operating earnings $47.2bn. Net earnings per Class B share TTM $35.82; Berkshire reports basic figures only and has no dilutive securities. FY2025 net earnings of $67.0bn included $8.26bn of impairments of Kraft Heinz and Occidental.
- Q3 2026 investment gains $9.41bn: $7.7bn from higher unrealized gains and $1.7bn realized, after tax. The release states the amount of investment gains in any given quarter is usually meaningless; operating earnings are the base used in this report.
- Other operating earnings $1.24bn, (10.5%), incl. a $343m currency loss on non US dollar debt against a $331m gain in Q3 2025; 9M 2026 currency result a $232m gain. Most of that debt is in yen.
- Cash flow: 9M 2026 operating cash flow $33.9bn and capital expenditure $16.1bn, of which $10.2bn at BNSF and Berkshire Hathaway Energy; TTM free cash flow $22.8bn. No dividend is paid; repurchases cost $13.8bn in cash in 9M 2026.
- Balance sheet at 30 Sep 2026: shareholders' equity $761.4bn; debt $130.8bn, of which Berkshire parent $20.4bn (down $2.2bn in 9M), Berkshire Hathaway Finance $18.2bn, BNSF $23.5bn and Berkshire Hathaway Energy $61.5bn; deferred taxes $92.3bn, largely on unrealized equity gains.
- Equity method watch item: Kraft Heinz carrying value exceeded fair value by $1.4bn (16.2%) at 30 Sep 2026 with no impairment recorded in 2026 (Form 10-Q).
Table 6.1 Income statement, cash flow and balance sheet summary ($bn unless stated)
| Line item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|---|---|---|
| Revenue | 276.2 | 302.0 | 364.5 | 371.4 | 371.4 | 395.4 |
| Operating earnings, after tax (non GAAP) | 27.5 | 30.9 | 37.4 | 47.4 | 44.5 | 47.2 |
| Net income | 89.9 | (22.8) | 96.2 | 89.0 | 67.0 | 77.1 |
| Net earnings per Class B share ($) | 39.70 | (10.33) | 44.27 | 41.27 | 31.04 | 35.82 |
| Operating cash flow | 39.4 | 37.4 | 49.2 | 30.6 | 46.0 | 45.1 |
| Capital expenditure | (13.3) | (15.5) | (19.4) | (19.0) | (20.9) | (22.3) |
| Free cash flow | 26.2 | 21.9 | 29.8 | 11.6 | 25.0 | 22.8 |
| Cash and Treasury bills, gross | 146.7 | 128.6 | 167.6 | 334.2 | 373.3 | 377.4 |
| Total debt | n/a | n/a | n/a | n/a | 129.1 | 130.8 |
| Total equity | 506.2 | 473.4 | 561.3 | 649.4 | 717.4 | 761.4 |
TTM Q3 2026 = Q4 2025 + Q1 to Q3 2026. Operating earnings row: Berkshire's after tax operating earnings (non GAAP). Per share row: net earnings per average Class B equivalent share; Berkshire reports basic figures only. Cash row: cash and equivalents of all businesses plus Treasury bills, before payables for unsettled purchases. Total debt not collected for FY2021 to FY2024. FY2021 and FY2022 income restated for LDTI in the FY2023 Form 10-K; FY2021 equity as reported in the FY2022 Form 10-K.
Table 6.2 What changed, Q3 2026 against Q3 2025
| Metric | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Revenue ($bn) | 94.97 | 105.65 | 11.2% |
| Operating earnings, after tax ($bn) | 13.49 | 12.71 | (5.8%) |
| Net income ($bn) | 30.80 | 22.11 | (28.2%) |
| Net earnings per Class B share ($) | 14.28 | 10.33 | (27.7%) |
| Operating cash flow ($bn) | 13.79 | 12.26 | (11.1%) |
| Free cash flow ($bn) | 8.20 | 6.76 | (17.7%) |
| Operating earnings margin (%) | 14.2 | 12.0 | (2.2 pts) |
| Net margin (%) | 32.4 | 20.9 | (11.5 pts) |
Table 6.3 Ratio analysis
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|---|---|---|
| Growth and margins | ||||||
| Revenue growth (%) | n/a | 9.4 | 20.7 | 1.9 | 0.0 | n/a |
| Operating earnings margin (%) | 9.9 | 10.2 | 10.2 | 12.8 | 12.0 | 11.9 |
| Net margin (%) | 32.6 | (7.5) | 26.4 | 24.0 | 18.0 | 19.5 |
| FCF margin (%) | 9.5 | 7.2 | 8.2 | 3.1 | 6.7 | 5.8 |
| Cost and investment intensity | ||||||
| Capex (%) revenue | 4.8 | 5.1 | 5.3 | 5.1 | 5.6 | 5.7 |
| Returns | ||||||
| ROE (%) | 17.8 | (4.6) | 18.6 | 14.7 | 9.8 | 10.1 |
| ROA (%) | 9.4 | (2.4) | 9.5 | 8.0 | 5.6 | 5.9 |
| Asset turnover (x) | 0.29 | 0.32 | 0.34 | 0.32 | 0.30 | 0.30 |
| Liquidity and leverage | ||||||
| Debt to equity (x) | n/a | n/a | n/a | n/a | 0.18 | 0.17 |
| Efficiency and cash quality | ||||||
| FCF to net income (x) | 0.29 | n/a | 0.31 | 0.13 | 0.37 | 0.30 |
| Shareholder returns (%) FCF | 103 | 36 | 31 | 25 | n/a | n/a |
Operating earnings margin uses after tax operating earnings over revenues. ROE and ROA use average balances for FY2022 to FY2025 and period end balances for FY2021 and TTM. Net margin and ROE include investment gains and losses.
Table 6.4 Valuation snapshot at $573.50 per Class B share, 10 Nov 2026
| Measure | Value |
|---|---|
| Market value ($bn) | 1,218.4 |
| Price to book value per Class B share (derived) (x) | 1.6 |
| Market value to TTM operating earnings (x) | 25.8 |
| Market value to TTM net earnings (x) | 15.8 |
| Cash and Treasury bills, Form 10-Q basis ($bn) | 352.3 |
| Equity securities at fair value ($bn) | 335.5 |
Earnings composition, manufacturing, service and retailing, and liquidity
- Net earnings swing with investment gains: quarterly net earnings ranged from $4.6bn to $30.8bn between Q1 2025 and Q3 2026 while operating earnings ranged from $9.6bn to $13.5bn.
- Manufacturing, service and retailing pretax: manufacturing $3.86bn, +7.7%, and service and retailing $1.46bn, +28.6%, in Q3 2026; industrial products +26.3%, building products (3.4%), consumer products (29.2%).
- Three cash definitions: the Form 10-Q states $352.3bn of cash and Treasury bills for insurance and other businesses, net of $20.5bn of payables for Treasury bills bought but unsettled at 30 Sep 2026. Adding railroad, utility and energy cash gives $356.9bn; before the payables the total is $377.4bn. This report uses the Form 10-Q figure; the gross total peaked at $397.4bn on 31 Mar 2026.
- Liquidity statement (Form 10-Q): financial strength and redundant liquidity are named as of paramount importance; no repurchases below $30bn of consolidated cash, equivalents and Treasury bills.
Table 6.5 Pretax earnings by business, Q3 and 9M ($bn)
| Business | Q3 2025 | Q3 2026 | Change | 9M 2025 | 9M 2026 | Change |
|---|---|---|---|---|---|---|
| Insurance underwriting, all groups | 3.16 | 1.68 | (46.8%) | 7.42 | 6.13 | (17.4%) |
| of which GEICO | 1.77 | 0.98 | (44.6%) | 5.77 | 3.39 | (41.2%) |
| Insurance investment income | 3.72 | 3.32 | (10.7%) | 11.28 | 10.31 | (8.6%) |
| BNSF | 1.91 | 2.27 | +18.5% | 5.32 | 6.15 | +15.5% |
| Berkshire Hathaway Energy | 0.91 | 1.08 | +18.2% | 2.02 | 2.43 | +20.1% |
| Manufacturing | 3.58 | 3.86 | +7.7% | 9.55 | 11.04 | +15.6% |
| Service and retailing | 1.14 | 1.46 | +28.6% | 3.83 | 4.37 | +14.1% |
Form 10-Q MD&A. GEICO Q3 2026 computed as premiums earned less losses and expenses; BHE Q3 2025 computed from net earnings and the tax benefit.
Table 6.6 Cash and Treasury bills at 30 Sep 2026: three definitions ($bn)
| Definition | 30 Sep 2026 |
|---|---|
| Gross: all cash and equivalents plus Treasury bills | 377.4 |
| Net: gross less payables for Treasury bills bought but unsettled | 356.9 |
| Form 10-Q basis: insurance and other only, net of those payables | 352.3 |
Table 6.7 Balance sheet items, 30 Sep 2026 ($bn)
| Line | 30 Sep 2026 |
|---|---|
| Cash and equivalents, insurance and other | 36.0 |
| Cash and equivalents, railroad, utilities and energy | 4.7 |
| US Treasury bills | 336.7 |
| Payables for Treasury bills bought, unsettled | (20.5) |
| Equity securities at fair value | 335.5 |
| Equity method investments | 20.7 |
| Fixed maturity securities | 17.1 |
| Loans and finance receivables | 30.9 |
| Goodwill | 83.4 |
| Total assets | 1,303.9 |
| Unpaid losses and loss adjustment expenses, incl. retroactive reinsurance | 152.3 |
| of which retroactive reinsurance | 28.1 |
| Deferred income taxes | 92.3 |
| Debt, insurance and other | 45.8 |
| Debt, railroad, utilities and energy | 85.0 |
| Berkshire shareholders' equity | 761.4 |
Form 10-Q. Berkshire presents no classified balance sheet, so current assets and liabilities are not shown.
Table 6.8 Cash flow and capital allocation, last five quarters
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Operating cash flow ($bn) | 13.79 | 11.19 | 10.44 | 11.22 | 12.26 |
| Capital expenditure ($bn) | (5.59) | (6.20) | (4.99) | (5.65) | (5.51) |
| Free cash flow ($bn) | 8.20 | 4.99 | 5.45 | 5.57 | 6.76 |
| Share repurchases, cash paid ($bn) | none | none | 0.24 | 4.21 | 9.31 |
| Equity purchases ($bn) | 6.36 | 3.48 | 15.94 | 23.47 | 2.37 |
| Equity sales proceeds ($bn) | 12.45 | 6.64 | 24.09 | 3.69 | 2.79 |
Quarterly figures derived from year to date cash flow statements; Q4 2025 equals FY2025 less 9M 2025.
7 MD&A & Management Commentary
Q3 2026 release (8-K Ex 99.1) and Form 10-Q, both filed 9 Nov 2026
- Berkshire holds no earnings calls and publishes no CFO commentary; this chapter reads the release and the Form 10-Q MD&A.
- Insurance: pretax underwriting $1.68bn against $3.16bn, lower at all three groups. GEICO loss ratio 76.6% (+5.1 pts) on higher claims frequency and severity and lower average premium per policy; policies in force grew while premiums written fell 0.3%. The 10-Q reports no major catastrophe events in 9M 2026, against about $850m after tax in 9M 2025 from the Q1 2025 wildfires.
- Investment income: insurance investment income pretax $3.32bn, (10.7%), which the 10-Q attributes to lower interest rates on short dated holdings; after tax $2.73bn, (14.1%).
- BNSF: revenues +14.7% on volume +3.9% and revenue per car or unit +10.5%, incl. fuel surcharges; fuel expense +60.6%; operating ratio 63.9% against 64.1%; coal volume (8.4%). Berkshire Hathaway Energy: net earnings $1.61bn, +8.3%; US utilities +22.8%, with Q3 2025 incl. $100m of PacifiCorp wildfire loss accruals.
- Manufacturing, service and retailing: industrial products revenue +28.8% incl. OxyChem and Precision Castparts (revenue +19.1%, pretax +29.6% on aerospace and industrial gas turbine demand); consumer products pretax (29.2%) as Q3 2025 held Duracell production tax credits for 2023 to 9M 2025; tariff refunds in Q2 and Q3 2026 helped building products, Marmon and apparel; Pilot recorded a $116m loss on a business disposition that closed on 2 Nov 2026.
- Capital: repurchases about $9.6bn in Q3 at average monthly Class B prices of $496.24 (July), $503.99 (August) and $506.64 (September); cash paid in Q3 $9.31bn, part settled in October. Equity purchases $2.4bn and sales $2.8bn in Q3.
Table 7.1 Outlook items as filed (Berkshire issues no earnings guidance)
| Item | Outlook | Source |
|---|---|---|
| Earnings guidance | none issued | company practice; releases and Forms 10-Q |
| Capital expenditure, BNSF and Berkshire Hathaway Energy | about $4.7bn for the rest of 2026; $10.2bn spent in 9M 2026 | Form 10-Q Q3 2026, liquidity |
| Repurchase floor | no repurchases if consolidated cash, equivalents and Treasury bills would fall below $30bn | Form 10-Q Q3 2026, Note 18 and Part II Item 2 |
| Repurchase decision | by the CEO after consultation with the Chairman, below intrinsic value conservatively determined | Form 10-Q Q3 2026, Part II Item 2 |
| IMC outlook | rising raw material prices expected to weigh on IMC earnings for the rest of 2026 and into 2027 | Form 10-Q Q3 2026, MD&A |
| Catastrophe limit | avoid groups of policies with pretax single event losses that could exceed $15bn | Form 10-K FY2025, Item 1A |
Table 7.2 Management statements in their own words
| Speaker | Date and source | Statement |
|---|---|---|
| Warren E. Buffett, Chairman | 8 Dec 2025, Form 8-K Ex 99.1 filed 11 Dec 2025 | “Todd made many great hires at GEICO and broadened its horizons.” |
| Ajit Jain, Vice Chairman, Insurance Operations | 8 Dec 2025, Form 8-K Ex 99.1 filed 11 Dec 2025 | “Nancy knows the business inside and out.” |
| Berkshire Hathaway, Q3 2026 release | 7 Nov 2026, Form 8-K Ex 99.1 filed 9 Nov 2026 | “The amount of investment gains (losses) in any given quarter is usually meaningless” |
- Leadership release of 11 Dec 2025: Abel stated Adam Johnson will support the CEOs of 32 consumer products, service and retailing businesses; Buffett described retiring CFO Marc Hamburg's integrity and judgment as priceless.
Table 7.3 Key disclosures in the Forms 10-K and 10-Q
| Item | Disclosure |
|---|---|
| 10-K FY2025, Item 1A | Key person factor rewritten: Abel succeeded Buffett as CEO on 1 Jan 2026 and is responsible for major capital allocation and investment decisions; Ajit Jain and Adam Johnson report to him. |
| 10-K FY2025, Item 7 | No share repurchases in 2025; FY2025 operating earnings $44.49bn against $47.44bn; float about $176bn. |
| 10-Q Q3 2026, MD&A | GEICO bodily injury frequency up 4% to 6% and severity up 9% to 11% in 9M 2026; underwriting expenses +24.1% on commissions and advertising; 9M expense ratio 14.3% against 11.8%. |
| 10-Q Q3 2026, MD&A | National Indemnity whole account quota share with Tokio Marine subsidiaries from 1 Apr 2026, ten year term; about $700m of premiums written to 30 Sep 2026. |
| 10-Q Q3 2026, MD&A | Retroactive reinsurance unpaid losses $28.1bn, down $2.9bn in 9M, incl. a $1.12bn commutation in Q3. |
| 10-Q Q3 2026, acquisitions | OxyChem acquired 2 Jan 2026 for about $9.4bn (Q3 revenue $1.3bn, pretax $71m); Taylor Morrison acquired 24 Jul 2026 at $72.50 per share, about $6.8bn (homebuilding revenues $4.7bn in Q3, +41.4%). |
| 10-Q Q3 2026, investments | 9M 2026 equity purchases $41.8bn and sales $30.6bn; cost basis $108.5bn against $85.4bn at 31 Dec 2025, mostly commercial, industrial and other holdings. |
| 10-Q Q3 2026, equity method | Kraft Heinz 27.5%, carrying value $1.4bn (16.2%) above fair value; Occidental 26.5%; Occidental preferred stock $8.5bn liquidation value and warrants for 83.9m shares at $59.59. |
| 10-Q Q3 2026, legal | PacifiCorp James wildfire class action: verdicts to date award about $1.25bn of net damages to 201 plaintiffs. |
| 10-Q Q3 2026, estimates | Four reporting units with fair value less than 20% above carrying value hold $9.2bn of goodwill. |
| 10-Q Q3 2026, Part II Item 5 | No Rule 10b5 1 trading plans adopted or terminated by Berkshire, its directors or officers in Q3 2026. |
8 Sector & Competitor Analysis
- Sector: diversified holding company with property and casualty insurance as the largest balance sheet activity. The peer set holds insurers (Chubb, Progressive, Travelers) and holding companies with insurance cores (Markel Group, Loews); chapters 2 to 5 compare each Berkshire business with its own industry.
- Revenue TTM: Berkshire $395.4bn, Progressive $91.7bn, Chubb $61.8bn, Travelers $48.9bn, Loews $18.8bn and Markel $15.7bn. Growth 9M 2026: Berkshire 8.6%, Progressive 6.3%, Chubb 5.5%.
- Returns: ROE Progressive 33.7%, Travelers 28.7%, Chubb 15.3%, Berkshire 10.1%, Markel 9.7% and Loews 8.1%. Berkshire's ROE includes investment gains; on TTM operating earnings it is 6.2%.
- Valuation on GAAP net income: Travelers 9.7x, Progressive 11.3x, Chubb 12.4x, Markel 13.3x, Loews 14.9x and Berkshire 15.8x; Berkshire at 25.8x on operating earnings.
Table 8.1 Insurers and holding companies, trailing twelve months to Q3 2026
| Company | Revenue TTM ($bn) | Revenue growth (%) | Net margin (%) | ROE (%) | Market value ($bn) | P/E TTM (x) |
|---|---|---|---|---|---|---|
| BRK.B | 395.4 | 8.6 | 19.5 | 10.1 | 1,218 | 15.8 |
| CB | 61.8 | 5.5 | 18.2 | 15.3 | 139 | 12.4 |
| PGR | 91.7 | 6.3 | 12.7 | 33.7 | 132 | 11.3 |
| TRV | 48.9 | 0.3 | 17.0 | 28.7 | 81 | 9.7 |
| MKL | 15.7 | 1.9 | 11.4 | 9.7 | 24 | 13.3 |
| L | 18.8 | 2.4 | 7.9 | 8.1 | 22 | 14.9 |
TTM Q3 2026 = FY2025 + 9M 2026 less 9M 2025 from each company's Forms 10-K and 10-Q; GAAP net income attributable; revenue growth 9M 2026 against 9M 2025; ROE on period end equity; P/E is market value over TTM net income; market values at prices of 10 Nov 2026. Price to book: Berkshire 1.6x, Chubb 1.9x, Progressive 3.82x, Travelers 2.79x, Markel 1.29x, Loews 1.21x. No peer combines insurance with rail, utilities and manufacturing.
9 Material Events & Contracts
- 10 Forms 8-K in the twelve months to 9 Nov 2026: four results releases, the leadership release, the CEO pay amendment, the repurchase disclosure, two yen note issues and the Q1 filing with the bylaws change and vote results.
- Succession as filed: Greg Abel became President and CEO on 1 Jan 2026 (Form 8‑K/A of 6 Jan 2026); Warren Buffett continues as Chairman. Charles Chang became CFO on 1 Jun 2026, Michael O'Sullivan General Counsel on 1 Jan 2026 in a newly created role, and Nancy Pierce GEICO CEO after Todd Combs left to join JPMorgan Chase (Form 8-K of 11 Dec 2025).
- Yen funding: ¥210.1bn in Nov 2025 and ¥272.3bn in Apr 2026, with coupons of 2.077% to 4.037% in the Apr 2026 issue against 1.510% to 2.810% in Nov 2025. Currency moves on these notes enter Other operating earnings.
- Bylaws amended 3 May 2026 (Item 5.03): Sections 4 (officers and agents), 6 (capital stock) and 10 (execution of papers) aligned with the operating structure.
Table 9.1 Forms 8-K filed in the last twelve months
| Date | Items | Event |
|---|---|---|
| 3 Nov 2025 | 2.02, 9.01 | Q3 2025 results (Ex 99.1): operating earnings $13.49bn against $10.09bn; net earnings $30.80bn; float about $176bn. |
| 21 Nov 2025 | 8.01, 9.01 | Yen senior notes issued 20 Nov 2025: ¥123.7bn 1.510% due 2028, ¥53.3bn 1.826% due 2030, ¥26.1bn 2.422% due 2035, ¥7.0bn 2.810% due 2040 (¥210.1bn); underwriting agreement, officers' certificates and legal opinion as exhibits. |
| 11 Dec 2025 | 5.02, 9.01 | Leadership release (Ex 99.1): Adam Johnson President of Consumer Products, Service and Retailing; Nancy Pierce GEICO CEO as Todd Combs leaves for JPMorgan Chase; Charles Chang CFO from 1 Jun 2026; Michael O'Sullivan General Counsel from 1 Jan 2026. |
| 6 Jan 2026 | 5.02 (8‑K/A) | Greg Abel President and CEO from 1 Jan 2026; annual cash salary $25m. |
| 2 Mar 2026 | 2.02, 9.01 | FY2025 results (Ex 99.1): net earnings $66.97bn; operating earnings $44.49bn (Q4 $10.20bn against $14.53bn); impairments of Kraft Heinz and Occidental $8.26bn after tax; float about $176bn. |
| 5 Mar 2026 | 8.01 | Repurchases of Class A and Class B shares began on 4 Mar 2026 under the policy of buying below intrinsic value, disclosed with reference to the leadership transition. |
| 16 Apr 2026 | 8.01, 9.01 | Yen senior notes: ¥128.9bn 2.077% due 2029, ¥86.8bn 2.465% due 2031, ¥22.3bn 2.739% due 2033, ¥27.3bn 3.084% due 2036, ¥2.0bn 3.452% due 2041, ¥5.0bn 4.037% due 2056 (¥272.3bn; the filing omits the ¥ sign on the last two). |
| 7 May 2026 | 2.02, 5.02, 5.03, 5.07, 9.01 | Q1 2026 results (operating earnings $11.35bn); CFO Chang salary $8m from 1 Jun 2026; bylaws amended 3 May 2026 (Ex 3(ii)); annual meeting votes: 13 directors elected. |
| 11 Aug 2026 | 2.02, 9.01 | Q2 2026 results: operating earnings $12.98bn (+16.3%); net earnings $25.67bn; repurchases $4.5bn in Q2; float about $177.5bn. |
| 9 Nov 2026 | 2.02, 9.01 | Q3 2026 results (release dated 7 Nov 2026): operating earnings $12.71bn (5.8%); net earnings $22.11bn; repurchases about $9.6bn in Q3 and $14.4bn in 9M; float about $178.5bn. |
Table 9.2 Material contracts and financing arrangements
| Contract | Terms |
|---|---|
| Yen senior notes | ¥210.1bn issued Nov 2025 (1.510% to 2.810%, due 2028 to 2040) and ¥272.3bn issued Apr 2026 in six tranches (2.077% to 4.037%, due 2029 to 2056), under the indenture of 31 Jan 2025 with Berkshire Hathaway Finance Corporation and The Bank of New York Mellon Trust Company; Mizuho Securities USA and Merrill Lynch International as underwriters. |
| Tokio Marine quota share | National Indemnity whole account quota share reinsurance of Tokio Marine subsidiaries from 1 Apr 2026 for ten years; about $700m premiums written to 30 Sep 2026. |
| OxyChem acquisition | Acquired from Occidental on 2 Jan 2026 for about $9.4bn in cash; Q3 2026 revenue $1.3bn and pretax earnings $71m. |
| Taylor Morrison acquisition | Acquired 24 Jul 2026 for $72.50 per share in cash, about $6.8bn; about $1.1bn of home sales in Q3 2026. |
| Occidental preferred stock and warrants | 8% cumulative perpetual preferred with $8.5bn liquidation value; warrants for 83.9m common shares at $59.59 (Form 10-Q). |
| Pilot disposition | Sale of a Pilot business closed 2 Nov 2026; $116m loss recorded in Q3 2026 (Form 10-Q subsequent events). |
| Executive pay | Greg Abel annual cash salary $25m from 1 Jan 2026; Charles Chang $8m from 1 Jun 2026; Marc Hamburg up to 30 NetJets flight hours a year to 31 May 2037, about $490,000 a year. |
Table 9.3 Leadership and governance changes as filed
| Role | Person | Change | Filing |
|---|---|---|---|
| President and CEO | Gregory E. Abel | from 1 Jan 2026; annual cash salary $25m | 8‑K/A, 6 Jan 2026 |
| Chairman of the Board | Warren E. Buffett | continues as Chairman; about 30.0% of votes and 13.7% of economic interest | DEF 14A, 13 Mar 2026 |
| CFO | Charles C. Chang | from 1 Jun 2026 (BHE CFO since 2024); salary $8m; Marc Hamburg retires 1 Jun 2027 | 8-K, 11 Dec 2025 and 7 May 2026 |
| General Counsel (new role) | Michael J. O'Sullivan | from 1 Jan 2026; general counsel of Snap Inc. since 2017 | 8-K, 11 Dec 2025 |
| GEICO CEO | Nancy L. Pierce | GEICO COO, with GEICO since 1986; Todd A. Combs left to join JPMorgan Chase | 8-K, 11 Dec 2025 |
| President, Consumer Products, Service and Retailing | Adam M. Johnson | 32 businesses; stays NetJets CEO | 8-K, 11 Dec 2025 |
| Vice Chairman, Insurance Operations | Ajit Jain | reports to Abel | 10-K FY2025 Item 1A |
| Lead independent director | Susan L. Decker | board of 13 elected on 2 May 2026 | DEF 14A; 8-K, 7 May 2026 |
| Bylaws | Board | amended 3 May 2026: Sections 4, 6 and 10 aligned with officer roles | 8-K Item 5.03, 7 May 2026 |
10 Ownership, Voting Power & Annual Meeting
- Two share classes: one Class A share converts into 1,500 Class B shares; Class B carries 1/1,500 of the economic rights and 1/10,000 of the voting rights of a Class A share. At 28 Oct 2026: 480,476 Class A and 1.40bn Class B shares, 2.12bn Class B equivalents.
- Control: Warren Buffett holds about 30.0% of the votes and 13.7% of the economic interest and may be deemed the controlling shareholder; a voting agreement has votes above 49.9% of total voting power cast in proportion to other holders. The proxy states Buffett believes a Buffett family member should be non executive Chairman after his death.
- Annual meeting of 2 May 2026: 13 nominees, all elected, with support from 381,226 votes for Charlotte Guyman (54,080 withheld) to 431,852 for Greg Abel (3,454 withheld); say on pay 93.0% of votes cast; shareholders chose a three year frequency for say on pay; the workforce oversight shareholder proposal received 15.0% and failed.
- Insiders, Nov 2025 to Oct 2026 (18 Forms 4): open market purchases about $17.3m, sales about $20.0m. Abel bought 21 Class A shares on 4 Mar 2026, the day repurchases started; O'Sullivan bought Class B shares in May and Aug 2026 and Chang 2 Class A shares on 12 Aug 2026; Ajit Jain reported a sale of 39,700 Class B shares by the Jain Foundation on 28 Sep 2026 at $503.09. Buffett converted 9,825 Class A shares into Class B and gave the Class B shares to foundations; he held 188,290 Class A shares after Jul 2026.
Table 10.1 Annual meeting vote results, 2 May 2026 (Class A and Class B voting together, votes as filed)
| Proposal | For | Against or withheld | Abstain | For as % of votes cast | Result |
|---|---|---|---|---|---|
| Elect Gregory E. Abel | 431,852 | 3,454 | n/a | 99.2 | Elected |
| Elect Ajit Jain | 430,489 | 4,817 | n/a | 98.9 | Elected |
| Elect Warren E. Buffett | 424,675 | 10,631 | n/a | 97.6 | Elected |
| Elect Stephen B. Burke | 403,648 | 31,658 | n/a | 92.7 | Elected |
| Elect Susan L. Decker | 386,648 | 48,658 | n/a | 88.8 | Elected |
| Elect Charlotte M. Guyman | 381,226 | 54,080 | n/a | 87.6 | Elected |
| Advisory vote on executive compensation | 403,351 | 30,251 | 1,703 | 93.0 | Approved |
| Shareholder proposal: report on board oversight of workforce and human capital | 65,023 | 367,387 | 2,895 | 15.0 | Rejected |
| Frequency of say on pay votes | 3 years 288,858; 1 year 143,050; 2 years 1,715 | n/a | 924 | n/a | Three years |
Six of 13 directors shown: the highest and lowest support and the executives. For as % of votes cast excludes abstentions. Figures as stated in the Form 8-K of 7 May 2026.
Table 10.2 Insider transactions, Nov 2025 to Oct 2026 (Forms 4)
| Date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 4 Mar 2026 | Greg Abel, President and CEO | Open market purchase | 21 Class A | $725,210 to $733,300 | about $15.3m |
| May and Aug 2026 | Michael O'Sullivan, General Counsel | Open market purchases | 1,024 Class B | n/a | about $0.50m |
| 12 Aug 2026 | Charles Chang, CFO | Open market purchase | 2 Class A | n/a | about $1.53m |
| 28 Sep 2026 | Ajit Jain, Vice Chairman Insurance Operations | Open market sale by the Jain Foundation (indirect holding) | 39,700 Class B | $503.09 | about $19.97m |
| Nov 2025, May and Jul 2026 | Warren Buffett, Chairman | Conversions of Class A into Class B and gifts to foundations | 9,825 Class A into 14.7m Class B | n/a | non market |
Open market purchases total about $17.3m and the open market sale about $20.0m. Buffett's conversions and gifts involve no sale.
11 Risk Factors
- Item 1A of the FY2025 Form 10-K holds 13 risk factors, as in FY2024: none added or removed, 5 materially reworded, 8 unchanged or with minor edits; words rose from 2,965 to 3,054. The Forms 10-Q for Q1 to Q3 2026 refer back to the Form 10-K with no new risk text.
- AI appears in the risk factors for the first time, in the regulatory changes factor, which now covers AI laws under development in the US and abroad and the use of AI tools.
Table 11.1 Risk factors with filed figures
| Risk | Disclosure and change |
|---|---|
| Key people and succession | Rewritten: Abel decides major capital allocation and investments from 1 Jan 2026; references to Buffett as decision maker removed. Buffett remains Chairman with about 30.0% of votes. |
| Underwriting and catastrophes | Adds litigation funding and social inflation; property and casualty unpaid losses $151.8bn at 31 Dec 2025; $15bn single event limit unchanged. GEICO combined ratio 91.4% in Q3 2026. |
| Rail network and consolidation | New paragraph on mergers among major carriers and network disruption; Union Pacific agreed to acquire Norfolk Southern on 28 Jul 2025. BNSF operating ratio 63.9%. |
| Regulation, data privacy and AI | AI laws and the use of AI tools named for the first time, within the regulatory changes factor; penalties for non compliance. |
| Utility wildfires | PacifiCorp James class action verdicts about $1.25bn of net damages to 201 plaintiffs to date (Form 10-Q Q3 2026). |
| Interest rates and investments | Insurance investment income after tax (14.1%) in Q3 2026 on lower short term rates; equity portfolio $335.5bn, 65% in five holdings. |
How risk factors changed
- Comparison: 10-K FY2025 filed 2 Mar 2026 acc 0001193125-26-083899 against 10-K FY2024 filed 24 Feb 2025 acc 0000950170-25-025210.
- Factor count is unchanged at 13 and total words rose 3.0% from 2,965 to 3,054; no factor was added or removed.
- AI is named in 1 risk factor in the FY2025 10-K against 0 a year earlier, within the regulatory changes factor.
- Succession is the largest rewrite: the key people factor now names Abel as decision maker from 1 Jan 2026 and drops all references to Buffett's role and age.
- Rail consolidation enters the text for the first time, alongside the pending Union Pacific and Norfolk Southern merger announced in Jul 2025.
- Insurance text adds litigation funding and social inflation, and property and casualty unpaid losses rose $4.2bn to $151.8bn.
Table 11.2 Size of the risk factor section
| Measure | 10-K FY2024 | 10-K FY2025 |
|---|---|---|
| Risk factors (count) | 13 | 13 |
| Words in Item 1A | 2,965 | 3,054 |
Table 11.3 Risk factors added, removed and materially reworded
| Change | Risk factor | What changed |
|---|---|---|
| Reworded | Dependence on a few key people | Rewritten for the succession: Greg Abel, appointed in May 2025 to succeed Warren Buffett as CEO from 1 Jan 2026, is now responsible for major capital allocation and investment decisions, with Ajit Jain and Adam Johnson (new President of Consumer Products, Service and Retailing) reporting to him; references to Buffett (age 94) as decision maker and to the Board's replacement plan for him were removed; body similarity 0.59, words 154 to 126. |
| Reworded | Regulatory changes may hurt operating results | The data privacy paragraph now also covers AI laws and regulations under development in the US and abroad and the use of AI tools, with penalties for non compliance; words 181 to 199. |
| Reworded | Underwriting risk tolerance may cause large losses | Adds third party litigation funding and social inflation, including juries awarding larger verdicts, as drivers of litigation frequency; estimated property and casualty unpaid losses updated to $151.8bn at 31 Dec 2025 from $147.6bn at 31 Dec 2024; the $15bn single event aggregate limit is unchanged. |
| Reworded | Regulation of insurance, BNSF and BHE | New paragraph: the US freight network is integrated, so disruptions at ports, passenger trains or other railroads, and consolidation including mergers among major rail carriers, could disrupt the network and hurt BNSF results; coal wording broadened to other commodities BNSF hauls; capital paragraph rewritten around BNSF and BHE access to debt markets; words 792 to 847. |
| Reworded | Competition and technology may erode franchises | Adds disruptive innovations and difficulty enforcing, protecting and defending intellectual property as factors that may erode competitive advantages; words 86 to 98. |
Table 11.4 Risk factor updates in quarterly reports since the annual filing
| Filing | Change disclosed |
|---|---|
| 10-Q Q1 2026 filed 4 May 2026 | No new or changed risk factors; Part II Item 1A refers to Item 1A of the 10-K for FY2025 and adds only general boilerplate on unknown risks. |
| 10-Q Q2 2026 filed 10 Aug 2026 | No new or changed risk factors; Part II Item 1A refers to Item 1A of the 10-K for FY2025 and adds only general boilerplate on unknown risks. |
| 10-Q Q3 2026 filed 9 Nov 2026 | No new or changed risk factors; Part II Item 1A refers to Item 1A of the 10-K for FY2025 and adds only general boilerplate on unknown risks. |
12 Stock Price, Scenarios & Sensitivity
- BRK.B closed at $573.50 on 10 Nov 2026, 2.1% below the 52 week high of $586.00 and 23.5% above the low of $464.36; market value $1.22tn on 2.12bn Class B equivalent shares.
- Scenario basis: price to book value per Class B share. Book value per Class B share is derived for this report as Berkshire shareholders' equity of $761.4bn divided by 2.13bn Class B equivalent shares (Class A shares times 1,500): $357.73 at 30 Sep 2026, against $332.55 at 31 Dec 2025 (+7.6%). Price to book 1.60x now; 1.37x to 1.51x at the year ends FY2022 to FY2025 and 1.39x at 30 Sep 2026.
- Other measures: 25.8x TTM operating earnings of $47.2bn and 15.8x TTM net earnings, which include $34.3bn of investment gains. Implied price = book value per Class B share in three years times the exit price to book multiple.
Critical factors and core assumptions
Table 12.1 Critical factors behind the best case
| Factor | Current value | Best case requires | Evidence in filings and calls |
|---|---|---|---|
| GEICO underwriting | combined ratio 90.0% in 9M 2026 (loss ratio 75.7%) | combined ratio back near 83% to 85% (9M 2025 82.6%) | Form 10-Q: frequency and severity up, average premium per policy down |
| Retained operating earnings | TTM $47.2bn, 6.2% of shareholders' equity | operating earnings growth of high single digits a year | BNSF, BHE and MSR +13.0%, +10.0% and +14.0% in 9M 2026 (releases) |
| Equity portfolio | $335.5bn fair value, 44.1% of equity; 65% in five holdings | high single digit annual gains | Form 10-Q Note 4; unrealized gain $227.1bn |
| Cash deployment | $352.3bn cash and Treasury bills (Form 10-Q basis) | acquisitions or equity purchases that earn more than Treasury bill yields | OxyChem $9.4bn and Taylor Morrison $6.8bn in 2026 (Form 10-Q) |
| Repurchases | $9.6bn in Q3 2026; $14.4bn in 9M | continued repurchases below intrinsic value | Form 10-Q Part II Item 2; $30bn cash floor |
| Short term rates | insurance investment income pretax $3.32bn in Q3, (10.7%) | stable short term rates | Form 10-Q MD&A |
- Base: book value per Class B share $357.73 at 30 Sep 2026 (derived). TTM operating earnings equal 6.2% of equity; the equity portfolio equals 44.1% of equity, so a 10% move in its value changes book value by about 3.5% after a 21% deferred tax rate.
- Best case: book value per Class B share +10% a year, exit price to book 1.7x, above the 1.60x of 10 Nov 2026; operating earnings growth and equity gains above the base.
- Base case: +8% a year, below the 10.1% annualized rate of 9M 2026 and the 15.4% CAGR of FY2022 to FY2025; exit 1.5x, the level of FY2024 and FY2025 year ends.
- Worst case: +3% a year, with equity portfolio losses offsetting part of retained operating earnings; exit 1.3x, below the FY2022 to Q3 2026 range of 1.37x to 1.51x.
- No dividend; repurchases at prices above book value reduce book value per share slightly and are inside the growth assumptions. Implied annual return is the price change only.
Scenarios, three years forward
Table 12.2 Scenario analysis, 30 Sep 2026 to 30 Sep 2029
| Measure | Worst case | Base case | Best case |
|---|---|---|---|
| Book value per Class B share, CAGR over 3 years (%) | 3.0 | 8.0 | 10.0 |
| Book value per Class B share, 30 Sep 2029 ($) | 390.9 | 450.6 | 476.1 |
| Exit price to book value (x) | 1.3 | 1.5 | 1.7 |
| Implied price ($) | 508 | 676 | 809 |
| Change against $573.50 (%) | (11) | 18 | 41 |
| Implied annual return (%) | (4.0) | 5.6 | 12.2 |
| Description | Soft insurance pricing, lower short term rates and equity portfolio losses | Operating earnings grow with rail, utilities and MSR; underwriting near 9M 2026 run rate | GEICO combined ratio back near 85%; equity portfolio gains; buybacks continue |
Book value per Class B share is derived (shareholders' equity over Class B equivalent shares). Implied price = book value per Class B share at 30 Sep 2029 times exit price to book. Model outputs that depend on the stated assumptions.
Sensitivity analysis
Table 12.3 Sensitivity of implied price at 30 Sep 2029 to book value per Class B share growth and exit price to book value
| Book value growth a year \ Price to book | 1.3x | 1.4x | 1.5x | 1.6x | 1.7x |
|---|---|---|---|---|---|
| 3% | $508 | $547 | $586 | $625 | $665 |
| 5% | $538 | $580 | $621 | $663 | $704 |
| 8% | $586 | $631 | $676 | $721 | $766 |
| 10% | $619 | $667 | $714 | $762 | $809 |
| 12% | $653 | $704 | $754 | $804 | $854 |
Cells show implied share price in year 3. Close of 10 Nov 2026 $573.50. Blue cells sit above it, red cells below. Rows: annual growth of book value per Class B share; columns: exit price to book value.
Disclaimer
This analysis is for information only and is not financial advice. It is derived from public SEC filings retrieved via sec-api.io and is not a publication of the U.S. Securities and Exchange Commission. Scenario values are model outputs under stated assumptions and are not forecasts. Data as of 10 November 2026.
Sources
All company figures are read from SEC filings retrieved through the sec-api.io MCP server, under central index key 1067983 for Berkshire Hathaway Inc. and the central index keys of the peer companies listed below. Management statements come from the Forms 8-K and their exhibits and from the Forms 10-Q. Book value per Class B share, operating ratios and combined ratios marked as computed are derived from filed figures.
Table A.1 Filings used, with accession numbers
| Form | Period | Filed | Accession number |
|---|---|---|---|
| 8-K Ex 99.1 | Q3 2026 | 9 Nov 2026 | 0001193125-26-452530 |
| 10-Q | Q3 2026 | 9 Nov 2026 | 0001193125-26-452412 |
| 8-K Ex 99.1 | Q2 2026 | 11 Aug 2026 | 0001193125-26-344495 |
| 10-Q | Q2 2026 | 10 Aug 2026 | 0001193125-26-341032 |
| 13F-HR | Q2 2026 | 14 Aug 2026 | 0001193125-26-352200 |
| 13F-HR | Q1 2026 | 15 May 2026 | 0001193125-26-226661 |
| 8-K | Q1 2026 / AGM | 7 May 2026 | 0001193125-26-212148 |
| 10-Q | Q1 2026 | 4 May 2026 | 0001193125-26-202243 |
| 8-K | buyback start | 5 Mar 2026 | 0001193125-26-092557 |
| 8-K | yen notes | 16 Apr 2026 | 0001193125-26-159326 |
| DEF 14A | 2026 AGM | 13 Mar 2026 | 0001193125-26-106253 |
| 10-K | FY2025 | 2 Mar 2026 | 0001193125-26-083899 |
| 8-K Ex 99.1 | FY2025 | 2 Mar 2026 | 0001193125-26-085801 |
| 8-K/A | CEO pay | 6 Jan 2026 | 0001193125-26-004727 |
| 8-K Ex 99.1 | leadership | 11 Dec 2025 | 0001193125-25-314935 |
| 8-K | yen notes | 21 Nov 2025 | 0001193125-25-290864 |
| 10-K | FY2023 | 26 Feb 2024 | 0000950170-24-019719 |
| 10-K | FY2022 | 27 Feb 2023 | 0000950170-23-004451 |
| 8-K Ex 99.1 | FY2023 | 26 Feb 2024 | 0001193125-24-045977 |
| 8-K Ex 99.1 | FY2022 | 1 Mar 2023 | 0001193125-23-056259 |
Table A.2 Further Berkshire Hathaway filings and peer filings used
| Company | Form | Filed | Accession number |
|---|---|---|---|
| Berkshire Hathaway Inc. | 10-K | 24 Feb 2025 | 0000950170-25-025210 |
| Berkshire Hathaway Inc. | 10-Q | 3 Nov 2025 | 0001193125-25-261548 |
| Berkshire Hathaway Inc. | 8-K | 3 Nov 2025 | 0001193125-25-262260 |
| Allstate | 10-Q | 4 Nov 2026 | 0000899051-26-000157 |
| CSX | 10-Q | 21 Oct 2026 | 0000277948-26-000040 |
| Chubb | 10-K | 2026 | 0000896159-26-000005 |
| Chubb | 10-Q | 28 Oct 2026 | 0000896159-26-000021 |
| Duke Energy | 10-Q | 5 Nov 2026 | 0001326160-26-000051 |
| Loews | 10-Q | 2026 | 0000060086-26-000056 |
| Loews | 10-K | 2026 | 0000060086-26-000008 |
| Markel Group | 10-Q | 2026 | 0001096343-26-000080 |
| Markel Group | 10-K | 2026 | 0001096343-26-000020 |
| NextEra Energy | 10-Q | 21 Oct 2026 | 0000753308-26-000081 |
| Norfolk Southern | 10-Q | 22 Oct 2026 | 0001628280-26-066836 |
| Progressive | 10-K | 2026 | 0000080661-26-000086 |
| Progressive | 10-Q | 2 Nov 2026 | 0000080661-26-000379 |
| Travelers | 10-K | 2026 | 0000086312-26-000065 |
| Travelers | 10-Q | 16 Oct 2026 | 0000086312-26-000181 |
| Union Pacific | 10-Q | 22 Oct 2026 | 0000100885-26-000321 |
Table B.1 Exhibits to Forms 8-K filed in the last twelve months
| Filed | Exhibit | Document | Content |
|---|---|---|---|
| 3 Nov 2025 | Ex 99.1 | Q3 2025 earnings release (1 Nov 2025) | Net earnings attributable to shareholders $30.80bn in Q3 2025 against $26.25bn in Q3 2024; operating earnings $13.49bn against $10.09bn; Insurance underwriting earnings $2.37bn against $750m; insurance investment income $3.18bn against $3.66bn |
| 21 Nov 2025 | Ex 1.1, Ex 4.2 to Ex 4.5, Ex 5.1 | Yen senior notes issue (20 Nov 2025): underwriting agreement, officers' certificates, legal opinion | Issued ¥123.7bn of 1.510% notes due 2028, ¥53.3bn of 1.826% notes due 2030, ¥26.1bn of 2.422% notes due 2035 and ¥7.0bn of 2.810% notes due 2040; ¥210.1bn in total; Underwriting agreement dated 14 Nov 2025 with Mizuho Securities USA and Merrill Lynch International (Ex 1.1) |
| 11 Dec 2025 | Ex 99.1 | Leadership appointments (8 Dec 2025) | Adam M. Johnson, CEO of NetJets, named President of the 32 Consumer Products, Service and Retailing businesses while staying NetJets CEO; Nancy L. Pierce, GEICO COO and with GEICO since 1986, appointed CEO of GEICO; Todd A. Combs, GEICO CEO since 2020, leaves to join JPMorgan Chase |
| 6 Jan 2026 | 8‑K/A (no exhibit) | Abel salary as President and CEO | Greg Abel became President and CEO on 1 Jan 2026; his annual cash salary rose to $25m from that date |
| 2 Mar 2026 | Ex 99.1 | Q4 and FY2025 earnings release (28 Feb 2026) | FY2025 net earnings attributable to shareholders $66.97bn against $89.00bn in FY2024; Q4 2025 $19.20bn against $19.69bn; FY2025 operating earnings $44.49bn against $47.44bn; Q4 2025 $10.20bn against $14.53bn |
| 5 Mar 2026 | 8-K Item 8.01 (no exhibit) | Share repurchases resumed (4 Mar 2026) | Berkshire disclosed it began repurchasing Class A and Class B shares on 4 Mar 2026 under its policy of buying below intrinsic value, conservatively determined; Disclosure made in the interest of transparency with the leadership transition; the policy sets no specific number of shares and repurchases may use Rule 10b5 1 plans |
| 16 Apr 2026 | Ex 1.1, Ex 4.2 to Ex 4.7, Ex 5.1 | Yen senior notes issue (16 Apr 2026): underwriting agreement, officers' certificates, legal opinion | Issued ¥128.9bn of 2.077% notes due 2029, ¥86.8bn of 2.465% notes due 2031, ¥22.3bn of 2.739% notes due 2033 (filed text reads 22,300,000,00), ¥27.3bn of 3.084% notes due 2036, 2.0bn of 3.452% notes due 2041 and 5.0bn of 4.037% notes due 2056 (currency symbol omitted for the last two in the filing); Coupons range from 2.077% to 4.037%, above the 1.510% to 2.810% range of the Nov 2025 yen issue |
| 7 May 2026 | Ex 3(ii) | Amended and restated bylaws (3 May 2026) | Board amended Sections 4 (Officers and Agents), 6 (Capital Stock) and 10 (Execution of Papers) to align officer roles with the current operating structure; Same 8-K (Item 5.02): incoming CFO Charles C. Chang paid an annual cash salary of $8m from 1 Jun 2026; Marc Hamburg receives up to 30 NetJets flight hours a year to 31 May 2037, cost estimated at about $490,000 a year |
| 7 May 2026 | Ex 99.1 | Q1 2026 earnings release (2 May 2026) | Net earnings attributable to shareholders $10.11bn in Q1 2026 against $4.60bn in Q1 2025; operating earnings $11.35bn against $9.64bn; Insurance underwriting $1.72bn against $1.34bn; insurance investment income $2.68bn against $2.89bn |
| 11 Aug 2026 | Ex 99.1 | Q2 2026 earnings release (8 Aug 2026) | Net earnings attributable to shareholders $25.67bn in Q2 2026 against $12.37bn in Q2 2025; operating earnings $12.98bn against $11.16bn; Insurance underwriting $1.73bn against $1.99bn; insurance investment income $3.06bn against $3.37bn |
| 9 Nov 2026 | Ex 99.1 | Q3 2026 earnings release (7 Nov 2026) | Net earnings attributable to shareholders $22.11bn in Q3 2026 against $30.80bn in Q3 2025; operating earnings $12.71bn against $13.49bn; Insurance underwriting $1.35bn against $2.37bn; insurance investment income $2.73bn against $3.18bn |
