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Berkshire Hathaway reported Q2 FY2026 revenue of $101.8 billion, up from $92.5 billion a year earlier. Diluted earnings per share rose to $17,856.54 from $8,595.16.
Berkshire’s filing said after-tax insurance underwriting earnings declined, while insurance investment income fell as lower interest rates reduced interest income. At GEICO, the filing attributed a higher loss ratio to more frequent and more severe claims.
BNSF’s after-tax earnings increased, with higher shipping volumes and improved operating efficiencies partly offset by higher fuel costs and taxes, according to Berkshire. The filing also reported higher earnings at Berkshire Hathaway Energy and across the manufacturing, service and retailing businesses.
Berkshire’s operating margin rose to 33.7% from 23.7% a year earlier, while gross margin increased to 80.1% from 78.7%. Free cash flow was $5.6 billion, compared with $5.2 billion in the prior-year quarter.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $101.8 billion | $92.5 billion | 10.0% |
| Diluted EPS | $17,856.54 | $8,595.16 | 107.8% |
| Gross margin | 80.1% | 78.7% | 1.3 percentage points |
| Operating margin | 33.7% | 23.7% | 10.1 percentage points |
| Free cash flow | $5.6 billion | $5.2 billion | 6.56% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $2,505.00 | $2,732.08 | Missed by 8.31% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
No earnings call transcript is available for Berkshire Hathaway’s latest quarter.
Guidance
Management guidance is not available for Berkshire Hathaway’s latest quarter. Without it, a comparison of the company’s current outlook with its previous guidance cannot be made.