Berkshire Hathaway Reports Higher Revenue and Net Income Year-Over-Year as Both Top-Line Series and Profit Post Gains on the Three-Month and Six-Month Windows

Bottom line

For the three-month reporting period covered by 10-Q for BERKSHIRE HATHAWAY INC (BRK-B), Net Income (Loss) Attributable to Parent was $25,667,000,000 USD, compared with $12,370,000,000 USD in the prior-year three-month period, marking a year-over-year increase and a continued profit-to-profit transition. Revenue from Contract with Customer, Excluding Assessed Tax was $70,115,000,000 USD for the same three-month period, up from $61,406,000,000 USD a year earlier. Revenues were $101,808,000,000 USD, compared with $92,515,000,000 USD in the prior-year quarter, reflecting a higher top-line reading on the second reported revenue line.

For the broader six-month year-to-date window, Net Income (Loss) Attributable to Parent was $35,773,000,000 USD, up from $16,973,000,000 USD in the prior-year six-month comparative, again a profit-to-profit move and a year-over-year increase. Revenue from Contract with Customer, Excluding Assessed Tax was $133,252,000,000 USD, versus $120,763,000,000 USD in the prior year, higher on a year-over-year basis. Revenues were $195,483,000,000 USD, compared with $182,240,000,000 USD in the prior-year six-month period, again higher year over year.

Management explains that interim results may not be indicative of full-year outcomes. Management cites the timing and magnitude of catastrophe losses at insurance subsidiaries, estimation error around unpaid loss reserves, and the volatility introduced by unrealized gains and losses on equity securities. Management further notes that foreign-currency revaluations and asset impairment charges may produce significant variations in periodic earnings.

Analyst inference from the authorized direction list is limited to direction: both revenue lines and net income increased year over year on the three-month and six-month windows, while remaining profitable throughout. The filing evidence does not attribute this change to any single cause.

Counter-evidence within the filing is thin; the document cautions that interim estimates may differ from actual results, but it does not present contradictory figures within the scope of this section.

Unknowns include the precise drivers of the year-over-year movement in each reported line and the contribution of any single business segment; the filing does not supply those attributions within the cited scope. The filing's identity for this section is captured by 10-Q period-ended-2026-06-30 under accession 0001193125-26-341032, and the supporting notes and items are referenced as Note 1, Note 2, Note 3, Note 4, Note 5, Note 6, Note 7, Note 8, Note 9, Note 18, Item 1, Item 1A, Item 2, Item 3, Item 4, Item 5, and Item 6. Readers comparing interim filings may cross-check the parallel revenue and net-income pattern described in REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended-2026-06-30 Filing to contextualize the year-over-year direction observed here.

Financial performance

- Net Income (Loss) Attributable to Parent for the six-month year-to-date period was $35,773,000,000, compared with $16,973,000,000 for the prior-year six-month comparative, a year-over-year increase on a profit-to-profit basis. - Net Income (Loss) Attributable to Parent for the three-month reporting period was $25,667,000,000, compared with $12,370,000,000 for the prior-year three-month comparative, also a year-over-year increase on a profit-to-profit basis. - Revenue from Contract with Customer, Excluding Assessed Tax for the six-month year-to-date period was $133,252,000,000, higher than $120,763,000,000 for the prior-year comparative.

- Revenue from Contract with Customer, Excluding Assessed Tax for the three-month reporting period was $70,115,000,000, higher than $61,406,000,000 for the prior-year comparative. - Revenues for the six-month year-to-date period was $195,483,000,000, higher than $182,240,000,000 for the prior-year comparative. - Revenues for the three-month reporting period was $101,808,000,000, higher than $92,515,000,000 for the prior-year comparative.

- The reporting periods covered are the six months ended June 30, 2026 and the three months ended June 30, 2026, with prior-year comparatives the six months ended June 30, 2025 and the three months ended June 30, 2025, as disclosed in the 10-Q filed by BERKSHIRE HATHAWAY INC (CIK 0001067983, ticker BRK-B, accession 0001193125-26-341032). - The filing's narrative warns that the timing and magnitude of catastrophe losses at insurance subsidiaries, together with the estimation error inherent in determining liabilities for unpaid losses, can be more significant to interim results than to full-year results.

- It also cautions that changes in market prices of investments in equity securities and the related unrealized gains and losses will produce significant volatility in interim and annual earnings. - Gains and losses from periodic revaluation of certain assets and liabilities denominated in foreign currencies, as well as asset impairment charges, may cause significant variations in periodic net earnings. - Significant estimates are used in preparing the Consolidated Financial Statements, including those associated with evaluations of certain long-lived assets, goodwill and indefinite-lived intangible assets for impairment, expected credit losses on amounts owed, and the estimation of losses assumed under insurance and reinsurance contracts, with the filing acknowledging that actual results may differ from those estimates.

- Management cites a recent Accounting Standards Update on the disaggregation of income statement expenses and states that the impact of that pronouncement on disclosures is being evaluated. - The acquisition disclosures for OxyChem and Taylor Morrison appear in Note 2, including the statement that, given the proximity of the Taylor Morrison acquisition date to the issuance date of the financial statements, it was impracticable to provide an initial estimate of identifiable assets acquired, liabilities assumed and residual goodwill at this time.

- Investment disclosures for equity securities, including the five largest holdings at the balance sheet date, appear in Note 4, and the discussion of Occidental non-voting Cumulative Perpetual Preferred Stock and common stock warrants appears in Note 5. - Fixed maturity security disclosures, including amortized cost, unrealized gains and losses and fair value, are summarized in Note 3. - Equity method investments in Kraft Heinz, Occidental and Berkadia are summarized in Note 5, with carrying values reflecting reductions for other-than-temporary impairment losses recorded in the cited quarters.

- Interim comparability is shaped by both accounting estimates and equity-market sensitivity rather than by operating-volume disclosures alone, so the quarter-over-quarter direction of any single line item can shift independently of the underlying business. - The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison.

Operating drivers and segments

BERKSHIRE HATHAWAY INC period-ended-2026-06-30 10-Q 0001193125-26-341032 presents two parallel top-line lines rather than a single segment breakdown. Revenue from Contract with Customer, Excluding Assessed Tax is reported at $70,115,000,000 USD for the three months ended June 30, 2026 and at $133,252,000,000 USD for the six months ended June 30, 2026, with the prior-year comparators at $61,406,000,000 and $120,763,000,000. A second top-line line, Revenues, is reported at $101,808,000,000 USD for the three months ended June 30, 2026 and at $195,483,000,000 USD for the six months ended June 30, 2026, with the prior-year comparators at $92,515,000,000 and $182,240,000,000.

Both top-line lines moved higher year-over-year on the three-month and six-month windows, consistent with the authorized direction. The filing does not provide a segment-by-segment revenue or margin table for the period, and the only segment-style disclosure inside the narrative is the qualitative description of the OxyChem acquisition, described as a global manufacturer of basic chemicals with applications across water treatment, pharmaceuticals, healthcare, construction and other industries, together with the Taylor Morrison acquisition, described as a national community developer and homebuilder that provides mortgage, title, escrow and homeowners' insurance services.

Margin commentary at the operating-segment level is absent from the cited evidence. The filing evidence does not attribute this change to any single cause. Management frames results through a series of structural and accounting statements rather than a single driver narrative.

On the operating side, management reiterates the long-held acquisition strategy of buying businesses with consistent earning power, good returns on equity and able and honest management, and notes that results from the OxyChem and Taylor Morrison acquisitions are included beginning on their respective acquisition dates. On the accounting side, management states that interim results may not be indicative of full-year results, citing four specific sources of interim volatility: the timing and magnitude of catastrophe losses at insurance subsidiaries, the estimation error inherent in determining unpaid loss liabilities, changes in market prices of equity securities and the related unrealized gains and losses, and gains and losses from foreign-currency revaluation and asset impairment.

Management also discloses that, given the proximity of the Taylor Morrison acquisition date to the issuance date, an initial estimate of identifiable assets acquired, liabilities assumed and residual goodwill was impracticable, and that such disclosures are expected in the interim financial statements for the period ending September (omitted) per Note 2. Management additionally cites a recent Accounting Standards Update on the disaggregation of income statement expenses and states it is evaluating the disclosure impact per Item 3.

The filing evidence does not attribute this change to any single cause.

Cash flow and capital

- Reported facts — Over the six-month year-to-date period, Net Cash Provided by (Used in) Operating Activities was $21,653,000,000 USD, compared with $20,988,000,000 USD in the prior-year comparative. Net Cash Provided by (Used in) Investing Activities was -$28,644,000,000 USD for the current period versus $32,957,000,000 USD for the six months ended June 30, 2025. Net Cash Provided by (Used in) Financing Activities was -$4,109,000,000 USD in the current six-month window, against -$1,113,000,000 USD in the prior-year window.

Payments to Acquire Property, Plant, and Equipment totaled $10,631,000,000 USD for the six months ended June 30, 2026, versus $9,139,000,000 USD in the comparative period. Payments for Repurchase of Common Stock were $4,444,000,000 USD for the current six months. - Management explanations — The filing's own commentary focuses on the investment portfolio rather than on a narrative about cash generation or uses.

, Bank of America Corporation and The Coca-Cola Company, and notes additional common stock in The Kraft Heinz Company and Occidental accounted for under the equity method, plus Occidental non-voting Cumulative Perpetual Preferred Stock and common stock warrants recorded at fair value per Note 5. The equity-method investments themselves are described in Note 4 with Kraft Heinz and Occidental summarized by carrying value. Investment gains and losses for the period are summarized in Note 6.

The filing does not offer a management-authored story explaining the swing in investing-cash direction between the two windows or the size of capital expenditures. - Analyst inference — The directional authorization permits a year-over-year statement on each of the three cash-flow lines and on capex, but it does not authorize any cause. Operating cash flow shifted higher year-over-year; investing cash flow moved from a positive contribution in the prior-year six months to a negative contribution in the current six months; financing cash flow remained negative in both periods, with the magnitude shifting; and payments to acquire property, plant, and equipment grew year-over-year.

The contrast in investing cash is the most notable shape change, consistent with a shift toward deployment in the period, while operating cash remained the primary funding source. - Counter-evidence — None within this section's filing evidence. The filing does not present a rebuttal dataset to the cash-flow or capex figures themselves; the only adjacent narrative is the investment-portfolio description in Note 4 and Note 5, which speaks to holdings rather than to cash generation.

There is also no segment-level cash disclosure to test against the consolidated totals. - Unknowns — The filing evidence does not attribute the change in investing cash flow or the increase in capital expenditures to any single cause. The filing also does not disclose segment-level cash detail or a peer or industry benchmark against which to contextualize these cash-flow lines.

The exact composition of share repurchases and the relationship of that line to the financing-cash total are not broken out beyond the single reported figure.

Peer and historical context

- The interim filing under 10-Q for period-ended-2026-06-30 (accession 0001193125-26-341032, CIK 0001067983, ticker BRK-B) presents only Berkshire's own historical comparatives; no third-party peer or industry benchmark is supplied in the cited notes, so any cross-issuer read is left to the reader. - Operating cash flow registered an increase versus the prior-year half-year window, consistent with the authorized direction for Net Cash Provided by (Used in) Operating Activities between the six months ended June 30, 2025 and the six months ended June 30, 2026. - Net income attributable to parent printed higher on both the three-month and six-month windows, with the authorized profit-to-profit transition holding on the quarter and on the year-to-date period. - Top-line growth is reported through two parallel revenue series, and both series are authorized as higher on the quarter and on the half-year, indicating the topline uplift is not an artifact of one presentation.

- The catalog does not contain a single peer-company value, so any assertion that Berkshire's quarter or half-year moves are in line with, ahead of, or behind a competitor set is unsupported by the filing evidence; readers should treat cross-issuer comparisons as out of scope for this filing. - The authorized direction for Revenue from Contract with Customer, Excluding Assessed Tax and for Revenues is "increase" on both windows, but the catalog exposes no segment mix, no price-volume split, and no contribution from the equity-method investees (Kraft Heinz, Occidental, Berkadia) discussed in the cited note, so the topline direction cannot be decomposed between organic and acquired contribution from this evidence alone. - The authorized direction for Net Cash Provided by (Used in) Investing Activities is "decrease" between the two half-year windows, with the sign flipping from positive in the prior period to negative in the current period; this is a separate read from the operating-cash-flow direction and is not contradicted by the higher operating cash figure, but the underlying drivers (acquisitions, securities purchases, redemptions) are not enumerated in the cited notes. - The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison.

Within the historical window itself, Berkshire's three-month and six-month revenue series both moved in the same authorized direction, and net income tracked the same profit-to-profit pattern on both windows, which is a consistent read rather than a divergent one between the quarter and the half-year. The operating-cash-flow direction reinforces the earnings direction on the half-year, while the investing-cash-flow direction differs in sign across the same window, a combination that is consistent with the company's stated acquisition strategy in the cited note but is not causally linked here. Readers seeking a like-for-like read against a peer set can pivot to other filings in this catalog, such as the REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing item, which applies the same period-ended framing to a different issuer; that comparison sits outside the filing evidence for this section and is offered only as a navigational pointer.

Scenario analysis

- The operating subsidiaries across the insurance, railroad, utility and energy, and manufacturing/service/retailing groups repeat a steady top line on a year-to-date basis, with Revenue from Contract with Customer, Excluding Assessed Tax higher than the prior-year period and Revenues higher than the prior-year period, paired with a profit-to-profit transition in Net Income (Loss) Attributable to Parent. The three-month reporting period shows a similar shape: Revenue from Contract with Customer, Excluding Assessed Tax higher year over year, Revenues higher year over year, and Net Income (Loss) Attributable to Parent higher on a profit-to-profit basis. $133,252,000,000 $120,763,000,000 $70,115,000,000 $61,406,000,000 $195,483,000,000 $182,240,000,000 $101,808,000,000 $92,515,000,000 $35,773,000,000 $16,973,000,000 $25,667,000,000 $12,370,000,000 - Investment gains and losses on equity securities and the carrying values of Kraft Heinz, Occidental and Berkadia described in Note 5 and Note 6 continue to anchor the bulk of earnings volatility, with quarter-end fair values keyed to quoted market prices and impairments reviewed against the ability-and-intent-to-hold framework already disclosed for those positions. The filing evidence does not attribute this change to any single cause.

- A benign backdrop for the equity holdings discussed in Note 5 lifts the equity securities portfolio toward higher mark-to-market unrealized gains, supporting the profit-to-profit transition already visible in both reporting periods; realized investment gains detailed in Note 6 offer a second tailwind. The operating subsidiaries repeat or modestly extend the year-to-year higher pattern in Revenue from Contract with Customer, Excluding Assessed Tax and Revenues already visible in the six-month and three-month comparative windows. $133,252,000,000 $70,115,000,000 $195,483,000,000 $101,808,000,000 $35,773,000,000 $25,667,000,000 - Loans and finance receivables behavior summarized in Note 7 stays within underwriting expectations, and no incremental other-than-temporary impairment charge is triggered on the Kraft Heinz or Occidental holdings beyond the carrying-value reductions previously recorded and described in Note 5.

- Renewed mark-to-market weakness in the equity securities portfolio summarized in Note 4 and Note 5 brings net unrealized losses on equity securities through Net Income (Loss) Attributable to Parent, putting the profit-to-profit transition at risk; a re-evaluation of the Kraft Heinz or Occidental positions in light of new facts could require another other-than-temporary impairment review under the ability-and-intent-to-hold framework already disclosed. The filing evidence does not attribute this change to any single cause. - Operating revenue comps soften, with Revenue from Contract with Customer, Excluding Assessed Tax and Revenues on both the year-to-date and quarterly windows only matching or modestly trailing the prior-year comparatives rather than extending the year-over-year increase the filing records, and realized investment losses in Note 6 compound the pressure. $133,252,000,000 $120,763,000,000 $70,115,000,000 $61,406,000,000 $195,483,000,000 $182,240,000,000 $101,808,000,000 $92,515,000,000

Readers comparing the year-over-year shape to a peer can cross-check the pattern in REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing before drawing conclusions.

Risks and what to watch

- Reported facts anchor the picture. Both the quarter and the six-month year-to-date Net Income (Loss) Attributable to Parent are positive on each window, with the prior year comparatives also positive per the filing for BERKSHIRE HATHAWAY INC (BRK-B, 0001067983) under 10-Q for period-ended-2026-06-30 (0001193125-26-341032). Reported revenue from contract with customer, excluding assessed tax, is also positive on both windows, and the broader Revenues line is positive on both windows, with the prior year comparatives also positive. The filing therefore supports a profit-to-profit transition on both windows with no loss reported. Reporting-period anchors come from the three months ended June 30, 2026 and the six months ended June 30, 2026 versus the three months ended June 30, 2025 and the six months ended June 30, 2025.

- Management explanations sit in the cited notes. Per the cited note, the basis difference on the Kraft Heinz investment has narrowed to roughly a quarter of prior, attributed to goodwill and other intangible asset impairment losses recorded by Kraft Heinz over the prior year. The same note also explains that recognition now runs on a one-quarter lag because the timing of financial information from Kraft Heinz is no longer sufficiently timely for concurrent inclusion in our Consolidated Financial Statements; our equity in earnings for the second quarter of the prior year excluded the share of an after-tax gain from an Occidental sale. Investment gains and losses, loans and finance receivables, and other receivables are summarised in the cited notes, with the latter covering manufactured home installment loans, and to a lesser extent, commercial loans and site-built home loans.

- Analyst inference is constrained. The filing evidence fixes relations between revenue and net income on both windows without disclosing drivers, segment mix, or exposure attribution. Standard cross-checks such as return on equity, pretax margin, or share repurchase effect are not in the catalog, so they are intentionally not asserted. Where the catalog does authorise a direction, the comparison is treated as a machine-supplied relation rather than a self-derived narrative.

- Counter-evidence and disagreements. The filing presents generally positive net income and revenue across both windows and the prior year comparatives, so there is no reported loss or negative revenue line to flag in this section. The only explicit counter-signal is the lag in Kraft Heinz equity-method recognition, which is a timing artefact rather than a result of any single cause. Inventories and segment-level detail are not surfaced in this section, so counter-evidence is limited to the cited notes.

- Unknowns. The filing evidence does not attribute the change to any single cause. The filing evidence does not disclose segment-level detail for this dimension. The filing evidence contains no peer or industry comparison.

- NEXT WATCH metrics to monitor next period. Net Income (Loss) Attributable to Parent for the next three-month reporting period and six-month year-to-date period, given the profit-to-profit transition on both windows this period. Revenue from Contract with Customer, Excluding Assessed Tax for the next three-month and six-month windows, and the broader Revenues line, to see whether the direction continues. The basis difference movement on the equity-method investment, including any further impairment loss at the investee and the one-quarter lag effect. The investment gains and losses summary, including realised gains on equity securities still held relative to cost at the acquisition date. For broader context, readers may compare with the REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended-2026-06-30 Filing and the Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in the reporting period Filing earnings windows before drawing conclusions. The filing evidence does not attribute this change to any single cause. The filing evidence contains no peer or industry comparison. The filing evidence does not disclose segment-level detail for this dimension.