Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
Stock marks drove most of the profit jump
Investment gains alone matched half of pre-tax earnings, so this quarter's profit says more about markets than about the businesses.
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Free cash flow grew far more slowly than net earnings, mostly because market gains on held stock bring in no cash.
Lower overhead more than explains the better cost ratio, and the filing books currency swings on foreign debt in that line.
Premiums arrive long before claims are paid, and Berkshire invests the money in between, so careful underwriting pays twice.
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Business Lens describes Berkshire Hathaway from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
