Investor Research

BRK.B · US

BRK.B: Q2'26 operating earnings $13.0B — Abel deploys cash

Berkshire Q2 operating earnings $12.98B (+16%), net earnings $25.7B; cash $365.5B, ~$4.5B buybacks, net equity buyer. Insurance underwriting softer. Succession in progress.

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Snapshot

Price (approx.)
USD 505
Mkt cap (approx.)
USD 1090.0B
Revenue (approx.)
USD 407.2B
Operating earnings (Q)
USD 13.0B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Berkshire Hathaway Q2 operating earnings $12.98B (+16%), net earnings $25.7B (incl. investment gains). Cash $365.5B (from $397.4B), ~$4.5B buybacks, ~$20B net equity buyer. Abel is deploying the float. Fortress balance sheet; tape is cash yield and underwriting cycle.

Business

Model: insurance float + operating companies + equity portfolio. Flagships: GEICO/reinsurance; BNSF; BHE; MSR. Edge: cost of capital and scale. Strategy: Abel stepping up buybacks and equities. Entity: Berkshire Hathaway Inc.; A/B same economics.

Value chain

Diversified holding. Upstream: underwriting risk and energy fuel; downstream: policyholders, shippers, power users. Diversified. Risks: cats, utility regulation, rail safety.

Valuation

BRK.B context ~$505 / mkt ~$1.09T. Historically a P/B and cash-opportunity story; ~1.45x book needs the latest 10-Q.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
TTM PEN/A未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PBN/A待最新净资产与市值核验
股息率N/A待分红公告 / IR
现价语境约 505BRK.B · 以包内 kpi_snapshot 时点为准
As of 2026-09-25

~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:

Valuation & return · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Public quarterly closes (split-adjusted); do not invent gaps · As of 2026-09-25

Financial trend (~24 months)

Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:

Revenue · last 8Q

Interactive chart available in the reader.

Company IR / 10-Q quarterly revenue; null when missing · As of 2026-09-25

Gross margin · last 8Q

Interactive chart available in the reader.

Company IR gross margin; null when missing — no interpolation · As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Attributable NI from filings; null when missing — no interpolation · As of 2026-09-25

Financial health (§A.7)

Cash $365.5B; float still growing. Fortress health. Read the 10-Q.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评稳健偏扩张以最新季报 OCF 与净现金为准
经营现金流见最新 10-QAI 周期龙头通常 OCF 强劲
净负债 / 现金投资级或净现金详见 table 与 IR
流动性充裕Current ratio / cash & equivalents
审计意见无保留（常规预期）以最新 10-K 为准
As of 2026-09-25

Operations

MSR $4.47B (+24%); BNSF $1.56B (+6%); BHE $891M (+27%). Insurance underwriting $1.73B (−13%).

Key financial points

Key financial points
ItemValueYoYNote
经营盈利$12.98B+16%优于投资收益噪声
股东净利$25.67B+108%含浮盈
现金$365.5B环比下降开始部署
回购~$4.5B单季H1 ~$4.8B
承保利润$1.73B−13%定价回落
股权净买入~$20B结束连续净卖
As of 2026-09-25

Competition

Peer strengths/weaknesses; share charts only when a named source exists.

Market share trend · last 8Q

Interactive chart available in the reader.

Named industry/company sources only; else omit or null · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Named sources only; list in references · As of 2026-09-25

Peer map

Peer map
CompanyShare/roleMarginStrengthWeakness
Berkshire (self)Conglomeraten/aFloat+capitalSize/succession
Allstate/PC peersInsurancen/aPure playLess divers.
JPM (capital)Financial peern/aROEDifferent model
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
CEOGreg Abel2026CEO succession from Buffett era
ChairWarren Buffettlong-standingTransitioning operating CEO role
CFOMarc Hamburglong-standingNo material change
As of 2026-09-25

Stability: Greg Abel took over at the start of 2026; Q2 already shows a different deployment style. Moderate transition risk, strong institutions.

Outlook

Track cash deployment, underwriting, BNSF/BHE, buyback price discipline.

Scenarios

Scenario Condition Implication
Bull Demand/execution beats Upside
Base Trend continues Hold/watch
Bear Cycle/competition worsens Drawdown/reassess

Risks

Risk Severity Note
需求/指引不及预期 高 巨灾、投资市值波动、接班风格、监管、现金机会成本。
竞争加剧 中 同业扩产或降价挤压份额与毛利
供应链约束 中 关键零部件或产能瓶颈
估值与流动性 中 主题退潮或解禁带来回撤
政策与合规 低 出口管制、监管或审计关注

Tracking list

Verify on next earnings:

  1. Operating earnings durability (Q2 $13.0B / +16%)
  2. Cash $365.5B deployment: buybacks, net equity buys, M&A
  3. Insurance underwriting ($1.73B / −13%) trend
  4. Abel capital-allocation style vs Buffett era
  5. BNSF / BHE / manufacturing-service-retail mix

References

  1. Berkshire Q2 2026 news release — https://www.berkshirehathaway.com/news/aug0826.pdf
  2. Berkshire 10-Q — https://www.berkshirehathaway.com/
  3. Insurance / railroad / energy segment filings

Not investment advice; defer to latest company filings.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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