Berkshire Hathaway’s wholly owned businesses generated about $48 billion in operating earnings over the four quarters through June; dividends from its stock holdings were about $5.1 billion before taxes. Manufacturing, service and retailing led at $14.7 billion.
Other contributors were insurance investment income ($12 billion), insurance underwriting ($7.4 billion), railroad BNSF ($5.7 billion), Berkshire Hathaway Energy ($4.2 billion) and $4.1 billion in “other,” mostly interest on parent-company cash and currency movements. Operating earnings grew 17% year over year in the first half of 2026 after falling 6% in 2025, though currency gains accounted for much of the rebound. The underlying businesses also grew. Berkshire bought OxyChem for about $9.4 billion in January and closed an $8.5 billion deal, including debt, for homebuilder Taylor Morrison in late July.
Berkshire’s stock portfolio was worth about $324 billion at the end of the second quarter, with roughly two-thirds in five companies. Insurers’ interest and other investment income totaled $9.6 billion over the four quarters, largely from more than $210 billion in cash and U.S. Treasury bills held at midyear. Investment gains—including valuation changes and gains on shares sold—added about $42 billion to reported net earnings of $86 billion.
