BRK-B · Q2 FY2026
BERKSHIRE HATHAWAY INC Q2 FY2026 earnings analysis
By SageNoodle ResearchBullish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $101.81B | $92.52B (yr ago) | Beat |
| EPS | $11.91 per Class B share | $5.73 (yr ago) | Beat |
| Free Cash Flow | $5.57B; not economically meaningful for a financial company | $5.23B (yr ago) | Beat |
| Gross Margin | Not meaningful for a financial company | Not meaningful (yr ago) | Miss |
| Operating Margin | 31.5% pre-tax margin | 15.9% pre-tax margin (yr ago) | Beat |
What changed
Revenue increased 10.0% year over year to $101.81B, while operating earnings rose 16.3% to $12.98B. The improvement was broad across BNSF, Berkshire Hathaway Energy, and manufacturing, service and retailing, but insurance underwriting and investment income declined; reported EPS more than doubled mainly because investment gains increased.
Impact on the investment thesis
There is no prior SageNoodle fair value to revise. We establish fair value at $540 per Class B share: the operating result was constructive, but the favorable currency swing and volatile investment gains argue against extrapolating the headline EPS increase.