Berkshire completed the acquisition of OxyChem from Occidental Petroleum on January 2, 2026 for approximately $9.4 billion in cash; OxyChem contributed $1.4 billion in Q2 revenue and $149 million in pre-tax earnings (including incremental acquisition-accounting depreciation and transition costs). On May 31, 2026, Berkshire entered a merger agreement to acquire Taylor Morrison Home Corporation at $72.50 per share in cash (~$6.8 billion aggregate); shareholders approved July 22, 2026 and the deal closed July 24, 2026 (post-quarter-end). Taylor Morrison will be included in the building products group.
BNSF railroad operating revenues rose 14.6% in Q2 to $6.56 billion, with car/unit volume up 6.5% and average revenue per car/unit up 7.6% (driven by higher fuel surcharge and yield). Consumer products volume grew 9.3% (higher intermodal/west-coast imports, truck capacity tightening); agricultural and energy volume grew 11.5% (higher grain exports, petroleum fuels). Pre-tax earnings increased 13.9% to $2.06 billion. Fuel expense surged 68.1% in Q2 to $1.17 billion on higher average prices.
GEICO's loss ratio rose to 76.6% in Q2 (up 4.8 percentage points) and 75.3% for the first six months (up 4.9 pp), reflecting higher claims frequencies (bodily injury +5-7%, property/collision +3-5% year-to-date) and severities (bodily injury +10-12%). Underwriting expenses jumped 27.3% in Q2 on higher commissions and advertising. Pre-tax underwriting earnings fell to $994 million from $1,821 million a year earlier. No catastrophe events exceeding $150 million occurred in the first six months of 2026, compared with $1.1 billion from Southern California wildfires in 2025.
BHRG commenced a new whole-account quota-share reinsurance agreement with Tokio Marine (10-year term) on April 1, 2026, contributing $483 million in Q2 premiums. BHRG property/casualty loss ratio declined 5.3 pp in Q2 and 7.8 pp in the first six months, aided by $869 million of favorable prior-year reserve development (lower-than-expected property losses) and the absence of significant cat events. Overall BHRG pre-tax underwriting earnings were $913 million in Q2, up from $650 million.
PacifiCorp wildfire litigation: The Oregon Court of Appeals reversed the 2023 Phase I gross-negligence jury verdict in April 2026, finding the trial court's class-wide jury instruction was prejudicial. Plaintiffs' petition for Oregon Supreme Court review was granted June 25, 2026 (oral argument scheduled November 3, 2026); remaining Phase II damages trials are stayed pending the appeal. Cumulative estimated probable wildfire losses through June 30, 2026 were approximately $2.85 billion, of which ~$2.3 billion had been paid (including $589 million in H1 2026); the remaining unpaid liability was $572 million, down from ~$1.2 billion at year-end 2025. Separately, a February 2026 agreement to sell PacifiCorp's Washington operations to Portland General Electric for $1.9 billion in cash is pending regulatory approvals and expected to close in H1 2027.
IMC (metal cutting tools) Q2 revenue rose 26.5% and pre-tax earnings surged 71.0%, driven by significant raw materials price increases (ongoing from 2025 through Q2 2026) and customers accelerating purchases ahead of expected further cost increases. Management cautioned that IMC's H2 2026 earnings are expected to be negatively impacted by continued raw materials cost inflation. A large portion of IMC's products are manufactured in Israel; the company stated its Israel operations have not been significantly impacted by regional conflicts.
(Filed on May 4, 2026)
+4.4%
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$58.1B
On January 2, 2026, Berkshire completed the acquisition of Occidental Petroleum's OxyChem business for approximately $9.5 billion (subject to adjustment). OxyChem is a global basic-chemicals manufacturer with applications in water treatment, pharmaceuticals, healthcare, and construction; preliminary assets were estimated at $10.8 billion and liabilities at $1.3 billion, with Occidental retaining legacy environmental liabilities. OxyChem generated $1.2 billion in Q1 2026 revenue but a small pre-tax loss reflecting acquisition accounting amortization, higher maintenance and materials costs.
On February 15, 2026, PacifiCorp (BHE subsidiary) agreed to sell certain Washington-state assets and service-area liabilities to Portland General Electric entities for a base cash price of $1.9 billion under an Asset Purchase and Service Area Transfer Agreement; the deal is subject to regulatory approvals and expected to close in the first half of 2027.
On March 23, 2026, NICO entered into a ten-year whole-account quota-share reinsurance agreement with wholly-owned subsidiaries of Tokio Marine Holdings, assuming a portion of Tokio Marine's net non-life premiums written and related losses on risks attaching from April 1, 2026; the contract is described as expected to generate meaningful premium volumes over its term.
In the James v. PacifiCorp wildfire class action (2020 Oregon wildfires), the Oregon Court of Appeals on April 8, 2026 reversed the Phase I jury verdict that had found PacifiCorp grossly negligent, reckless and willful, citing an erroneous jury instruction on class-wide evidence; the court noted the trial court could reconsider class certification on remand. PacifiCorp had posted $719 million in bonds on 129 limited judgments; the ruling may allow bond discharge. Cumulative probable wildfire losses stood at approximately $2.9 billion through March 31, 2026, with $2.3 billion paid to date (including $584 million in Q1 2026) and unpaid estimated liabilities of $577 million, down from approximately $1.2 billion at year-end 2025.
GEICO's loss ratio rose 4.9 percentage points to 73.9% in Q1 2026, driven by bodily-injury severity increases of 12-14% and property-damage/collision severity increases of 2-4%, along with higher claims frequencies; underwriting expenses rose 29.3% on higher policy-acquisition costs. No significant catastrophe events (losses >$150M) were recorded in Q1 2026, versus $1.1 billion from the Southern California wildfires in Q1 2025.
BNSF railroad operating revenues increased 5.0% and pre-tax earnings rose 13.5% year-over-year, with car/unit volume up 2.2%; agricultural and energy product volume grew 11.6% on stronger grain, petroleum, and oilseed demand, while industrial product volume declined 0.6% on soft housing and coal volume fell 2.3% on utility plant retirements. BHE natural-gas pipeline earnings rose 24.2% on a general rate case and cold-weather-driven LNG volumes, while U.S. utility earnings fell 16.1% partly on higher wildfire-prevention and vegetation-management costs; BHE and BNSF together forecast approximately $12.4 billion in capital expenditures over the remainder of 2026.
(Filed on March 2, 2026)
-0.7%
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$51.9B
[Annual 2025 context] Insurance float grew to approximately $176 billion (from $171 billion at year-end 2024); U.S. statutory surplus was approximately $333 billion. GEICO's expense ratio jumped to 12.4% from 9.7% (underwriting expenses up 34.2%, driven by higher advertising and policy acquisition costs) while its loss ratio rose to 72.3% from 71.8%, reflecting a 12-14% increase in bodily injury claim severity. Total insurance underwriting after-tax earnings were $7.3 billion, down from $9.0 billion in 2024; after-tax catastrophe losses were approximately $850 million. BHRG property/casualty premiums written declined $1.7 billion on reduced property volumes from increased competition and lower rates.
[Annual 2025 context] BNSF's operating ratio improved 2.5 percentage points to 65.5% (from 68.0% in 2024), driven by lower compensation and benefits (including the absence of a $290 million SMART-TD labor charge recorded in December 2024), lower fuel expense (down 7.8%), and improved productivity. Railroad operating revenues were essentially flat at $23.35 billion; total car/unit volume rose 0.3% to 9,622 thousand. BNSF recorded approximately $2.4 billion in repairs and maintenance expense in 2025. Pre-tax earnings increased 7.9% to $7.2 billion.
[Q4 2025] Berkshire recorded a pre-tax other-than-temporary impairment of approximately $5.7 billion on its Occidental common stock in Q4 2025, reducing the carrying value to fair value. Combined with a $5.0 billion Kraft Heinz impairment in Q2 2025, total equity-method impairment losses were $8.3 billion after-tax for the year. Also in Q4 (October 1, 2025), Berkshire signed a definitive agreement to acquire Occidental's chemicals business (OxyChem) for approximately $9.5 billion, completed January 2, 2026; Occidental retained OxyChem's legacy environmental liabilities. OxyChem operates 21 U.S. manufacturing plants and is a top-three North American producer of PVC, chlor-alkali and chlorinated organic chemicals.
[Annual 2025 context] BHE ceased coal operations at 22 generation units and reduced annual GHG emissions 30% versus 2005 levels, with cumulative renewable investments of $38.0 billion. At year-end, BHE had 1,949 MW of generation under construction and 543 MW of battery storage under construction (320 MW already in operation). The One Big Beautiful Bill Act (enacted July 4, 2025) accelerates the phase-out of clean electricity production and investment tax credits and imposes new sourcing requirements for facilities commencing construction after December 31, 2025; BHE stated future renewable and storage project economics may be affected but did not believe a significant near-term impact. The EPA finalized rescission of the 2009 Endangerment Finding on February 11, 2026, and proposed rescission of the 2024 power-sector GHG rules in June 2025.
[Q4 2025 / ongoing] PacifiCorp wildfire litigation intensified: in November 2025, PacifiCorp settled with approximately 1,400 individual plaintiffs for $150 million and petitioned the Oregon Supreme Court to review appellate rulings on its motion to stay further James-case damages trials. Under CMO No. 11 (July 2025), approximately 1,500 plaintiffs are scheduled for damages-phase trials in 2026, with over 100 more in 2027-2028. Cumulative estimated probable wildfire losses through year-end 2025 were approximately $2.85 billion (before tax and insurance), of which approximately $1.7 billion has been paid; estimated unpaid liabilities were approximately $1.2 billion. The Oregon Court of Appeals held expedited oral argument on the class-certification appeal on February 4, 2026.
[Q4 2025 / Annual context] Pilot's pre-tax earnings declined 69.1% in 2025 to $190 million (from $614 million in 2024), reflecting lower wholesale fuel and in-store gross margins, higher employee compensation, insurance and maintenance costs, and charges from fuel-related balance sheet adjustments. Pilot sold approximately 10.9 billion gallons of fuel in 2025. No Berkshire common stock was repurchased in Q4 2025 or in full-year 2025; consolidated cash, cash equivalents and U.S. Treasury Bills at year-end were $369.0 billion. Net operating cash flows for 2025 were $46.0 billion; capital expenditures were $20.9 billion (including $14.4 billion at BNSF and BHE).
(Filed on November 3, 2025)
+2.1%
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$76.3B
On October 2, 2025 (subsequent to quarter-end), Berkshire announced a definitive agreement to acquire Occidental's chemicals business (OxyChem) for $9.7 billion in cash, subject to regulatory approvals and expected to close in Q4 2025; Occidental will retain OxyChem's legacy environmental liabilities. OxyChem manufactures commodity chemicals with applications in water treatment, pharmaceuticals, healthcare, and commercial/residential development.
Berkshire recorded a $5.0 billion pre-tax impairment on its Kraft Heinz equity-method investment in Q2 2025, reducing carrying value from $13.4 billion to $8.6 billion. Berkshire's board representatives stepped down on May 19, 2025, and equity-method earnings are now reported on a one-quarter lag. On September 2, 2025, Kraft Heinz announced a plan to split into two independent, publicly traded companies via a tax-free spin-off. Berkshire's Q3 2025 share of Kraft Heinz earnings was $225 million, after applying a $2.4 billion share of Kraft Heinz's ~$8.6 billion indefinite-lived intangible and goodwill impairment to the basis difference.
PacifiCorp's cumulative estimated probable wildfire losses (2020 and 2022 fires) reached approximately $2.85 billion through September 30, 2025, with $1.4 billion paid and $1.45 billion in unpaid liabilities remaining; Q3 2025 accruals were $100 million versus $251 million for the first nine months of 2024. The James class action has expanded to approximately 1,700 individual mass complaints seeking ~$52 billion in economic and noneconomic damages. The Multnomah Court's CMO No. 11 (July 2025) proposes dozens of trials in 2026 and over 100 in 2027-2028. The Oregon Court of Appeals denied PacifiCorp's motion to stay those trials in September 2025, and a request for reconsideration was denied October 13, 2025. The U.S. DOJ filed a complaint in December 2024 demanding damages exceeding $900 million for federal and state land losses.
BHE's earnings were affected by the One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, which accelerates the phase-out of clean electricity production and investment tax credits and establishes new sourcing requirements for facilities commencing construction after December 31, 2025. BHE stated it is evaluating the potential implications on financial results and capital expenditures related to renewable energy, storage, and technology-neutral projects but was unable to estimate the impact at this time. BHE Q3 net earnings attributable to Berkshire shareholders were $1.49 billion, down 8.6% year-over-year; first-nine-months earnings were $3.29 billion, up 9.6%.
BNSF railroad car/unit volumes increased 0.8% in Q3 and 2.1% for the first nine months of 2025; railroad operating earnings rose 4.6% to $2.15 billion in Q3. After-tax BNSF earnings were $1.45 billion in Q3, up 4.8% year-over-year, driven by core pricing gains and improved operating efficiencies. Consumer products volumes led the increase (+2.2% Q3) on higher West Coast intermodal imports, while industrial products volumes declined 1.9% on lower construction and petroleum demand. BNSF issued $900 million of 5.8% debentures due 2056 in June 2025.
Pilot Travel Centers' Q3 pre-tax earnings turned negative at -$17 million versus $217 million in Q3 2024, and first-nine-months earnings declined 44.4% to $270 million, driven by lower wholesale fuel and in-store gross margins, higher employee costs, and charges from fuel-related balance sheet adjustments. Pilot's first-nine-months revenue fell 13.0% to $31.4 billion on significantly lower bulk fuel sales volumes, fuel trading, and average fuel prices. Meanwhile, consolidated insurance after-tax underwriting earnings increased $1.6 billion in Q3 to $2.37 billion, with GEICO's loss ratio at 71.5%, BH Primary posting $506 million pre-tax earnings (vs. a $689 million loss in Q3 2024), and BHRG posting $884 million (vs. a $310 million loss). Insurance float rose to approximately $176 billion from $171 billion at year-end 2024.
