Berkshire Hathaway reported a significant increase in first-quarter 2026 profit, with strong operating performance outweighing investment-related volatility driven by US accounting rules.

Net earnings attributable to shareholders rose to $10.1 billion, up from $4.6 billion in the same period last year. Earnings per average equivalent Class A share increased to $7,027 from $3,200, while Class B earnings climbed to $4.68 from $2.13.

Operating earnings, which exclude unrealized investment gains and losses, grew 18% year-on-year to $11.3 billion from $9.6 billion, reflecting stronger contributions from the group’s core businesses.

Investment results remained volatile. Berkshire recorded a $1.24 billion investment loss in Q1 2026, compared with a $5.04 billion loss a year earlier. These figures included roughly $7.0 billion of unrealized losses tied to changes in equity holdings, partially offset by $5.8 billion in after-tax realized gains from investment sales.

Insurance operations contributed meaningfully to overall performance. Underwriting income rose to $1.72 billion from $1.34 billion, an increase of around 29%, supported by improved profitability across both primary insurance and reinsurance segments following a more challenging prior year impacted by catastrophe losses.

Insurance investment income totaled $2.68 billion, slightly below $2.89 billion in Q1 2025 but still a major earnings driver given the scale of Berkshire’s investment portfolio.

Across non-insurance operations, BNSF Railway generated $1.38 billion in earnings, up from $1.21 billion, while Berkshire Hathaway Energy contributed $1.11 billion, broadly in line with the prior year. The group’s manufacturing, service, and retailing businesses delivered $3.20 billion in earnings, compared with $3.06 billion a year earlier.

Berkshire’s insurance float reached approximately $176.9 billion at the end of the quarter, up about $500 million since year-end 2025, reinforcing its position as one of the largest providers of insurance capital globally.

The results align with a broader trend of strong underwriting performance among major US property and casualty insurers, including The Travelers Companies, American International Group, and Chubb Limited, all of which reported improved profitability in the quarter.

Berkshire’s scale and diversified earnings base continue to position it as a key and stable source of capacity across large commercial, specialty, and reinsurance markets, particularly as the global P&C sector enters a softer pricing phase.