InsuranceWide moat

Berkshire Hathaway (BRK.B) — moat facet

Paid twice — once by underwriting, once by investing the float — and in 2026 both halves are softening at the same time.

Insurance is Berkshire's most profitable line and the one that funds everything else. It brought in $104.2 billion in 2025: $88.9 billion of premiums earned and $15.3 billion of investment income on the float. Pre-tax it earned $24.7 billion, $9.5 billion from underwriting and $15.3 billion from investing.1

Insurance revenue ($B)$45.6B2014$50.4B2016$62.9B2018$69.4B2020$82.4B2022$105.1B2024$104.2B2025Premiums earned plus investment income; Berkshire Forms 10-K FY2016-FY2025
More than doubled in eleven years, then slipped in 2025.

What is inside the line is three groups. GEICO, the private-auto insurer, earned $44.5 billion of premiums in 2025. The reinsurance group, which takes large and catastrophe risks from other insurers, earned $25.7 billion, and the primary group of specialty commercial insurers $18.7 billion.2

The history in the filings is one of growth by addition. Insurance revenue was $45.6 billion in 2014, $62.9 billion in 2018 and $82.4 billion in 2022.345 The float grew from $84 billion to $176 billion over the same span, with steps from the MLMIC purchase in 2018 and Alleghany, bought for about $11.5 billion in 2022.6789

It is paid for twice. Customers pay premiums in advance, and if claims and expenses come to less, the difference is underwriting profit. Meanwhile the premiums not yet paid out are invested. Underwriting profit was $2.1 billion pre-tax in 2016, a loss of $3.2 billion in 2017, $2.0 billion in 2018, under $1 billion a year from 2019 to 2021, a small loss in 2022, then $6.9 billion, $11.4 billion and $9.5 billion.10111213

The investment half is the larger and the more rate-sensitive. After-tax investment income was about $5 billion a year from 2018 to 2021, then $6.5 billion in 2022, $9.6 billion in 2023 and $13.7 billion in 2024 as Treasury-bill yields rose, before easing to $12.5 billion in 2025.14151617 In the first half of 2026 it fell 8.3%, which the 10-Q attributes to lower interest rates.18

Profitability depends on which half is working. The line's pre-tax margin was about 24% in 2025 and about 27% in 2024, pre-tax earnings of $28.2 billion on $105.1 billion.1920 GEICO's combined ratio, losses and expenses as a share of premiums, went from 90.7% in 2023 to 81.5% in 2024 and 84.7% in 2025, and was 91.2% in the second quarter of 2026.2122 The reinsurers had the opposite half-year: $1,286 million of pre-tax underwriting profit against $343 million.23

Growth has slowed. Revenue slipped from $105.1 billion to $104.2 billion in 2025, and GEICO's premiums written grew only 1.3% in the first half of 2026 after 5.3% in 2025.242526 The float reached $177.5 billion in June 2026, about $1.1 billion more than at the end of 2025.27

The outlook is two cycles moving against the line at once: interest rates falling, which cuts the investment income, and auto pricing softening, which raises GEICO's combined ratio. The float itself keeps growing slowly and still costs less than nothing to hold.

This is a wide moat: the float, the balance sheet behind it and the willingness to shrink in soft markets are hard to copy. What would change the verdict is the cost of the float. The group earned pre-tax underwriting profit equal to 5.4% of float in 2025. A full year of underwriting losses would mean the money is no longer free.

Moat trajectory: Narrowing

Investment income is falling with rates and GEICO's combined ratio rose to 91.2% in Q2 2026 from 83.5%; the float still grows and still costs nothing.

The number that tests this moat
Moat Explorer calc
Underwriting profit as a share of float
5.4% in 2025 ($9.5B pre-tax on $176B), from 6.7% in 2024

Positive means policyholders pay Berkshire to hold their money. A full year below zero would mean the float is no longer free.

How it's calculated: 9,460 / 176,000; 11,405 / 171,000.
Source: Berkshire Form 10-K FY2025 (Moat Explorer calc) ↗
References
  1. ReportedPre-tax it earned $24.7 billion, $9.5 billion from underwriting and $15.3 billion from investing.
    Berkshire Hathaway Form 10-K, FY2025 - float $176 billion; after-tax earnings 2023-2025 (underwriting $7,258M, insurance investment income $12,513M, BNSF $5,476M, BHE $3,979M, manufacturing, service and retailing $13,647M in 2025; net earnings $66,968M incl. $30,737M investment gains and an $8,255M Kraft Heinz/Occidental impairment); revenues $371,444M; segment revenues (insurance $104,212M incl. premiums earned $88,902M and investment income $15,310M, BNSF $23,533M, BHE $26,297M, manufacturing $78,487M, service and retailing $42,647M, McLane $50,998M, Pilot $42,198M); pre-tax underwriting GEICO $6,824M, Primary $785M, Reinsurance $1,851M; GEICO combined ratio 84.7% (81.5%, 90.7%) and loss ratio 72.3%; capex $20,927M and D&A by segment; identifiable assets and goodwill by segment; 65% of equity fair value in five companies; equity securities $297.8B ($271.6B); BNSF volumes by business group; no share repurchases in 2025; no cash dividend since 1967; about 387,800 employees — FY2023-FY2025 · publ. March 2026 · source ↗
  2. ReportedThe reinsurance group, which takes large and catastrophe risks from other insurers, earned $25.7 billion, and the primary group of specialty commercial insurers $18.7 billion.
    Berkshire Hathaway Form 10-K, FY2025 - float $176 billion; after-tax earnings 2023-2025 (underwriting $7,258M, insurance investment income $12,513M, BNSF $5,476M, BHE $3,979M, manufacturing, service and retailing $13,647M in 2025; net earnings $66,968M incl. $30,737M investment gains and an $8,255M Kraft Heinz/Occidental impairment); revenues $371,444M; segment revenues (insurance $104,212M incl. premiums earned $88,902M and investment income $15,310M, BNSF $23,533M, BHE $26,297M, manufacturing $78,487M, service and retailing $42,647M, McLane $50,998M, Pilot $42,198M); pre-tax underwriting GEICO $6,824M, Primary $785M, Reinsurance $1,851M; GEICO combined ratio 84.7% (81.5%, 90.7%) and loss ratio 72.3%; capex $20,927M and D&A by segment; identifiable assets and goodwill by segment; 65% of equity fair value in five companies; equity securities $297.8B ($271.6B); BNSF volumes by business group; no share repurchases in 2025; no cash dividend since 1967; about 387,800 employees — FY2023-FY2025 · publ. March 2026 · source ↗
  3. ReportedInsurance revenue was $45.6 billion in 2014, $62.9 billion in 2018 and $82.4 billion in 2022.
    Berkshire Hathaway Form 10-K, FY2016 - float approximately $91 billion at 31 December 2016, $88 billion in 2015 and $84 billion in 2014; cash, cash equivalents and U.S. Treasury Bills of the insurance and other businesses $70.9 billion — FY2014-FY2016 · publ. February 2017 · source ↗
  4. ReportedInsurance revenue was $45.6 billion in 2014, $62.9 billion in 2018 and $82.4 billion in 2022.
    Berkshire Hathaway Form 10-K, FY2020 - after-tax earnings by line 2018-2020 (railroad $5,481M/$5,161M, manufacturing, service and retailing $9,372M/$8,300M, insurance investment income $5,530M/$5,039M in 2019/2020); float $138 billion; Reinsurance Group underwriting -$1,109M/-$1,472M/-$2,700M; impairments $3.0 billion (2018) and $11.0 billion (2020); $24.7 billion of share repurchases in 2020; insurance and other cash $135.0 billion; about 360,000 employees; acquisitions of businesses net of cash $3,279M/$1,683M/$2,532M — FY2018-FY2020 · publ. February 2021 · source ↗
  5. ReportedInsurance revenue was $45.6 billion in 2014, $62.9 billion in 2018 and $82.4 billion in 2022.
    Berkshire Hathaway Form 10-K, FY2022 - float $164 billion (2022) and $147 billion (2021); after-tax earnings by line 2020-2022 (insurance investment income $6,484M in 2022); pre-tax underwriting -$98M in 2022; Reinsurance Group -$930M (2021) and +$1,389M (2022); $7.9 billion of share repurchases in 2022; insurance and other cash $125.0 billion; about 383,000 employees; Alleghany acquired for about $11.5 billion; acquisitions of businesses net of cash $456M (2021) and $10,594M (2022) — FY2020-FY2022 · publ. February 2023 · source ↗
  6. ReportedThe float grew from $84 billion to $176 billion over the same span, with steps from the MLMIC purchase in 2018 and Alleghany, bought for about $11.5 billion in 2022.
    Berkshire Hathaway Form 10-K, FY2016 - float approximately $91 billion at 31 December 2016, $88 billion in 2015 and $84 billion in 2014; cash, cash equivalents and U.S. Treasury Bills of the insurance and other businesses $70.9 billion — FY2014-FY2016 · publ. February 2017 · source ↗
  7. ReportedThe float grew from $84 billion to $176 billion over the same span, with steps from the MLMIC purchase in 2018 and Alleghany, bought for about $11.5 billion in 2022.
    Berkshire Hathaway Form 10-K, FY2018 - float $123 billion (2018) and $114 billion (2017); pre-tax underwriting by unit 2016-2018 (Reinsurance Group -$3,648M in 2017, total -$3,239M); insurance and other cash about $109 billion — FY2016-FY2018 · publ. February 2019 · source ↗
  8. ReportedThe float grew from $84 billion to $176 billion over the same span, with steps from the MLMIC purchase in 2018 and Alleghany, bought for about $11.5 billion in 2022.
    Berkshire Hathaway Form 10-K, FY2022 - float $164 billion (2022) and $147 billion (2021); after-tax earnings by line 2020-2022 (insurance investment income $6,484M in 2022); pre-tax underwriting -$98M in 2022; Reinsurance Group -$930M (2021) and +$1,389M (2022); $7.9 billion of share repurchases in 2022; insurance and other cash $125.0 billion; about 383,000 employees; Alleghany acquired for about $11.5 billion; acquisitions of businesses net of cash $456M (2021) and $10,594M (2022) — FY2020-FY2022 · publ. February 2023 · source ↗
  9. ReportedThe float grew from $84 billion to $176 billion over the same span, with steps from the MLMIC purchase in 2018 and Alleghany, bought for about $11.5 billion in 2022.
    Berkshire Hathaway Form 10-K, FY2025 - float $176 billion; after-tax earnings 2023-2025 (underwriting $7,258M, insurance investment income $12,513M, BNSF $5,476M, BHE $3,979M, manufacturing, service and retailing $13,647M in 2025; net earnings $66,968M incl. $30,737M investment gains and an $8,255M Kraft Heinz/Occidental impairment); revenues $371,444M; segment revenues (insurance $104,212M incl. premiums earned $88,902M and investment income $15,310M, BNSF $23,533M, BHE $26,297M, manufacturing $78,487M, service and retailing $42,647M, McLane $50,998M, Pilot $42,198M); pre-tax underwriting GEICO $6,824M, Primary $785M, Reinsurance $1,851M; GEICO combined ratio 84.7% (81.5%, 90.7%) and loss ratio 72.3%; capex $20,927M and D&A by segment; identifiable assets and goodwill by segment; 65% of equity fair value in five companies; equity securities $297.8B ($271.6B); BNSF volumes by business group; no share repurchases in 2025; no cash dividend since 1967; about 387,800 employees — FY2023-FY2025 · publ. March 2026 · source ↗
  10. ReportedUnderwriting profit was $2.1 billion pre-tax in 2016, a loss of $3.2 billion in 2017, $2.0 billion in 2018, under $1 billion a year from 2019 to 2021, a small loss in 2022, then $6.9 billion, $11.4 billion and $9.5 billion.
    Berkshire Hathaway Form 10-K, FY2018 - float $123 billion (2018) and $114 billion (2017); pre-tax underwriting by unit 2016-2018 (Reinsurance Group -$3,648M in 2017, total -$3,239M); insurance and other cash about $109 billion — FY2016-FY2018 · publ. February 2019 · source ↗
  11. ReportedUnderwriting profit was $2.1 billion pre-tax in 2016, a loss of $3.2 billion in 2017, $2.0 billion in 2018, under $1 billion a year from 2019 to 2021, a small loss in 2022, then $6.9 billion, $11.4 billion and $9.5 billion.
    Berkshire Hathaway Form 10-K, FY2020 - after-tax earnings by line 2018-2020 (railroad $5,481M/$5,161M, manufacturing, service and retailing $9,372M/$8,300M, insurance investment income $5,530M/$5,039M in 2019/2020); float $138 billion; Reinsurance Group underwriting -$1,109M/-$1,472M/-$2,700M; impairments $3.0 billion (2018) and $11.0 billion (2020); $24.7 billion of share repurchases in 2020; insurance and other cash $135.0 billion; about 360,000 employees; acquisitions of businesses net of cash $3,279M/$1,683M/$2,532M — FY2018-FY2020 · publ. February 2021 · source ↗
  12. ReportedUnderwriting profit was $2.1 billion pre-tax in 2016, a loss of $3.2 billion in 2017, $2.0 billion in 2018, under $1 billion a year from 2019 to 2021, a small loss in 2022, then $6.9 billion, $11.4 billion and $9.5 billion.
    Berkshire Hathaway Form 10-K, FY2022 - float $164 billion (2022) and $147 billion (2021); after-tax earnings by line 2020-2022 (insurance investment income $6,484M in 2022); pre-tax underwriting -$98M in 2022; Reinsurance Group -$930M (2021) and +$1,389M (2022); $7.9 billion of share repurchases in 2022; insurance and other cash $125.0 billion; about 383,000 employees; Alleghany acquired for about $11.5 billion; acquisitions of businesses net of cash $456M (2021) and $10,594M (2022) — FY2020-FY2022 · publ. February 2023 · source ↗
  13. ReportedUnderwriting profit was $2.1 billion pre-tax in 2016, a loss of $3.2 billion in 2017, $2.0 billion in 2018, under $1 billion a year from 2019 to 2021, a small loss in 2022, then $6.9 billion, $11.4 billion and $9.5 billion.
    Berkshire Hathaway Form 10-K, FY2025 - float $176 billion; after-tax earnings 2023-2025 (underwriting $7,258M, insurance investment income $12,513M, BNSF $5,476M, BHE $3,979M, manufacturing, service and retailing $13,647M in 2025; net earnings $66,968M incl. $30,737M investment gains and an $8,255M Kraft Heinz/Occidental impairment); revenues $371,444M; segment revenues (insurance $104,212M incl. premiums earned $88,902M and investment income $15,310M, BNSF $23,533M, BHE $26,297M, manufacturing $78,487M, service and retailing $42,647M, McLane $50,998M, Pilot $42,198M); pre-tax underwriting GEICO $6,824M, Primary $785M, Reinsurance $1,851M; GEICO combined ratio 84.7% (81.5%, 90.7%) and loss ratio 72.3%; capex $20,927M and D&A by segment; identifiable assets and goodwill by segment; 65% of equity fair value in five companies; equity securities $297.8B ($271.6B); BNSF volumes by business group; no share repurchases in 2025; no cash dividend since 1967; about 387,800 employees — FY2023-FY2025 · publ. March 2026 · source ↗
  14. ReportedAfter-tax investment income was about $5 billion a year from 2018 to 2021, then $6.5 billion in 2022, $9.6 billion in 2023 and $13.7 billion in 2024 as Treasury-bill yields rose, before easing to $12.5 billion in 2025.
    Berkshire Hathaway Form 10-K, FY2020 - after-tax earnings by line 2018-2020 (railroad $5,481M/$5,161M, manufacturing, service and retailing $9,372M/$8,300M, insurance investment income $5,530M/$5,039M in 2019/2020); float $138 billion; Reinsurance Group underwriting -$1,109M/-$1,472M/-$2,700M; impairments $3.0 billion (2018) and $11.0 billion (2020); $24.7 billion of share repurchases in 2020; insurance and other cash $135.0 billion; about 360,000 employees; acquisitions of businesses net of cash $3,279M/$1,683M/$2,532M — FY2018-FY2020 · publ. February 2021 · source ↗
  15. ReportedAfter-tax investment income was about $5 billion a year from 2018 to 2021, then $6.5 billion in 2022, $9.6 billion in 2023 and $13.7 billion in 2024 as Treasury-bill yields rose, before easing to $12.5 billion in 2025.
    Berkshire Hathaway Form 10-K, FY2022 - float $164 billion (2022) and $147 billion (2021); after-tax earnings by line 2020-2022 (insurance investment income $6,484M in 2022); pre-tax underwriting -$98M in 2022; Reinsurance Group -$930M (2021) and +$1,389M (2022); $7.9 billion of share repurchases in 2022; insurance and other cash $125.0 billion; about 383,000 employees; Alleghany acquired for about $11.5 billion; acquisitions of businesses net of cash $456M (2021) and $10,594M (2022) — FY2020-FY2022 · publ. February 2023 · source ↗
  16. ReportedAfter-tax investment income was about $5 billion a year from 2018 to 2021, then $6.5 billion in 2022, $9.6 billion in 2023 and $13.7 billion in 2024 as Treasury-bill yields rose, before easing to $12.5 billion in 2025.
    Berkshire Hathaway Form 10-K, FY2024 - float $171 billion (2024), $169 billion (2023) and $164 billion (2022); after-tax earnings by line 2022-2024 (insurance investment income $13,670M in 2024, net earnings $88,995M, investment gains $41,558M); $2.9 billion of share repurchases in 2024 and $9.2 billion in 2023; about 392,400 employees — FY2022-FY2024 · publ. February 2025 · source ↗
  17. ReportedAfter-tax investment income was about $5 billion a year from 2018 to 2021, then $6.5 billion in 2022, $9.6 billion in 2023 and $13.7 billion in 2024 as Treasury-bill yields rose, before easing to $12.5 billion in 2025.
    Berkshire Hathaway Form 10-K, FY2025 - float $176 billion; after-tax earnings 2023-2025 (underwriting $7,258M, insurance investment income $12,513M, BNSF $5,476M, BHE $3,979M, manufacturing, service and retailing $13,647M in 2025; net earnings $66,968M incl. $30,737M investment gains and an $8,255M Kraft Heinz/Occidental impairment); revenues $371,444M; segment revenues (insurance $104,212M incl. premiums earned $88,902M and investment income $15,310M, BNSF $23,533M, BHE $26,297M, manufacturing $78,487M, service and retailing $42,647M, McLane $50,998M, Pilot $42,198M); pre-tax underwriting GEICO $6,824M, Primary $785M, Reinsurance $1,851M; GEICO combined ratio 84.7% (81.5%, 90.7%) and loss ratio 72.3%; capex $20,927M and D&A by segment; identifiable assets and goodwill by segment; 65% of equity fair value in five companies; equity securities $297.8B ($271.6B); BNSF volumes by business group; no share repurchases in 2025; no cash dividend since 1967; about 387,800 employees — FY2023-FY2025 · publ. March 2026 · source ↗
  18. ReportedIn the first half of 2026 it fell 8.3%, which the 10-Q attributes to lower interest rates.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  19. ReportedThe line's pre-tax margin was about 24% in 2025 and about 27% in 2024, pre-tax earnings of $28.2 billion on $105.1 billion.
    Berkshire Hathaway Form 10-K, FY2025 - float $176 billion; after-tax earnings 2023-2025 (underwriting $7,258M, insurance investment income $12,513M, BNSF $5,476M, BHE $3,979M, manufacturing, service and retailing $13,647M in 2025; net earnings $66,968M incl. $30,737M investment gains and an $8,255M Kraft Heinz/Occidental impairment); revenues $371,444M; segment revenues (insurance $104,212M incl. premiums earned $88,902M and investment income $15,310M, BNSF $23,533M, BHE $26,297M, manufacturing $78,487M, service and retailing $42,647M, McLane $50,998M, Pilot $42,198M); pre-tax underwriting GEICO $6,824M, Primary $785M, Reinsurance $1,851M; GEICO combined ratio 84.7% (81.5%, 90.7%) and loss ratio 72.3%; capex $20,927M and D&A by segment; identifiable assets and goodwill by segment; 65% of equity fair value in five companies; equity securities $297.8B ($271.6B); BNSF volumes by business group; no share repurchases in 2025; no cash dividend since 1967; about 387,800 employees — FY2023-FY2025 · publ. March 2026 · source ↗
  20. Moat Explorer calcThe line's pre-tax margin was about 24% in 2025 and about 27% in 2024, pre-tax earnings of $28.2 billion on $105.1 billion.
    Moat Explorer calculation from Berkshire's Forms 10-K FY2016-FY2025 and 10-Qs for Q1 and Q2 2026: operating earnings = net earnings less after-tax investment gains and the 2025 impairments (FY2023 $37,350M, FY2024 $47,437M, FY2025 $44,486M; Q2 2026 $12,983M vs $11,160M; H1 2026 $24,329M vs $20,801M); consolidated cash and Treasury Bills $397.4B (31 March 2026) and $365.5B (30 June 2026); underwriting as a share of float; OxyChem at 2.6% of the cash pile; five-line after-tax earnings sums — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  21. ReportedGEICO's combined ratio, losses and expenses as a share of premiums, went from 90.7% in 2023 to 81.5% in 2024 and 84.7% in 2025, and was 91.2% in the second quarter of 2026.
    Berkshire Hathaway Form 10-K, FY2025 - float $176 billion; after-tax earnings 2023-2025 (underwriting $7,258M, insurance investment income $12,513M, BNSF $5,476M, BHE $3,979M, manufacturing, service and retailing $13,647M in 2025; net earnings $66,968M incl. $30,737M investment gains and an $8,255M Kraft Heinz/Occidental impairment); revenues $371,444M; segment revenues (insurance $104,212M incl. premiums earned $88,902M and investment income $15,310M, BNSF $23,533M, BHE $26,297M, manufacturing $78,487M, service and retailing $42,647M, McLane $50,998M, Pilot $42,198M); pre-tax underwriting GEICO $6,824M, Primary $785M, Reinsurance $1,851M; GEICO combined ratio 84.7% (81.5%, 90.7%) and loss ratio 72.3%; capex $20,927M and D&A by segment; identifiable assets and goodwill by segment; 65% of equity fair value in five companies; equity securities $297.8B ($271.6B); BNSF volumes by business group; no share repurchases in 2025; no cash dividend since 1967; about 387,800 employees — FY2023-FY2025 · publ. March 2026 · source ↗
  22. ReportedGEICO's combined ratio, losses and expenses as a share of premiums, went from 90.7% in 2023 to 81.5% in 2024 and 84.7% in 2025, and was 91.2% in the second quarter of 2026.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  23. ReportedThe reinsurers had the opposite half-year: $1,286 million of pre-tax underwriting profit against $343 million.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  24. ReportedRevenue slipped from $105.1 billion to $104.2 billion in 2025, and GEICO's premiums written grew only 1.3% in the first half of 2026 after 5.3% in 2025.
    Berkshire Hathaway Form 10-K, FY2025 - float $176 billion; after-tax earnings 2023-2025 (underwriting $7,258M, insurance investment income $12,513M, BNSF $5,476M, BHE $3,979M, manufacturing, service and retailing $13,647M in 2025; net earnings $66,968M incl. $30,737M investment gains and an $8,255M Kraft Heinz/Occidental impairment); revenues $371,444M; segment revenues (insurance $104,212M incl. premiums earned $88,902M and investment income $15,310M, BNSF $23,533M, BHE $26,297M, manufacturing $78,487M, service and retailing $42,647M, McLane $50,998M, Pilot $42,198M); pre-tax underwriting GEICO $6,824M, Primary $785M, Reinsurance $1,851M; GEICO combined ratio 84.7% (81.5%, 90.7%) and loss ratio 72.3%; capex $20,927M and D&A by segment; identifiable assets and goodwill by segment; 65% of equity fair value in five companies; equity securities $297.8B ($271.6B); BNSF volumes by business group; no share repurchases in 2025; no cash dividend since 1967; about 387,800 employees — FY2023-FY2025 · publ. March 2026 · source ↗
  25. ReportedRevenue slipped from $105.1 billion to $104.2 billion in 2025, and GEICO's premiums written grew only 1.3% in the first half of 2026 after 5.3% in 2025.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  26. Moat Explorer calcRevenue slipped from $105.1 billion to $104.2 billion in 2025, and GEICO's premiums written grew only 1.3% in the first half of 2026 after 5.3% in 2025.
    Moat Explorer calculation from Berkshire's Forms 10-K FY2016-FY2025 and 10-Qs for Q1 and Q2 2026: operating earnings = net earnings less after-tax investment gains and the 2025 impairments (FY2023 $37,350M, FY2024 $47,437M, FY2025 $44,486M; Q2 2026 $12,983M vs $11,160M; H1 2026 $24,329M vs $20,801M); consolidated cash and Treasury Bills $397.4B (31 March 2026) and $365.5B (30 June 2026); underwriting as a share of float; OxyChem at 2.6% of the cash pile; five-line after-tax earnings sums — 2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  27. ReportedThe float reached $177.5 billion in June 2026, about $1.1 billion more than at the end of 2025.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
Sources
Generated September 23, 2026