실적분석 2026년 8월 10일

Berkshire Hathaway ($BRK-B) 2026 Q2 Earnings Analysis — Operating Profit Up 16% and Cash Reallocation in Full Swing

Earnings Scorecard

Revenue: $101.8 billion (2026 Q2, +10.0% versus $92.5 billion a year earlier) — thin consensus estimates, so the comparison is year-over-year

EPS (Earnings Per Share): $11.91 on a Class B share basis (vs. $5.73 a year earlier, GAAP including investment gains) / Operating profit of $12.98 billion (+16.3%) — consensus unverified

Guidance: Not provided (no next-quarter or full-year outlook)

Stock Reaction: After-hours +0.37% ($523.72) — as of 08-10 20:45 Korea time

The Positives

Operating profit recovery: 2026 Q2 operating profit of $12.98 billion, +16.3% year over year

Strength outside insurance: Manufacturing, services and retail $4.47 billion (+24%), Energy $891 million (+27%)

Capital reallocation: Approximately $4.5 billion in share buybacks for the quarter, with a reduction in cash and short-term Treasury holdings

Core operations offset weakness in insurance, demonstrating the strength of the underlying business. In Greg Abel's second quarter as CEO, the scale of buybacks increased sharply from Q1 (approximately $240 million), and a notable shift to a net buyer of stocks for the first time in several years stood out. Beginner investors may find it less confusing to look at operating profit trends first, before GAAP net income.

The Negatives

Slower insurance underwriting: Underwriting gain of $1.73 billion, down 13% year over year

Decline in insurance investment income: $3.06 billion, down 9% year over year on lower interest rates

Net income optical risk: A substantial portion of net earnings attributable to shareholders came from investment valuation gains (approximately $12.68 billion)

Underwriting gains declined despite the absence of major catastrophe losses, as personal auto insurance (GEICO) saw combined ratio and cost increases. Falling short-term rates pressured interest income, weighing on insurance investment income. The surge in EPS was largely driven by valuation gains on equity holdings, so concluding that "earnings doubled" from a single quarter's numbers alone can easily mislead.

What the Company Said

In its press release, the company stressed that quarterly EPS including investment gains can be highly misleading to investors unfamiliar with accounting rules, urging readers not to make investment decisions based on headline figures alone and to review the full quarterly report. No next-quarter or full-year revenue or earnings guidance was provided, consistent with Berkshire's long-standing practice.

Market Reaction and What to Watch Next

Despite the rise in core operating profit and the news on buybacks and cash deployment, after-hours movement was limited. A meaningful portion of the underwriting and equity investment flows were already known and priced in, while weakness in insurance and the reliance of net income on valuation gains tempered expectations, leading to the modest response.

Confirm whether operating profit growth in manufacturing, energy and rail extends into the next quarter.

Monitor whether the combined ratio and costs in insurance underwriting gains (particularly personal auto) stabilize.

Gauge the tone of capital allocation through the pace of buybacks and changes in cash and short-term Treasury balances.