Berkshire Hathaway reported first-quarter 2026 operating earnings of $11.3 bn, up 17.7% from a year earlier. The increase came from higher earnings across insurance underwriting, BNSF, Berkshire Hathaway Energy, manufacturing, service and retailing, and other businesses.
Revenue rose 4.4% year over year to $93.6 bn. Growth came from Insurance and Other, as well as Railroad, Utilities and Energy.
Costs and expenses increased 2.1% to $80 bn. The rise mainly reflected higher costs in Insurance and Other, Railroad, Utilities and Energy. Still, earnings expanded faster than expenses. That spread did the work.
Berkshire’s Insurance and Other segment generated $81 bn in revenue, up 4.3% year over year. The gain was driven by higher earned insurance premiums, sales and service revenue, and leasing revenue.
Insurance underwriting produced operating earnings of $1.7 bn, a 30.8% increase from the prior-year quarter.
According to Beinsure analysts, the result shows how underwriting margins and investment income continue to support large diversified insurers even as claims inflation remains a pressure point across the sector.
Railroad operating revenue rose 5% to $5.9 bn. BNSF benefited from a 2.2% increase in car and unit volume and a 2.8% increase in average revenue per car or unit, supported by business mix, pricing gains, and higher fuel surcharge revenue linked to higher fuel prices.
Railroad pre-tax earnings increased 13.5% to $1.8 bn in the first quarter. Operating earnings from the railroad business rose 12.5% year over year to $2 bn.
Manufacturing, Service and Retailing revenue increased 6.5% to $54.8 bn. Pre-tax earnings rose 5.7% to $4.2 bn. Cash and cash equivalents, including restricted cash, stood at $58.8 bn at quarter-end, up 37.2% from a year earlier.
After-tax earnings from manufacturing, service and retailing businesses increased 4.5% from the same period last year. Results were mixed across Berkshire’s many operations. Manufacturing and service businesses reported higher earnings, while retailing businesses posted weaker results.
Berkshire ended March 31, 2026, with consolidated shareholders’ equity of $729.4 bn, up 1.4% from December 31, 2025.
The company’s insurance float reached about $176.9 bn, up $500 mn from December 31, 2025. Float remains one of Berkshire’s main financial advantages, giving the group low-cost funds to invest before claims are paid.
Operating cash flow totalled $10.4 bn in the quarter, down 4.3% year over year.
Cincinnati Financial posted operating income of $2.10 per share, beating the Zacks Consensus Estimate by 8.8%. That compared with a loss of $0.24 per share a year earlier. Operating revenue reached $2.9 bn, up 12% year over year, though it missed the consensus estimate by 0.7%.
Progressive reported first-quarter 2026 earnings of $4.96 per share, beating the Zacks Consensus Estimate by 2.5%. Earnings rose 6.7% year over year.
Operating revenue increased 8.2% to $22.3 bn, supported by higher earned premiums, stronger net investment income, higher fees and other revenue, and increased service revenue.
Progressive’s net premiums earned rose 8% to $20.9 bn, above the consensus estimate by 1.5%. Operating revenue still missed the Zacks Consensus Estimate by 1.2%.
Selective Insurance reported operating income of $1.69 per share, missing the Zacks Consensus Estimate by 2.3%. Earnings fell 11% year over year. Operating revenue rose 6.4% to $1.4 bn, driven by higher net premiums earned and net investment income, but still missed the consensus estimate by 0.5%.
Selective’s net premiums written declined 1% to $1.3 bn, in line with expectations.
