Berkshire Hathaway 8-K
PositiveEarningsCEO/CFO change
Narrower investment losses and a swing to FX gains lift earnings; Charles C. Chang will succeed Marc D. Hamburg as CFO.
Filed 2026-05-07 16:33 ET
- 2.02 Results of Operations
- 5.02 Officer/director change
- 5.03 Bylaw Amendment or Fiscal Year Change
- 5.07 Shareholder Vote Results
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results, CFO succession, and governance updates. Berkshire’s net earnings attributable to shareholders rose as investment losses narrowed, while operating earnings increased. Charles C. Chang will become CFO on 6/1/2026, succeeding Marc D. Hamburg; the board also amended the bylaws to align officer roles and responsibilities with Berkshire’s current operating structure. Shareholders approved executive compensation and a three-year advisory-vote frequency; the workforce and human-capital reporting proposal was rejected.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Net earnings attributable to Berkshire shareholders | $10.1B | $4.6B | 120% |
| Operating earnings, non-GAAP | $11.3B | $9.64B | 17.7% |
| Net earnings per average equivalent Class B share | $4.68 | $2.13 | 120% |
- Investment gains (losses) were $(1.24)B vs $(5.04)B, including unrealized losses of ≈$7.0B vs ≈$7.4B and realized gains of $5.8B vs $2.4B; the narrower total investment loss contributed to higher net earnings.
- Operating earnings growth included “Other” earnings of $1.26B vs $41M, with foreign currency gains of $249M vs losses of $(713)M, and insurance-underwriting earnings of $1.72B vs $1.34B. Insurance-investment income declined to $2.68B from $2.89B.
- Insurance float was ≈$176.9B at 3/31/2026, up ≈$0.5B from year-end 2025. Chang’s annual cash salary is $8.0M. Hamburg’s retirement benefit includes up to 30 hours per year on a mid-sized NetJets aircraft through no later than 5/31/2037, with tax gross-ups; Berkshire estimates the cost at ≈$0.49M per year.
Guidance
No guidance in this filing.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3