Filing Flows › Berkshire Hathaway (BRK-B) › Q1 2026 › vs Q4 2025
Berkshire Hathaway (BRK-B) Q1 2026 vs Q4 2025 (quarter over quarter)
Berkshire Hathaway's revenue fell $557M (-0.6%) from $94.2B in Q4 2025 to $93.7B in Q1 2026. The biggest changes: Mc Lane Company −$1.1B (-8%); Insurance Corporate and Other −$1.0B (-4%); Manufacturing Businesses +$959M (+5%). Operating margin 14.7% against 13.3% (+1.4 pts).
Berkshire Hathaway, Q1 2026: revenue $93.7B (+4% year over year), operating margin 14.7%, net earnings $10.2B, operating cash flow $10.4B. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 14.7% | 13.3% | +1.4 pts |
| Net margin | 10.9% | 20.4% | -9.6 pts |
| Free cash flow margin | 5.8% | 5.3% | +0.5 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Insurance Corporate and Other | $26.5B | $27.5B | −$1.0B | -4% |
| Manufacturing Businesses | $20.6B | $19.7B | $959M | +5% |
| Mc Lane Company | $11.8B | $12.8B | −$1.1B | -8% |
| Pilot Travel Centers LLC | $11.2B | $10.8B | $459M | +4% |
| Service and Retailing Businesses | $11.0B | $11.2B | −$248M | -2% |
| Berkshire Hathaway Energy Company | $6.7B | $6.2B | $418M | +7% |
| Burlington Northern Santa Fe Corporation | $6.0B | $6.0B | −$18.0M | -0.3% |
| Revenue | $93.7B | $94.2B | −$557M | -0.6% |
| Operating profit | $13.7B | $12.5B | $1.2B | +10% |
| Costs & expenses | $79.9B | $81.7B | −$1.8B | -2% |
| Pre-tax earnings | $12.3B | $24.5B | −$12.1B | -50% |
| Other expense, net | $1.4B | −$11.9B | $13.3B | — |
| Net earnings | $10.2B | $19.3B | −$9.1B | -47% |
| Income tax | $2.1B | $5.2B | −$3.0B | -59% |
| Depreciation & amortization | $3.5B | $3.5B | −$39.0M | -1% |
| Working capital & other | $3.3B | $11.6B | −$8.4B | -72% |
| Operating cash flow | $10.4B | $11.2B | −$754M | -7% |
| Free cash flow (OCF − capex) | $5.5B | $5.0B | $462M | +9% |
| Capital expenditures | $5.0B | $6.2B | −$1.2B | -20% |
Questions
How much did Berkshire Hathaway's revenue grow quarter over quarter in Q1 2026?
Berkshire Hathaway's revenue fell $557M (-0.6%) from $94.2B in Q4 2025 to $93.7B in Q1 2026.
What drove Berkshire Hathaway's revenue change in Q1 2026?
Mc Lane Company −$1.1B (-8%); Insurance Corporate and Other −$1.0B (-4%); Manufacturing Businesses +$959M (+5%).