Berkshire Hathaway Dossier - Source-backed chat

Berkshire Hathaway

BRK.ANYSE

SectorFinancials

IndustryMulti-Sector Holdings

Beta (adjusted)1.00

Intrinsic Value

Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet.

Data confidenceNot applicable

Next Earnings Date7 Nov 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Berkshire's second-quarter 2026 operating earnings increased to $12.983 billion from $11.160 billion, with higher earnings at BNSF, Berkshire Hathaway Energy, and manufacturing, service and retailing. The counterweight is weaker insurance economics: quarterly underwriting earnings declined to $1.731 billion from $1.992 billion and insurance investment income declined to $3.059 billion from $3.367 billion. Capital deployment accelerated through approximately $4.5 billion of second-quarter share repurchases and the completed OxyChem and Taylor Morrison acquisitions. The balance of improving noninsurance operations, substantial insurance float and more active capital deployment against weaker underwriting and acquisition-integration risk supports a Hold rather than a directional call.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets3 analysts · as of 18 Aug 2026

Low · most bearish analyst$510.00

Mean target$547.67

High · most bullish analyst$604.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

$510.0019%

Insurance-underwriting deterioration persists while weaker freight, utility or consumer-sensitive activity reverses the recent improvement in controlled-business earnings. Simultaneous integration pressure at OxyChem and Taylor Morrison would reduce the benefit of accelerated capital deployment.

Base CaseCentral scenario

$547.6758%

Matches the consensus mean

Noninsurance subsidiaries continue producing moderate earnings growth while insurance underwriting remains variable. OxyChem and Taylor Morrison are integrated without material disruption, and capital deployment remains selective.

Bull CaseUpside scenario

$604.0023%

Operating earnings continue to expand across BNSF, energy, manufacturing, services and retailing; insurance underwriting recovers; and the OxyChem and Taylor Morrison integrations increase Berkshire's durable earning power. Continued price-disciplined repurchases would add per-share leverage to that outcome.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Second-quarter 2026 operating earnings were $12.983 billion, up from $11.160 billion in the prior-year quarter.
Second-quarter earnings improved at BNSF, Berkshire Hathaway Energy, and manufacturing, service and retailing, demonstrating breadth outside insurance.
Insurance float reached approximately $177.5 billion at June 30, 2026, while Berkshire repurchased approximately $4.5 billion of its shares during the quarter.
Berkshire completed the $9.7 billion OxyChem acquisition and the Taylor Morrison acquisition, whose announced enterprise value was approximately $8.5 billion, expanding its controlled operating businesses.

Key Investment Risks

Second-quarter insurance-underwriting earnings declined to $1.731 billion from $1.992 billion, while insurance investment income declined to $3.059 billion from $3.367 billion.
Reported net earnings remain exposed to potentially misleading quarter-to-quarter volatility from unrealized changes in Berkshire's equity-security portfolio.
The OxyChem and Taylor Morrison transactions increase execution exposure, while the enlarged homebuilding operation remains sensitive to housing demand and affordability.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.