Berkshire more than doubles buybacks to $9.6 billion as Q3 operating earnings fall 5.8%

Berkshire Hathaway bought back about $9.6 billion of its own stock in the third quarter, more than double the $4.5 billion it repurchased in the second quarter, even as operating earnings fell, CNBC reported from the company's results released on Saturday, 7 November. Buybacks for 2026 now total about $14.4 billion.

Insurance drags on operating profit

Operating earnings, which cover Berkshire's wholly owned businesses, fell 5.8% to $12.705 billion from $13.485 billion a year earlier. Insurance underwriting profit dropped 43% to $1.352 billion and insurance investment income fell 14% to $2.734 billion. The railroad, energy and manufacturing businesses all grew earnings year on year, CNBC said.

Net earnings and investment gains

Net earnings, which include gains and losses on Berkshire's large stock portfolio, fell 28% to $22.112 billion from $30.796 billion. Investment gains roughly halved to $9.407 billion. Berkshire has long cautioned that quarterly swings in investment values make net earnings a poor guide to its underlying operations.

Cash pile

Cash and equivalents rose 3% in the quarter to $377.435 billion from $365.514 billion. Excluding rail and utility cash and Treasury bill payables, the figure was $352.3 billion, down 1.9% from the second quarter. Berkshire's five largest equity holdings were unchanged: Alphabet, American Express, Apple, Bank of America and Coca-Cola.

CNBC noted that Berkshire class A shares were up more than 12% over the past month, while the S&P 500 fell 5.5% over the same period. This is news coverage, not investment advice.