Berkshire Hathaway, the giant US company that owns insurers, a railroad, energy firms and dozens of other businesses, reported its third-quarter results on Saturday, November 7, 2026. The headline: the company spent about $9.6 billion buying back its own shares in the quarter, while its profit fell compared with a year earlier.
Key facts
- Share buybacks: about $9.6 billion in the third quarter (July to September), roughly twice what it spent in the first half of the year. Total buybacks in the first nine months of 2026: about $14.4 billion.
- Net earnings: $22.1 billion, down 28% from $30.8 billion a year earlier.
- Operating earnings (profit from the businesses themselves, without gains or losses on the stock portfolio): $12.7 billion, down 5.8% from $13.5 billion.
- Cash: about $377 billion in cash and short-term US Treasury bills at the end of September.
- Leadership: the results were signed off by Greg Abel, Berkshire’s president and chief executive officer.
What went down, what went up
Most of the drop in net earnings came from smaller investment gains: $9.4 billion this quarter against $17.3 billion a year ago. Berkshire itself warns that these gains swing a lot from quarter to quarter, because accounting rules make it count the changing value of the stocks it holds, so it asks investors to focus on operating earnings instead.
Inside operating earnings, the picture was mixed:
| Business | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Insurance underwriting | $1.35 billion | $2.37 billion | -43% |
| Insurance investment income | $2.73 billion | $3.18 billion | -14% |
| BNSF railroad | $1.73 billion | $1.45 billion | +19% |
| Berkshire Hathaway Energy | $1.61 billion | $1.49 billion | +8% |
| Manufacturing, service and retailing | $4.04 billion | $3.62 billion | +12% |
Currency moves also hurt: Berkshire booked a $343 million loss on foreign-currency debt in the quarter, compared with a $331 million gain a year earlier.
Over the first nine months of 2026, operating earnings are still up about 8%, at $37.0 billion.
Why it matters
Berkshire buys back its own shares only when its leaders think the stock is cheaper than what the company is really worth. A buyback of this size is therefore read by many investors as a signal of confidence, and it comes after weeks of heavy selling in US stocks. At the same time, the company is still sitting on one of the biggest cash piles in the corporate world, which gives it room to act if markets keep falling. The weaker insurance results show that even the most diversified companies are not immune to a tougher year.
This article is for information only and is not financial advice.
