Berkshire Hathaway buys back $9.6 billion of its own stock in Q3

What happened. Berkshire Hathaway released a press release and its 10-Q quarterly report for July to September 2026. This is Greg Abel's first year as CEO, and since September Warren Buffett has been chairman emeritus.

Where profit rose and where it fell. Railroad BNSF earned $1.73 billion, up 19.3% from a year ago. Berkshire Hathaway Energy brought in $1.61 billion, up 8.3%. Manufacturing, service and retailing made $4.04 billion, up 11.8%. Insurance was weaker: underwriting profit fell to $1.35 billion from $2.37 billion, and insurance investment income dropped to $2.73 billion from $3.18 billion.

Buybacks and cash. Berkshire bought back about $9.6 billion of its stock in the quarter and $14.4 billion over nine months. The average price paid for a Class B share in September was about $507. On September 30 its insurance and other businesses held $352.3 billion in cash and US Treasury bills, net of bill purchases that settled in October. Bloomberg reported a cash pile of about $365.5 billion at the end of the second quarter.

Why net earnings jump around. Net earnings include the revaluation of the stock portfolio. This quarter it added $9.4 billion versus $17.3 billion a year earlier. Berkshire itself says such quarterly figures are usually meaningless. That is why people look at operating earnings: over nine months they rose 8% to $37 billion.

Caveats. The press release is short, and the company asks readers to study the full 10-Q. The list of stocks bought and sold in the quarter comes separately, in the 13F filing.

Fatos confirmados

• Berkshire Hathaway's third quarter 2026 operating earnings were $12,705 million versus $13,485 million a year earlier.^[1]
• Net earnings attributable to shareholders were $22,112 million versus $30,796 million, including investment gains of $9,407 million versus $17,311 million.^[1]
• BNSF earnings rose to $1,729 million from $1,449 million, while insurance underwriting fell to $1,352 million from $2,369 million.^[1]
• Berkshire bought back about $9.6 billion of its stock in the third quarter and about $14.4 billion over nine months.^[1][2]
• On September 30, 2026, insurance and other businesses held $352.3 billion in cash and US Treasury bills, net of unsettled purchases.^[2]
• Insurance float on September 30 was about $178.5 billion.^[1]
• The five largest holdings on September 30 were Alphabet, American Express, Apple, Bank of America and Coca-Cola.^[2]
• According to Bloomberg, Berkshire had a cash pile of about $365.5 billion at the end of the second quarter.^[3]

Implicações

• ConfirmadoThe company is spending heavily on buying back its own shares: $9.6 billion in one quarter versus $4.8 billion in the first half.
• Nossa leituraGrowth at the railroad and industrial units suggests the real US economy held up well in the third quarter, while insurance is the weak spot for now. This is our conclusion.

Ainda não se sabe

• Whether Berkshire added Alphabet or other stocks in the third quarter
• Whether buybacks continued in October and November
• How BRK.B shares will react to the report on Monday

Quem é afetado

United States, Global. US stock investors and anyone who follows Berkshire and Buffett

Fontes

1. Berkshire Hathaway: Third Quarter Earnings 2026 (news release) 7 de novembro de 2026 · oficial
2. Berkshire Hathaway: Form 10-Q for the quarter ended September 30, 2026 7 de novembro de 2026 · oficial
3. Bloomberg via Claims Journal: Berkshire's Pivot to AI Bets Gets an Immediate Reality Check 6 de novembro de 2026 · mídia
4. Berkshire Hathaway: 2026 News Releases (Sept 18: Warren E. Buffett Becomes Chairman Emeritus) 18 de setembro de 2026 · oficial