Berkshire Hathaway steps up buybacks to about $9.6 billion as operating earnings fall 5.8%

As of 7:56 p.m. ET, Monday, Nov. 9, 2026

Berkshire Hathaway bought back about $9.6 billion of its own stock in the third quarter, according to the monthly figures in its quarterly report and CNBC, even as operating earnings fell 5.8% from a year earlier on weaker insurance results.

Operating earnings were $12.705 billion for the quarter ended Sept. 30, down from $13.485 billion a year earlier, the Omaha, Nebraska-based company said in its Nov. 7 earnings release, which it filed with the Securities and Exchange Commission on Monday along with its quarterly 10-Q report.

The quarter's repurchases brought Berkshire's buybacks for the first nine months of 2026 to about $14.4 billion, the company said. The third-quarter amount was more than double the roughly $4.5 billion repurchased in the second quarter, CNBC reported.

Why it matters

Berkshire, one of the most closely watched U.S. companies, buys back its shares only when its chief executive, after consulting the chairman of the board, believes the price is below Berkshire's intrinsic value, "conservatively determined," according to the 10-Q. The program has no maximum, and the company says it will not repurchase stock if doing so would cut its consolidated cash, cash equivalents and Treasury bills below $30 billion.

Greg Abel signed the quarterly filing's certifications as president and principal executive officer. CNBC described Berkshire as "the Greg Abel-led conglomerate."

The filing's month-by-month table shows the buying accelerated late in the quarter. In September alone, Berkshire bought 1,983 Class A shares at an average of about $758,333 and about 7.7 million Class B shares at an average of $506.64. The 10-Q said the nine-month total includes September purchases that settled in October.

Insurance drags, other units grow

After-tax insurance underwriting earnings fell 42.9% to $1.352 billion in the quarter, and insurance investment income declined to $2.734 billion from $3.181 billion, according to the release and 10-Q. The company said each of its three underwriting groups — GEICO, Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group — earned less from underwriting than a year earlier.

Other businesses improved. BNSF railroad earnings rose to $1.729 billion from $1.449 billion; Berkshire Hathaway Energy rose to $1.612 billion from $1.489 billion; and the manufacturing, service and retailing group rose to $4.042 billion from $3.616 billion, the release showed.

Net earnings attributable to shareholders, which include swings in the value of Berkshire's stock portfolio, fell to $22.112 billion from $30.796 billion. Investment gains were $9.407 billion, compared with $17.311 billion a year earlier. Berkshire says such quarterly investment gains are "usually meaningless" for judging its performance.

Cash and deals

At Sept. 30, Berkshire's insurance and other businesses held $352.3 billion in cash, cash equivalents and U.S. Treasury bills, net of payables for September purchases that settled in October, the 10-Q said. That figure excludes the railroad, utilities and energy businesses. CNBC reported a broader cash total of $377.4 billion before those adjustments.

Insurance float, the money Berkshire holds from premiums before paying claims, was about $178.5 billion, up about $2.1 billion since the end of 2025, the company said.

The 10-Q also noted two acquisitions this year: chemicals maker OxyChem for about $9.4 billion on Jan. 2 and homebuilder Taylor Morrison Home Corp. for about $6.8 billion in cash on July 24.

Berkshire's five largest stock holdings were unchanged in the quarter — Alphabet, American Express, Apple, Bank of America and Coca-Cola — CNBC reported.