Berkshire Hathaway's Q3 operating earnings fell to $12.7 billion

what happened

Berkshire Hathaway published its results for the third quarter and first nine months of 2026, according to a press release distributed by TradingView. Net earnings attributable to shareholders came to $22,112 million, down from $30,796 million a year earlier. Operating earnings dropped to $12,705 million from $13,485 million, while investment gains were $9,407 million compared with $17,311 million.

Insurance underwriting weakened sharply, falling to $1,352 million from $2,369 million, and insurance investment income also declined. BNSF, the energy business and the manufacturing, service and retailing segment grew. The company acquired about $9.6 billion of treasury shares in the third quarter and about $14.4 billion over nine months. Insurance float stood at roughly $178.5 billion at the end of September.

why it matters

Operating earnings show the core business without the swings of investment revaluation, so their decline matters more than the change in net earnings. Heavy share repurchases give support to the stock, while the reliance of reported profit on equity market gains makes quarterly figures volatile.

market impact

BRK.A and BRK.B: weaker operating earnings weigh, but large buybacks support the shares

• ↔BRK.B mixed — operating earnings declined, but heavy share buybacks support demand for the stock

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