Berkshire Hathaway bought back $9.6 billion of its own shares in the third quarter, its largest quarterly repurchase on record, even as operating profit fell 6% on weaker results from its insurance businesses.
The Omaha conglomerate reported operating earnings of $12.71 billion for the three months to 30 September, down from $13.49 billion a year earlier, or about $8,954 per Class A share. Net income fell 28% to $22.11 billion, a figure that includes unrealised gains and losses on the stocks Berkshire still owns.
The buyback was more than double the $4.5 billion repurchased in the second quarter and takes Berkshire’s total for the first nine months of the year to about $14.4 billion. Barron’s described it as probably the company’s biggest quarterly buyback ever, and said the scale of the purchases suggested chief executive Greg Abel and controlling shareholder Warren Buffett judged the stock inexpensive during the period.
Berkshire’s insurance operations were the weak spot. Underwriting results and investment income both declined, dragging on a division that has long been the engine of the group. The shortfall was partly offset by stronger profits at its railroad, utility and manufacturing and service businesses.
For the first nine months of 2026, operating earnings rose to $37.03 billion from $34.29 billion a year earlier, while net income climbed to $57.89 billion from $47.77 billion. Insurance float — the premiums held before claims are paid, which Berkshire invests — stood at about $178.5 billion at the end of September, up roughly $2.1 billion since the end of 2025.
The results landed on a Saturday, with markets closed, but Berkshire shares have been on a strong run. They have risen about 15% since the end of the third quarter and hit new highs during the past week, with the Class A shares closing on Friday at $856,612 and the Class B shares at $570.89.
Berkshire itself cautions that its headline net income figure can be misleading, because accounting rules force it to count swings in the value of its stock portfolio even when nothing has been sold. Investment gains fell to $9.41 billion in the quarter, from $17.31 billion a year earlier.
Sources: Reuters — “Berkshire Hathaway accelerates stock buybacks, operating profit falls” (https://www.reuters.com/business/finance/berkshire-hathaway-accelerates-stock-buybacks-operating-profit-falls-2026-11-07/); Barron’s — “Berkshire’s Operating Earnings Fell 6%. Buybacks Hit $9.6B.” (https://www.barrons.com/articles/berkshire-hathaway-earnings-stock-price-46969b67); Berkshire Hathaway Inc. news release via Business Wire (https://www.businesswire.com/news/home/20261107409212/en/)
