Berkshire Hathaway reported about $9.6 billion in share repurchases for the third quarter, bringing its total for the first nine months to about $14.4 billion as operating and net earnings trailed year-earlier levels, according to its release.
Repurchases in July through September were up from $4.5 billion in the second quarter. Operating earnings were $12.705 billion, compared with $13.485 billion a year earlier, a decrease of $780 million. Net earnings attributable to Berkshire shareholders totaled $22.112 billion, versus $30.796 billion in the year-earlier quarter.
Insurance underwriting contributed $1.352 billion, 43% less than a year before. Income from insurance investments was $2.734 billion, down 14%. Earnings increased at BNSF, Berkshire Hathaway Energy Company and Berkshire’s manufacturing, service and retailing businesses, the release said.
Investment gains were $9.407 billion, compared with $17.311 billion a year earlier. Berkshire said accounting rules include changes in unrealized gains and losses on equity investments in net earnings. Its operating earnings measure excludes investment gains and losses as well as certain impairment charges.
CNBC reported Berkshire’s cash balance, including cash, cash equivalents and U.S. Treasury bills, rose to $377.435 billion from $365.514 billion at the end of the second quarter. A narrower measure that excludes cash held by its railroad and utility businesses and payables for Treasury bill purchases was $352.3 billion, down 1.9% for the quarter, CNBC reported.
CNBC also reported that Berkshire Class A shares gained more than 12% in the month through Nov. 7, while the S&P 500 fell 5.5%. For 2026 to date, Berkshire shares were up 13%, compared with 7.8% for the index. CNBC linked the recent relative strength to a rotation out of technology stocks.
Berkshire’s next full disclosure of U.S. stock holdings, for the quarter ended Sept. 30, is due Nov. 16.
