Berkshire Hathaway bought back $9.6 billion of its own shares during the third quarter of 2026, more than doubling its second-quarter repurchases of $4.5 billion.
The increase brought the conglomerate's total buybacks for 2026 to $14.4 billion, reflecting $4.8 billion in repurchases conducted across the first two quarters of the year before the recent acceleration.
Operating earnings fell 5.8% from a year earlier to $12.705 billion, down from $13.485 billion. The drop stemmed largely from the company's insurance units, where underwriting profit fell 43% to $1.352 billion and insurance investment income dropped 14% to $2.734 billion. In contrast, operating results improved across Berkshire's railroad, energy, and manufacturing units.
Total Earnings and Cash Reserves
Overall net earnings declined 28% year over year to $22.112 billion from $30.796 billion, as net investment gains fell by nearly 50% to $9.407 billion. Specific loss events driving the insurance underwriting contraction remain undisclosed.
Total cash holdings rose 3% over the quarter to $377.435 billion from $365.514 billion. When excluding railroad and utility cash alongside Treasury bill payables, cash reserves stood at $352.3 billion, a 1.9% decline from the prior quarter.
Berkshire's five largest equity investments remained Alphabet, American Express, Apple, Bank of America, and Coca-Cola. Led by Chief Executive Officer Greg Abel, Berkshire Class A shares have gained 13% year to date, compared with a 7.8% advance for the S&P 500.
