Berkshire Hathaway more than doubles buybacks in third quarter as earnings decline — SkimNews
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- Berkshire Hathaway repurchased $9.6 billion of stock in the third quarter, more than double the $4.5 billion bought in the second quarter, lifting 2026 repurchases to about $14.4 billion.
- Berkshire operating earnings totaled $12.705 billion, down 5.8% from $13.485 billion; insurance underwriting fell 43% to $1.352 billion and insurance investment income declined 14% to $2.734 billion.
- Railroad, energy and manufacturing businesses all posted year-over-year earnings growth, even as Berkshire’s insurance businesses pulled down the group’s operating result.
- Berkshire’s overall earnings fell 28% to $22.112 billion from $30.796 billion, while investment gains nearly halved to $9.407 billion.
- Berkshire Class A shares gained more than 12% over the past month while the S&P 500 fell 5.5%; year to date, Berkshire was up 13% versus 7.8% for the broad index.
- Berkshire’s reported cash grew 3% to $377.435 billion from $365.514 billion, but an adjusted measure excluding railroad and utility cash and T-bill payables fell 1.9% to $352.3 billion.
- The five largest Berkshire equity holdings remained Alphabet, American Express, Apple, Bank of America and Coca-Cola.
Why it matters: For Berkshire shareholders, the quarter paired a $9.6 billion buyback with a 28% drop in overall earnings, so capital deployment increased even as the reported profit base contracted. The counterweight was relative equity performance: Class A shares rose more than 12% over a month in which the S&P 500 fell 5.5%.
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