Berkshire Hathaway Q3 2026: $9.6B Buybacks, BNSF Gains

Berkshire Hathaway released its third-quarter 2026 results on Saturday, November 7, and the story investors will talk about is buybacks. The Greg Abel-led conglomerate repurchased about $9.6 billion of its own stock in the quarter, more than double the $4.5 billion it bought back in the second quarter. Beneath the headline, its railroad, energy and manufacturing businesses all grew profits.

• Berkshire bought back about $9.6 billion of stock in Q3, bringing 2026 repurchases to roughly $14.4 billion
• Q3 operating earnings were $12.705 billion, down 5.8% from a year earlier, on lower insurance results
• Nine-month operating earnings rose to $37.03 billion, up about 8% from $34.29 billion
• BNSF earnings climbed 19%, Berkshire Hathaway Energy 8% and manufacturing, service and retailing 12%

How Did Berkshire Hathaway's Q3 2026 Earnings Break Down?

Berkshire's own release shows a tale of two halves. On the operating side, BNSF earned $1.729 billion versus $1.449 billion a year ago, Berkshire Hathaway Energy delivered $1.612 billion versus $1.489 billion, and the manufacturing, service and retailing group posted $4.042 billion versus $3.616 billion. Those are the everyday businesses that ship freight, power homes and make products, and all three moved the right way.

Insurance was the softer spot. Underwriting profit came in at $1.352 billion compared with $2.369 billion last year, and insurance investment income eased to $2.734 billion from $3.181 billion. That is what pulled quarterly operating earnings to $12.705 billion. Zoom out to the first nine months, though, and operating earnings are still up about 8% year over year. Insurance float, the money Berkshire holds and invests on behalf of policyholders, grew to about $178.5 billion, up $2.1 billion since the end of 2025.

Why Are Berkshire Hathaway's Buybacks Such a Big Signal?

Berkshire repurchases shares when leadership believes the stock trades below its intrinsic value, so a doubling of buybacks is a meaningful vote of confidence from the company itself. It also shrinks the share count, leaving each remaining shareholder with a slightly larger slice of the business. As of September 30, Berkshire reported 1,418,900 Class A equivalent shares outstanding.

Net earnings were $22.112 billion, down from $30.796 billion, mostly because investment gains were smaller. Berkshire has long reminded investors that quarterly investment gains swing with stock prices and are usually not a useful guide to the business. CNBC reported the company's cash hoard at about $377.4 billion, giving it plenty of flexibility.

What Berkshire's Results Mean for Stock Market Watchers

Berkshire has held up well during the recent rotation out of technology stocks. According to CNBC, its Class A shares rose more than 12% over the past month while the S&P 500 fell 5.5%, and they are up about 13% year to date. Its five largest holdings, Alphabet, American Express, Apple, Bank of America and Coca-Cola, were unchanged. If recent market swings have you wondering how other companies fared this earnings season, see our Interactive Brokers Q3 2026 earnings breakdown, and catch more in our stock trading coverage. As always, this is news and analysis, not personalized investment advice.

Sources: Berkshire Hathaway third-quarter news release — November 7, 2026; CNBC — November 7, 2026.