Berkshire Buybacks Hit $9.6 Billion as Profit Falls 6%

Berkshire Hathaway bought back $9.6 billion of its own stock in the third quarter of 2026 — likely its biggest buyback quarter ever — even as operating profit fell 6% to $12.71 billion. The Omaha conglomerate released the results on Saturday morning, November 7, and the buyback number is the headline: it is more than double the $4.5 billion repurchased in the second quarter, and it came while the shares were climbing to record highs.

What happened, in one answer

Berkshire reported third-quarter operating earnings of $12.705 billion, down from $13.485 billion a year earlier. Net earnings fell 28% to $22.112 billion, from $30.796 billion. The company spent $9.6 billion on share repurchases in the quarter, taking its nine-month buyback total to about $14.4 billion.

Why profit fell

The drag came from insurance. Weaker underwriting results and lower investment income at Berkshire's large insurance units pulled operating profit down, according to both Reuters and Barron's. Those declines were partly offset by higher profits at the railroad, the utility and energy businesses, and the manufacturing and service operations. Barron's noted the overall operating figure was in line with the consensus estimate, which is why the profit dip itself is not the surprise in this report.

Net income fell more sharply than operating profit because it includes the changing value of stocks Berkshire still owns. Investment gains were $9.407 billion in the quarter, down from $17.311 billion a year earlier, according to the company's earnings release. Berkshire itself warns that this headline number swings with the market and urges readers to read the full 10-Q, saying the release alone is not adequate for making an informed investment judgment.

Why the buyback is blowing up

Buybacks only happen at Berkshire when the people running it think the stock is cheap. Barron's reported that the $9.6 billion figure was above expectations and was probably the highest quarterly total in the company's history, and that it signals chief executive Greg Abel and controlling shareholder Warren Buffett viewed the shares as inexpensive during the period. There was an early clue: share-count figures from the second-quarter filing implied about $3.4 billion of repurchases in July alone.

The timing makes the signal louder. Berkshire's shares have risen about 15% since the end of the third quarter and hit new highs in the past week. The Class A shares ended Friday at $856,612 and the Class B shares at $570.89, with both classes up about 13.5% so far this year, Barron's reported. In other words, the record buyback happened in a quarter when the stock was already strong — not after a slump.

Key facts

• Operating earnings: $12.705 billion, down 6% from $13.485 billion a year earlier — about $8,954 per Class A share.
• Net earnings: $22.112 billion, down 28% from $30.796 billion; $15,502 per Class A share, down from $21,413.
• Buybacks: $9.6 billion in the third quarter, versus $4.5 billion in the second quarter; about $14.4 billion for the first nine months.
• Investment gains: $9.407 billion, down from $17.311 billion a year earlier.
• Nine-month results: net earnings of $57.885 billion, up from $47.769 billion; operating earnings of $37.034 billion, up from $34.286 billion.
• Insurance float: about $178.5 billion at September 30, up about $2.1 billion since the end of 2025.
• Share count: 1,418,900 Class A equivalent shares outstanding at September 30.

What's next

Markets are closed for the weekend, so the first reaction comes when trading resumes on Monday. The questions investors will carry into that open are straightforward: whether the buyback pace continues in the fourth quarter, whether insurance underwriting recovers, and what the full 10-Q shows about where Berkshire put money to work during the quarter. For now, the message of this report is simple — profit dipped on insurance, and management answered by buying its own stock at a record pace. This post reports what happened and why markets are paying attention; it is not a recommendation to buy, sell or hold any security.

FAQ

How much did Berkshire Hathaway earn in Q3 2026?

Operating earnings were $12.705 billion, down 6% year over year, and net earnings were $22.112 billion, down 28%, for the quarter ended September 30, 2026.

How big were Berkshire's share buybacks?

Berkshire repurchased $9.6 billion of stock in the third quarter — more than double the second quarter's $4.5 billion and, according to Barron's, probably its highest quarterly buyback ever.

Why did Berkshire's profit fall?

Weaker insurance underwriting and lower insurance investment income were the main drag, partly offset by stronger results from the railroad, utilities and manufacturing and service businesses.

When will the stock react to the earnings?

The results came out on Saturday, November 7, while markets were closed, so the first share-price reaction will come at Monday's open.