# Berkshire operating earnings fall 6% in Q3 as buybacks reach $9.6 billion

> Berkshire Hathaway reported $12.7 billion of third-quarter operating earnings, down from $13.5 billion a year earlier, while repurchasing about $9.6 billion of stock.

Source page: https://stoqly.net/news/berkshire-hathaway-q3-2026-operating-earnings-buyback

- **Published:** 2026-11-08T06:05:00+00:00
- **Section:** Quarterly results

Berkshire Hathaway reported third-quarter 2026 operating earnings of $12.705 billion, down from $13.485 billion a year earlier, according to the company's Nov. 7 release. Operating earnings exclude investment gains and losses, which can make reported net income volatile.

Net earnings attributable to Berkshire shareholders were $22.112 billion, compared with $30.796 billion in the third quarter of 2025. The company said 2026 investment gains included $7.7 billion from changes in unrealized equity-security gains and $1.7 billion of after-tax realized gains on investment sales.

Insurance underwriting earnings fell to $1.352 billion from $2.369 billion, while insurance investment income declined to $2.734 billion from $3.181 billion. BNSF earnings rose to $1.729 billion from $1.449 billion, Berkshire Hathaway Energy earnings increased to $1.612 billion from $1.489 billion, and manufacturing, service and retailing earnings rose to $4.042 billion from $3.616 billion.

Berkshire repurchased approximately $9.6 billion of its shares in the third quarter, bringing the nine-month total to about $14.4 billion. Insurance float was approximately $178.5 billion at Sept. 30, up about $2.1 billion from year-end 2025.

**Why it matters** The quarter shows weaker insurance underwriting and investment income alongside stronger contributions from BNSF, energy and manufacturing. The size of the buyback also makes capital allocation a central part of the result.

- Q3 operating earnings: $12.705B -5.8% YoY
- Q3 net earnings: $22.112B vs $30.796B
- Q3 buybacks: $9.6B 2026 quarter
- Insurance float: $178.5B Sept. 30

- [Berkshire Hathaway Q3 and nine-month 2026 earnings release, Nov. 7, 2026](https://www.berkshirehathaway.com/news/nov0726.pdf)
- [Berkshire Hathaway annual and interim reports](https://www.berkshirehathaway.com/reports.html)

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Written by Stoqly from SEC filings and market data. For information only — not investment advice or a recommendation to buy, sell or hold any security.