Berkshire Buys Back $9.6 Billion in Stock as Quarterly Operating Profit Falls

Berkshire Hathaway spent about $9.6 billion buying back its own shares in the third quarter, even as operating earnings fell from a year earlier, the company reported Saturday.

Operating earnings were $12.705 billion, down from $13.485 billion in the third quarter of 2025. The decline was driven in part by insurance underwriting, where earnings fell to $1.352 billion from $2.369 billion.

The quarterly repurchases brought Berkshire's total stock buybacks for the first nine months of 2026 to about $14.4 billion.

Net earnings attributable to shareholders fell to $22.112 billion from $30.796 billion a year earlier. Berkshire said investment gains and losses can make its net earnings fluctuate sharply and cautioned investors against using a single quarter's net result to judge the business.

Results were stronger in some operating businesses. BNSF's quarterly earnings rose to $1.729 billion from $1.449 billion, while Berkshire Hathaway Energy's earnings increased to $1.612 billion from $1.489 billion.