Berkshire Hathaway Q3 2026 earnings: buybacks surge as operating profit dips

The quarter in numbers

Berkshire reported Q3 2026 operating earnings of $12.7 billion, down from $13.5 billion in Q3 2025. For the first nine months of 2026, operating earnings reached $37.0 billion, up from $34.3 billion a year ago. GAAP net earnings, which include swings in investment gains and losses, fell to $22.1 billion in Q3 from $30.8 billion a year ago, and rose to $57.9 billion for the nine months from $47.8 billion. Net earnings per Class B share were $10.33 in Q3, compared with $14.28 a year ago.

What drove the results

The main drag in Q3 was insurance. Underwriting earnings dropped to $1.4 billion from $2.4 billion a year ago, and insurance investment income fell to $2.7 billion from $3.2 billion. Those declines pulled overall operating earnings lower even as other segments performed well. BNSF, Berkshire's freight railroad, earned $1.7 billion in Q3, up from $1.4 billion, and $4.7 billion for the nine months, up from $4.1 billion. Berkshire Hathaway Energy contributed $1.6 billion in Q3, up from $1.5 billion, and $3.6 billion for the nine months, up from $3.3 billion. Manufacturing, service and retailing added $4.0 billion in Q3, up from $3.6 billion, and $11.7 billion for the nine months, up from $10.3 billion. The Other segment earned $1.2 billion in Q3, partly weighed down by $343 million in foreign currency exchange losses on non-U.S. dollar debt. Insurance float (the pool of policyholder funds Berkshire holds and invests before paying claims) stood at $178.5 billion at September 30, 2026, up $2.1 billion since year-end 2025. Berkshire repurchased $9.6 billion of its shares in Q3 alone, bringing the nine-month total to about $14.4 billion.

How the stock looks now

According to Alpha Finance data, Berkshire Hathaway B shares carry an Alpha Score of 94 out of 100, rated Very Strong. The score reflects particularly high marks in financial strength (14.9 out of 15) and market sentiment (3.9 out of 5). The Alpha Score is a composite ranking across valuation, profitability, growth, financial strength, risk and market sentiment. Pricing, valuation multiples and analyst targets are not available in the Alpha Finance data for this stock.

BRK.B at a glance Alpha Finance data, November 9, 2026

Alpha Score	94 / 100 very strong

What to watch next

Berkshire's GAAP net earnings will continue to swing with the value of its large equity investment portfolio, which management has repeatedly said should not be read as a measure of quarterly business performance. The company's utility arm, Berkshire Hathaway Energy, has asked California regulators for a 57% rate increase, a decision that could affect future earnings from that segment. Berkshire also plans a second yen-denominated bond offering in 2026, which adds to its non-U.S. dollar debt exposure and the currency gains or losses that come with it. The declining share count from buybacks means each remaining share represents a larger slice of the business over time.