Berkshire Q3 GAAP profit declines as investment gains narrow; buybacks pick up pace

Berkshire's third quarter of 2026 produced GAAP net earnings attributable to shareholders of $22,112 million, compared with $30,796 million in the same quarter of 2025. The drop largely reflects investment gains, which were $9,407 million against $17,311 million a year earlier. Operating earnings, which exclude those investment gains, came to $12,705 million versus $13,485 million. Insurance underwriting earnings fell to $1,352 million from $2,369 million. Several units moved higher: BNSF rose to $1,729 million from $1,449 million, Berkshire Hathaway Energy to $1,612 million from $1,489 million, and manufacturing, service and retailing operating earnings to $4,042 million from $3,616 million. Share repurchases by Berkshire reached about $9.6 billion in the quarter, and about $14.4 billion across the first nine months of the year. Insurance float stood at roughly $178.5 billion on September 30, 2026, about $2.1 billion higher than at the end of 2025. Management notes that quarterly investment gains do not indicate how the businesses performed, so the GAAP decline should be weighed together with the operating results.

1. Q3 2026 net earnings attributable to Berkshire shareholders were $22,112 million, versus $30,796 million in Q3 2025.
2. Q3 2026 operating earnings were $12,705 million, versus $13,485 million in Q3 2025.
3. Q3 2026 investment gains were $9,407 million, versus $17,311 million in Q3 2025.
4. Q3 insurance underwriting earnings were $1,352 million, versus $2,369 million a year earlier; BNSF rose to $1,729 million from $1,449 million.
5. Manufacturing, service and retailing operating earnings rose to $4,042 million from $3,616 million; Berkshire Hathaway Energy rose to $1,612 million from $1,489 million.
6. Treasury share purchases totaled about $9.6 billion in Q3 2026 and about $14.4 billion for the first nine months.
7. Insurance float was about $178.5 billion at September 30, 2026, up about $2.1 billion since year-end 2025.
8. Class A equivalent shares outstanding were 1,418,900 at September 30, 2026.