Berkshire Hathaway more than doubles buybacks in third quarter as earnings decline

Berkshire Hathaway said Saturday it accelerated its share repurchases during the third quarter, as operating and overall profits took a hit.

The Greg Abel-led conglomerate bought back $9.6 billion worth of Berkshire stock. That’s more than double the $4.5 billion repurchased in the second quarter and brings the company’s total buybacks for 2026 to about $14.4 billion.

The sharp increase came as Berkshire’s operating earnings — those from wholly-owned businesses — fell year over year, as profits from its insurance business pulled back.

Berkshire operating profits totaled $12.705 billion, down 5.8% from $13.485 billion in the year-earlier period. Insurance underwriting tumbled 43% year on year to $1.352 billion, while insurance investment income declined 14% to $2.734 billion. Berkshire’s railroad, energy and manufacturing businesses all saw earnings grow year over year.

The company’s overall earnings, which include Berkshire’s sprawling stock market portfolio, also dropped 28% in the third quarter to $22.112 billion from $30.796 billion a year prior. Investment gains for the company fell nearly 50% to $9.407 billion.

Despite the earnings pullback, Berkshire stock has outperformed recently amid a massive rotation out of technology stocks. Class A shares are up more than 12% over the past month, while the S&P 500 has dropped 5.5% in that time. Year to date, Berkshire has gained 13%, while the broad market index is up just 7.8%.

Berkshire’s five largest equity holdings remained the same in the third quarter: Alphabet, American Express, Apple, Bank of America and Coca-Cola.

Berkshire’s cash hoard also grew 3% in the third quarter $377.435 billion from $365.514 billion in the second quarter. However, excluding rail and utility cash along with T-bill payables, the conglomerate’s cash holdings totaled $352.3 billion, down 1.9% quarter over quarter.

— CNBC’s Alex Crippen contributed reporting.