The facts
Berkshire reported third-quarter operating earnings of $12.705 billion, compared with $13.485 billion in the third quarter of 2025. [1][2][3]
Net earnings were $22.112 billion, down from $30.796 billion a year earlier; investment gains were $9.407 billion versus $17.311 billion. [1][2][3]
The company repurchased $9.6 billion of its shares in the third quarter. [1][3]
Reuters reported that Berkshire repurchased about $2 billion more in the first four weeks of October, following $14.4 billion in repurchases in the first nine months of 2026. [3][5]
Barron’s calculated that October repurchases slowed to about $2 billion from more than $5 billion in September, using Berkshire’s share count through October 28 in its 10-Q; this is an analyst calculation, not a separately stated company total. [4][5]
Berkshire’s 10-Q lists $352.3 billion in cash, cash equivalents and U.S. Treasury bills held by its insurance and other businesses, net of payables for September Treasury-bill purchases settled in October. [5]
Relevant context
Berkshire’s release warns that investment gains vary with market prices and can make net earnings an unreliable measure of quarterly operating performance. [1]
The 10-Q’s $352.3 billion measure covers the insurance and other businesses and is net of September Treasury-bill payables; other reports give different company-wide cash totals, so those figures use different scopes and should not be compared as identical balances. [2][3][5]
Still unconfirmed
- The third-quarter release does not state an exact October repurchase total. Reuters reported about $2 billion in the first four weeks of October; Barron’s separately calculated a roughly $2 billion October pace from the 10-Q share count.
- Quarter-end cash totals differ across reports and definitions: the 10-Q specifies $352.3 billion for insurance and other businesses net of payables, while AP and Reuters report broader company cash totals. The opened materials do not reconcile all of those scopes.
Corrections & updates
Update: Added Reuters’ report of about $2 billion in repurchases in the first four weeks of October, Barron’s separate calculation that the pace slowed from September, and the 10-Q’s nine-month total and cash-measure basis.
Sources
References support the numbered facts above. Source checks: 8 Nov 2026, 03:47 UTC.
The company’s 7 November release and 10-Q supply the primary quarter figures and nine-month repurchase amount; AP and Reuters independently report the earnings. Reuters reports the October repurchase amount, while Barron’s separately calculates an October pace from share-count data. Cash totals are kept attributed and distinguished by scope. No share-price reaction or economy-wide effect is asserted.
- Third Quarter 2026 Earnings Release
Berkshire Hathaway · Primary source · 7 Nov 2026
Opened the company release. It reports Q3 operating earnings of $12.705 billion versus $13.485 billion, net earnings of $22.112 billion versus $30.796 billion, investment gains of $9.407 billion versus $17.311 billion, and $9.6 billion in share repurchases.
- Berkshire Hathaway reports third-quarter earnings
The Associated Press · Reporting · 7 Nov 2026
Opened AP’s coverage distinguishing operating earnings from investment-sensitive net income and reporting the quarter-end cash balance.
- Berkshire Hathaway accelerates stock buybacks, operating profit falls
Reuters via MarketScreener · Reporting · 7 Nov 2026
Opened the Reuters report: Berkshire repurchased $9.6 billion in Q3 and about $2 billion more during the first four weeks of October; operating earnings fell 6% to $12.71 billion. Reuters said the company ended September with $356.9 billion in cash and equivalents.
- Berkshire surprised with record buybacks, but pace slowed as the stock rose
Barron’s via Mint · Reporting · 8 Nov 2026
Opened Andrew Bary’s Barron’s analysis republished by Mint: it calculated that buybacks slowed to about $2 billion in October from more than $5 billion in September, based on shares in the October 28 10-Q; it also says Berkshire’s share price had risen.
- Form 10-Q for the quarter ended September 30, 2026
Berkshire Hathaway · Primary source · 7 Nov 2026
Opened the 10-Q. It reports $14.4 billion of treasury-stock repurchases in the first nine months, including September purchases settled in October, and specifies a $352.3 billion cash, cash-equivalents and Treasury-bill measure for insurance and other businesses net of payables.