Berkshire Hathaway repurchased $9.6 billion of its own stock in the third quarter, more than double the $4.5 billion it bought back in the second quarter. The company has completed $14.4 billion in buybacks so far in 2026.
The acceleration occurred as the conglomerate's earnings declined. Operating earnings fell 5.8% to $12.705 billion from $13.485 billion a year earlier. Insurance underwriting profits tumbled 43% year over year to $1.352 billion, and insurance investment income dropped 14% to $2.734 billion. The railroad, energy, and manufacturing businesses all grew earnings.
Overall earnings, which include stock market gains and losses, fell 28% to $22.112 billion from $30.796 billion in the prior year. Investment gains fell nearly 50% to $9.407 billion.
Berkshire's five largest equity holdings remained unchanged: Alphabet, American Express, Apple, Bank of America, and Coca-Cola.
Cash holdings rose 3% in the quarter to $377.435 billion from $365.514 billion in the second quarter. Excluding rail and utility cash along with T-bill payables, cash totaled $352.3 billion, down 1.9% quarter over quarter.