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Berkshire Hathaway accelerated its share repurchases during the third quarter even as operating earnings and overall profits moved sharply lower. The conglomerate disclosed the results Saturday, presenting a striking contrast between heavier stock purchases and weaker earnings.

The company, led by Greg Abel, repurchased $9.6 billion of Berkshire shares during the quarter. That was more than twice the $4.5 billion bought during the second quarter and lifted total repurchases for 2026 to about $14.4 billion.

The larger buyback came as Berkshire reported a year over year decline in operating earnings from its wholly owned businesses. Weakness in the insurance operations weighed on the overall result, even as several other major business segments posted growth.

Operating profit totaled $12.705 billion for the quarter, down 5.8% from $13.485 billion in the same period a year earlier. The decline placed the insurance results at the center of Berkshire’s quarterly earnings pullback.

Insurance underwriting profit fell 43% from a year earlier to $1.352 billion. Insurance investment income also weakened, declining 14% to $2.734 billion during the third quarter.

Those insurance declines were not reflected across every part of the conglomerate. Berkshire’s railroad, energy and manufacturing businesses each recorded year over year earnings growth, providing areas of improvement within an otherwise weaker quarterly report.

Overall earnings, which include results from Berkshire’s extensive stock market portfolio, dropped 28% to $22.112 billion. The company had reported $30.796 billion in overall earnings during the comparable quarter one year earlier.

Investment gains also fell substantially. Berkshire recorded $9.407 billion in investment gains for the quarter, a decline of nearly 50% from the prior year period.

The weaker earnings arrived while Berkshire shares were outperforming the broader market. That relative strength coincided with a massive rotation away from technology stocks, while the conglomerate’s shares moved higher and the S&P 500 retreated.

Berkshire Class A shares gained more than 12% over the past month. Over the same period, the S&P 500 fell 5.5%, leaving a substantial gap between the conglomerate and the broad market index.

The comparison also favored Berkshire on a year to date basis. Berkshire shares advanced 13%, while the S&P 500 gained 7.8% over the same period.

Berkshire’s largest equity positions did not change during the third quarter. Its five biggest holdings remained Alphabet, American Express, Apple, Bank of America and Coca Cola.

The company’s total cash hoard expanded during the quarter, rising 3% to $377.435 billion from $365.514 billion in the second quarter. That headline increase showed Berkshire ending the period with a larger overall cash balance.

A narrower cash measure moved in the opposite direction. After excluding railroad and utility cash as well as Treasury bill payables, Berkshire held $352.3 billion, down 1.9% from the second quarter.

The quarterly report therefore combined several sharply different movements across Berkshire’s operations and balance sheet. Repurchases more than doubled, total cash increased and the stock outperformed, while operating profit, overall earnings, insurance results and investment gains all declined.

Berkshire’s decision to purchase more of its own shares was among the report’s most prominent developments. The $9.6 billion quarterly total accounted for most of the approximately $14.4 billion in shares repurchased during 2026.

The figures also showed that Berkshire’s performance was not uniform across its sprawling operations. Insurance profits weakened significantly, but railroad, energy and manufacturing earnings increased from the year earlier period.

Investors were left with a quarter defined by aggressive repurchases and mixed operating results. Berkshire’s recent market gains remained intact despite lower earnings, while its unchanged list of largest stock holdings continued to feature several of the biggest names in corporate America.

DISCLAIMER: GoldInvestors.news is not a registered investment, legal or tax advisor or broker/dealer. All investment/financial opinions expressed by GoldInvestors.news are from the personal research and experience of the owner of the site and are intended as educational material. Although best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors and misprints may occur.