Berkshire Repurchases $9.6 Billion of Stock
Berkshire Hathaway's third-quarter operating profit fell 6% to $12.71 billion as insurance underwriting results declined.
Updated on Nov. 7, 2026 in Corporate Finance
Berkshire Hathaway reported a 6% decline in third-quarter operating profit to $12.71 billion, down from $13.49 billion a year earlier. The company repurchased $9.6 billion of its stock in the quarter, in addition to $4.8 billion repurchased earlier this year.
Why it matters
The decline in operating profit reflects weaker insurance underwriting results, while the large buybacks signal how the company is deploying its capital. Net income fell 28% to $22.11 billion, though that figure includes unrealized gains and losses on stocks Berkshire still owns.
Berkshire Hathaway repurchased $9.6 billion of stock in the quarter, on top of $4.8 billion earlier in 2026. Operating profit was about $8,954 per Class A share, but the extraction does not detail the size of the underwriting decline behind the drop.
The players
Berkshire Hathaway
Berkshire Hathaway is a diversified holding company led by Warren Buffett, headquartered in Omaha, Nebraska, with major holdings in insurance, railroads, utilities, and consumer businesses.
The details
Berkshire Hathaway's third-quarter operating profit fell 6% to $12.71 billion, with insurance underwriting results contributing to the decline. Net income fell 28% to $22.11 billion, and that figure includes unrealized gains and losses on stocks the company still holds.
Timeline
Earlier in 2026: Berkshire repurchased $4.8 billion of its stock.
Third quarter 2026: Operating profit fell 6% and $9.6 billion of stock was repurchased.
November 7, 2026: Berkshire reported its third-quarter results.
Market Dynamics
Berkshire's $9.6 billion third-quarter repurchase came on top of $4.8 billion bought back earlier in 2026, extending a buyback pattern that signals management sees its own shares as a use of excess capital. The quarter's 6% operating profit decline, driven by weaker insurance underwriting, points to pressure in the company's core insurance operations.
Shareholders who hold Berkshire stock are seeing the company spend billions repurchasing its own shares, which can support per-share value even as operating profit falls. Investors tracking the stock should watch whether insurance underwriting results recover in coming quarters.
The takeaway
Buybacks can prop up per-share metrics even when operating profit slips, so investors should look past headline repurchase totals. Tracking underwriting results over the next several quarters will show whether the profit decline is temporary.
Further reading
For more on how companies deploy capital through buybacks and earnings shifts, see Corporate Finance.
