Berkshire Hathaway Q3 2026: Insurance Underwriting Drops 43%, Buybacks Jump to $9.6 Billion

Berkshire Hathaway's insurance underwriting profit fell sharply in the third quarter of 2026 even as the conglomerate accelerated share repurchases, according to the company's third-quarter filing. Its cash pile grew to $377.4 billion over the same period, CNBC reported.

Insurance Underwriting and Investment Income Both Declined

Insurance underwriting profit tumbled 43% year over year to $1.352 billion in the quarter, down from $2.369 billion a year earlier, per Berkshire's filing. On a nine-month basis, underwriting profit fell to $4.800 billion from $5.697 billion in the prior-year period.

Insurance investment income also declined, dropping 14% year over year to $2.734 billion from $3.181 billion. For the first nine months of 2026, insurance investment income totaled $8.472 billion, down from $9.441 billion a year earlier.

Berkshire's filing did not detail the specific drivers behind the underwriting decline, such as catastrophe losses or pricing changes.

Other Operating Businesses Grew

Outside of insurance, Berkshire's railroad, energy and manufacturing operations each posted year-over-year earnings growth, per the filing and CNBC's reporting. BNSF railroad earnings rose to $1.729 billion from $1.449 billion, an increase of roughly 19.3% using those two figures (our calculation: (1.729-1.449)/1.449). Berkshire Hathaway Energy earnings climbed to $1.612 billion from $1.489 billion, up about 8.3% on the same basis. Manufacturing, service and retailing earnings rose to $4.042 billion from $3.616 billion, an increase of roughly 11.8%.

Those segment gains partially offset the insurance unit's weaker results, though the filing figures cited above do not add up to a consolidated operating-earnings total, so the quarter's overall operating profit is not quantified here.

Buybacks Accelerate as Cash Pile Grows

Berkshire repurchased approximately $9.6 billion of its own stock during the third quarter, according to both the company's filing and CNBC's reporting. That brought the nine-month buyback total to about $14.4 billion. Using those two figures, the first half of 2026 accounted for roughly $4.8 billion in repurchases ($14.4 billion nine-month total minus $9.6 billion in the third quarter), our calculation based on the reported figures, indicating the pace of buybacks accelerated notably in the third quarter relative to the first half.

Berkshire's cash hoard grew 3% in the third quarter to $377.435 billion from $365.514 billion in the second quarter, CNBC reported. However, excluding rail and utility cash along with T-bill payables, the company's cash holdings totaled $352.3 billion, down 1.9% quarter over quarter, per the same reporting. The gap between the headline cash figure and this narrower measure underscores that not all of the reported cash is immediately deployable for buybacks or acquisitions.

At September 30, 2026, insurance float stood at approximately $178.5 billion, an increase of about $2.1 billion since yearend 2025, according to Berkshire's filing. Float represents net liabilities assumed under insurance contracts and has historically served as a low-cost source of investable capital for the company.

Portfolio and Stock Performance

Berkshire's five largest equity holdings were unchanged in the third quarter: Alphabet, American Express, Apple, Bank of America and Coca-Cola, per CNBC's reporting.

CNBC also reported that Berkshire's Class A shares rose more than 12% over the past month, a period in which the S&P 500 fell 5.5%, and that Berkshire shares are up 13% year to date versus a 7.8% gain for the broader index. CNBC's reporting attributed the relative outperformance to a rotation out of technology stocks, though this characterization reflects that outlet's framing rather than a company statement.

Bottom Line

Berkshire's third quarter showed a split picture: insurance underwriting and investment income both declined meaningfully, while railroad, energy and manufacturing earnings grew. The company leaned harder into buybacks, spending $9.6 billion in the quarter — roughly double the approximately $4.8 billion implied for the first six months of 2026 by the $14.4 billion nine-month total — even as its headline cash balance expanded to $377.4 billion, according to CNBC. Berkshire did not pair those figures with guidance on capital allocation, leaving the rising repurchase pace alongside a still-large cash position as the clearest available read on how it deployed capital in the quarter.