Berkshire Hathaway accelerated share repurchases in the third quarter, buying back $9.6 billion worth of its own stock even as operating and overall profits declined. The buyback total more than doubled the $4.5 billion repurchased in the second quarter, bringing the conglomerate’s total repurchases for 2026 to approximately $14.4 billion.

The increase in capital returns coincided with a pullback in profitability across key segments. Operating earnings, which reflect results from wholly owned businesses, fell 5.8% year over year to $12.705 billion from $13.485 billion in the prior-year period. Overall earnings, which include gains from the company’s equity portfolio, dropped 28% to $22.112 billion from $30.796 billion.

Insurance Profits Decline

The drop in operating income was driven primarily by the insurance sector. Insurance underwriting profits tumbled 43% year on year to $1.352 billion, while insurance investment income declined 14% to $2.734 billion. These decreases offset growth in other core industrial units, as earnings from Berkshire’s railroad, energy, and manufacturing businesses all rose compared to the same period last year.

Investment gains also weighed on the top-line result, falling nearly 50% to $9.407 billion. Despite the quarterly earnings decline, Berkshire’s Class A shares have outperformed the broader market recently. The stock has risen more than 12% over the past month, compared with a 5.5% drop for the S&P 500. Year to date, Berkshire has gained 13%, while the broad market index is up 7.8%.

Cash Reserves Rise

Berkshire’s cash position continued to expand during the quarter. The company’s total cash hoard grew 3% to $377.435 billion from $365.514 billion in the second quarter. When excluding cash held by rail and utility subsidiaries along with Treasury bill payables, liquid holdings totaled $352.3 billion, representing a 1.9% decrease from the previous quarter.

The company’s five largest equity holdings remained unchanged in the third quarter: Alphabet, American Express, Apple, Bank of America, and Coca-Cola.