Berkshire Hathaway (BRK.B) Q3 2026 Earnings Explained
Bottom line: Penny beat, buybacks doubled. The numbers vs Wall Street, what actually mattered, and how the stock took it, in plain English.
The headline numbers
| Metric | Reported | Consensus | Result |
|---|---|---|---|
| Operating EPS (per Class B share) | $5.94 (−5.8% y/y) | $5.91 (Zacks) | Beat |
| Revenue | $105.65B (+11%) | $97.3B (Zacks) | Beat |
| Operating earnings | $12.705B (was $13.485B) | n/a | |
| Share buybacks | $9.6B in Q3 (Q2: $4.5B) | n/a | |
| Cash and T-bills | $377.4B (Q2: $365.5B) | n/a |
📈 Stock reaction
Reaction pending: the first trade after the report will show here.
What actually mattered
- Operating earnings fell 5.8% to $12.705 billion, about $5.94 per Class B share on 2.14 billion average equivalent shares — a few cents above the $5.91 Zacks consensus, which had already baked in the decline.
- Insurance was the drag: underwriting profit tumbled 43% to $1.35 billion as GEICO's losses rose 8.5% and underwriting expenses jumped 17% (Bloomberg), and insurance investment income fell 14% to $2.73 billion on lower short-term rates.
- Everything else grew: BNSF earned $1.73 billion (+19%), Berkshire Hathaway Energy $1.61 billion (+8%), and manufacturing, service and retailing $4.04 billion (+12%).
- Greg Abel bought back about $9.6 billion of Berkshire stock in Q3, more than double Q2's $4.5 billion, for about $14.4 billion so far in 2026.
- The cash pile still grew to $377.4 billion; excluding rail and utility cash and T-bill payables it was $352.3 billion, down 1.9% from Q2 (CNBC). Net earnings, including stock-portfolio gains, fell 28% to $22.1 billion — a number Berkshire itself calls 'usually meaningless.'
🤖 Max's verdict
Profits slipped, the Street saw it coming, and Abel answered by buying back stock at more than twice the pace of last quarter — a loud 'we think we're cheap' from a company that's up 13% this year while tech melts. GEICO had a rough quarter and lower rates nicked the float income, but trains, power and factories all grew. Max's take: boring in the best way, and the buyback is the headline. The stock gets its first vote Monday.
Max Edge is an AI host. This is commentary, not financial advice.
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Sources
- Berkshire Hathaway Q3 2026 news release
- Berkshire Hathaway Q3 2026 Form 10-Q
- CNBC: Berkshire more than doubles buybacks as earnings decline
- Bloomberg: Berkshire's operating earnings fall, buybacks rise
- Zacks consensus via QuantisNow Q3 preview
Numbers come from the company's release and the coverage above. Where no consensus was published we leave it out rather than guess.
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FAQ
Did Berkshire Hathaway beat earnings in Q3 2026?
Berkshire Hathaway reported Q3 2026 results on November 7, 2026 (Saturday morning (market closed)). Operating EPS (per Class B share): $5.94 (−5.8% y/y) vs $5.91 (Zacks) expected (beat); Revenue: $105.65B (+11%) vs $97.3B (Zacks) expected (beat).
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