Berkshire Hathaway Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 9 November 2026: press release. The quarter’s numbers.

Key takeaways

Net earnings fell from prior year: Net earnings attributable to Berkshire shareholders were $22,112 million in the third quarter, against $30,796 million a year earlier. Nine-month net earnings were $57,885 million, against $47,769 million. Source
Operating earnings declined in quarter: Operating earnings were $12,705 million in the third quarter, against $13,485 million in 2025. Nine-month operating earnings were $37,034 million, against $34,286 million. Source
Total investment gains fell in quarter: Investment gains were $9,407 million in the third quarter, against $17,311 million, and $20,851 million in nine months, against $17,243 million. The release says these predominantly relate to equity securities. Source
Unrealized gains drove third-quarter total: Investment gains include unrealized gains of $7.7 billion in the third quarter and $11.6 billion in the first nine months, from changes in equity holdings. Source
Underwriting earnings fell from prior year: Insurance underwriting earnings were $1,352 million in the third quarter, against $2,369 million, and $4,800 million in nine months, against $5,697 million. Source
Investment income declined in quarter: Insurance investment income was $2,734 million in the third quarter, against $3,181 million, and $8,472 million in nine months, against $9,441 million. Source
Manufacturing earnings rose in quarter: Manufacturing, service and retailing earnings were $4,042 million in the third quarter, against $3,616 million, and $11,711 million in nine months, against $10,277 million. Source
Treasury share purchases in quarter: Berkshire acquired approximately $9.6 billion of treasury shares in the third quarter of 2026, bringing the nine-month total to about $14.4 billion. Source

“In sum, investment gains (losses) for any particular period are not indicative of quarterly business performance.”
Berkshire Hathaway Inc., press release

Net and operating earnings

Net earnings fell from prior year: Net earnings attributable to Berkshire shareholders were $22,112 million in the third quarter, against $30,796 million a year earlier. Nine-month net earnings were $57,885 million, against $47,769 million. Source
Operating earnings declined in quarter: Operating earnings were $12,705 million in the third quarter, against $13,485 million in 2025. Nine-month operating earnings were $37,034 million, against $34,286 million. Source
Per-share earnings fell in quarter: Net earnings per average equivalent Class B share were $10.33 in the third quarter, against $14.28. Nine-month Class B per-share earnings were $26.92, against $22.14. Source
Operating earnings excludes investment gains: The release defines operating earnings as net earnings excluding investment gains and losses, goodwill and intangible impairments, and equity-method other-than-temporary impairments. Source

Investment gains and losses

Total investment gains fell in quarter: Investment gains were $9,407 million in the third quarter, against $17,311 million, and $20,851 million in nine months, against $17,243 million. The release says these predominantly relate to equity securities. Source
Unrealized gains drove third-quarter total: Investment gains include unrealized gains of $7.7 billion in the third quarter and $11.6 billion in the first nine months, from changes in equity holdings. Source
Realized sales gains lower than 2025: After-tax realized gains on sales of investments were $1.7 billion in the third quarter and $9.3 billion in the first nine months, against $8.1 billion and $14.6 billion in 2025. Source
Other investment losses in 2025: Investment gains in the first nine months of 2025 also included $0.7 billion of losses from other investments. Source
Kraft Heinz impairment in 2025 only: The nine-month 2025 figures include a $3,760 million other-than-temporary impairment of the Kraft Heinz investment. The 2026 columns show no such impairment. Source

“Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information.”
Berkshire Hathaway Inc., press release

Insurance underwriting and float

Underwriting earnings fell from prior year: Insurance underwriting earnings were $1,352 million in the third quarter, against $2,369 million, and $4,800 million in nine months, against $5,697 million. Source
Investment income declined in quarter: Insurance investment income was $2,734 million in the third quarter, against $3,181 million, and $8,472 million in nine months, against $9,441 million. Source
Float rose since year-end: Insurance float was approximately $178.5 billion at September 30, 2026, up approximately $2.1 billion since year-end 2025. Source

Rail, energy and manufacturing

Rail earnings rose in quarter: BNSF earnings were $1,729 million in the third quarter, against $1,449 million, and $4,664 million in nine months, against $4,129 million. Source
Energy earnings rose in quarter: Berkshire Hathaway Energy earnings were $1,612 million in the third quarter, against $1,489 million, and $3,617 million in nine months, against $3,288 million. Source
Manufacturing earnings rose in quarter: Manufacturing, service and retailing earnings were $4,042 million in the third quarter, against $3,616 million, and $11,711 million in nine months, against $10,277 million. Source

Other segment and currency

Other earnings mixed across periods: Other earnings were $1,236 million in the third quarter, against $1,381 million, and $3,770 million in nine months, against $1,454 million. The release ties the segment’s currency effects to non-U.S. dollar debt. Source
Quarter currency result turned to loss: The company reported foreign currency losses of $343 million in the third quarter of 2026. The 2025 third quarter had foreign currency gains of $331 million. Source
Nine-month currency gains in 2026: Nine-month 2026 foreign currency gains on non-U.S. dollar debt were $232 million, compared with $1.3 billion of losses in the first nine months of 2025. Source

Buybacks and share count

Treasury share purchases in quarter: Berkshire acquired approximately $9.6 billion of treasury shares in the third quarter of 2026, bringing the nine-month total to about $14.4 billion. Source
Class A equivalent shares declined: Class A equivalent shares outstanding were 1,418,900 at September 30, 2026, against 1,431,693 at June 30, 2026. Source
Average Class A shares declined: Average equivalent Class A shares outstanding were 1,426,372 in the third quarter, against 1,438,223, and 1,433,603 for nine months, against 1,438,223. Source

Figures management reported

Figure	Reported
Investment income Source	$2,734 million in the third quarter (2025: $3,181 million); $8,472 million in nine months (2025: $9,441 million)

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

BERKSHIRE HATHAWAY INC.

Omaha, NE (BRK.A; BRK.B) -

Berkshire’s operating results for the third quarter and first nine months of 2026 and 2025 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.

Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the third quarter and first nine months of 2026 and 2025 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).

	Third Quarter		First Nine Months
	2026	2025	2026	2025
Net earnings attributable to Berkshire shareholders	$22,112	$30,796	$57,885	$47,769
Net earnings includes:
Investment gains (losses)	9,407	17,311	20,851	17,243
Other-than-temporary impairment of investment in Kraft Heinz	-	-	-	(3,760)
Operating earnings	12,705	13,485	37,034	34,286
Net earnings attributable to Berkshire shareholders	$22,112	$30,796	$57,885	$47,769
Net earnings per average equivalent Class A Share	$15,502	$21,413	$40,377	$33,214
Net earnings per average equivalent Class B Share	$10.33	$14.28	$26.92	$22.14
Average equivalent Class A shares outstanding	1,426,372	1,438,223	1,433,603	1,438,223
Average equivalent Class B shares outstanding	2,139,557,257	2,157,335,139	2,150,404,500	2,157,335,139

Note: Per share amounts for Class B shares are 1/1,500of those shown for Class A shares.

In the table above, investment gains (losses) in each period predominantly relate to our investments in equity securities. Generally Accepted Accounting Principles (“GAAP”) require that we include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our earnings statements. Investment gains (losses) in 2026 include gains of $7.7 billion in the third quarter and $11.6 billion in the first nine months and in 2025 include gains of $9.2 billion in the third quarter and $3.3 billion in the first nine months due to changes during the third quarter and the first nine months in the unrealized gains that existed in our equity security investment holdings. Investment gains (losses) in 2026 also include after-tax realized gains on sales of investments of $1.7 billion in the third quarter and $9.3 billion in the first nine months and in 2025 include $8.1 billion in the third quarter and $14.6 billion in the first nine months. Investment gains (losses) in the table above also include losses of $0.7 billion in the first nine months of 2025 from other investments.

The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.

An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).

	Third Quarter		First Nine Months
	2026	2025	2026	2025
Insurance - underwriting	$1,352	$2,369	$4,800	$5,697
Insurance - investment income	2,734	3,181	8,472	9,441
BNSF	1,729	1,449	4,664	4,129
Berkshire Hathaway Energy Company	1,612	1,489	3,617	3,288
Manufacturing, service and retailing	4,042	3,616	11,711	10,277
Other*	1,236	1,381	3,770	1,454
Operating earnings	$12,705	$13,485	$37,034	$34,286

* Includes foreign currency exchange losses related to non-U.S. Dollar denominated debt in 2026 of $343 million in the third quarter and gains of $232 million in the first nine months and in 2025 includes foreign currency exchange gains of $331 million in the third quarter and losses of $1.3 billion in the first nine months.

Berkshire acquired approximately $9.6 billion in treasury shares during the third quarter of 2026, bringing the nine-month total to about $14.4 billion. On September 30, 2026, there were 1,418,900 Class A equivalent shares outstanding. At September 30, 2026, insurance float (the net liabilities we assume under insurance contracts) was approximately $178.5 billion, an increase of approximately $2.1 billion since yearend 2025.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.

Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment gains (losses), impairments of goodwill and intangible assets and other-than-temporary impairments of equity method investments.

Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are required to include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our periodic earnings statements. In sum, investment gains (losses) for any particular period are not indicative of quarterly business performance.

About Berkshire

Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

Cautionary Statement

Certain statements contained in this press release are “forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.

END -

Contacts
Chuck Chang
402-346-1400