Berkshire Q3 2026 earnings review

Operating earnings fell 5.8% to $12,705M as underwriting declined.

Berkshire Hathaway Inc. · Q3 2026 · Published Nov 7, 2026 · By DeepCell AI · Sources

Berkshire Q3 2026 earnings review

Quarter ended September 30, 2026 · BRK.A / BRK.B

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Berkshire Hathaway (BRK.B) Q3 2026 earnings review

Operating earnings fell 5.8% to $12,705M as underwriting declined

  1. 1.Operating earnings fell 5.8% to $12,705M; nine-month operating earnings rose 8.0% to $37,034M
  2. 2.Insurance underwriting fell 42.9% to $1,352M; float reached $178.5B
  3. 3.BNSF rose 19.3% and BHE rose 8.3%; MSR rose 11.8%
  4. 4.Cash and U.S. Treasury Bills rose $11.9B QoQ to $377.4B
  5. 5.Treasury share buybacks were about $9.6B in Q3 and $14.4B year to date

Note: BNSF is Burlington Northern Santa Fe; BHE is Berkshire Hathaway Energy; MSR is manufacturing, service and retailing. Operating earnings exclude investment gains (losses). Cash and U.S. Treasury Bills is a DeepCell calculation from the 10-Q balance sheet.Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; Berkshire 10-Q, Jun 30, 2026; analysis of company data

2

2 · Executive summary

Operating earnings fell 5.8% while BNSF rose 19.3% and MSR rose 11.8%

Q3 2026 after-tax results vs. Q3 2025 (no named Street consensus verified)

MetricQ3 2025Q3 2026YoYDirection
Operating earnings ($M)$13,485M$12,705M(5.8%)Lower
Insurance underwriting ($M)$2,369M$1,352M(42.9%)Lower
BNSF ($M)$1,449M$1,729M19.3%Higher
BHE ($M)$1,489M$1,612M8.3%Higher
Manufacturing, service and retailing ($M)$3,616M$4,042M11.8%Higher
Class B EPS ($)$14.28$10.33(27.7%)Lower

Note: BNSF is Burlington Northern Santa Fe; BHE is Berkshire Hathaway Energy. No LSEG, FactSet or Bloomberg operating-earnings or EPS consensus was verified for Berkshire this quarter, so no beat/miss is shown.Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; analysis of company data

3

3 · Q3 results vs. prior year

Buybacks reached about $9.6B in Q3; insurance float was $178.5B

Share repurchases and shares outstanding

ItemAmount
Buybacks, Q3 2026 ($B)$9.6B
Buybacks, nine months 2026 ($B)$14.4B
Class A equivalent shares1,418,900

Insurance float and liquidity markers

ItemSep 30, 2026Context
Insurance float ($B)$178.5BUp $2.1B since Dec 31, 2025
Cash and U.S. Treasury Bills ($B)$377.4BUp $11.9B QoQ
Less T-bill purchase payables ($B)$352.3BInsurance and other only

Note: Float is net liabilities assumed under insurance contracts. Cash and T-bills figures are DeepCell calculations from 10-Q balance sheet lines, not company-reported totals.Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; analysis of company data

4

4 · Capital returns and float

Operating earnings fell 5.8% to $12,705M while net earnings fell 28.2%

  1. Operating earnings declinedOperating earnings fell 5.8% to $12,705M.
  2. Underwriting led the declineInsurance underwriting fell 42.9% to $1,352M.
  3. Investment gains still largeInvestment gains were $9,407M, against $17,311M.

Key after-tax figures in $M for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Operating earnings$13,485M$12,705M(5.8%)
Investment gains (losses)$17,311M$9,407M(45.7%)
Net earnings to Berkshire$30,796M$22,112M(28.2%)
Class A EPS ($)$21,413$15,502(27.6%)
Class B EPS ($)$14.28$10.33(27.7%)

Note: Operating earnings equal net earnings exclusive of investment gains (losses) and impairments.Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; analysis of company data

5

5 · Q3 key financials

MSR rose 11.8% to $4,042M while underwriting fell 42.9%

After-tax operating earnings by segment

$M, Q3 2025 vs. Q3 2026

SegmentQ3 2025Q3 2026YoY
Insurance – underwriting$2,369M$1,352M(42.9%)
Insurance – investment income$3,181M$2,734M(14.1%)
BNSF$1,449M$1,729M19.3%
Berkshire Hathaway Energy$1,489M$1,612M8.3%
Manufacturing, service and retailing$3,616M$4,042M11.8%
Other$1,381M$1,236M(10.5%)
Operating earnings$13,485M$12,705M(5.8%)
Other includes a $343M FX loss on non-USD debt vs. a $331M gain a year ago

Note: BNSF is Burlington Northern Santa Fe. BHE is Berkshire Hathaway Energy. MSR is manufacturing, service and retailing.Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; analysis of company data

6

6 · Operating earnings by segment

Underwriting subtracted $1,017M from operating earnings in the quarter

Operating earnings bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $13,485M$M · Underwriting: -$1,017M$M · Investment income: -$447M$M · Railroad: $280M$M · BHE energy: $123M$M · MSR segment: $426M$M · Other: -$145M$M · Q3 2026: $12,705MQ3 2025UnderwritingInvestmentincomeRailroadBHE energyMSR segmentOtherQ3 2026$0M$5,000M$10,000M$16,000M$13,485M-$1,017M-$447M$280M$123M$426M-$145M$12,705M
MSR added $426M and BNSF added $280M

Note: BNSF is Burlington Northern Santa Fe; MSR is manufacturing, service and retailing. Other includes foreign-currency effects on non-U.S. dollar debt.Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; analysis of company data

7

7 · Operating earnings bridge

8 · Underwriting by group

Investment gains fell $7,904M, driving most of the net earnings decline

Net earnings bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $30,796M$M · Operating earnings: -$780M$M · Investment gains: -$7,904M$M · Q3 2026: $22,112MQ3 2025Operating earningsInvestment gainsQ3 2026$0M$10,000M$20,000M$30,000M$35,000M$30,796M-$780M-$7,904M$22,112M
Net earnings were $22,112M against $30,796M

Note: Investment gains are mostly mark-to-market on equity securities and are volatile by design.Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; analysis of company data

9

9 · Net earnings bridge

MSR supplied 31.8% of operating earnings, up from 26.8%

Share of operating earnings

%, Q3 2025 vs. Q3 2026

Underwriting · Q3 2025: 17.6%Underwriting · Q3 2026: 10.6%Investment income · Q3 2025: 23.6%Investment income · Q3 2026: 21.5%MSR · Q3 2025: 26.8%MSR · Q3 2026: 31.8%Q3 2025Q3 20260.0%10.0%20.0%30.0%40.0%17.6%10.6%23.6%21.5%26.8%31.8%

UnderwritingInvestment incomeMSR

Underwriting share fell to 10.6% from 17.6%

Note: MSR is manufacturing, service and retailing. Shares are each segment’s after-tax operating earnings divided by total operating earnings.Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; analysis of company data

10

10 · Segment earnings mix

Cash and U.S. Treasury Bills rose $11.9B QoQ to $377.4B

Cash and U.S. Treasury Bills

$B, consolidated

$B · Dec 31, 2025: $373.3B$B · Jun 30, 2026: $365.5B$B · Sep 30, 2026: $377.4BDec 31, 2025Jun 30, 2026Sep 30, 2026$300.0B$325.0B$350.0B$375.0B$400.0B$373.3B$365.5B$377.4B
T-bills were $336,735M of the $377,435M stack

Note: DeepCell calculation from 10-Q balance sheets: insurance and other cash, plus railroad and utilities cash, plus short-term U.S. Treasury Bills.Source: Berkshire 10-Q, Sep 30, 2026; Berkshire 10-Q, Jun 30, 2026; analysis of company data

11

11 · Cash and Treasury Bills

BNSF railroad operating earnings rose 15.6% to $2,482M

Selected operating metrics

$M unless noted, Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026YoY
BNSF railroad operating revenues$5,988M$6,870M14.7%
BNSF railroad operating earnings$2,147M$2,482M15.6%
BHE total revenues$7,304M$7,770M6.4%
BHE pre-tax earnings$913M$1,079M18.2%
MSR revenues$54,713M$64,452M17.8%
Manufacturing revenues rose 19.7% to $24,001M

Note: BNSF is Burlington Northern Santa Fe; BHE is Berkshire Hathaway Energy; MSR is manufacturing, service and retailing. BNSF railroad operating earnings are before interest and taxes. BHE net to Berkshire was $1,612M after tax.Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; analysis of company data

12

12 · Segment operating detail

Equity securities rose to $335,515M and shareholders equity reached $761.4B

Selected balance sheet items

$M unless noted

ItemDec 31, 2025Sep 30, 2026
Investments in equity securities$297,778M$335,515M
Cash and U.S. Treasury Bills$373,311M$377,435M
Berkshire shareholders equity ($B)$717.4B$761.4B
Insurance float ($B)—$178.5B
Payable for purchases of U.S. Treasury Bills$167M$20,489M
Shareholders equity rose $43.9B in the first nine months

Note: Cash and U.S. Treasury Bills is a DeepCell calculation from 10-Q balance sheet lines. Equity at Dec 31, 2025 is Sep 30 equity less the stated $43.9B increase.Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; analysis of company data

13

13 · Balance sheet and investments

Underwriting of $1,352M and mark-to-market equity gains remain the main swing factors

Indicator
What to watch
Implication
Q3 reading
Insurance underwriting
Operating earnings volatility
Auto frequency/severity
Underwriting $1,352M, (42.9%) YoY
Interest rates
Insurance investment income
Lower rates cut investment income
Investment income $2,734M, (14.1%) YoY
Equity marks
GAAP net earnings
Unrealized gains dominate
Investment gains $9,407M
Cash deployment
Buybacks vs. acquisitions
10-Q: no buybacks below $30B of cash and T-bills
Cash and T-bills $377.4B

Note: These are analytical watch points, not company targets.Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; analysis of company data

14

14 · Key risks to outlook

Appendix: Insurance underwriting detail

ClaimEvidenceCalculation
GEICO pre-tax underwriting$982M, (44.6%) YoYHigher loss and expense ratios
BH Primary pre-tax underwriting$119M, (76.5%) YoYCommercial lines
BHRG pre-tax underwriting$582M, (34.2%) YoYProperty/casualty and life/health
Insurance float$178.5B, up $2.1B since Dec 31, 2025Net insurance liabilities

BHRG is Berkshire Hathaway Reinsurance Group. Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; analysis of company data

15

15 · Appendix: Insurance detail

16 · Appendix: BNSF and BHE

17 · Appendix: MSR and other

18 · Appendix: Cash and buybacks

Appendix: Earnings and segment detail

After-tax earnings, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Operating earnings$13,485M$12,705M(5.8%)
Investment gains (losses)$17,311M$9,407M(45.7%)
Net earnings to Berkshire$30,796M$22,112M(28.2%)
Class B EPS ($)$14.28$10.33(27.7%)

Operating segments, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Insurance underwriting$2,369M$1,352M(42.9%)
Insurance investment income$3,181M$2,734M(14.1%)
BNSF$1,449M$1,729M19.3%
BHE$1,489M$1,612M8.3%
MSR$3,616M$4,042M11.8%

Note: BNSF is Burlington Northern Santa Fe; BHE is Berkshire Hathaway Energy; MSR is manufacturing, service and retailing. Operating earnings exclude investment gains (losses). Class B EPS is 1/1,500 of Class A EPS.Source: Berkshire press release, Nov 7, 2026; Berkshire 10-Q, Sep 30, 2026; analysis of company data

19

19 · Appendix: Earnings detail

Appendix: sources

  • Press release: Berkshire Hathaway Inc., Nov 7, 2026 — https://www.berkshirehathaway.com/news/nov0726.pdf
  • Form 10-Q: quarter ended Sep 30, 2026 — https://www.berkshirehathaway.com/qtrly/3rdqtr26.pdf
  • Form 10-Q: quarter ended Jun 30, 2026 (prior-quarter cash) — https://www.berkshirehathaway.com/qtrly/2ndqtr26.pdf
  • News index: Berkshire Hathaway 2026 news — https://www.berkshirehathaway.com/news/2026news.html
  • Consensus: no LSEG, FactSet or Bloomberg operating-earnings or EPS consensus was verified for this quarter.

Built with DeepCell / deepcell.net

20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Berkshire Hathaway Inc.'s Nov 7, 2026 news release and Forms 10-Q for the quarters ended Sep 30, 2026 and Jun 30, 2026. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Operating earnings follow Berkshire's definition as net earnings exclusive of investment gains (losses) and impairments. They supplement, and do not replace, GAAP net earnings.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Berkshire Hathaway Inc. and does not represent its views. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. Figures are as reported on Nov 7, 2026. Results were posted on a Saturday when U.S. equity markets were closed, so no share-price reaction is shown.

Built with DeepCell / deepcell.net

21

21 · Disclosures

Sources

Not investment advice; no rating or price target.

Built in DeepCell Every figure on these slides opens its formula and its source. See how a review like this is made.

Share this review

Send the link: it opens with the picture below, and every number on the page still opens its formula and source. The picture is free to download and share.

Post on XShare on LinkedIn

More earnings reviews

All earnings reviews