Berkshire Hathaway said Saturday it accelerated its share repurchases during the third quarter, as operating and overall profits took a hit.
The Greg Abel-led conglomerate bought back $9.6 billion worth of Berkshire stock. That's more than double the $4.5 billion repurchased in the second quarter and brings the company's total buybacks for 2026 to about $14.4 billion.
The sharp increase came as Berkshire's operating earnings — those from wholly-owned businesses — fell year over year, as profits from its insurance business pulled back.
Berkshire operating profits totaled $12.705 billion, down 5.8% from $13.485 billion in the year-earlier period. Insurance underwriting tumbled 43% year on year to $1.352 billion, while insurance investment income declined 14% to $2.734 billion. Berkshire's railroad, energy and manufacturing businesses all saw earnings grow year over year.
The company's overall earnings, which include Berkshire's sprawling stock market portfolio, also dropped 28% in the third quarter to $22.112 billion from $30.796 billion a year prior. Investment gains for the company fell nearly 50% to $9.407 billion.
Despite the earnings pullback, Berkshire stock has outperformed recently amid a massive rotation out of technology stocks. Class A shares are up more than 12% over the past month, while the S&P 500 has dropped 5.5% in that time. Year to date, Berkshire has gained 13%, while the broad market index is up just 7.8%.
Berkshire's five largest equity holdings remained the same in the third quarter: Alphabet , American Express , Apple , Bank of America and Coca-Cola .
Berkshire's cash hoard also grew 3% in the third quarter $377.435 billion from $365.514 billion in the second quarter. However, excluding rail and utility cash along with T-bill payables, the conglomerate's cash holdings totaled $352.3 billion, down 1.9% quarter over quarter.
— CNBC's Alex Crippen contributed reporting.
