Berkshire Cash Shrinks as Deals and Buybacks Accelerate, Profit Falls

WHO:

NY Post - Berkshire Hathaway accelerated its stock repurchases under CEO Greg Abel; Warren Buffett is identified as Abel’s predecessor.

Morningstar - Berkshire Hathaway, including its Class A (BRK.A) and Class B (BRK.B) shares, reported third-quarter results.

Morningstar - Berkshire’s insurance businesses, BNSF, Berkshire Hathaway Energy, and its manufacturing, service, and retailing division were discussed.

WHAT:

NY Post - Berkshire’s third-quarter operating earnings fell 6% to $12.71 billion, and net earnings fell 28% to $22.11 billion.

Morningstar - Adjusted third-quarter operating results were slightly better than Morningstar’s expectations.

Morningstar - Morningstar said it was likely to modestly increase its fair value estimates to $765,000 for Class A shares and $510 for Class B shares; it rated the shares two stars, with a “Narrow” economic moat and “Low” uncertainty.

Morningstar - Morningstar considered Berkshire’s shares moderately overvalued.

Morningstar - Insurance underwriting results remained solid despite prices declining over the past year and no discernible catastrophe losses in the quarter.

Morningstar - BNSF’s operating ratio improved, but its preliminary profitability gap with Union Pacific was just over 400 basis points.

Morningstar - Berkshire Hathaway Energy produced steady results.

Morningstar - The manufacturing, service, and retailing division recorded a decent top-line gain, with margins returning to more normal levels.

Morningstar - The division’s gain was aided by the OxyChem acquisition and the Taylor Morrison deal.

WHERE:

NY Post - Berkshire Hathaway is based in Omaha, Nebraska.

WHY:

Morningstar - Berkshire’s insurance results benefited from solid underwriting and no discernible catastrophe losses.

Morningstar - OxyChem and Taylor Morrison contributed to the manufacturing, service, and retailing division’s top-line gain.

Morningstar - Berkshire Hathaway Energy’s future results could be adversely affected by wildfire litigation and legislation that curbed renewable-energy investments.

HOW:

NY Post - Abel showed greater willingness than Buffett to use Berkshire’s large cash reserves, while accelerating stock buybacks.

Morningstar - The Taylor Morrison deal closed in July, and the OxyChem acquisition closed at the beginning of the year.

Morningstar - Berkshire has historically offset underperformance in one or more business segments with outperformance in others.

(UPDATED November 9, 2026 16:02 UTC)

Berkshire Hathaway accelerated stock buybacks under CEO Greg Abel, succeeding Warren Buffett. Operating earnings fell six percent, though adjusted results slightly beat expectations. Insurance remained solid, while acquisitions boosted retailing.