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American billionaire Warren Buffett’s Berkshire Hathaway more than doubled its share buybacks in the third quarter to about $9.6 billion, as Chief Executive Greg Abel stepped up returns to shareholders even as operating earnings declined.
Berkshire reported operating earnings of $12.7 billion for the three months to September, down 5.8% from $13.5 billion a year earlier, the company said on Saturday. Net earnings fell to $22.1 billion from $30.8 billion, as investment gains dropped to $9.4 billion from $17.3 billion.
The buybacks were the highlight. Berkshire repurchased about $9.6 billion of its own stock in the quarter, bringing the total for the first nine months of 2026 to about $14.4 billion. The company did not buy back any shares in 2025.
The increase is the clearest sign yet of Abel’s approach since he took over as chief executive from Buffett. Investors have welcomed his willingness to put Berkshire’s cash to work, helping push the shares to record highs in October.
Meanwhile, the company’s famous cash pile shrank slightly. Berkshire held $352.3 billion in cash and Treasury bills at the end of September, by its own count, down from $359.2 billion in June. Including cash held at its railroad and utility businesses, the total was about $377.4 billion.
Part of that decline reflects Berkshire’s purchase of homebuilder Taylor Morrison for about $6.8 billion in cash, a deal that closed on July 24.
On the investment side, Berkshire was roughly neutral in the quarter, selling about $400 million more stock than it bought. Over the first nine months, it bought $41.8 billion of stocks and sold $30.6 billion.
Insurance was the main drag on results. Underwriting profit fell to $1.35 billion from $2.37 billion, while GEICO’s pre-tax underwriting profit dropped to $982 million from $1.77 billion. Insurance investment income also fell, to $2.73 billion from $3.18 billion. A currency swing on Berkshire’s yen- and euro-denominated debt cut earnings by about $343 million.
However, other businesses improved. BNSF railroad earned $1.73 billion, up from $1.45 billion, and Berkshire Hathaway Energy rose to $1.61 billion from $1.49 billion. Manufacturing, service and retailing operations climbed to $4.04 billion from $3.62 billion.
Buffett, 96, stepped down as chairman in September, handing the role to his son Howard and becoming chairman emeritus. He remains Berkshire’s largest individual shareholder, with a fortune Forbes valued at about $154 billion at the start of November.
As a result, the buybacks also benefit Buffett, as fewer shares in circulation gradually increase the stake held by remaining shareholders.
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