$FRFHF · FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Fairfax Financial Holdings reported Q3 2026 net earnings attributable to shareholders of $929.6 million ($43.32 diluted EPS), down from $1,151.7 million ($52.04 diluted EPS) in Q3 2025. The decline was driven by net investment losses of $858.7 million versus a $426.2 million gain a year ago, partially offset by stronger insurance service results of $1,307.2 million. Total revenue was $851.6 million for the quarter.
- Q3 diluted EPS of $43.32 vs $52.04 in Q3 2025, a 16.8% decline
- Net gains on investments swung to a loss of $858.7M in Q3 2026 vs a $426.2M gain in Q3 2025
- Insurance service result rose to $1,307.2M from $1,243.5M, driven by higher insurance revenue of $8,767.8M
- Book value per basic share grew to approximately $1,348 at September 30, 2026
- Company repurchased $1,771.8M of shares for cancellation in the first nine months of 2026
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
Fairfax's earnings reveal the double-edged nature of its model: strong insurance underwriting offset by volatile investment returns that swung $1.3B quarter-over-quarter.
Fairfax's insurance operations continue to benefit from favorable prior-year reserve development ($61.0M in Q3), consistent with broader P&C industry trends of reserve releases supporting underwriting results.
U.S. tariff impacts remain uncertain and could adversely affect business, financial condition, and results. Equity price risk is significant with $27.3B in long equity exposures.