BERKSHIRE HATHAWAY INC ($BRK-B)
Berkshire Hathaway's 10-Q for the quarter ended September 30, 2026 reports total revenues of $105.647B, up 11.2% YoY from $94.972B. Net earnings attributable to Berkshire shareholders fell to $22.112B from $30.796B a year earlier, as investment gains declined to $9.407B from $17.311B. Class B EPS was $10.33 versus $14.28. Operating businesses were broadly stronger, with manufacturing, service and retailing net earnings up to $4.042B from $3.616B and BNSF up to $1.729B from $1.449B.
- Total revenues rose 11.2% YoY to $105.647B in Q3 FY2026.
- Net earnings attributable to shareholders fell 28% to $22.112B from $30.796B.
- Investment gains dropped to $9.407B from $17.311B a year earlier.
- Class B EPS was $10.33 versus $14.28 in Q3 FY2025.
- Berkshire repurchased $9.647B of stock in Q3, up from $4.527B in Q2.
Extended-hours last trade $573.11, up 0.38% vs the $570.95 regular close, suggesting a muted reaction to the earnings decline.
The earnings decline is entirely mark-to-market driven while operating businesses grew, and Berkshire stepped up buybacks to $9.647B in the quarter.
Berkshire's operating businesses (BNSF, BHE, manufacturing) all grew earnings, while the swing factor was mark-to-market investment gains, a recurring source of quarterly volatility for the conglomerate.
Management cites ongoing macroeconomic and geopolitical events, tariffs, and supply-chain/customer-demand uncertainty as risks that could adversely affect operating results.