Berkshire Q3 2026: net income down 28.2% on smaller investment gains
Berkshire's third quarter is two stories. Net income fell 28.2% to $22.11 billion because investment gains shrank, while operating earnings — the number management says to watch — slipped 5.8% to $12.71 billion. Revenue rose 16.6% to $74.32 billion. Read the operating lines, not the EPS headline: $9.41 billion of the quarter's profit came from investment gains the company itself calls meaningless.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $10.33, down 27.7% from $14.28 a year ago. That drop is not an operating story: $9.41 billion of the $22.11 billion net income was investment gains, and stripping those out leaves operating earnings of $12.71 billion. The supplied consensus figure of 9,253.7737 sits on a different scale from $10.33, so I will not call a beat or a miss off it.
Revenue was $74.32 billion, up 16.6% from $63.75 billion in the same quarter a year earlier. One caution: the segment table lists $91.01 billion for Insurance and Other and $14.63 billion for Railroad, Utilities and Energy, which together exceed the reported total. Treat the segment split as a rough shape, not a precise breakdown.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-10
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