---
title: "Did Berkshire Hathaway (BRK-B) Beat Third-Quarter Estimates as Buybacks Pick Up?"
canonical_url: https://www.stockexpertai.com/journal/2026-11-08/did-berkshire-hathaway-brk-b-beat-third-quarter-estimates-as-buybacks-pick-up-69d9e8dc9bc3
last_updated: 2026-11-09T04:04:45.137Z
section: "Stock of the Day"
author: "Stock Expert AI Research"
publisher: Stock Expert AI
tickers: BRK-B
content_type: journal-article
---

# Did Berkshire Hathaway (BRK-B) Beat Third-Quarter Estimates as Buybacks Pick Up?

_Berkshire reported third-quarter 2026 results on Nov. 7, 2026, with EPS of 10.33 against an estimate of 5.88, while news reports said buybacks sped up._

![Data cover: Did Berkshire Hathaway (BRK-B) Beat Third-Quarter Estimates as Buybacks Pick Up?](/public-objects/streetnews/2026-11-08/STOCK_OF_THE_DAY-cover-d80b1553.jpg)
Stock Expert AI data cover: figures from Financial Modeling Prep; background is an illustrative public-domain photo, credited on the image.

Berkshire Hathaway (BRK-B) reported third-quarter 2026 results (quarter ended Sept. 30, 2026) on Nov. 7, 2026. Earnings per share were 10.33 against an analyst estimate of 5.88, and revenue was $105.65B against an estimate of $100.96B. According to news reports, the company also bought back more of its own stock, which matters because Berkshire pays no dividend. Figures here are current as of Nov. 8, 2026, with the share price as of Nov. 6, 2026.

## Key facts

- **Nov. 7, 2026, third quarter ended Sept. 30, 2026:** EPS was 10.33 versus an estimate of 5.88, a difference of +$4.45 per share, or 75.7%.
- **Same quarter, revenue:** $105.65B versus an estimate of $100.96B, a difference of +$4.69B, or 4.6%.
- **Latest quote as of Nov. 6, 2026:** shares were 570.95 USD, down 0.24% on that quote. The 52-week range is 464.01-586.3 USD. Market cap is $1.22T.
- **June 30, 2026 balance sheet:** cash and short-term investments of $365.51B against total debt of $129.37B.
- **Next earnings date:** 2027-02-22, with an EPS estimate of 5.29 and a revenue estimate of $99.84B.

| Metric | Latest | Comparison |
|---|---|---|
| Q3 2026 EPS (reported Nov. 7, 2026) | 10.33 | Estimate: 5.88 |
| Q3 2026 revenue | $105.65B | Estimate: $100.96B |
| Q2 2026 revenue (ended June 30, 2026) | $101.81B | 10.0% above the year-ago quarter |
| Q2 2026 net income | $25.67B | 107.5% above the year-ago quarter |
| Trailing P/E | 14.36 | ACGL 8.67, HIG 8.04, DUK 18.68, CSX 25.45 |

## What happened

Berkshire published its third-quarter report on Saturday, Nov. 7, 2026. The company's release pointed readers to its full 10-Q filing for details. It said little in the summary we can verify beyond that. Our data shows a clear beat on both lines. EPS of 10.33 was well above the estimate of 5.88, and revenue of $105.65B was above the estimate of $100.96B.

A caution on the EPS beat: Berkshire's reported profit swings with the value of the stocks it owns, because accounting rules put those gains and losses into net income. That is why a headline profit number can look very different from what the businesses earned. Berkshire's release summarizes operating results and urges readers to consult the 10-Q. Our data feed does not break out the operating figure for the third quarter, so we cannot say how much of the beat came from the operating businesses.

News reports on Nov. 8, 2026 said Berkshire sped up its stock buybacks and that profit fell. We cannot tell which profit measure the NY Post meant, and we have no third-quarter 2026 net income figure. For reference, net income in the year-ago third quarter was $30.80B. We could not confirm the size of the third-quarter buyback or profit from our data, so we describe them only in words.

### What the most recent full detail shows

The latest quarter with a full breakdown in our data is the second quarter, ended June 30, 2026. Revenue was $101.81B, operating income was $17.49B, and net income was $25.67B, with diluted EPS of 11.91. Revenue was higher than a year earlier, and net income was much higher. Net income exceeded operating income, which points to non-operating items; our data does not break out the source.

By segment in that quarter:

- **Berkshire Hathaway Insurance Group:** $26.18B, the largest, and roughly level with a year earlier.
- **Manufacturing Businesses:** $22.57B, higher than a year earlier.
- **Pilot Travel Centers:** $14.93B, noticeably higher than a year earlier.
- **McLane Company:** $12.12B, lower than a year earlier.
- **Service and Retailing Businesses:** $11.88B, higher than a year earlier.
- **Berkshire Hathaway Energy:** $6.74B, higher than a year earlier.
- **Burlington Northern Santa Fe (BNSF):** $6.60B, higher than a year earlier.

One third-party article on Nov. 8, 2026 (Seeking Alpha) said BNSF and the energy business stood out in the third quarter; the headline of that article also described a rating downgrade. That is an outside view, and we have not verified it.

## Why it matters for investors

**Margins have been steady, not rising.** Operating margin (operating income as a share of revenue) over the last five reported quarters:

| Quarter ended | Revenue | Operating margin | Net income |
|---|---|---|---|
| June 30, 2025 | $92.52B | 16.8% | $12.37B |
| Sept. 30, 2025 | $94.97B | 17.5% | $30.80B |
| Dec. 31, 2025 | $94.23B | 13.8% | $19.20B |
| Mar. 31, 2026 | $93.67B | 16.4% | $10.11B |
| June 30, 2026 | $101.81B | 17.2% | $25.67B |

The fourth quarter of 2025 was the weak spot. Since then margins have recovered to near the top of the range. Net income is lumpy, which is why we focus on revenue and margins.

**Cash flow is steady, and buybacks have begun.** Free cash flow (cash from operations minus capital spending) was $5.23B in the quarter ended June 30, 2025, $8.20B in September 2025, $4.99B in December 2025, $5.45B in March 2026, and $5.57B in June 2026. Berkshire bought back $235.0M of stock in the quarter ended March 31, 2026 and $4.21B in the quarter ended June 30, 2026, after none in the three quarters before. Dividends were $0.00 in every one of those quarters. That is a change in how the company uses its cash. A buyback shrinks the share count, which raises each remaining share's claim on earnings, but only if the stock is bought at a sensible price.

**The balance sheet is very large.** As of June 30, 2026, cash and short-term investments were $365.51B, net debt was $88.76B, and shareholders' equity was $750.18B. Debt to equity was 0.17.

**Valuation versus peers.** On trailing 12-month figures, Berkshire's P/E (price divided by per-share earnings) is 14.36. Insurers ACGL (8.67) and HIG (8.04) are lower, while utility DUK (18.68) and railroad CSX (25.45) are higher. Berkshire's net margin is 22.3%, compared with 23.2% at ACGL, 24.0% at CSX, and 15.9% at both DUK and HIG. Berkshire owns insurance, rail and utility businesses, so no single peer is a clean match.

**Analysts.** Of 10 ratings, 4 are Buy and 6 are Hold, with none at Sell; the consensus is "Hold". The analyst consensus price target is 628.00 USD, with the same value for the high and low, so it reflects very thin coverage. UBS kept its Buy rating on Oct. 22, 2026. The FMP discounted cash flow model, which estimates what the future cash flows are worth today, gives 401.77 USD per share. That is a model estimate and sits well below the market price. Among the 30 most recent insider filings, those in the last 90 days show 5 open-market purchases and 1 sale; older filings in that window may be missing.

## What could go wrong.
- Price to free cash flow is 50.49, high next to the P/E of 14.36, meaning reported earnings are well above free cash flow.
- Reported profit depends on stock market swings and can fall sharply when markets do.
- The Piotroski score (a 0-9 financial health check) is 4, which is middling, and the Altman Z score (a bankruptcy-risk gauge) is 3.17.
- The stock sits near the upper end of its 52-week range.
- The longer-dated consensus figures (periods ending March and June 2028) rest on a single analyst.

## What to watch next

- **The 10-Q:** Look for operating earnings, insurance underwriting results, and the exact buyback total.
- **Buyback pace:** Does it stay high, or fade if the share price rises?
- **BNSF and energy:** These were the segments one third-party article (Seeking Alpha) flagged in the quarter.
- **Next report on 2027-02-22:** The EPS estimate is 5.29 and the revenue estimate is $99.84B.

## Frequently asked questions

## Q: Did Berkshire Hathaway beat earnings estimates for the third quarter of 2026?

Yes, on the numbers in our data. For the quarter ended Sept. 30, 2026, reported on Nov. 7, 2026, Berkshire posted EPS of 10.33 against an estimate of 5.88 and revenue of $105.65B against an estimate of $100.96B. Berkshire's net profit swings with investment gains, so the beat does not tell you how the operating businesses did.

## Q: Does Berkshire Hathaway pay a dividend?

No. Berkshire's dividend yield is 0.0%, and dividends paid were $0.00 in each of the last five reported quarters, through the quarter ended June 30, 2026. The company has returned cash through buybacks instead, with $4.21B in the quarter ended June 30, 2026.

## Q: How is Berkshire Hathaway valued compared with other insurers and railroads?

On trailing 12-month figures, Berkshire's P/E was 14.36. That is above insurers Arch Capital (8.67) and The Hartford (8.04) and below Duke Energy (18.68) and CSX (25.45). Analysts' consensus rating is Hold, and the single consensus price target is 628.00 USD.

## What our data could not verify

We did not have a full third-quarter breakdown of operating earnings, buybacks, or segments, so the segment detail is from the quarter ended June 30, 2026. Our MoonshotScore for Berkshire was not available in the data used for this article, so we do not report it.

**Sources:** Stock Expert AI data from Financial Modeling Prep (prices, financials, estimates, ratings, insider filings). Company release dated Nov. 7, 2026. Third-party reports (NY Post, Invezz, Seeking Alpha, 247WallSt) are cited for context only and are not independently verified.



*This is educational content, not investment advice. Past performance does not guarantee future results.*

## Related Tickers
- [BRK-B](https://www.stockexpertai.com/stock/brk-b)

## Sources
- [Stock Expert AI BRK-B page: quote, financials and MoonshotScore](https://www.stockexpertai.com/stock/brk-b)
- [businesswire.com: Berkshire Hathaway Inc. News Release](https://www.businesswire.com/news/home/20261107409212/en/Berkshire-Hathaway-Inc.-News-Release/)
- [247wallst.com: Warren Buffett's Company Holds More Cash Than Stocks. The Number for Your Own Cash Is Much Smaller, and Buffett Wrote It Down](https://247wallst.com/investing/2026/11/08/warren-buffetts-company-holds-more-cash-than-stocks-the-number-for-your-own-cash-is-much-smaller-and-buffett-wrote-it-down/)
- [247wallst.com: In 1984 After He Bought Her Company, Warren Buffett Said He’d "Rather Wrestle Grizzlies Than Compete With Mrs. B And Her Progeny." Five Years Later Rose Blumkin Opened A Rival Store Acr](https://247wallst.com/investing/2026/11/08/in-1984-after-he-bought-her-company-warren-buffett-said-hed-rather-wrestle-grizzlies-than-compete-with-mrs-b-and-her-progeny-five-years-later-rose-blumkin-opened-a-rival-store-across-the-stre/)
- [nypost.com: Berkshire Hathaway speeds up stock buybacks, though profit falls](https://nypost.com/2026/11/08/business/berkshire-hathaway-speeds-up-stock-buybacks-though-profit-falls/)
- [invezz.com: Berkshire Hathaway stock in focus as it boosts buybacks: what next?](https://invezz.com/news/2026/11/08/berkshire-hathaway-stock-in-focus-as-it-boosts-buybacks-what-next/)

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_Written by Stock Expert AI's research desk with AI assistance. Figures come from FMP data and the official sources cited in the article. Educational research, not financial advice._