Berkshire Hathaway recorded $12.71 billion in operating profit for the third quarter, a 5.8% decline from the same period a year earlier. Net income attributable to shareholders stood at $22.112 billion, compared with $30.796 billion in the third quarter of the prior year. Net investment income fell to $9.407 billion from $17.311 billion, and earnings per Class A equivalent common share were $15,502.

Cash Position and Portfolio Concentration

At the end of September, Berkshire’s combined holdings of cash, cash equivalents and short-term securities totaled $377.4 billion. That figure was roughly 1% higher than at year-end 2025 and exceeded an earlier projection of $358 billion for the quarter.

Five companies accounted for 65% of the fair value of Berkshire’s equity investments as of Sept. 30. Alphabet, American Express, Apple, Bank of America and Coca-Cola together represented the bulk of the portfolio’s reported value.

Measured at cost, the company’s commercial, industrial and other equity holdings rose by $2.3 billion from the second quarter. Holdings in banks, insurance and finance declined by $400 million on the same basis.

Share Repurchases and Equity Trading

Berkshire repurchased $9.6 billion of its own shares during the third quarter, more than twice the pace recorded in the second quarter. In the first four weeks of the fourth quarter the company bought back an additional approximately $2 billion of its stock. Those later purchases are separate from the third-quarter total.

During the third quarter Berkshire was a net seller of other companies’ equities. It purchased about $2.4 billion in stocks and sold roughly $2.8 billion, resulting in a net sale of about $400 million. These portfolio transactions are distinct from the company’s repurchases of its own shares.

A more detailed filing expected later in November is scheduled to disclose changes in individual stock holdings.