Berkshire Q3 Profits Rise; Buffett Plans Year-End Exit

Berkshire Hathaway reported third-quarter net earnings of about $30.8 billion, up roughly 17%, and operating profit of about $13.5 billion, an increase of roughly 33–34%. Results were driven by stronger insurance underwriting, gains at BNSF and manufacturing, and some favorable foreign-exchange effects, even as revenue growth was modest. The company holds a record cash balance of about $381.7 billion after a $9.7 billion purchase of Occidental’s OxyChem and continues to sell more stocks than it has bought, with no share repurchases for multiple quarters. Warren Buffett, 95, is preparing to step down as CEO at year-end, with vice chair Greg Abel expected to succeed him, a transition that has raised investor questions about strategy and potential short-term volatility. Analysts warn that operating strength masks softer sales at businesses including Clayton Homes, Duracell and Jazwares, leaving few obvious near-term catalysts for the stock. Management faces choices for the unprecedented cash pile — from acquisitions to a possible dividend — while insurance float and underwriting remain central to Berkshire’s earnings power.