Berkshire Q3 Profits Rise; Buffett to Step Down

Berkshire Hathaway reported third-quarter net earnings of about $30.8 billion and operating profit of roughly $13.5 billion, a ~34% increase driven by stronger insurance underwriting and lower disaster losses despite modest revenue growth. Cash and equivalents rose to a record roughly $381.7–$382 billion as of Sept. 30, even as the company was a net seller of equities for the 12th straight quarter and again did not repurchase shares. Warren Buffett will step down as CEO at year-end, handing day-to-day leadership to Greg Abel while remaining chairman; this was Berkshire’s last quarterly report with Buffett as CEO. Investors and analysts are focused on capital-allocation choices under Abel — whether the cash will fund acquisitions (including Berkshire’s planned OxyChem purchase), share buybacks, or an unprecedented dividend — amid criticism the stock has lagged since the exit announcement. Buffett sold roughly $24 billion of stocks in 2025 while making selective purchases such as building a stake in homebuilder Lennar, and analysts warn that operating strength masks softer sales at businesses including Clayton Homes, Duracell and Jazwares.