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BRK.B · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is BERKSHIRE HATHAWAY Class B (BRK.B) stock moving?
The only company news in the window is the Q3 2026 release. Net earnings fell to $22.1B from $30.8B, mainly because investment gains dropped to $9.4B from $17.3B, while operating earnings slipped 5.8% to $12.7B. Nine-month operating earnings rose 8% to $37.0B, and the release itself says quarterly investment gains are usually meaningless for judging results. The stock rallied about 7.5% from $542.49 on Oct 30 to $583.34 on Nov 10. Most of the move came before the release: a 4.9% jump on Nov 4 on 6.8M shares and a high of $586.30 on Nov 5 on 9.8M shares, followed by a close of $572.33. The Nov 10 close sits near the recent high of $586.45 on 4.7M shares, below the Nov 5 volume peak. Price action is firm, but the quarterly earnings were mixed and no further catalyst is scheduled in the data.
News behind the analysis
- Berkshire Hathaway Reports Third Quarter and First Nine Months 2026 Operating ResultsQ3 2026 net earnings fell to $22.1B from $30.8B a year earlier, while operating earnings dropped 5.8% to $12.7B. Nine-month operating earnings rose 8% to $37.0B.
About BERKSHIRE HATHAWAY Class B
Berkshire Hathaway is a giant holding company that fully owns dozens of businesses, including GEICO and other insurers, the BNSF railroad, Berkshire Hathaway Energy and many industrial and consumer brands. It also holds a large portfolio of public stocks. Greg Abel now runs the company as CEO, having taken over from Warren Buffett, who stays on as chairman. Berkshire is known for decentralized management, paying no dividend and keeping a very large cash pile (roughly $360 billion in cash and Treasury bills in mid-2026).
How it makes money
Its revenue comes from a wide mix of businesses. Insurance (GEICO, General Re, Berkshire Hathaway Reinsurance and others) earns underwriting profit and investment income on 'float', the premiums it holds before paying claims. BNSF earns freight rail fees, and Berkshire Hathaway Energy earns regulated utility revenue. Manufacturing, service and retail businesses add more, including Precision Castparts, Lubrizol, Clayton Homes, Pilot and, as of 2026, OxyChem and Taylor Morrison. It also earns dividends and gains from a large stock portfolio led by Apple, American Express, Bank of America and Coca-Cola. Because accounting rules count changes in those stock prices as profit, reported net earnings can swing a lot from quarter to quarter.
What usually moves BRK.B
- Insurance underwriting results and catastrophe losses
- Interest rates and returns on its cash pile
- Value of its major stock holdings such as Apple
- How it spends its cash on deals and share buybacks under Greg Abel
- Economic cycle hitting rail freight, utilities and industrial demand