Berkshire Hathaway's Q3 Earnings Report Due Nov. 7

Investors tracking Berkshire should watch insurance margins at Geico and the reinsurance unit as pricing normalizes from post-COVID highs.

Updated on Nov. 3, 2026 in Public Companies

Berkshire Hathaway's Q3 Earnings Report Due Nov. 7

Berkshire Hathaway releases its third-quarter 2026 earnings report on Nov. 7, four days from the reference date. Morningstar expects third-quarter operating earnings to rise by mid-to-high single digits year over year, with insurance margins normalizing as pricing eases from post-COVID highs.

Why it matters

Berkshire's insurance operations, including Geico and Berkshire Hathaway Reinsurance Group, are central to the earnings outlook, and Morningstar points to margin normalization and heightened competition as pricing comes down from record levels. The report arrives under CEO Greg Abel following Warren Buffett's September resignation as executive chair, so investors will be reading the first quarters of the post-Buffett leadership structure.

Morningstar's projection for third-quarter operating earnings growth of mid-to-high single digits is a forecast, not a reported result. Berkshire held $364.7 billion in cash and equivalents and $177.5 billion in insurance float at the end of June 2026, and the Morningstar fair value of $510 per Class B share compares with shares that have risen 11% this year.

The players

Berkshire Hathaway

A diversified holding company with insurance, railroad, utility and manufacturing holdings, led by its insurance float and large cash reserves.

Morningstar

An independent investment research firm that publishes fair-value estimates and earnings projections for publicly traded companies.

Greg Abel

Berkshire Hathaway's chief executive officer, who oversees the company's insurance, railroad and operating businesses following Warren Buffett's transition.

The details

Berkshire's insurance business is the main driver of the earnings outlook: Morningstar expects weaker earned premium growth at Geico and Berkshire Hathaway Reinsurance Group as pricing eases from record post-COVID highs. Profitability at the reinsurance unit should remain strong because no major catastrophes have occurred, while BNSF Railway is expected to show decent volume growth in the third quarter. Morningstar values the shares using a 9% cost of equity and assumes Berkshire pays at least the 15% corporate alternative minimum tax on adjusted financial statement income.

End of June 2026: Berkshire cash and equivalents reached $364.7 billion.
September 2026: Warren Buffett resigned as executive chair of Berkshire Hathaway.
Nov. 7, 2026: Berkshire releases its third-quarter 2026 earnings report.

Market Landscape

Berkshire's insurance operations, including Geico and Berkshire Hathaway Reinsurance Group, are facing margin normalization as pricing comes down from the record highs reached after COVID. Morningstar's 2-star rating and $510 fair value estimate place the stock's valuation in a debate over whether the company's cash reserves and insurance float justify its current price.

Operators who hold or track Berkshire shares should factor in that Morningstar's projections point to margin pressure at Geico and the reinsurance unit, while strong reinsurance profitability and BNSF volume offset some of that pressure. Decisions about how this affects portfolio or tax positioning should be taken up with a qualified financial adviser or accountant.

The takeaway

The key operating insight is that Berkshire's earnings growth depends on insurance pricing holding up as the market normalizes from post-COVID highs. Track the Nov. 7 report for Geico and reinsurance premium growth, and watch whether the post-Buffett leadership reports any change in capital deployment from its cash reserves.

What happens next

Berkshire Hathaway releases its third-quarter 2026 earnings report on Nov. 7, when investors will see whether insurance margins and BNSF volume match Morningstar's projections.