Berkshire Q3 Profits Rise; Buffett to Step Down

Berkshire Hathaway reported quarterly net income of about $30.8 billion and operating profit up roughly 34% to about $13.5 billion, driven by investment gains and a rebound in insurance underwriting aided by a relatively mild U.S. hurricane season. The conglomerate's cash pile rose to a record roughly $381.6–382 billion even after a $9.7 billion purchase of Occidental’s OxyChem unit. Berkshire made no share buybacks in the quarter and net sold equities, realizing taxable gains, while its Class A shares remain well below recent peaks amid a post‑succession pullback. Warren Buffett, 95, will step down as CEO in January and be succeeded by Vice Chair Greg Abel, with Buffett remaining chairman, prompting investor calls for more disclosure and pressure to deploy the cash hoard. Analysts caution that headline earnings include paper investment gains, making operating earnings the better gauge of underlying performance.