MORNING BRIEF · SATURDAY, NOVEMBER 7, 2026
Morning Brief: November 7, 2026 — Berkshire’s operating earnings fall 5.8%
Berkshire’s insurance earnings fell by $1.46 billion, outweighing gains elsewhere. Entera’s filing separates trial costs from a warrant charge.
Berkshire Hathaway’s third quarter operating earnings fell to $12.7 billion as both of its insurance earnings lines weakened. The Saturday release gives investors new evidence on Berkshire’s businesses while U.S. stock exchanges are closed for the weekend.
The weekend snapshot
The Nasdaq Composite gained 1.1% on Friday, the S&P 500 rose 0.3%, and the Dow fell 0.5%. Those are rounded changes at Friday’s regular close, before Berkshire reported. Friday’s Closing Edge has the full session recap.
The lead · Insurance outweighs gains elsewhere
Berkshire (NYSE: BRK.A and BRK.B) reported $12.705 billion in after-tax operating earnings for the quarter ended September 30, down $780 million from a year earlier. Underwriting earnings fell $1.017 billion, and insurance investment income fell $447 million. The quarterly report says each of the three underwriting groups earned less and attributes the investment income decline to lower interest income as rates fell.
BNSF, Berkshire Hathaway Energy, and manufacturing, service and retailing together earned $829 million more. A $145 million decline in the company’s Other line trimmed that offset to $684 million. The rest of the earnings table made back less than half of the insurance decline.
GAAP net earnings attributable to shareholders fell to $22.112 billion from $30.796 billion. Most of that decline came from a smaller investment gain. Berkshire’s non-GAAP operating measure excludes those gains and includes the interest and other investment income earned by its insurers. That distinction explains why net earnings fell about 28% while operating earnings fell 5.8%.
After Friday’s close · Entera’s trial costs and warrant charge
Entera Bio (Nasdaq: ENTX) reported at 4:15 p.m. Eastern on Friday that its September quarter net loss widened to $15.6 million from $3.2 million. A $7.5 million noncash warrant remeasurement accounted for about three-fifths of the increase. Its Form 10-Q also shows operating loss rising to $7.3 million from $3.3 million. The company attributes about $2.3 million of the increase in research spending to preparation for its Phase 3 study. Site activation later this year remains a company expectation.
The calendar · Monday’s reopening and Tuesday’s inflation report
The next scheduled regular U.S. stock session is Monday, November 9, from 9:30 a.m. to 4 p.m. Eastern. The Census Bureau’s calendar lists September wholesale trade that day. The Bureau of Labor Statistics schedules October CPI and real earnings for Tuesday at 8:30 a.m. Eastern.
When trading resumes, Berkshire’s report gives investors two separate insurance measures to follow. Underwriting reflects the results of writing policies, while investment income reflects what insurers earned on their assets. The quarter shows how both can weigh on the same headline through different channels.
Berkshire’s release is dated November 7 and its release and report were available by 8:31 a.m. Eastern. Entera’s release time is reported to the minute. All financial figures are in U.S. dollars. The stock index changes refer to November 6.