$BRK.B · Schwab Network · 2026-11-09
Berkshire 本季度业绩表现不一：调整后每股收益 594 美元、营收超过 1056 亿美元，均超出预期，回购规模翻倍以上至逾 96 亿美元；但保险业务拖累业绩，承保利润下降 43%，保险投资收益下降 14%，GEICO 税前利润基本持平，综合成本率升至 91.4%。GEICO 的承保仍然盈利，但安全边际正在收窄；公司整体仍超出预期，并持有约 3570 亿美元现金及美国国债。
逐段跳播
我一直在关注伯克希尔·哈撒韦的股票。它真的很有意思，还有回购的进程。是的，看起来投资者仍在试图消化这些业绩，因为其最新季报既有正面也有负面之处。
I was taking a look at Berkshire Hathaway's stock. It's really interesting, and the buyback process. Yes, it seems that investors are still trying to digest the results, as there were both positive and negative aspects to its latest quarterly report.
它的盈利超出了预期，调整后每股收益达到594美元。分析师此前预期为591美元。营收预期也被超越。因此，它在营收和利润两方面都表现更优。营收超过1056亿美元。分析师此前预期为973亿美元。
It exceeded earnings expectations, with adjusted earnings per share reaching $594. Analysts had expected $591. Revenue expectations were also exceeded . Therefore, it outperformed in terms of revenues and profits.
Revenues exceeded $105.6 billion. Analysts had expected $97.3 billion.
他们还把回购规模扩大了一倍多，超过96亿美元。所以，Greg Abel向股票注入了更多流动性，但与此同时，挑战也正在于此，保险板块正面临一些压力。保险板块对业绩造成了负面影响。
我们看到该板块出现下滑。“Geco”正是压力所在。营业利润下降了。但同样，我们必须记住，总体而言他们超出了预期。
They also more than doubled their buyback operations to over $9.6 billion. So, Greg Abel was pumping more liquidity into stocks, but at the same time, and here lies the challenge, the insurance sector is facing some pressure.
The insurance sector has negatively impacted the results. We have seen a decline in that sector. "Geco" was the point of pressure there. Operating profits declined. But again, we must bear in mind that overall they have exceeded expectations.
保险承保利润下降了43%。保险投资收益也减少了14%。再一次，“Geco”受影响最大。Geeco的税前利润下降，并在上个季度几乎持平。对这个综合企业来说，理赔变得更加频繁，成本也更高。
综合成本率升至91.4%，意味着理赔和费用消耗了每1美元保费中的约91美分。所以，Gecko的承保仍然盈利，Nicole，但安全边际正在收窄。这就是那一侧的整体情况。
Insurance underwriting profits fell by 43%. Insurance investment income also decreased by 14%. Once again, "Geco" was the most affected . Geeco's pre-tax profits declined, and were almost flat in this last quarter.
Claims have become more frequent and more costly for the conglomerate. The combined ratio rose to 91.4%, meaning that claims and expenses consumed about 91 cents of every dollar of premiums.
So, Gecko is still profitable to underwrite, Nicole, but the margin of safety is narrowing. This is the big picture from that side.
从积极的一面看，包括回购操作和流动性在内，伯克希尔仍持有约3570亿美元的现金和国库券。所以，他们拥有庞大的财务储备。
On the positive side, including repurchase operations and liquidity, Berkshire still holds approximately $357 billion in cash and Treasury bills. So, they have a huge financial reserve.
这个频道对 $BRK.B 的历次判断
Schwab Network 在这只股票上共 3 条判断，这里只列相邻的几条。