Berkshire Hathaway cash pile hits record as Greg Abel posts first results
Berkshire’s cash pile climbed above $397 billion as Greg Abel’s debut quarter showed stronger profits, but also more selling than buying.
Berkshire Hathaway’s cash pile climbed to a record more than $397 billion as Greg Abel delivered his first quarterly report as chief executive, a striking signal that the company is still favoring patience over aggressive deployment of capital. The jump from $373 billion at the end of 2025 came even as Berkshire sold a net $8.1 billion of equity holdings in the quarter, reinforcing the view that the post-Buffett era is beginning with discipline, not urgency.
The conglomerate reported first-quarter operating earnings of $11.35 billion, up sharply from a year earlier but still below FactSet expectations of about $11.56 billion. Net income attributable to Berkshire shareholders rose to about $10.1 billion from $4.6 billion in the first quarter of 2025. Berkshire said the gain reflected stronger results across insurance underwriting, BNSF Railway, Berkshire Hathaway Energy, and its manufacturing, service and retail businesses, even as quarterly net earnings were pulled lower by a roughly $7.0 billion loss tied to unrealized gains on its equity portfolio. A $5.8 billion realized gain from investment sales helped offset that hit.
The operating breakdown showed the breadth of Berkshire’s earnings base. Insurance underwriting contributed $1.717 billion, insurance investment income added $2.679 billion, BNSF produced $1.377 billion, Berkshire Hathaway Energy generated $1.114 billion, and the manufacturing, service and retailing group delivered $3.199 billion. Even with that progress, the market value of Berkshire’s investment portfolio slipped to just over $288 billion, underscoring how much of the company’s excess capital remains parked rather than committed.
For investors trying to read Abel’s first move, the message is as important as the numbers. Warren Buffett remained chairman, but he did not lead the annual meeting from the stage for the first time in decades, a visible break from the company’s old order. Abel has already said he will remain patient and disciplined on investments, and Buffett’s continued presence in the office five days a week suggests continuity inside a changing command structure. The cash hoard, the net stock sales, and the restraint on fresh bets point to a Berkshire that is still defining its post-Buffett identity, one that may be even more selective about capital than the market has been expecting.
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