Berkshire Hathaway profit more than doubles as cash pile hits record $397 billion

Berkshire Hathaway’s first-quarter profit more than doubled even as the company’s cash stockpile climbed to a record $397.4 billion, a result that sharpened the focus on whether Greg Abel can carry the conglomerate’s reputation into a post-Buffett era.

Net earnings attributable to Berkshire shareholders rose to $10.106 billion, or $7,027 per Class A share, from $4.603 billion, or $3,200 a share, a year earlier. Operating earnings, the figure Warren Buffett has long urged investors to watch because investment swings can obscure the underlying business, increased to $11.346 billion from $9.641 billion. The value of Berkshire’s investment portfolio slipped to just over $288 billion, reflecting about $5.8 billion in realized gains on stock sales and roughly $7.0 billion in losses tied to unrealized changes in equity holdings.

Most of Berkshire’s businesses improved, including insurance underwriting, BNSF Railway, and its utility and manufacturing operations. Foreign currency holdings also added $249 million to profit, reversing a $713 million loss a year earlier. The numbers underscored a familiar pattern for Berkshire: steady operating strength paired with a balance sheet that has become increasingly difficult to deploy.

The results landed on the same day shareholders gathered in Omaha, Nebraska, for Berkshire’s first annual meeting without Buffett as the central figure on stage. Buffett stepped down as chief executive at the end of 2025 after 60 years at the helm, and Abel, 63, who became CEO in January, opened the meeting. The shift in leadership has heightened attention on capital allocation and operating performance, especially as Berkshire shares have lagged the S&P 500 by more than 30 percentage points since Buffett signaled plans to step down last May.

The mood inside the CHI Health Center reflected the transition. Attendance was down significantly, with the arena only a little over half full as shareholders began lining up at midnight. The meeting opened with a video tribute to Buffett, and Abel announced the symbolic retirement of jerseys bearing Buffett’s and Charlie Munger’s names. Buffett remained on the floor with directors and briefly praised Abel, saying, “Greg is doing everything I did and then some.”

Buffett also singled out Apple chief executive Tim Cook, noting that Berkshire’s initial $35 billion investment in the company had grown to a position worth about $185 billion before tax. For Berkshire, the quarterly figures showed the business remains formidable; the meeting showed how much of its next chapter now depends on whether investors trust the successor enough to keep believing.