Berkshire to publish Q4 results and Greg Abel’s first shareholder letter as CEO

Berkshire Hathaway will release its fourth-quarter and annual report at 8 a.m. ET on Feb. 28, 2026, and Greg Abel will author the company’s first annual shareholder letter not written by Warren Buffett in more than 60 years. The timing and the letter make today’s release a test of investor confidence in the new leadership and a likely flashpoint for debate over how to deploy Berkshire’s record cash balance.

Analysts expect fourth-quarter revenue of $92.91 billion, down from $94.92 billion in 2024, and markets will be watching segment detail for signs of sustainability or deterioration. Berkshire has beaten revenue estimates in more than four straight quarters and reported operating earnings that rose 34 percent year over year in the most recently reported third quarter, a gain driven by underwriting profits in the insurance segment. Insurance remains the company’s key performance hinge, able to offset swings elsewhere in the portfolio and to generate float for investment.

Investors are especially focused on Berkshire’s liquidity. The company held $381.7 billion in cash and equivalents heading into the report, a figure that has prompted speculation about dividends, share buybacks, or new investments. That is investor speculation, not company guidance, but it sums up why Abel’s first full public statement as chief executive matters: shareholders want to know whether capital allocation will adhere to Buffett-era restraint or tilt toward more active distribution or acquisition.

Leadership transition still shapes sentiment. Warren Buffett stepped down as CEO at the end of December 2025 and remains on the board as chair. In his November 2025 farewell letter Buffett said he would be “going quiet” and would no longer contribute to the annual shareholder letter, reserving public commentary for an annual Thanksgiving message. In that letter he praised Abel, writing, “He is a very fast learner about matter many CEOs don't even consider. I can't think of a CEO, a management consultant, an academic, a member of government - you name it - that I would select over Greg to handle your savings and mine.” Buffett also told CNBC on Jan. 2, 2026, “I’d rather have Greg Abel handle my money than any of the top U.S. CEOs.”

Market activity ahead of the release reflected cautious positioning. Berkshire class B shares ticked up before the open on Feb. 27, with one market snapshot showing BRK.B up 0.45 percent and trading volume jumping 38.61 percent from the previous day to $3.18 billion, ranking it 35th in market activity. A different intraday snapshot registered BRK.B up 0.37 percent; such small divergences can reflect differing snapshot times or rounding. Year to date the shares are virtually flat and remain about 7 percent below last May’s highs, before Buffett stepped down.

Analysts and investors are bracing for both substance and tone in Abel’s letter. CFRA maintains a neutral rating on Berkshire and notes “a great deal of uncertainty around Abel's leadership,” with CFRA’s Cathy Seifert saying, “I think investors would really like to get a greater sense of who Greg Abel is and what he intends to bring to the process of managing Berkshire.” Market-watchers will parse the letter for explicit policy on buybacks, dividends, and acquisition strategy, and for any delineation of decision rights between Abel and a still-influential Buffett.

Today’s release will provide the first concrete data to test whether Berkshire’s operating momentum and its enormous cash cushion translate into a clear strategy under Abel or further investor impatience about capital deployment.