Berkshire Hathaway's Cash Hits Record High Under New CEO

Berkshire Hathaway Inc. reported a record-high cash pile of $397.4 billion in the first quarter of 2026, marking the first earnings report under new CEO Greg Abel. The conglomerate also resumed stock buybacks, purchasing $234.2 million of its own shares. Operating earnings rose to $11.3 billion, driven by improved underwriting results in its insurance businesses. Abel, who succeeded Warren Buffett as CEO, led his first annual shareholder meeting in Omaha, Nebraska, on Saturday. Attendance was notably lower than in previous years, with the arena only about half full, reflecting the absence of Buffett, who remains chairman. Buffett, 95, stepped down as CEO in January 2026 but attended the meeting and shared remarks. The meeting focused on Berkshire's diverse portfolio, including major insurers like Geico, utilities such as Pacificorp, and the BNSF railroad. Investors and analysts closely watched the transition, with some signs of uncertainty about Abel's leadership. Berkshire's shares have underperformed the broader market since Buffett announced his retirement. The company's first-quarter profit more than doubled to $10.1 billion, or $7,027 per Class A share, compared to $4.6 billion in the same period last year. The gains were partly attributed to a $5.8 billion increase in the value of its stock holdings, though the overall portfolio value slipped to $288 billion. Foreign currency holdings contributed an additional $249 million to profits, reversing a $713 million loss from the previous year. Analysts had predicted earnings of $7,611.35 per Class A share, slightly below the reported figure. The meeting also highlighted the transition in leadership, with Abel taking center stage for the first time. Memorabilia, including a Squishmallow version of Abel, were sold alongside items featuring Buffett and his late partner Charlie Munger.