Berkshire Hathaway (BRK.B) on Saturday reported $11.35 billion in operating earnings and a record cash pile in the first quarter under CEO Greg Abel, the successor to famed investor Warren Buffett.
Berkshire Hathaway’s massive cash pile rose to more than $397 billion in the first quarter, up from the $373 billion at the end of 2025. Operating earnings were up nearly 18% from last year, but fell short of estimates that Berkshire would earn $11.56 billion, according to FactSet data.
Net income attributable to Berkshire shareholders in the first quarter rose to roughly $10.1 billion, more than double from $4.6 billion last year.
Berkshire earned $1.7 billion from insurance underwriting — a 28% increase from the same time last year — though Geico, which leads the conglomerate’s insurance underwriting business, reported a 34% drop in earnings.
This is Abel’s first quarterly report as the head of Berkshire. He stepped into the role at the start of 2026 and penned the annual letter to shareholders in February. Abel will take center stage on Saturday at Berkshire’s so-called “Woodstock for Capitalists” in downtown Omaha, Nebraska — former chief executive Buffett’s hometown.
Abel has big shoes to fill. Buffett, 95, attracted huge crowds to the event, with thousands flocking to hear the Oracle of Omaha’s market wisdom. Buffett frequently turned into a brand mascot for the likes of Squishmallow, Fruit of the Loom and other Berkshire companies.
This is a developing story and will be updated.
