Catenaa, Saturday, May 02, 2026 – Berkshire Hathaway 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 last year’s $4.6 billion.
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.
Confidence in Buffett’s pick was echoed at the shareholders’ meeting. Peter Yang, an international trade business owner who traveled 18 hours from Hong Kong to Omaha, was attending the gathering for the first time.
He told CNBC that he bought Berkshire shares last year after Buffett signaled his plan to step down as chief executive. Yang said he’s at ease with the transition, noting that Buffett’s endorsement of Greg Abel gives him confidence in the succession.
“I have confidence in Greg because Warren wouldn’t hand over the reins to someone who isn’t capable. I’m not concerned about the company,” Yang told CNBC.
Like other shareholders, Kim Shannon, founder and co-CIO of Sionna Investment Managers, a boutique asset management firm based in Toronto, expressed skepticism that Abel will be as entertaining on stage as Buffett and Munger have been, but said that she nevertheless expressed confidence that the principles of Berkshire will continue.
“I think we’ll be all cautious about the legacy continuing, but I think some of his comments in the annual report this year, about continuing the legacy, suggest that it was structured to withstand the test of time,” said Shannon. “And we’ll find out over time.”
“For institutional investors like myself, the reason for being here is not just what happens on stage during the day at the annual meeting, it’s about meeting your peers in the group,” Shannon also said. “And so, for me, it’s already been a win, and tomorrow may be a bonus.”
