Here’s how Berkshire Hathaway did in its first quarter without Warren Buffett as CEO
By Auzinea Bacon, CNN
(CNN) — 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 afternoon 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, who now serves as chairman of Berkshire, frequently turned into a brand mascot for the likes of Squishmallow, Fruit of the Loom and other Berkshire companies.
Berkshire owners are still getting to know Abel, who has been with the conglomerate since 2000 and was named to the board in 2018, but was less visible than Buffett and former vice chairman Charlie Munger. Abel officially took over as CEO on January 1, 2026.
“Warren brought this amazing commitment to Berkshire and deep understanding. And I want (owners) to know that remains, that there’s a team — myself included — that are absolutely committed and have a deep understanding of Berkshire, and we bring that same passion every day,” Abel told CNBC.
Abel said the event will include speaking about Berkshire’s “evolution” and introducing other managers.
Buffett, who led Berkshire for six decades, attended the annual meeting on Saturday.
“Greg is doing everything I did and then some, and he’s doing it better in all cases. He’s the right person. So that decision, we score 100%,” he said from his seat in the crowd.
Berkshire’s largest holding is in Apple, Buffett noted Saturday. The tech giant reported better-than-expected earnings and iPhone sales were up 22% compared to a year ago. The company’s stock is now up about 36% from a year ago and Tim Cook recently announced he would step down as CEO.
Such investments provide returns “without any work by us, which is our preferred way of operating,” Buffett said.
This is a developing story and will be updated.
The-CNN-Wire
™ & © 2026 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
