Berkshire Hathaway Inc. (BRK.A, BRK.B) disclosed a record $397.4 billion in cash, U.S. Treasury bills, and short-term investments in its first-quarter 2026 filing released Saturday — the first report under new CEO Greg Abel following Warren Buffett's retirement from the chief executive role. The cash position rose $24 billion from the $373 billion year-end level and surpassed the prior record of $381.6 billion set in Q3 2025, marking the conglomerate's tenth consecutive quarter as a net seller of equities.
Operating earnings rose 17.8% year-on-year to $11.34 billion, modestly below the $11.56 billion analyst estimate but representing solid performance across the insurance and railroad segments. Net income attributable to shareholders more than doubled to $10.1 billion from $4.6 billion a year ago, boosted by investment gains. The company repurchased only $234 million of its own shares — a notably modest amount given the cash pile — signaling Abel's continuation of Buffett's 'price discipline' philosophy.
Insurance Performance
Insurance underwriting earned $1.7 billion, up 28% from the year-ago period, though the composition shifted: GEICO reported a 34% decline in underwriting earnings as the auto insurer faced elevated loss costs from Middle East oil-driven gasoline price inflation, while Berkshire Hathaway Reinsurance Group surged on favorable development and lower catastrophe claims in the quarter. Berkshire Hathaway Primary Group contributed steady performance.
Railroad and Energy
BNSF Railway operating income advanced modestly as intermodal volumes recovered from the Q4 trough, though coal carloads continued their structural decline. Berkshire Hathaway Energy reported higher earnings driven by elevated wholesale electricity prices across its Western U.S. utility footprint — a direct beneficiary of the broader energy-price environment driven by the Iran conflict. The energy segment is increasingly valuable as power demand from AI data centers compounds.