$397 billion in cash and the first quarter without Buffett as CEO. How did Greg Abel perform at the top of Berkshire $BRK-B?

A summary of Berkshire's results, the annual meeting, and the company's outlook.

What do the Q1 2026 numbers say?

Operating income: $11.35 billion (year-over-year +18%, from $9.64 billion in Q1 2025)

Revenue: $93.7 billion (from $89.7 billion a year earlier)

Cash position: $397 billion (from $373 billion at the end of 2025)

Share buybacks: $234 million (first time in more than a year)

Insurance as the engine

Underwriting gains from insurance activities jumped to $1.7 billion, about +29% year-over-year. The key factor was low catastrophe activity in the first quarter, when Berkshire did not record any insurance loss exceeding $150 million. A year earlier, results were affected by losses related to the Los Angeles fires.

But watch out for Geico. The auto insurer reported a 35% decline in preliminary underwriting profit due to higher claims and rising marketing costs. That's a contrast to competitors, which reported improvements over the same period.

BNSF Railway finally in the black

The railroad division BNSF posted profit of $1.38 billion, 13% higher year-over-year, thanks to stronger demand for hauling grain, petroleum products, and oilseeds. Abel gave BNSF management a clear mandate to improve operating margins and approach competitors' efficiency, and the results confirm that.

Stock selling continues

In Q1 Berkshire sold equity positions totaling $8.1 billion. Abel decided to sell portfolios that were previously managed by Todd Combs, the firm's former stock picker, who has since moved to JPMorgan $JPM. If we count roughly the last 10 quarters, Berkshire has sold more shares than it has bought, in a total amount exceeding $174 billion.

It's also notable that Berkshire has not yet taken another write-down on its Kraft Heinz $KHC position, even though the book value of that investment exceeds its market value by $1.4 billion. Last year the company wrote down $3.8 billion.

Cash position trend

Q1 2024: approx. $189 billion Q2 2024: approx. $277 billion Q3 2025: $382 billion Q4 2025: $373 billion Q1 2026: $397 billion (record)

Over two years the cash position has more than doubled. Berkshire sits on a record cash pile and the market is asking: what is Abel waiting for?

Shares under pressure

The all-time high for $BRK-B shares was reached on May 2, 2025 at $542.11. The current price is around $473, which represents a decline of about 12% from the peak and year-to-date performance of -4.9%.

Since the announcement of Buffett's departure, the shares have lagged the broader market.

The first annual meeting without Buffett at the microphone

Abel led Saturday's annual meeting in Omaha, the first in history without Buffett on stage. Buffett, who is 95, was present among the directors and delivered a short speech in which he recalled Apple's successful leadership transition $AAPL after Steve Jobs' death. He specifically mentioned that Berkshire invested $35 billion in Apple and that this position, including dividends, grew to $185 billion.

According to attendees, Abel demonstrated deep knowledge of the individual businesses and for the first time invited his key managers onto the stage. He also said that Berkshire had identified several companies with interesting management teams but is refusing to buy them because valuations are too high. And this is despite the aforementioned record cash position.

What comes next

Under Greg Abel's leadership, Berkshire has so far continued on the previously set course. Operating results are solid, cash is growing, and buybacks have returned. But investors want more. They want to see how Abel will use that enormous pile of cash. No major acquisition has come, and the shares reflect that.

Do you believe that Abel can find an opportunity with nearly $400 billion that even Buffett would approve of, or is he preparing for a crisis?