Berkshire Hathaway reported a more than doubling of its quarterly net profit under new CEO Greg Abel, with strong performances from its insurance and railroad businesses serving as the primary drivers.
The significant improvement in net profit was aided by a substantial narrowing of investment losses compared to the same period last year.
Including short-term Treasury bill purchase obligations, Berkshire's cash and U.S. Treasury reserves grew to a record $381.1 billion, up nearly 2% from $373.1 billion at the end of 2025.
The company recorded its 14th consecutive quarter of net stock sales, though it also resumed repurchasing its own shares for the first time since 2024.
Net profit increased to $10.11 billion, equivalent to $7,027 per Class A share, up from $4.6 billion, or $3,200 per Class A share, in the prior-year period.
Berkshire released the results ahead of its annual meeting in Omaha. During the event, Abel and his management team will field questions from shareholders in person at the CHI Health Center convention venue.
This marks the first quarterly report since Abel succeeded Warren Buffett as CEO in January, and it is also the first annual meeting where Abel will preside as the company's top leader. When Abel addresses the audience on Saturday morning, Buffett will be seated among the audience alongside other company directors.
Operating profit, which excludes certain investment gains and losses, rose 18% year-over-year to $11.35 billion from $9.64 billion the previous year.
Profits increased across the company's railroad, energy, manufacturing, service, and retail segments, while earnings from insurance underwriting also improved.
Buffett has previously stated that operating profit is a better measure of the company's true business performance. This is because accounting rules require Berkshire to include unrealized gains and losses from its large investment portfolio in net profit, meaning short-term stock market fluctuations can cause significant swings in quarterly earnings.
During the March quarter, Berkshire sold $24.1 billion in equity securities while purchasing $15.9 billion. American Express, Apple, Bank of America, Coca-Cola, and Chevron remained its top five equity holdings.
The company repurchased 33 Class A shares and 431,462 Class B shares during the quarter, ending a streak of six consecutive quarters with no buybacks. Earlier this year, Abel disclosed in a regulatory filing that he had personally spent approximately $15 million to purchase Berkshire stock and plans to continue buying shares annually.
Berkshire's Class A shares hit an all-time high of $809,350 exactly one year ago, the day before Buffett announced he would step down as CEO. So far this year, the stock has declined 5.9%, closing at $710,300 last Friday, while the S&P 500 index has risen 5.6% over the same period.
The company is expected to provide more detailed information on its stock portfolio in a regulatory filing later this month.