Berkshire Hathaway shareholders gather for 1st annual meeting without Warren Buffet on stage

Berkshire Hathaway shareholders convened in Omaha, Nebraska for the annual meeting, marking the first gathering without the iconic Warren Buffett gracing the stage. In a surprising move in May 2025, Buffett announced his decision to step down by the year’s end, paving the way for his successor, 63-year-old Greg Abel, to assume the role of CEO. This transition caught many investors off guard, as it was widely anticipated that Abel would only take the reins after Buffett’s passing. Abel officially took on the CEO position in January 2026, and this year’s meeting is expected to see a slight decrease in attendance.

The conglomerate, which Buffett meticulously built over the years, unveiled its earnings report during the meeting at the CHI Health Center. Berkshire Hathaway reported a more than doubling of its first-quarter profit, attributed to the growth in the value of its investments and the overall improvement in most of its businesses. The company disclosed earnings of $10.1 billion, equivalent to $7,027 per Class A share, a significant increase from the previous year’s $4.6 billion, or $3,200 per A share.

While the paper value of Berkshire’s investments plays a pivotal role in its financial performance, the company also recorded a $5.8 billion gain from the stocks it sold in the quarter. Despite a slight dip, the value of the portfolio stood at just over $288 billion. Berkshire’s cash reserves continued to swell, reaching $397.4 billion by the end of the first quarter.

Buffett has consistently emphasized the importance of focusing on the company’s operating earnings, excluding investments, to gauge its operational performance accurately. Operating earnings surged to $11.3 billion, translating to $7,889.44 per Class A share, compared to last year’s $9.6 billion, or $6,703.41 per Class A share. Analysts had predicted earnings of $7,611.35 per A share. Additionally, Berkshire attributed a $249 million boost to its profits from foreign currency holdings due to favorable exchange rates, a stark contrast to the $713 million loss recorded in the previous year.

Most of Berkshire’s diverse businesses reported improved operating earnings this year, with the insurance unit, including Geico, and other companies, reporting an underwriting profit of $1.7 billion, up from $1.34 billion the previous year. Profits also saw an uptick at BNSF railroad and Berkshire’s utility and manufacturing entities.

As Berkshire Hathaway continues to navigate the post-Buffett era under the leadership of Greg Abel, shareholders remain optimistic about the company’s future trajectory. With a strong financial performance in the first quarter, Berkshire’s legacy of prudent investments and diversified businesses remains intact, ensuring its position as a stalwart in the corporate landscape.

Contributed by Mary Cunningham.