Berkshire Hathaway held its first annual meeting without longtime CEO Warren Buffett on May 2, 2026, in Omaha, Nebraska. Buffett stepped down at the end of 2025, passing leadership to Greg Abel, who officially became CEO in January 2026. This transition marked a significant shift for the company given Buffett’s legendary status and long tenure.
The meeting drew thousands of shareholders to the CHI Health Center, although attendance was expected to be lower than in previous years due to Buffett’s absence. Berkshire Hathaway also released its first-quarter earnings report on the same day, showing a substantial increase in profits.
Strong Quarterly Earnings Under New Leadership
Berkshire Hathaway’s first-quarter profit more than doubled to $10.1 billion, or $7,027 per Class A share, compared to $4.6 billion, or $3,200 per share, in the same period last year. The increase was driven by appreciation in the value of the company’s investments and improved performance across most of its businesses.
The company recorded a $5.8 billion gain on stocks it sold during the quarter, although the overall portfolio value decreased slightly to just over $288 billion. Berkshire’s cash reserves also grew, reaching $397.4 billion at the end of the quarter.
Buffett had emphasized the importance of focusing on operating earnings, which exclude investment gains and losses, to better assess Berkshire’s core business performance. Operating earnings rose to $11.3 billion, or $7,889 per Class A share, up from $9.6 billion, or $6,703 per share, the previous year. This exceeded analyst expectations, which had forecast operating earnings of approximately $7,611 per share.
Business Units Show Improved Profits
Berkshire’s insurance division, including Geico and other companies, reported an underwriting profit of $1.7 billion, up from $1.34 billion in the prior year. Other major units, such as BNSF railroad and the company’s utility and manufacturing operations, also saw gains in operating earnings.
The company benefited from favorable foreign currency fluctuations, recording a $249 million profit compared to a $713 million loss in the same quarter the previous year.
Why it matters
This annual meeting symbolized a new era for Berkshire Hathaway as Greg Abel takes over leadership from Warren Buffett, who shaped the company for decades. The strong quarterly performance under Abel’s early tenure may reassure investors amid concerns about the transition.
Sources
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