SouthernWorldwide.com – Berkshire Hathaway shareholders convened in Omaha, Nebraska, on Saturday for their first annual meeting without the iconic Warren Buffett on the main stage.
Buffett, who had led the conglomerate for decades, announced his intention to step down at the end of 2025. His successor, Greg Abel, who is 63 years old, officially took over as CEO in January 2026. This transition, which many investors believed would occur after Buffett’s passing, came as a surprise.
Consequently, attendance at this year’s meeting is anticipated to be somewhat lower than in previous years. The company released its first-quarter earnings report on the same day shareholders gathered at the CHI Health Center.
Berkshire Hathaway’s first-quarter profit more than doubled, driven by an increase in the value of its investments and improvements across most of its business segments. The company reported earnings of $10.1 billion, or $7,027 per Class A share, a significant jump from the $4.6 billion, or $3,200 per A share, recorded in the same period last year.
While the paper value of Berkshire’s investments heavily influences its reported profits, the company does not typically sell most of its stock holdings. However, it did recognize a $5.8 billion gain from stocks sold during the quarter. The overall value of its investment portfolio saw a slight decrease, settling at just over $288 billion.
The company’s substantial cash reserves continued to grow, reaching $397.4 billion by the end of the first quarter. Buffett has consistently advised shareholders to focus on operating earnings, which exclude investment gains and losses, to better assess the performance of Berkshire’s underlying businesses.
Operating earnings for the quarter increased to $11.3 billion, or $7,889.44 per Class A share, up from $9.6 billion, or $6,703.41 per Class A share, in the previous year. This figure exceeded the predictions of four analysts surveyed by FactSet Research, who had forecast earnings of $7,611.35 per A share.
Berkshire’s profits also benefited from a $249 million boost from its foreign currency holdings due to exchange rate fluctuations. In contrast, the company had recorded a $713 million loss on foreign currencies in the prior year.
The majority of Berkshire’s diverse business units demonstrated improved operating earnings this year. The insurance segment, which includes Geico and other entities, reported an underwriting profit of $1.7 billion, an increase from $1.34 billion last year. The BNSF railroad, as well as Berkshire’s utility and manufacturing companies, also experienced growth in their profits.
Mary Cunningham contributed to this report.
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