Berkshire Hathaway holds $397 billion cash

Berkshire Hathaway’s cash pile reached about $397 billion at the end of the first quarter, according to the conglomerate’s May 2 earnings release and quarterly filing. The figure has drawn attention because it is one of the clearest measures of how much capital Berkshire has not yet put to work in stocks, acquisitions or share repurchases. The same filing showed Berkshire was again a net seller of equities in the quarter, extending a multiyear run in which sales have exceeded purchases. The numbers arrived in Berkshire’s first-quarter report for the period ended March 31, 2026. ### Where does the $397 billion figure actually come from? Berkshire Hathaway’s March 31 balance sheet shows cash, cash equivalents and U.S. Treasury bills totaling roughly $397.4 billion. In the 10-Q, Berkshire separately notes that cash and cash equivalents included $19.7 billion of U.S. Treasury bills with maturities of three months or less when purchased. The headline “cash pile” used by investors and analysts generally combines cash, equivalents and short-term Treasuries rather than only bank deposits. (sec.gov) May 2 was the date Berkshire published both its earnings release and the underlying quarterly report. The company’s release told investors to rely on the 10-Q for a fuller picture, saying the press statement alone was not enough for an informed investment judgment. ### Why are investors focused on the stock sales as much as the cash total? Berkshire’s first-quarter earnings release said after-tax realized gains on investment sales were $5.8 billion in the quarter. (sec.gov) Separate reporting based on the filing said Berkshire sold about $24 billion of equities and bought about $16 billion, leaving it a net seller by about $8.1 billion. Reuters reported on May 2 that the first quarter was Berkshire’s 14th straight quarter as a net seller of stocks. (sec.gov) That streak matters because Berkshire’s cash balance can rise for several reasons, including business cash flow, maturing securities and asset sales. The quarter’s net equity sales show that portfolio activity itself also contributed to the larger cash reserve. ### Does the filing show Berkshire stopped investing altogether? Berkshire did not stop buying stocks in the quarter. (sec.gov) A May 15 Reuters report on Berkshire’s 13F filing said the company disclosed a new $2.65 billion stake in Delta Air Lines and a smaller position in Macy’s, while selling out of or trimming several other holdings including Amazon, UnitedHealth Group, Visa and Mastercard. That filing covers U.S.-listed equity holdings as of March 31 and gives a snapshot of where Berkshire was still deploying capital even as its overall cash position climbed. March 31 portfolio holdings still included large positions in Apple and American Express, two companies frequently cited by investors as core Berkshire holdings. The 13F data available through the SEC shows both names remained among Berkshire’s disclosed U.S. equity investments at the end of the quarter. ### Is this mainly about Warren Buffett, Greg Abel, or the market? (money.usnews.com) Greg Abel was running Berkshire as chief executive in the period covered by the filing, but Berkshire’s disclosures do not frame the cash increase as a change in stated capital-allocation policy. Reuters reported that the growing cash balance reflected, in part, Berkshire’s inability in recent years to find a major acquisition, along with sales of some of its largest stock holdings led by Apple. (sec.gov) That explanation was attributed to the company’s filings and public reporting around the quarter. Berkshire’s own earnings release avoided broad market commentary and instead emphasized operating earnings, investment gains and the limits of quarterly net income as a measure of performance. The company said changes in unrealized gains and losses can make quarterly earnings figures “extremely misleading” for investors who do not know the accounting rules. (money.usnews.com) ### What should readers watch next in the filings? Berkshire Hathaway said on April 29 that its first-quarter earnings materials would be posted on its website, continuing its standard reporting practice. The next major update on the cash balance, stock purchases and sales, and any change in buybacks will come with Berkshire’s second-quarter 2026 earnings release and Form 10-Q, followed later by another 13F filing showing its U.S. stock holdings as of the end of June. (sec.gov) (mail.berkshirehathaway.com)