Berkshire meets under Greg Abel

Berkshire Hathaway is now doing the hardest thing giant founder-led companies ever have to do — proving the machine still works after the legend steps back. On Saturday, May 2, that test became public. Greg Abel ran Berkshire’s annual meeting as chief executive, gave the business update, and handled shareholder questions in Omaha while Warren Buffett stayed on as chairman instead of leading the whole show himself. At the same time, Berkshire dropped first-quarter results that showed the business is still throwing off a huge amount of cash and profit. (berkshirehathaway.com) ### What actually changed here? The big change is simple. Buffett is no longer CEO. Berkshire’s board appointed Abel president and chief executive effective January 1, 2026, after Buffett announced the succession plan at the 2025 annual meeting. So this year’s gathering was the first annual meeting built around Abel as the operating boss, not the heir apparent waiting in the wings. (berkshirehathaway.com) ### Why does the annual meeting matter so much? For Berkshire, the annual meeting is not just a shareholder formality. It is the company’s public proof of culture. For decades, investors treated Omaha as a live demonstration of Buffett’s judgment, temperament, and capital-allocation style. That means Abel was not just filling a seat on stage Saturday — he was auditioning as t(berkshirehathaway.com)t charisma than trust. (berkshirehathaway.com) ### What did the numbers show? The quarter was strong on the operating side. Berkshire reported $11.346 billion in operating earnings for the first quarter of 2026, up from $9.641 billion a year earlier. Net earnings attributable to Berkshire shareholders came in at $10.106 billion, versus $4.603 billion last year. Insurance underwriting improved, BNSF improved, Berkshire Hathawa(berkshirehathaway.com)so moved higher. In other words, the underlying businesses mostly kept doing their jobs. (businesswire.com) ### Why do people keep obsessing over cash? Because Berkshire’s cash pile has become a story of its own. The company has been sitting on an enormous reserve while valuations stay high and big acquisitions stay scarce. That cash is a strength — basically dry powder and safety margin rolled together — but it also rais(businesswire.com)ploy capital with Buffett-like patience without looking paralyzed. (bloomberg.com) ### Why not focus on net earnings instead? Because Berkshire itself keeps warning people not to overread quarterly net income. GAAP forces the company to run unrealized swings in its stock portfolio through earnings, which can make quarter-to-quarter net profit look dramatic even when the operating businesses are steady. Ber(bloomberg.com)hy operating earnings — not headline net income — are the cleaner read here. (businesswire.com) ### What was Abel’s real job on stage? Reassurance. He had to show that Berkshire’s decentralized model still holds, that the lieutenants still run their businesses, and that capital discipline has not changed just because the signature changed at the top. Berkshire even structured the day to make that point: Abel h(businesswire.com)ators, not a one-man act. (berkshirehathaway.com) ### So what should investors take from this? The first read is continuity, not reinvention. Abel did not need a dramatic strategic pivot. He needed a calm hand, solid numbers, and evidence that Berkshire’s operating engine remains intact. He got all three. But the harder test is still ahead — finding ways to use Berkshire’s huge cash balance without breaking the patience that made the company what it is. (businesswire.com) ### Bottom line Saturday did not answer the biggest post-Buffett question. It narrowed it. Berkshire looks stable under Greg Abel. Now investors want to see whether stable can also be decisive.