Berkshire Hathaway ( BRK.B ) on Saturday reported $11.35 billion in operating earnings and a record cash pile in the first quarter under CEO Greg Abel, the successor to famed investor Warren Buffett.

Berkshire Hathaway’s massive cash pile rose to more than $397 billion in the first quarter, up from the $373 billion at the end of 2025. Operating earnings were up nearly 18% from last year, but fell short of estimates that Berkshire would earn $11.56 billion, according to FactSet data.

Net income attributable to Berkshire shareholders in the first quarter rose to roughly $10.1 billion, more than double from $4.6 billion last year.

Berkshire earned $1.7 billion from insurance underwriting — a 28% increase from the same time last year — though Geico, which leads the conglomerate’s insurance underwriting business, reported a 34% drop in earnings.

This is Abel’s first quarterly report as the head of Berkshire.…