Greg Abel Leads First Berkshire Meeting as Buffett Watches
New CEO runs the annual gathering in Omaha while the 95-year-old legend sits in the audience. Operating earnings double to $11.3B.
For sixty years, the Berkshire Hathaway annual meeting meant one thing: Warren Buffett on stage, dispensing wisdom, cracking jokes, and eating peanut brittle.
Saturday was different.
Greg Abel, the company's new CEO, ran the show for the first time. Buffett, now 95, sat in the front row of the directors' section. The crowd gave him a standing ovation when he entered. Then they watched someone else answer their questions.
The transition Buffett spent decades planning finally happened. And it looked exactly like he said it would—quiet, professional, and a little bit sad.
The Numbers Still Work
Berkshire reported operating earnings of $11.3 billion in Q1 2026, up from $9.6 billion a year ago. That's a 17% increase driven by insurance underwriting and the company's sprawling portfolio of wholly-owned businesses.
| Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Operating Earnings | $11.3B | $9.6B | +17% |
| Per Class A Share | $7,889 | $6,703 | +18% |
| Cash Position | ~$330B | ~$189B | +75% |
The cash pile continues to grow. Berkshire ended the quarter with roughly $330 billion in cash and equivalents—enough to buy almost any company on Earth, and a sign that Abel, like Buffett before him, isn't finding much worth buying at current prices.
A Different Vibe
The folksy wisdom was mostly gone. Abel answered questions with detailed business discussions rather than Buffett's trademark stories about cherry Cokes and See's Candies. The crowd was noticeably smaller—lines outside CHI Health Center in Omaha were shorter than any year in recent memory.
That's not a criticism of Abel. He's not Buffett, and he's not trying to be. His style is direct, operational, and less performative. Shareholders who expected entertainment may have been disappointed. Those who came for substance got plenty.
Abel addressed AI deepfakes, artificial intelligence risks, capital allocation strategy, and the impact of the Middle East conflict on Berkshire's businesses. He was particularly detailed on insurance operations, where he's spent most of his career understanding catastrophic risk.
Buffett's Role
The Oracle isn't entirely gone.
Buffett sat down with CNBC's Becky Quick for an interview during the meeting. He remains chairman and continues to advise on major capital allocation decisions. But the day-to-day is now Abel's.
"I'm here to watch," Buffett said. "Greg doesn't need my help."
That's probably true. Abel has been running Berkshire's non-insurance operations since 2018 and was named CEO-in-waiting years ago. The handoff has been as orderly as any succession in corporate America.
Still, watching Buffett in the audience rather than on stage felt like the end of something. The greatest investor of his generation, sitting in a folding chair, clapping for someone else.
What It Means
Berkshire stock barely moved on the earnings report. Class A shares have gained about 8% this year, underperforming the S&P 500's 18% rally. That's not unusual—Berkshire tends to outperform in down markets and lag in speculative ones.
The company's size makes meaningful acquisitions difficult. With a market cap above $1.3 trillion, even a $50 billion deal would barely move the needle. Abel acknowledged this challenge without promising solutions.
For long-term shareholders, the meeting confirmed what they already knew: Berkshire remains a cash-generating machine run by capable people. The entertainment value has declined. The investment thesis hasn't.
The Buffett era is over in practice if not in name. What comes next depends on whether Abel can deploy that $330 billion cash pile as effectively as his predecessor accumulated it.
So far, he's chosen patience. That's the most Buffett-like quality of all.