Dorothy

The headline cash hoard number is striking on its own. Berkshire Hathaway ended Q1 2026 with a record $397.4 billion in cash and short-term Treasury bills, surpassing the prior $381.7 billion peak set in Q3 2025 and adding another $24 billion to what Buffett left behind. Of that, roughly $52 billion sits in plain cash and equivalents, with the bulk parked in Treasury bills earning short-term yields. By the time Abel released his first quarterly print on May 2, Berkshire was one of the largest holders of US Treasury debt in the world.

This wasn’t an accident. Between 2022 and 2024, Berkshire sold a net $172.93 billion in equities, with $134.1 billion of that coming in 2024 alone. Buffett trimmed his Apple position from nearly 50% of the equity portfolio down to roughly 22%. He cut Bank of America by more than half. Berkshire stopped repurchasing its own shares for nearly two years, sitting out twenty-one consecutive months as the stock traded above what Buffett considered its intrinsic value. Buybacks finally resumed under Abel on March 4, 2026, but only at $234 million in Q1, a token figure against a balance sheet of this size. In Q1 alone, Berkshire sold another $24.1 billion in equities against $16 billion in purchases, a net $8.1 billion reduction that pushed the cash pile to its new record.

Berkshire also established a small new stake in Macy’s that was worth nearly $55 million at the end of March.

Berkshire Hathaway's revamp of its portfolio sent certain stocks higher in early trading Monday, while others slipped as investors parsed the company's latest bets and exits disclosed in the conglomerate's quarterly filings.

Buffett told shareholders in 2008 that “if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down” because every airline has struggled to maintain a competitive advantage ever since the Wright brothers took to the air.

Berkshire also more than doubled its stake in the New York Times, and now owns about 9% of that company’s stock. The filing contained Omaha, Neb.-based Berkshire’s US-listed stock holdings as of March 31, which comprised most of its $288 billion equity portfolio.