The broad U.S. market has been driven by tech gains lately, while big-cap value plays like Berkshire Hathaway (BRK.A) (BRK.B) have remained relatively quiet. Investors in diversified outfits, insurers, industrials, and consumer conglomerates are watching cash-rich companies carefully.
Now, once again, all eyes are on Berkshire as the company is all set to report its 2025 annual report and earnings online on February 28. This means shareholders and analysts will get CEO Greg Abel’s first annual letter alongside the full-year results. In today’s environment of rising interest rates and cautious capital deployment, Abel’s comments could be a guide for how Berkshire aims to “move the needle” next.
Berkshire Hathaway, run by legendary investor Warren Buffett until year-end 2025, is a sprawling conglomerate. What makes Berkshire unique is Buffett’s decades-long value philosophy and the company’s humongous cash hoard of over $380 billion, giving it unmatched firepower to invest or buy back shares.
Besides the routine updates, Berkshire’s last few months have seen notable moves. In late 2025, it re-entered media by accumulating about 5.07 million shares of The New York Times around $352 million, its first newspaper bet in years, while quietly trimming stakes in Apple (AAPL) and Amazon (AMZN).
It also boosted positions in energy, adding Chevron (CVX), Chubb (CB), and paring some financial holdings. And in January 2026, Berkshire closed its acquisition of OxyChem (OXY), a leading chemicals maker, for nearly $9.7 billion. These moves show the new management’s selective approach, picking spots where Buffett saw value, but still holding huge cash as a buffer. Analysts say these deals have not dramatically swung the share price yet, but they hint at the strategic areas Abel may focus on.
Over the past 52 weeks, Berkshire’s stock rose modestly, roughly 2% underperforming the booming S&P 500 ($SPX) gain of 16%. Its businesses saw steady gains, but investors worry its $381.7 billion cash pile isn’t earning much and that Buffett’s successors have put a temporary pause on stock buybacks. Large equity stakes like Apple and Bank of America were trimmed in 2025, reflecting management’s cautious stance. Overall, earnings growth helped gains, but a “cash drag” and no major M&A kept performance muted.
