Berkshire’s profit doubles as equity holdings surge; buys back $4.5 bln shares

Berkshire Hathaway Inc. reported a significant increase in its net profit, doubling to $25.67 billion or $17,868 per Class A equivalent share in the second quarter, as the company repurchased $4.53 billion of its own shares. The conglomerate's record cash pile decreased to $364.7 billion, as CEO Greg Abel shifted capital allocation towards stock repurchases, marking a notable pivot from the first quarter's record cash and Treasury holdings.

Operating profit across Berkshire's network of businesses rose 16% to $12.98 billion, driven by improvements at BNSF railway, NetJets, and TTI, while profit weakness at GEICO was offset. The company's investment gains, largely reflecting unrealized appreciation across its core public stock holdings, contributed to the net income increase. Berkshire Hathaway's stock closed at $780,085.97, down 0.75% ahead of the earnings release.

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