Berkshire Hathaway on Saturday reported higher first-quarter operating profit even as economic uncertainty weighed on many of its consumer-oriented businesses.

The Omaha, Nebraska-based conglomerate, founded by Warren Buffett and now led by Greg Abel, also reported record cash holdings of close to $400 billion, reflecting the difficulty of finding investments that meet its value-oriented principles.

Profits at Berkshire’s dozens of businesses rose 18% to $11.35 billion, or about $7,891 per Class A share, from $9.64 billion a year earlier.

Net income, including common stock investments, more than doubled from $4.6 billion to $10.1 billion, or $7,027 per Class A share.

The company understates the significance of net income, which includes unrealized gains due to accounting rules and losses on shares it has no plans to sell.

Berkshire said it repurchased $234 million of its own stock in the quarter, its first buyback since May 2024. It did not make any repurchases in the first two weeks of April.

Cash totaled $397.4 billion at the end of March. It reflects the company’s inability to find major acquisitions over the years, as well as the sale of some of its largest stock holdings, led by Apple.

Berkshire sold $8.1 billion more stocks than it bought in the first quarter, the 14th straight quarter it was a net seller of stocks. It paid $9.5 billion in January for Occidental Petroleum’s chemicals business.

Berkshire sees high economic uncertainty

Berkshire owns dozens of businesses, including Geico, BNSF Railroad, Berkshire Hathaway Energy, Dairy Queen and See’s Candies.

While Berkshire is sometimes considered a microcosm of the broader US economy, its focus on insurance and hard assets has left it out of touch with broader market trends, including the excitement with artificial intelligence.

Concerns about the economy affected many of Berkshire’s consumer-oriented businesses.

Berkshire said economic conditions weighed on business building for products such as Clayton Homes mobile home units, while Forest River RV units, Fruit of the Loom and Squishmallows maker Jazzwares reported lower revenue amid “higher economic uncertainty” and lower consumer confidence.

The quarter was the first under Abel, who succeeded Buffett in January as Berkshire’s chief executive. Buffett is the chairman.

The results were released ahead of Berkshire’s annual shareholder meeting, which draws thousands of people to Omaha.

Berkshire’s shares have lagged the broader market significantly since Buffett unexpectedly announced at last year’s meeting when Abel would take over.

In 2026, Berkshire Class A shares are down 6%, while the S&P 500 is up 6%.

GEICO underwriting profits decline

Insurance operating profit rose 4% to $4.4 billion from a year earlier, when wildfires in Southern California hurt reinsurance and small insurance businesses.

The overall improvement came despite a 35% drop in pre-tax underwriting profit at Geico, where casualty claims and marketing costs rose.

Geico spent several years upgrading its underwriting discipline and technology, and is trying to regain the market share it gave up to rivals such as Progressive.

BNSF said profit rose 13% to $1.38 billion, helped by higher demand for grains, petroleum fuels, oilseeds and meals. The railroad lags some peers in operating margins, and Abel said in his first annual letter to Berkshire shareholders that efficiency and service improvements are needed.

Berkshire Hathaway Energy said profit rose 2%, as higher revenue from natural gas pipelines due to cooler weather offset higher maintenance and wildfire prevention costs in the utility businesses.

Profits from manufacturing, service and retail operations rose 5% to $3.2 billion.