Berkshire Hathaway reported solid second-quarter operating results under Chief Executive Greg Abel, with earnings from its businesses rising sharply and the conglomerate putting a substantial portion of its cash reserves to work through share repurchases and public equity purchases.

Operating earnings reached $12.98 billion for the three months ended June 30, a 16 percent increase from $11.16 billion in the same period a year earlier. The gain was driven primarily by strength outside the insurance unit. Manufacturing, service and retail operations generated $4.47 billion, up 24 percent year over year. Energy and railroad units also contributed higher profits.

Capital Deployment Accelerates

Abel, who assumed the chief executive role at the start of 2026, oversaw a clear shift in how Berkshire allocates its large cash position. The company spent approximately $4.5 billion buying back its own shares in the second quarter, a sharp rise from the $235 million used for repurchases in the first quarter.

At the same time, Berkshire became a net buyer of publicly traded stocks for the first time in 14 consecutive quarters. Net equity purchases totaled nearly $20 billion between April and June. The activity reduced the cash balance to $365.5 billion at the end of June from a record $397.4 billion three months earlier.

The move marks a departure from the more cautious stance that characterized much of the prior period, when large cash holdings were often kept in U.S. Treasuries amid difficulty finding attractively priced equities.

Alphabet Joins Top Holdings

Berkshire’s equity portfolio saw Alphabet rise into the group of its five largest holdings by market value at the end of June. The other positions in that group were American Express, Apple, Bank of America and Coca-Cola. Earlier in 2026 the company committed $10 billion to Alphabet in connection with the technology firm’s artificial intelligence spending plans. That investment was discussed jointly by Abel and Warren Buffett, who remains chairman.

Berkshire shares have lagged the broader market so far in 2026, advancing about 3 percent while the S&P 500 rose roughly 13 percent. Over the most recent three months, however, Berkshire stock gained approximately 9 percent.

Crypto Remains Off the Table

Despite the increased willingness to invest in equities and technology, Abel has given no indication that Berkshire is prepared to enter the cryptocurrency market. He has stated that the company currently has no plans to invest in digital assets, though he has not closed the door permanently.

Abel has pointed to a lack of sufficient economic justification and questions about tangible output from blockchain systems. This view is consistent with Berkshire’s long-standing preference for businesses that generate steady cash flows. In contrast, he has said technology more broadly will remain under consideration, noting that the company is paying closer attention to the systems used across its own operations.

The second-quarter results and capital moves come as investors continue to assess Abel’s approach after decades of leadership under Buffett. The combination of stronger operating performance, accelerated buybacks and a return to net equity buying has drawn attention on Wall Street, while the firm’s stance on digital assets stays unchanged for now.