Greg Abel, CEO of Berkshire Hathaway, speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, NE on May 2, 2026.

Berkshire Hathaway 's operating earnings climbed 16% in the second quarter as strength across its energy, railroad and manufacturing businesses more than offset weaker insurance results.

But the bigger takeaway from the results is that CEO Greg Abel, 64, is starting to put the record cash hoard amassed by Warren Buffett to work on buybacks and stock purchases.

Operating earnings rose to $12.98 billion from $11.16 billion a year earlier. Manufacturing, service and retailing earnings jumped 24% to $4.47 billion, while Berkshire Hathaway Energy's profit surged 27% to $891 million. BNSF, the company's railroad, posted a 6% increase to $1.56 billion.

Insurance was a weak spot. Underwriting earnings fell 13% to $1.73 billion from $1.99 billion a year earlier, while insurance investment income declined 9% to $3.06 billion.

Berkshire repurchased approximately $4.5 billion of its own shares during the quarter, the second fiscal period under Abel, who took over from Buffett at the start of the year. The second quarter purchases marked a sharp acceleration from the $235 million spent on buybacks in the first three months of 2026, though it might be less than some expectations heading into the report.