Berkshire Hathaway’s Cash Hoard Hits Record $381.7 Billion Even as Profit Climbs

1 November 2025

A screen displays Berkshire Hathaway Inc. on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 4, 2024. REUTERS/Brendan McDermid

In its latest quarterly update on November 1, 2025, conglomerate Berkshire Hathaway reported operating profits of $13.49 billion, a 34 percent increase from the prior year, and net income of $30.8 billion, up 17 percent, while simultaneously warning of caution in its outlook.

Despite the strong profit growth, the standout figure was Berkshire’s massive cash pile, which reached $381.7 billion at the end of September a new record for the company.

This latest performance comes as legendary CEO Warren Buffett prepares to step aside at year-end, handing operational control to Vice-Chair Greg Abel. The leadership transition looms large for investors, in part because the huge cash reserve reflects a more cautious posture: Berkshire sold more stocks than it bought for the 12th consecutive quarter and did not repurchase any of its own shares extending a share-buyback hiatus to five quarters.

The company’s businesses showed mixed signals. On the positive side, underwriting improvements in its insurance segment including Gek & Co. helped drive the rise in operating profits. But revenue overall grew by just 2 percent year-on-year, lagging broader U.S. economic growth and stoking investor concerns about demand.

Analysts noted that the cash build-up sends a powerful message: Berkshire is readying for uncertain times. The combination of muted revenue growth with record liquidity suggests the company prefers optionality over aggressive deployment for now. One analyst described it as a sign that “Berkshire isn’t even keeping up” despite profit gains.

Investors, however, are showing unease. Since Buffett’s May announcement that he will step down, Berkshire’s stock has under-performed the S&P 500 by more than 30 percentage points, indicating market skepticism about its near-term strategy amid the leadership shift.

The company did highlight at least one planned use of its cash: a previously announced $9.7 billion acquisition of OxyChem, the chemicals business of Occidental Petroleum, showing that while the company remains cautious, it is not entirely inactive.

For a conglomerate long regarded as a barometer of the U.S. economy, Berkshire’s results carry broader significance. The modest revenue growth in its manufacturing, retail and energy segments underscores lingering softness in consumer markets, while the insurance tailwinds highlight how underwriting gains can temporarily mask demand weakness. The record cash hoard further raises questions: will it be used to fuel future acquisitions, return capital to shareholders, or merely sit idle until valuations improve?

In short, Berkshire Hathaway’s latest quarter combines strong profit numbers with an unusually conservative capital deployment strategy a blend of confidence in core operations and caution about what lies ahead. With Buffett’s exit drawing near, all eyes will be on how Abel chooses to put that pile of cash to work.