Berkshire Hathaway will release its 2025 annual report online on February 28, presenting full-year financials and Greg Abel’s inaugural shareholder letter. Abel’s commentary is expected to signal the conglomerate’s capital allocation priorities and strategic direction following Warren Buffett’s departure.

The company holds a record $381.7 billion cash balance, underpinning its firepower for investments or buybacks. Recent transactions include a $9.7 billion acquisition of OxyChem in January and a $352 million stake in New York Times shares, marking its first newspaper position in years.

In late 2025, Berkshire trimmed stakes in Apple and Amazon while increasing energy positions with Chevron and insurer Chubb holdings. These selective shifts reflect a cautious approach by new management, balancing value opportunities against cash preservation.

Over the past 52 weeks, Berkshire’s shares gained about 2%, trailing the S&P 500’s 16% rise. Investors cite a ‘cash drag’ on returns and a pause on share buybacks as key reasons for the underperformance despite steady earnings growth.