Berkshire Q2 profit up 16%, Greg Abel says no to crypto

Berkshire Hathaway posted a 16% gain in operating profit for the second quarter, hitting $12.98 billion, while CEO Greg Abel kept the company's stance on cryptocurrency firmly negative.

The earnings, released Friday, showed strength across Berkshire's non-insurance businesses. Manufacturing and service units earned $4.47 billion, a 24% increase from the same period last year. The company spent $4.5 billion on share repurchases in Q2, up sharply from $235 million in the first quarter.

Berkshire also became a net buyer of public stocks for the first time in 14 quarters. Net stock purchases reached nearly $20 billion during the three months through June. The buying spree helped reduce Berkshire's cash pile from a record $397.4 billion at the end of Q1 to $365.5 billion at the end of Q2.

Greg Abel, who took over as CEO earlier this year, has started deploying the cash that Warren Buffett accumulated over years of sitting on the sidelines. The Taylor Morrison homebuilder acquisition and a $10 billion investment in Alphabet (NASDAQ: GOOGL) marked two of the largest moves. By the end of June, Alphabet ranked among Berkshire's five biggest stock holdings by market value, alongside American Express, Apple, Bank of America, and Coca-Cola.

Berkshire's own stock has lagged the broader market in 2026. Shares are up about 3% year to date, compared with a 13% gain for the S&P 500. Over the past three months, though, Berkshire shares have risen roughly 9%.

Greg Abel addressed the company's approach to digital assets in a recent CNBC interview. He said he does not see a solid enough economic justification for the crypto market. "I don't think you'll see crypto … I just don't see it," he told CNBC.

That stance leaves digital assets outside Berkshire's investment plans even as the company becomes more willing to spend elsewhere. Greg has already overseen billions in stock purchases, a larger buyback program, and increased exposure to technology through Alphabet.

Technology itself remains open territory for Berkshire. Greg said the company is paying closer attention to the technology used across its own businesses. That gives Berkshire a better view of how certain systems work, where companies are spending money, and which public technology businesses could eventually fit its investment approach. "So technology will always be on the table," Greg said.

For more on Berkshire's stock performance, visit the BRK.B stock page. For details on the Alphabet investment, see the GOOGL stock page. Coca-Cola, another top holding, is covered on the KO stock page.