Berkshire's Biggest Repurchase in Nearly Two Years Shrank the Share Count by 0.4%

Berkshire repurchased about $4.5 billion of stock in the second quarter, 19 times what it spent in the first.

Berkshire held about $365 billion in cash and Treasury bills at the end of June -- far above the $30 billion floor below which repurchases are barred.

Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) spent about $4.5 billion repurchasing its stock in the second quarter, the company said in Saturday's earnings report. It was Berkshire's biggest quarter of buybacks in nearly two years -- and 19 times the $235 million it spent in the first quarter. Measured against the company's roughly $1.12 trillion market value , three months of buying retired about 0.4% of Berkshire.

That market value comes from the 1,431,693 Class A equivalent shares Berkshire reported outstanding on June 30 and Friday's $521.80 close for the Class B shares (each equal to 1/1,500th of an A share).

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The pace is what's new -- and to me, it's the story. Berkshire repurchased no shares at all in 2025, Warren Buffett 's final year as CEO. Not only did buybacks resume in March under CEO Greg Abel, but they accelerated sharply in the second quarter.

Berkshire's buyback rule leaves the decision to one person's judgment: The CEO, after consulting the chairman, must believe the shares sell for less than the company is conservatively worth. Abel evidently believes it, even with the stock trading near its 52-week high of $525.

The buying didn't stop when the quarter did. The new 10-Q filing lists share counts as of July 29 on its cover page. They show about 4,600 more Class A equivalent shares retired after June 30 -- shares worth about $3.6 billion at Friday's close.