Berkshire Hathaway (NYSE: BRK.A, BRK.B) reported significantly stronger operating profit for the second quarter, while CEO Greg Abel maintained the company's firmly negative stance on cryptocurrency.

Operating earnings rose 16% to $12.98 billion, up from $11.16 billion in the same quarter a year earlier. The company also accelerated its share repurchase program, spending approximately $4.5 billion on buybacks during Q2 — a sharp increase from the $235 million deployed in the first quarter.

For the first time in 14 consecutive quarters, Berkshire bought more public equities than it sold. Net stock purchases approached $20 billion during the three months ended June. The reversal ended a selling streak that had steadily reduced Berkshire's equity portfolio and drawn investor attention to how long the company would remain on the sidelines.

Non-Insurance Businesses Drive Growth as Cash Position Declines

Berkshire's manufacturing, service, and retail operations led the operating results, generating $4.47 billion in earnings — a 24% year-over-year increase.

The company's substantial cash reserves declined as capital deployment increased. Berkshire finished June with $365.5 billion in cash, down from the record $397.4 billion held at the end of the first quarter. The reduction reflected share repurchases and public equity purchases.

Warren Buffett had accumulated the cash pile over years of conservative equity allocation, frequently noting the difficulty of finding attractively priced public stocks. A significant portion of Berkshire's cash holdings had been placed in US Treasuries.

Investors had been closely watching how Abel would allocate capital upon assuming the CEO role — one of the most scrutinized leadership transitions in American corporate history, given Buffett's six decades at the helm. Q2 provided a clear signal: Berkshire purchased nearly $20 billion more in stocks than it sold, marking a decisive shift in strategy.

Berkshire's own shares have underperformed the broader market in 2026. The stock is up approximately 3% year-to-date, while the S&P 500 has gained roughly 13%. However, Berkshire shares have rallied about 9% over the past three months.

Alphabet Positions Among Berkshire's Top Five Holdings

Berkshire disclosed an enlarged position in Alphabet (NASDAQ: GOOGL, GOOG). By the end of June, the Google parent ranked among Berkshire's five largest equity holdings by market value, alongside American Express (NYSE: AXP), Apple (NASDAQ: AAPL), Bank of America (NYSE: BAC), and Coca-Cola (NYSE: KO). The placement is notable given that Berkshire largely avoided technology stocks for most of Buffett's tenure, historically favoring consumer, financial, and industrial businesses with durable cash flows.

Earlier in 2026, Berkshire revealed a $10 billion investment in Alphabet as the technology company raised capital for artificial intelligence spending. Buffett stated that he initiated the Alphabet investment following discussions with Abel.

Abel Rules Out Crypto While Keeping Technology in Focus

Cryptocurrency received a notably different reception from Berkshire's leadership. Abel stated that the company has no current plans to invest in digital assets. While he avoided ruling out the possibility indefinitely, adopting a "never say never" posture, his present assessment remains unfavorable.

Abel indicated that he does not see sufficient economic justification for the crypto market and has questioned whether the blockchain system produces anything tangible — a notable concern given Berkshire Hathaway's longstanding preference for cash-generating businesses. The stance continues a tradition set by Buffett, who famously referred to cryptocurrency as having no productive value.

"I don't think you'll see crypto … I just don't see it," Abel told CNBC earlier in 2026.

That position places digital assets outside Berkshire's current investment framework, even as the company demonstrates greater willingness to deploy capital across other sectors. Under Abel, Berkshire has overseen billions in stock purchases, a substantially expanded buyback program, the Taylor Morrison transaction, and increased technology exposure through Alphabet.

Technology itself remains an active area of interest. Abel noted that Berkshire is paying closer attention to the technology utilized across its own operating businesses, providing better insight into how systems function, where companies are directing spending, and which public technology companies might eventually align with Berkshire's investment approach.

"So technology will always be on the table," Abel said.