Berkshire Hathaway Q4 Preview: Can Greg Abel Step Out From Warren Buffett's Long Shadow?

Berkshire Hathaway Inc (NYSE:BRK)(NYSE:BRK) is set to announce fourth-quarter financial results Saturday (Feb. 28), its first earnings release in decades without legendary investor Warren Buffett serving as CEO.

Here's what investors should know about the report and what could be ahead for the company.

Berkshire Q4 Estimates

Analysts expect the conglomerate to report fourth-quarter revenue of $92.91 billion, down from $94.92 billion a year earlier, Benzinga Pro data show. The company has beaten revenue estimates in more than four straight quarters.

In the most recently reported third quarter, the company highlighted operating earnings being up 34% year-over-year, thanks to insurance profit gains.

The market will be watching to see if the insurance segment led the way again with strong underwriting profits.

Financial results will be released at 8 a.m. ET Saturday, Feb. 28.

First Greg Abel Shareholder Letter

Saturday's report doesn’t just mark quarterly results, but include coverage of the full financial year. This means investors will get treated to Berkshire’s annual shareholder letter.

For years, investors and analysts have looked forward to the annual missive from Buffett, which included thoughts on the overall market, the company's operating segments, quotes on investing and words of wisdom.

New CEO Greg Abel takes over with his first letter Saturday, attempting to fill the big shoes of the investing icon.

Investors are eager to hear his plans for the company’s more than $300 billion in idle cash. Will he signal interest in new investments or potential acquisitions? He may also hint at whether Berkshire could break with tradition and finally pay a dividend.

Investors may also get a clearer sense of how Abel plans to manage Berkshire’s investment portfolio going forward. The company recently filed plans to sell its stake in Kraft Heinz (NASDAQ:KHC), a longtime holding during Buffett’s leadership. That raises the question of whether other legacy positions could be trimmed or sold. The conglomerate has already been reducing its Apple Inc (NASDAQ:AAPL) stake in recent quarters, and Abel could hint at whether that trend will continue.

Abel could also highlight newer positions taken by Berkshire including UnitedHealth Group (NYSE:UNH), Alphabet Inc (NASDAQ:GOOGL) and New York Times (NYSE:NYT). The new CEO could also clarify whether these were Buffett‑driven picks or selections made by the broader management team — and whether they’re likely to become core holdings going forward.

He may also offer macro views on key sectors such as financials, oil, insurance, and railroads, given the company’s mix of operating businesses and its large investment portfolio.

Top 10 Holdings

Berkshire's recent 13F revealed which stocks were the top holding in the portfolio, which could put them in focus in the shareholder letter and earnings report. Here are the top 10 holdings for Berkshire's investment portfolio as of Dec. 31, 2025 and their 2025 returns:

• Apple, 23% of portfolio: +11.5%
• American Express (NYSE:AXP), 21%: +24.7%
• Bank of America (NYSE:BAC), 10%: +25.1%
• Coca-Cola (NYSE:KO), 10%: +12.3%
• Chevron (NYSE:CVX), 7.2%: +5.2%
• Moody's Corporation (NYSE:MCO), 4.6%: +7.9%
• Occidental Petroleum (NYSE:OXY), 4.0%: -16.8%
• Chubb (NYSE:CB), 3.9%: +13.0%
• Kraft Heinz, 2.9%: -21.0%
• Alphabet Inc, 2.0%: +65.2%

Of the top 10 holdings, eight had positive returns in 2025 with two having negative returns in 2025. While eight had gains, the gains were mostly below the gains of the S&P 500, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY).

The SPDR S&P 500 ETF Trust gained 16.6% in 2025, outperforming the 11.4% gain of Berkshire Hathaway stock in 2025.

Of the top 10 holdings at the end of the year, only American Express, Bank of America and Alphabet beat the S&P 500. This low number of top 10 holdings likely contributed to Berkshire's overall underperformance versus the S&P 500.

While Abel has already indicated his thoughts on Kraft Heinz, investors will be looking forward to any commentary from the new CEO on the other top holdings.

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