Post-Buffett Era’s First Earnings Report: A Deep Dive into Berkshire Hathaway’s 2025 Annual Report

・Acquired in 2010 for $34.5 billion; generated $8.1 billion in cash flow in 2025—returns are exceptionally strong. ・Each 1-percentage-point improvement in margin = $230 million in incremental cash flow. ・Railroads are monopolistic assets—but face regulatory pressure and union negotiations. ⚡ BHE Energy: Challenges and Opportunities Coexist Business Segment | 2025 Net Income | 2024 | YoY Change U.S. Utilities | $2.097B | $1.961B | ⬆️ +6.9% Natural Gas Pipelines | $1.151B | $1.232B | ⬇️ −6.6% Other Energy | $1.175B | $1.334B | ⬇️ −11.9% Real Estate Brokerage | $0.024B | −$0.107B | ✅ Turned profitable Key Risk Factors: ・🚨 Wildfire Liability: PacifiCorp set aside $100M in reserves in 2025 (vs. $346M in 2024) ・🚨 Regulatory Risk: The OBBBA Act accelerates the phaseout of clean-energy tax credits ・🚨 Electricity Pricing Pressure: Average electricity rates are 24% below the national average—competitive advantage, yet politically sensitive Opportunities: ・✅ AI data centers driving surging electricity demand ・✅ Infrastructure investment cycle now underway 📦 Manufacturing: Clear Divergence Outperforming: ・Precision Castparts: $2.4B in cash flow in 2025 (vs. avg. $0.9B in 2021–22), benefiting from aerospace recovery ・Lubrizol: Successfully integrated OxyChem acquisition, demonstrating strong execution capability Challenged: ・Shaw Floors: Consumers shifting from carpet to hard-surface flooring; internal execution missteps ・Clayton Homes: Industry-leading prefabricated homebuilder with proven cyclical resilience Part IV｜Investment Portfolio Revealed 🍎 Core U.S. Holdings: Concentration Hits New High Company | Ownership % | Cost Basis | Market Value | Dividend Income Apple | 1.6% | $6.26B | $61.96B | $0.28B American Express | 22.1% | $1.29B | $56.09B | $0.48B Coca-Cola | 9.3% | $1.30B | $27.96B | $0.82B Moody’s | 13.9% | $0.25B | $12.60B | $0.09B Subtotal | — | $9.1B | $158.6B | $1.67B 🇯🇵 Japan’s “Big Five” Trading Companies: An Underrated Masterstroke Company | Ownership % | Cost | Market Value | Dividends Mitsubishi Corp. | 10.8% | $4.25B | $9.21B | $0.27B Itochu Corp. | 10.1% | $4.17B | $8.89B | $0.18B Mitsui & Co. | 10.4% | $3.49B | $8.79B | $0.20B Marubeni Corp. | 9.8% | $1.57B | $4.47B | $0.11B Sumitomo Corp. | 9.7% | $1.91B | $4.02B | $0.10B Subtotal | — | $15.4B | $35.4B | $0.86B

In His First Year as CEO, Abel Submitted a Test Paper Titled 'Do Nothing'—Yet This Paper Is Worth $37.3 Billion

The S&P 500 has just hit an all-time high—but the world’s largest long-term investor, flush with capital, chose to stand still. That very stillness is itself a price signal. Berkshire Hathaway’s annual shareholders’ meeting opened today in Omaha. Every first Saturday in May, tens of thousands of investors fly to this small Nebraska city of 500,000—many begin queuing outside the venue at 3 or 4 a.m. to secure seats with clear views of the stage. Before the opening, exhibitors showcase Berkshire’s portfolio brands: See’s Candies candy stands, Dairy Queen ice cream, Coca-Cola, and GEICO booths. Buffett himself dubbed this gathering the ‘Woodstock of Capitalism’—and over decades, it has evolved into a global pilgrimage for the investing community. For most of the day, management fields questions from shareholders and journalists—no topic off-limits, no pre-submitted queries. Last year, Buffett announced his succession plan, naming Greg Abel as his successor. This year marks Abel’s first annual meeting as CEO. Abel has spent over two decades within the Berkshire ecosystem: he joined MidAmerican Energy’s management team when Berkshire acquired it in 2000; became CEO of Berkshire Hathaway Energy in 2008; was promoted to Vice Chairman (overseeing non-insurance businesses) in 2018; and was officially named Buffett’s successor in 2021. Known for extreme discretion, he remains so low-profile that many retail investors couldn’t name him. Ironically, in his first year at the helm, BRK-B consistently underperformed the S&P 500—lagging for months behind the AI-driven index rally. In an AI-fueled market, old-money firms without an AI narrative struggle to command valuation premiums. After Six Quarters of No Buybacks, Abel Resumed Repurchases Abel’s first capital-allocation decision as CEO was announcing the resumption of share repurchases on March 4. Berkshire began systematic buybacks in 2018—but had purchased zero shares for six consecutive quarters, judging the stock insufficiently attractive. Upon assuming leadership, Abel reinstated buybacks, signaling his view that BRK’s intrinsic value had begun to outpace its market price—and that the market was discounting Berkshire unfairly. The timing of the buyback resumption coincided precisely with the S&P 500 nearing record highs. While others chased new peaks, Abel judged Berkshire itself undervalued. This was no coincidence: managing cash at this scale demands rigorous discipline—not impulsive decisions. Though Abel refrained from publicly commenting on whether the S&P 500 is overvalued, the combined message of these two actions is unambiguous: the $37.3 billion in cash remains untouched because no external assets appear attractively priced; yet the company *is* buying back its own shares—because Berkshire *itself* looks cheap. Abel spent over two decades managing physical assets—power grids and pipelines—at Berkshire Hathaway Energy, never trading stocks or derivatives. His first public act as Berkshire CEO was announcing the March 4 resumption of share repurchases. $37.3 billion in cash generates $1.5 billion in annual interest income To outsiders, $37.33 billion in cash evokes an instinctive reaction: “Too much money—nowhere to deploy it.”

Albemarle Corp (ALB) Dividends & Stock Splits: Historical Payouts and Event Timeline

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This article details Albemarle Corp's historical dividend payouts and stock split information over the past five years. It provides a timeline of cash dividends and notes the absence of current stock split data.

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