Berkshire Hathaway (BRK.A) (BRK.B) repurchased no stock at all in 2025. In the first quarter of 2026, it spent $235 million. In the second quarter, it spent about $4.5 billion, roughly 19 times as much in three months.
At most companies, a repurchase is a routine capital return. At Berkshire Hathaway, it is a published opinion about price. The standing program, as described in the Q2 10-Q, permits repurchases "any time that Berkshire's Chief Executive Officer, after consultation with the Chairman of the Board, believes that the repurchase price is below Berkshire's intrinsic value, conservatively determined." Note the construction. Warren Buffett stepped down as chief executive on Jan. 1 and remains chairman; the filing now vests the decision in the CEO and gives the chairman a consultation. This is Greg Abel's call, and it is the first loud one he has made.
