Berkshire Hathaway reported second-quarter operating earnings of nearly $13 billion, a 16.3% increase over the previous year. Strong performance in the railroad, energy, and manufacturing sectors drove the growth, offsetting a decline in insurance underwriting. Net earnings, including investment gains, rose to $25.7 billion from $12.4 billion in the same period last year.
Under CEO Greg Abel, the company significantly increased its capital deployment. Berkshire repurchased $4.5 billion of its own stock during the quarter. The company also became a net buyer of stocks for the first time in 14 quarters, with net purchases totaling nearly $20 billion. Despite these expenditures, Berkshire’s cash holdings remain at approximately $365 billion.