Berkshire Cash Pile Hits Record $377.4 Billion

Berkshire Hathaway's piggy bank just got heavier. The Greg Abel-led company reported on November 7 that its cash pile reached a record $377.4 billion at the end of September, up from $365.5 billion in June, according to CNBC and the Associated Press ^[1][2].

Instead of buying whole companies or big assets, Berkshire spent $9.6 billion buying back its own stock, more than double the second quarter ^[1].

The quarter in numbers

• Operating earnings fell 5.8% to $12.705 billion from $13.485 billion a year earlier, CNBC reported ^[1].
• Underwriting profit across Berkshire's insurers dropped to $1.35 billion from $2.37 billion, with GEICO at $982 million, the AP reported ^[2].
• Net earnings, which include stock gains, fell 28% to $22.112 billion ^[1].
• Buybacks for 2026 now total about $14.4 billion ^[1].

But the headline cash number overstates what is free to spend. Leaving out railroad and utility cash and Treasury bill payables, CNBC put the figure at $352.3 billion, down 1.9% from June ^[1]. And the AP reported buybacks likely stopped recently once Class A shares rose above $878,000 ^[2].

What it means for you

Cash is a real competitor for property money. The 30-day average SOFR, a short-term benchmark, was 3.91% on November 6 ^[3]. By our math, $1 million parked near that rate earns about $39,100 a year with no tenants or roof repairs. A rental priced at a lower yield has to make up the gap through rent growth or appreciation. This is a comparison, not advice.

Zoom out

With the 10-year Treasury at 4.86%, up 0.75 point from a year ago ^[3], safe yields pay even Berkshire to be patient while it looks for something to buy.