For decades, Berkshire HathawayThe annual meeting doubles as a financial version of Woodstock, drawing tens of thousands to hear Warren Buffett dish out homegrown wisdom, humor and hours of quizzes.
This year will be different.
For the first time, the 95-year-old Buffett will not be the headliner on stage, marking a new era for one of the world’s most watched acts. The change puts a spotlight on Greg Abel, who takes over as CEO in early 2026, and raises a question hanging over Omaha: what does Berkshire look like without the man who defined it?
Investors and analysts said the tone is likely to shift from Buffett’s signature mix of investment philosophy and life advice to a more focused discussion of business operations, capital allocation and a more granular look at the conglomerate’s inner workings.
“It’s clear that no one can replace Warren on stage,” said Macrae Sykes, portfolio manager at Gabelli Funds. “But I think that continuing with Greg … certainly brings confidence in moving forward on the operational side of the merger.”
Abel, 63, and insurance executive Ajit Jain will lead the first question-and-answer session, followed by a second panel including the heads of Berkshire’s subsidiaries: Katie Farmer, CEO of BNSF Railway, and Adam Johnson, CEO of NetJets and president of consumer products, services and sales.
Great performance
That change reflects the realities of leadership change and the challenges facing the conglomerate itself. After a period of strong results driven largely by its insurance performance, growth has since stalled. Operating income fell nearly 30% in the fourth quarter of 2025 due to a 54% drop in underinsured profits. Berkshire’s first-quarter earnings will be released at 8 a.m. ET on Saturday.
Berkshire Hathaway for one year
Berkshire shares are down more than 5% year to date, lagging the S&P 500’s 4% gain. Pulling back, the gap is even wider — Berkshire has trailed the index by more than 30 percent since Buffett signed off on plans to step down last May.
“I think part of it is really hard to expect big earnings growth this year,” said Bill Stone, chief investment officer at Glenview Trust. “Insurance was very large, and they have a difficult year-over-year comparison, so I’m like writing … little by little growth and income. And you know, that’s what drives stocks.”
Shopping continues
The underperformance came even after Berkshire resumed buying in March for the first time since 2024. Berkshire has repurchased approximately $226 million of stock since the announcement. At the time, Abel revealed that he used his entire after-tax salary of $15 million to buy Berkshire stock for himself, and plans to continue doing so every year as long as he is CEO.
“With BRK shares now trading at a significant discount to their intrinsic value since the announcement, we believe the level of the company’s share repurchase activity will be a key factor influencing investor sentiment,” UBS analyst Brian Meredith said in a statement.
UBS estimates that Berkshire trades at about an 8% discount to its intrinsic value, and the firm expects the conglomerate to repurchase about $1.7 billion in stock this year. With stocks relatively cheap relative to the underlying asset, investors may be pressing Abel on whether the pace of repurchases will pick up in the coming months.
Equity portfolio
Another area to look at is Berkshire’s spread equity portfolio, and how it is being managed in the post-Buffett era.
Abel is already moving to put his stamp on the estimated $300 billion basket, reportedly opening positions tied to former investment manager Todd Combs after his departure from JPMorgan at the end of 2025. Combs was one of two deputies, along with Ted Weschler, who had been assigned by Buffett to help oversee Berkshire’s equity.
The first steps suggest a middle path under Abela. Weschler continues to manage a small portion of the portfolio – about 6%, according to Abel’s first annual report – while the new CEO directly oversees the bulk of Berkshire’s investments, as he runs its vast collection of active businesses.
“What I would like to hear more about is Berkshire’s capital management,” said Steve Check, founder of Check Capital Management. “Why was it decided that Greg would manage 90-plus percent of the investments while he looked after the operating companies? Will he be able to do this well?”
The question of AI and technology
Investors said another potential topic is artificial intelligence, both as a risk and an opportunity across Berkshire’s diversified portfolios, which include insurance, railroads, energy and consumer products.
“There will be an AI question,” Sykes said. “In terms of resilience, what’s going to be disrupted, what’s going to benefit? And, what are their thoughts on how they’re approaching, sort of, this part of the economy that’s changing with AI.”
Abel may also be asked about Berkshire’s broader use of technology, an area where the company has historically been cautious. As artificial intelligence reshapes industries and spending across corporate America, shareholders are expected to scrutinize how the CEO plans to position Berkshire.
“Given BRK’s historic investment in technology, we expect discussions to focus on how the company approaches technology and AI under Mr. Abel’s leadership,” said UBS’ Meredith.
Berkshire quietly added a stake in Alphabet late last year, a sign that the company may be more comfortable entering the sector.
For those who have been there for a long time, the atmosphere may change, but the main appeal remains.
“I still think we’re still going to have a good atmosphere and a good vibe. … We’re all there for one thing … to talk about Berkshire Hathaway and everything that’s going on,” Stone said.
— CNBC’s Sarah Min contributed reporting.
