Berkshire Without Buffett: Greg Abel Takes Center Stage at Annual Meeting as Conglomerate Struggles

Key facts

• Warren Buffett, 95, will not be the central figure at Berkshire Hathaway's annual meeting for the first time.
• Greg Abel took over as CEO at the start of 2026; he used his entire $15 million after-tax salary to buy Berkshire shares and plans to do so annually.
• Operating earnings fell nearly 30% in Q4 2025, driven by a 54% drop in insurance underwriting profits.
• Berkshire shares have fallen over 5% year-to-date, trailing the S&P 500 by more than 30 percentage points since Buffett signaled his departure in May 2025.
• Berkshire resumed share buybacks in March 2026, repurchasing about $226 million; UBS expects $1.7 billion in repurchases this year.
• Abel and insurance chief Ajit Jain will lead the first Q&A session; subsidiary heads Katie Farmer (BNSF) and Adam Johnson (NetJets) will join a second panel.

A New Era in Omaha

For the first time in decades, Warren Buffett will not command the stage at Berkshire Hathaway's annual meeting, marking a historic shift for an event long regarded as the financial Woodstock. The 95-year-old investor, who built the conglomerate into a $1 trillion behemoth, has ceded the spotlight to Greg Abel, who assumed the chief executive role at the start of 2026. The change raises a pressing question for the tens of thousands gathering in Omaha: what does Berkshire look like without the man who defined it?

Abel and Jain Take the Lead

The meeting's format has been restructured to reflect the leadership transition. Greg Abel, 63, and Ajit Jain, Berkshire's insurance chief, will lead the first question-and-answer session, a departure from Buffett's traditional marathon of investing philosophy and homespun wisdom. A second panel will feature Katie Farmer, CEO of BNSF Railway, and Adam Johnson, CEO of NetJets and president of consumer products, services and retailing. Investors and analysts expect the tone to shift toward a more business-focused discussion of operations, capital allocation, and the conglomerate's inner workings.

Underperformance and Earnings Slump

Berkshire's stock has fallen more than 5% year to date, lagging the S&P 500's 4% gain. The gap is even wider over the longer term: Berkshire has trailed the index by more than 30 percentage points since Buffett signaled his departure last May. Operating earnings dropped nearly 30% in the fourth quarter of 2025, driven by a 54% decline in insurance underwriting profits. 'The insurance was so big, and they have tough comparisons year over year, so I'm kind of penciling in little to no growth and earnings,' said Bill Stone, chief investment officer at Glenview Trust.

Buybacks and Intrinsic Value

In March, Berkshire resumed share repurchases for the first time since 2024, buying back roughly $226 million of stock. UBS analyst Brian Meredith noted that with shares trading at an even greater discount to intrinsic value, the pace of buybacks will be a critical factor for investor sentiment. UBS estimates Berkshire is trading at about an 8% discount to its intrinsic value and expects the conglomerate to repurchase approximately $1.7 billion worth of stock this year. Abel has signaled his confidence by using his entire $15 million after-tax salary to personally buy Berkshire shares, vowing to do so every year as CEO.

Investor Confidence and Continuity

Despite the challenges, some investors see continuity in Abel's leadership. 'Clearly, nobody can replace Warren on the stage,' said Macrae Sykes, a portfolio manager at Gabelli Funds. 'But I think the continuity with Greg brings definitely confidence in the continuation of the operating component to conglomerate.' The first-quarter earnings, set for release at 8 am E.T. Saturday, will provide the first concrete test of Abel's stewardship. With the stock cheap relative to underlying assets, investors may press Abel on whether the pace of repurchases will accelerate in coming months.

What Lies Ahead for Berkshire

The annual meeting serves as a barometer for Berkshire's future direction. The shift away from Buffett's signature style toward a more granular, operational focus reflects both the realities of succession and the conglomerate's current struggles. As Berkshire navigates a period of stalled growth and tough comparisons, Abel's ability to articulate a clear strategy for capital allocation and earnings recovery will be closely watched. The coming months will reveal whether the new leadership can restore the confidence that once made Berkshire a market darling.

The bottom line

• Warren Buffett's absence from the annual meeting stage marks the end of an era for Berkshire Hathaway, with Greg Abel now the face of the conglomerate.
• Berkshire's operating earnings fell nearly 30% in Q4 2025, primarily due to a 54% plunge in insurance underwriting profits.
• The stock has underperformed the S&P 500 by over 30 percentage points since Buffett announced his departure in May 2025.
• Berkshire resumed share buybacks in March 2026, repurchasing $226 million; UBS expects $1.7 billion in repurchases this year.
• Abel has invested his entire $15 million after-tax salary in Berkshire shares, signaling personal commitment to the company's future.
• The annual meeting's new format, with Abel and Jain leading Q&A, signals a shift toward more business-focused discussions.