Berkshire Hathaway is sitting on an all-time high of $397.4 billion in cash and short-term Treasuries, according to its latest quarterly filing. The pile has grown so large that it could buy almost any single company in the S&P 500.

The figure covers the first quarter of 2026, Greg Abel’s first as CEO after Warren Buffett stepped back. Investors now watch whether Abel will spend it before the second-quarter results arrive in early August.

Berkshire’s Cash Record Could Buy Almost Any S&P 500 Company

Data shared by Barchart shows liquid reserves climbing from $373 billion at the end of 2025 to $397.4 billion in March. The platform noted the sum is enough to buy 476 companies in the S&P 500 outright.

The build-up is deliberate. Berkshire sold more stocks than it bought for 14 straight quarters, offloading $24.1 billion in equities against $16 billion in purchases last quarter. At current Treasury yields, the reserves earn roughly $20 billion a year.

Buffett defended that math in a recent interview.

“I can put huge amounts of money into government bonds that get 20 or 30 or 40 billion dollars a year… a good business is one that earns a lot more than the returns on essentially riskless investments, which you could define as Treasuries,” Warren Buffett, told CNBC.

Abel Starts Spending Carefully

Abel has begun deploying. Shareholders approved Berkshire’s $8.5 billion purchase of homebuilder Taylor Morrison last week, while buybacks run at their fastest pace since 2021. The firm also built a $31 billion Alphabet stake, including a $10 billion private purchase Buffett says he initiated.

Meanwhile, first-quarter operating earnings rose 18% to $11.35 billion, and net income more than doubled to about $10.1 billion. Results due around August 3 will show whether Berkshire’s record cash keeps compounding.

Buffett framed the choice ahead in simpler terms.

“The trick in… investing is to find businesses that are going to earn high returns on capital for an extended period of time,” Warren Buffet said.

Whether that points Abel toward stocks, acquisitions, or even a future in crypto, the August report offers the first real answer.

Source: BeInCrypto