Bill Stone does a nice job reviewing the AGM and BRK Q1 for Forbes.

forbes.com - Berkshire hathaway q1 earnings as greg abel takes the wheel

Excerpt:

“…Greg Abel began his reign as CEO with a slightly better-than-expected earnings report. More importantly, he demonstrated a deep understanding of Berkshire’s many business units and a commitment to continuous improvement at the annual meeting.

Berkshire’s first-quarter operating earnings rose by 17.7% year-over-year. The insurance business was the main driver of the improved earnings. Operating earnings were flattered by easy comparisons in insurance due to the 2025 wildfires. Foreign exchange gains were also a significant tailwind. Stripping out the impact of foreign exchange is probably a better measure of earnings growth, with a still respectable 7.2% year-over-year increase.

Berkshire has not historically given earnings guidance, and Abel did not alter that trend. He said the insurance business is softening due to more “capital coming into the industry.” Additionally, there was mention of softening or pricing pressures stemming from the conflict with Iran, which has driven oil prices higher. While the first quarter earnings were moderately better than expected and should improve 2026 estimates, headwinds will likely keep Berkshire’s full-year operating earnings growth at the low single digits at best.

Abel was very focused on “operational excellence” as an opportunity for Berkshire going forward. Warren Buffett and Charlie Munger enjoyed greater returns and added more value through their capital allocation acumen, so they spent relatively less time on management. Abel embraces his skills as an operator and frames operational excellence as another opportunity to create value for Berkshire. Higher productivity and better performance management should be evidenced in improved margins and operating earnings over time…”