Key Notes
- Berkshire Hathaway set new intraday records on October 21, with Class B shares reaching $543.34 and Class A stock approaching $814,730 before prices retreated from their peaks.
- The latest quarterly release reported $12.98 billion in operating earnings and $4.5 billion in share repurchases, providing context for capital allocation under Greg Abel.
- Abel remains CEO, Howard Buffett is chairman, and Warren Buffett serves as chairman emeritus and a director following the September leadership change.
Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) reached new intraday records in both share classes on October 21, with Class B stock touching $543.34 and Class A shares approaching $814,730. The milestone comes as investors assess capital allocation under Chief Executive Greg Abel.
CNBC’s quote pages for Class B and Class A identify those levels as the October 21 highs. Historical data from StockScan also classify them as all-time records.
The distinction is between an intraday milestone and a closing result: reaching a record during trading does not mean a stock finishes the session at that price. Both classes subsequently traded below their peaks.
Both Share Classes Reach New Peaks
StockScan’s history places the Class B all-time high at $543.34. Its corresponding record for Class A rounds the session peak to $814,730, matching the approximately $814,729.99 level displayed by CNBC.
The two prices describe different securities in the same underlying business. A six-figure Class A price should not be compared directly with the much lower Class B price as a measure of which security is more expensive relative to Berkshire’s assets and earnings.
Nor does the record establish a single cause for the day’s trading. Berkshire’s latest operating results, capital deployment and leadership transition provide relevant context, but they are not evidence that one particular announcement drove the October 21 high.
Operating Earnings Provide a Business Benchmark
Berkshire’s most recent quarterly release, published August 8, reported second-quarter operating earnings of $12.98 billion, up from $11.16 billion a year earlier. That is an increase of about 16.3%, calculated from the company’s figures.
GAAP net earnings more than doubled to $25.67 billion, but included $12.68 billion in investment gains. Berkshire’s operating measure excludes investment gains and losses and certain impairments, making it a separate measure from reported net income.
The difference matters because changes in the market value of equity holdings enter GAAP earnings even when Berkshire has not sold the investments. A larger quarterly accounting profit does not necessarily represent the same increase in recurring earnings from its operating businesses.
The operating picture was also uneven. Manufacturing, service and retailing earnings increased, as did the railroad and energy businesses, while insurance underwriting earnings and insurance investment income were lower than a year earlier.
Capital Deployment Remains Central Under Abel
Berkshire repurchased approximately $4.5 billion of its shares in the second quarter, bringing the first-half total to about $4.8 billion. Those are completed historical purchases, rather than an announcement of new buying at the latest record price.
As we previously reported, renewed share repurchases and stock buying have put Abel’s use of capital in focus. Investors are watching how management balances acquisitions, listed investments, buybacks and the liquidity needed to support a large insurance group.
A separate July 24 announcement confirmed completion of Berkshire’s homebuilder acquisition, with an equity value of approximately $6.8 billion and an enterprise value of $8.5 billion. The different totals describe different valuation measures, and the closing occurred after the second quarter ended.
These decisions are relevant to the longer-term earnings base. Their eventual contribution depends on the returns Berkshire earns on deployed capital, rather than the size of the headline transaction alone.
Berkshire’s Leadership Structure Has Changed
Abel’s role should be distinguished from the board succession. We reported Warren Buffett’s departure from the CEO position at the end of 2025; a further change followed this September.
Berkshire’s September 18 statement named Buffett chairman emeritus while retaining him as a director. Howard Buffett became chairman, and Susan Decker continued as lead independent director.
Greg Abel runs the company as CEO. That division of responsibilities is important when assessing Berkshire’s next chapter: continuity in its culture and board does not mean Warren Buffett still holds his previous executive or chairman title.
Different Share Rights, the Same Operating Story
Berkshire’s published comparison states that a Class B share carries 1/1,500 of the economic rights and 1/10,000 of the voting rights of a Class A share. Class A holders can convert each share into 1,500 Class B shares; the conversion does not work in reverse.
Both classes therefore reflect exposure to Berkshire’s operating companies and investments, while carrying different voting rights and trading prices. The latest records mark a share-price achievement, rather than a change in those rights.
The next substantive financial updates will show whether earnings growth and capital deployment support the higher valuation. For now, the verified milestone is that both BRK.A and BRK.B set new intraday highs during the October 21 session.
