In charts: The final report card of Buffett's era and Greg Abel’s challenges

Buffett stepped down as its CEO after 60 years in the role. He announced the decision at the company's annual shareholder meeting in May, citing the physical effects of ageing.Buffett had taken control of Berkshire in 1965, when it was a struggling textile manufacturer. Alongside his partner Charlie Munger, who passed away in 2023, he built it into a sprawling conglomerate with holdings spanning insurance, railroads, energy, utilities, manufacturing, and consumer goods.

The company's market value was $1.051 trillion as of early 2026.Between 1965 and 2025, Berkshire’s shares delivered a compound annual growth rate (CAGR) of approximately 19.8%, compared with roughly 10% for the S&P 500, including dividends. This translates to a total return more than 60,000 times the initial investment, compared with 400-460 times for the index. By the end of 2025, his own net worth exceeded $150 billion.

This track record made Buffett one of the most revered investors in history.While Buffett's track record is one for the history books, his finale did not reflect his lifetime of achievement by some measures. In Q4 2025, Berkshire's operating earnings—its preferred performance metric—fell nearly 30% year-on-year to $10.2 billion. The decline was primarily driven by the insurance division.

Underwriting profits plummeted 54% to $1.56 billion, while insurance investment income dropped roughly 25% to $3.1 billion. Geico specifically saw underwriting profit fall by nearly half, due to rising accident claims and higher advertising expenses.Abel flagged future challenges, noting that, after several years of rate increases, the industry is experiencing deceleration amid increased competition from new capital. Given Berkshire's strict underwriting