One dividend, 60 years

Buffett took control of Berkshire in 1965 and paid shareholders cash exactly once: ten cents a share in 1967. Nothing since.

“Berkshire Hathaway has paid a dividend just once: a $0.10-per-share cash distribution in 1967.”

The math that justifies it

Over Buffett's 60 years as CEO, Berkshire shares compounded at an average 19.9% a year. Money left inside the company grew faster than money handed back.

Abel inherits the rule

Greg Abel became CEO in January 2026 and used his first shareholder letter to restate the policy word for word. No new era for the cash.

“Berkshire will not pay dividends so long as more than a dollar of market value for shareholders is reasonably likely to be created by each dollar of retained earnings.”

He is already spending it

Berkshire closed an $8.5 billion buy of homebuilder Taylor Morrison on July 24, and added $17 billion to its Alphabet stake in Q2, $10 billion of it in newly issued shares.

Buybacks beat dividends on tax

A dividend is taxable to every holder whether they want the cash or not. A buyback returns capital and only taxes the people who choose to sell.

Repurchases are accelerating

Berkshire bought back just $235 million of stock in Q1 2026, then $4.5 billion in Q2 and $3.5 billion since. The rule is unchanged: only below intrinsic value.

“conservatively determined”

A $350 billion cash pile

More than $350 billion of Berkshire's $1.26 trillion in assets sits in cash and equivalents. Abel is splitting it between acquisitions and repurchases, not payouts.

Do not wait for a check

Berkshire will never be a dividend stock. You get paid through the share price, which is exactly the deal that made it worth owning.