Berkshire Hathaway Cash Reserves

Monthly values

Berkshire Hathaway Cash Reserves — the last 8 quarters

Every quarter's reading, with the band the heatmap gives it. The chart above shows the same series in full.

Quarter	Value	Band
Q2 2026	$365.5B	Severe/critical reading
Q1 2026	$397.4B	Severe/critical reading
Q4 2025	$373.3B	Severe/critical reading
Q2 2025	$344.1B	Severe/critical reading
Q1 2025	$347.7B	Severe/critical reading
Q4 2024	$334.2B	Severe/critical reading

Quarter-end readings of the same series the chart shows, from brka_cash. Values are the current record, not point-in-time: a month that has since been revised shows its revised value.

What is the BRKA Cash?

Berkshire Hathaway's cash and Treasury bill holdings represent the amount of dry powder that Warren Buffett — widely considered history's greatest long-term investor — is holding rather than deploying into stocks or acquisitions. When Berkshire's cash pile is large, it signals that Buffett cannot find attractively priced investments at current market valuations. When cash is low, it signals that Buffett has been actively buying.

Berkshire's cash is widely watched by investors as an indirect market valuation signal. Buffett has repeatedly stated that he only buys when he finds "wonderful companies at fair prices." Record cash levels suggest he is not finding those prices in the current market. Conversely, when Berkshire's cash falls significantly, it often signals that Buffett has identified attractive opportunities — which historically has been a positive signal for markets.

How We Color-Code the BRKA Cash

Our heatmap colors each indicator based on historically significant thresholds:

Below $80B

Low cash — Buffett actively deploying capital, finds value

$80B – $130B

Moderate cash — cautious but not alarmed

$130B – $180B

Elevated cash — finding few attractive opportunities

$180B – $250B

High cash — significant caution about valuations

Above $250B

Record cash — Buffett sees few opportunities, strong caution signal

Historical Extremes — What Happened Next?

When this indicator reaches extreme levels, history shows consistent patterns:

Q3 2024Record Cash Pile

$325B

Berkshire's largest ever cash position — Buffett sold significant Apple and Bank of America holdings while finding no major acquisitions at attractive prices.

Q1 2020COVID Crash — Unusual Inaction

$137B (held cash)

Unusually, Buffett did NOT aggressively deploy cash during the COVID crash — he later cited uncertainty. The market recovered sharply without his participation.

Q3 2008Financial Crisis Deployment

Cash fell from $35B to $25B

Buffett deployed capital aggressively during the crisis — Goldman Sachs, GE, Burlington Northern deals. All proved highly profitable.

Investor Checklist — Current Reading

Based on the current BRKA Cash reading of $365.5B (Very Negative):

⚠Record Berkshire cash — Buffett has rarely held this much dry powder in history

⚠Combined with high CAPE and Buffett Indicator, this signals broad valuation excess

✓Consider what Buffett is waiting for — his deployment of cash will be a powerful buy signal

ℹWatch for Berkshire 13-F filings and annual letter for direct guidance from Buffett

Frequently Asked Questions

Why does Buffett hold so much cash instead of investing it?

Buffett has stated repeatedly that he only deploys capital when he finds wonderful businesses at fair prices. When he cannot find compelling opportunities — typically because markets are expensive — cash accumulates. He also maintains a large cash cushion as a permanent reserve against catastrophe, which he has said will never fall below $30B.

Is Berkshire's cash a reliable market timing signal?

It is a useful valuation signal but a poor timing tool. Buffett held elevated cash for years before the dot-com crash and continued accumulating during parts of the 2013-2019 bull market. He sees value when others are panicking — his deployment of cash is more useful to watch than his accumulation of it.

What does Berkshire invest its cash in?

The vast majority of Berkshire's cash is held in short-term US Treasury bills — Buffett has repeatedly stated that Treasury bills are the safest store of value for large sums. The cash earns meaningful yield at current interest rates (3-5%), so holding cash is less of a drag than in the zero-rate era.

When has Buffett deployed cash most aggressively?

Most famously during the 2008 financial crisis — Goldman Sachs, GE, and Burlington Northern deals. He also bought heavily during the 1970s market malaise, the early 1990s recession, and selectively during the 2020 COVID crash (buying Japanese trading companies and Apple shares). Each time he deployed cash at market fear extremes.

Does Berkshire's cash level affect Berkshire stock (BRK.A, BRK.B)?

High cash can actually support Berkshire's stock because it signals optionality — a large cash hoard means Berkshire can make transformative acquisitions when the right opportunity emerges. Buffett has also used excess cash for share buybacks when he believes Berkshire is undervalued.