Berkshire Hathaway's cash reserve reached about $347 billion in the second quarter of 2025, a record for the company, per its quarterly filing as reported by Reuters in August 2025. The number is large enough to have become a market argument of its own — read either as caution about valuations or as ammunition waiting for a target. Market Today publishes information, not investment advice, and the filing supports a narrower conclusion than either camp would like.
The detail worth attention is composition, not just size. Most of the reserve sat in short-term U.S. Treasury bills rather than bank deposits or longer bonds, per the company's second-quarter 2025 10-Q. That placement is a choice about liquidity and optionality, and it has a cost: the company earns money-market rates on a sum larger than the reserves of many national central banks.
Where did the record come from?
Net selling, sustained over several quarters. Berkshire was a net seller of equities for ten consecutive quarters through the second quarter of 2025, per filings-based reporting by Reuters, and the cash balance grew in step. Operating earnings from the company's insurance, railroad and utility businesses continued to generate funds; the sales determined the pace of accumulation. The filing shows the arithmetic plainly, which is more than can be said for most of the commentary around it.
Does the cash pile signal a market view?
Only partly, and the filing cannot settle the rest. A cash record is consistent with a valuation concern, a scarcity of large acquisition targets at acceptable prices, an insurance operation that must hold liquid assets against claims, or some blend of the three. Warren Buffett's company has said in successive annual letters that size itself constrains the universe of deals that could meaningfully move results. What the record establishes is behavior: through mid-2025, the company preferred T-bills to the equities and businesses it could have bought. What remains unknown is the reasoning behind that preference, and a 10-Q does not disclose motive.
Subsequent filings will update the figure; readers should check the company's investor-relations page for the latest quarter rather than treating any single print as current. The honest verdict on what the pile means for markets belongs to the filings as they accumulate, not to any one quarter's record.
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