NEW YORK, August 2, 2026, 09:18 EDT
- Berkshire gained 3.4% over the past week, whereas Apple NASDAQ:AAPL dropped 7.2%.
- A provisional figure from UBS Group NYSE:UBS places share repurchases at $8.5 billion up to July 14.
- Projected buybacks were 36 times higher than spending in the first quarter, yet represented just 0.8% of total market value.
Berkshire Hathaway’s NYSE:BRK.B Class B stock closed at $511.54 on Friday, gaining 3.4% over the week. On Tuesday, shares recorded their highest close in eight months at $512.37. U.S. cash markets did not open on Sunday.
The increase is notable since Berkshire reduced its position in its top public holding. Over the same five sessions, Apple NASDAQ:AAPL fell 7.2%, with a 7.35% drop recorded on Friday.
Coca-Cola NYSE:KO gained 6.5%, helping offset some of the decline. Despite this, Berkshire outperformed the S&P 500 by 2.3 percentage points.
| Asset | July 24 close | July 31 close | Weekly move |
|---|---|---|---|
| Berkshire Class B | $494.93 | $511.54 | +3.4% |
| S&P 500 | 7,411.98 | 7,489.72 | +1.0% |
| Apple | $333.02 | $308.91 | -7.2% |
| Coca-Cola | $82.25 | $87.59 | +6.5% |
For the week ending July 31; returns based on closing prices and index values.
The gap indicates potential for a holding-company revaluation. Anticipation of buybacks now seems to play a larger role as the leading marginal factor.
Based on the most recent holdings revealed, Apple and Coca-Cola generated an estimated net loss of $3.4 billion last week. Berkshire Hathaway’s own market value rose by approximately $35.8 billion. These figures assume the portfolio remained unchanged after March 31.
| Preliminary value bridge | Estimated weekly change |
|---|---|
| Implied market value for Berkshire | +$35.8 billion |
| Apple holding | -$5.5 billion |
| Coca-Cola holding | +$2.1 billion |
| Gap excluding other assets | +$39.2 billion |
Early estimate based on share totals as of March 31 and closing prices from July 24-31. Berkshire’s number of shares is not adjusted, and subsequent changes to the portfolio are not reflected.
The approximately $39 billion shortfall cannot be attributed solely to one factor. Other stocks and operational entities shifted as well. Nevertheless, the magnitude of the gap diminishes the argument that Berkshire’s performance was powered only by portfolio gains.
UBS Group NYSE:UBS analyst Brian Meredith increased his target for Class B shares to $585, maintaining a Buy recommendation. The bank projects $8.5 billion in repurchases between April 15 and July 14, with the figure considered preliminary and not officially reported by the company.
The scale appears striking when compared to first-quarter activity, but is less significant measured against Berkshire’s balance sheet.
| Buyback comparison | Figure |
|---|---|
| Repurchases completed in the first quarter | $235 million |
| UBS preliminary estimate for April 15-July 14 period | $8.5 billion |
| Estimate compared to first quarter | 36 times |
| Gross cash and Treasury bills as of March | $397.4 billion |
| Estimated amount as percentage of total gross liquidity | 2.1% |
| Estimated amount as percentage of about $1.1 trillion market capitalization | 0.8% |
Gross liquidity reflects the combination of consolidated cash and short-term Treasury bills. Market value is estimated.
Immediate per-share accretion remains limited. However, management’s readiness to purchase at these levels sends a stronger signal.
CEO Greg Abel stated in February that buybacks ought to “enhance per-share value for continuing owners.” Berkshire’s approach allows share repurchases solely when the price is under a conservatively assessed intrinsic value. As a result, the projected spending serves as a valuation indicator rather than simply a means of returning capital. Berkshire Hathaway
The stock ended Friday 1.0% under its 52-week peak of $516.85. Meredith’s price target of $585 suggests a potential upside of 14.4%. UBS estimates the stock trades at an 8% discount to its intrinsic value.
Broader markets climbed last week, with the S&P 500 adding 1.0% and the Nasdaq Composite up 1.6%. Berkshire posted stronger gains than both.
Berkshire’s operating portfolio faces key assessments in the coming week. Surveys covering manufacturing and services are set to measure demand. The jobs report on Friday will influence views on growth and rate prospects.
| Date and time, ET | Event | Berkshire read-through |
|---|---|---|
| Monday, August 3, 10:00 | ISM manufacturing PMI | Rail and industrial activity |
| Tuesday, August 4, 10:00 | June JOLTS | Trends in hiring and wage dynamics |
| Wednesday, August 5, 10:00 | ISM services PMI | Trends in consumer and service sectors |
| Friday, August 7, 08:30 | July employment report | Impact on growth, interest rates, and cash returns |
| Saturday, August 8 | Second-quarter results expected* | Buybacks and performance from operations |
Saturday is listed on market calendars, but by Sunday morning, Berkshire’s reports page did not show confirmation.
The weekend report has yet to appear on Berkshire’s website. The official buyback amount will challenge the basis of the recent rally.
Risks: UBS’s projection could exaggerate real buybacks. Apple’s share price fluctuations could still impact reported investment returns. Softer economic conditions would weigh on railroad, industrial and consumer businesses.
The rally currently relies in part on an estimate until Berkshire’s filing. The official share count will determine the level of justification for the gains.
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