Berkshire Hathaway Has Paid Exactly 1 Dividend Since 1965. Here's Where the Cash Goes Instead.

Berkshire Hathaway has deployed $25.5 billion in capital since April under new CEO Greg Abel, maintaining the conglomerate's 56-year no-dividend policy through aggressive deal-making and buybacks. The company acquired homebuilder Taylor Morrison for $8.5 billion and increased its Alphabet stake by $17 billion, while accelerating share repurchases to $8 billion over the same period. BRK.A and BRK.B have paid exactly one dividend since 1967, instead channeling earnings into acquisitions and buybacks.

Abel continues founder Warren Buffett's capital allocation playbook, sitting on over $350 billion in cash reserves even after the recent deployment. The Taylor Morrison acquisition marks Berkshire's largest homebuilder bet, while the Alphabet position build—spanning GOOG and GOOGL shares—represents one of the portfolio's most significant recent additions.

The $8 billion buyback pace since April signals Abel's confidence in intrinsic value, a metric Buffett long used to justify repurchases over dividends.