Berkshire Hathaway posted total revenue of $105.65 billion in the third quarter, an 11.2 percent increase from just under $95 billion a year earlier, in the first earnings report to carry the unmistakable stamp of new chief executive Greg Abel.

The headline figures were mixed. Operating earnings (the profit generated by Berkshire's businesses, excluding investment and derivative swings) fell 5.8 percent to $12.71 billion, according to the report released Saturday. The revenue line, however, confirmed that the conglomerate's underlying businesses continue to expand.

Who is Greg Abel and what has he changed?

Abel took over as chief executive officer less than a year ago, succeeding Warren Buffett, who led Berkshire Hathaway for decades and built it into one of the largest conglomerates in the United States. The transition has been closely watched for signs of where the new chief executive might diverge from his storied predecessor.

The early evidence suggests one major divergence: operational intensity. Several of Berkshire's largest subsidiaries posted higher profits in the quarter, and the standout was BNSF Railway (Berkshire's freight railroad arm), where earnings climbed 19.3 percent from a year earlier.

The BNSF result carries particular weight because Abel publicly singled out the railroad in February. In his first letter to shareholders as chief executive, he wrote: "We will be disappointed if we do not deliver a substantial improvement over the next few years."

The railroad's 19.3 percent earnings gain suggests that the improvement Abel demanded is materializing, and on a timeline consistent with his stated expectations.

What does the new CEO's letter reveal about his priorities?

Abel's February letter also set out his view of the chief executive's core function at Berkshire. "My role," he wrote, "is to ensure our liquidity levels and capital deployment remain intentional and deliberate."

That statement frames the chief executive as a disciplined allocator of capital and a guardian of the company's liquidity (its immediately available cash resources). Combined with the explicit performance target for BNSF, the letter signals an approach that pairs Buffett-style capital discipline with a more hands-on operational agenda.

How does Wall Street read the results?

Some Wall Street observers believe the third-quarter numbers reflect a telling distinction between Abel and his predecessor. Bill Stone, chief investment officer at Glenview Trust, told The Wall Street Journal that Abel is "more interested in being a better operator than Warren Buffett ever was, and maybe you're seeing some of that coming through."

The comment captures the emerging consensus around the succession: Abel follows the Buffett playbook in most respects, with one major exception — a priority on running the underlying businesses harder rather than relying primarily on capital allocation and investment gains.

What are the key figures from the quarter?

• Total revenue: $105.65 billion, up 11.2 percent from just under $95 billion a year earlier
• Operating earnings: $12.71 billion, down 5.8 percent year over year
• BNSF Railway earnings: up 19.3 percent from a year earlier
• Report released: Saturday, covering the third quarter

What comes next?

The quarter marks less than a year into Abel's tenure, and the mixed operating earnings figure shows the transition is not without friction. The revenue growth, the BNSF turnaround and the subsidiary-level profit gains, however, give investors early evidence that the new chief executive's operational agenda is producing measurable results — and that the February warning shot to underperforming units was more than rhetoric.