Berkshire Hathaway
Portfolio, five quarters running.
Every position, every quarter.
Values are Form 13F reported market value in $ millions at each period-end, summed by CUSIP across Berkshire's 14 reporting managers. "—" means not held; "$0" means fully exited in that quarter. Sector labels are our attribution. Column totals equal Berkshire's SEC-reported quarterly totals exactly. The Liberty Live tracking stocks were re-issued as Liberty Live Holdings in the November 2025 split-off; their rows are shown continuously.
| Company | Ticker | Sector | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Move |
|---|---|---|---|---|---|---|---|---|
| Apple | AAPL | Tech | $57,448 | $60,656 | $61,962 | $57,843 | $65,950 | Hold |
| American Express | AXP | Financials | $48,361 | $50,359 | $56,088 | $45,859 | $51,282 | Hold |
| Coca-Cola | KO | Cons Staples | $28,300 | $26,528 | $27,964 | $30,420 | $32,508 | Hold |
| Alphabet Class A | GOOGL | Comm Svcs | — | $4,338 | $5,586 | $15,600 | $28,158 | Added |
| Bank of America | BAC | Financials | $28,641 | $29,307 | $28,451 | $25,039 | $27,544 | Trim |
| Chevron | CVX | Energy | $17,478 | $18,955 | $19,837 | $17,457 | $13,986 | Hold |
| Occidental Petroleum | OXY | Energy | $11,130 | $12,518 | $10,894 | $17,221 | $12,868 | Hold |
| Chubb | CB | Financials | $7,832 | $8,844 | $10,690 | $11,163 | $11,670 | Hold |
| Moody's | MCO | Financials | $12,374 | $11,755 | $12,603 | $10,762 | $11,173 | Hold |
| Alphabet Class C | GOOG | Comm Svcs | — | — | — | $1,028 | $9,606 | Added |
| Kraft Heinz | KHC | Cons Staples | $8,408 | $8,480 | $7,897 | $7,324 | $7,691 | Hold |
| DaVita | DVA | Healthcare | $4,814 | $4,273 | $3,608 | $4,626 | $6,425 | Trim |
| Delta Air Lines | DAL | Industrials | — | — | — | $2,647 | $5,369 | Added |
| Sirius XM | SIRI | Comm Svcs | $2,751 | $2,905 | $2,496 | $2,881 | $3,687 | Hold |
| Verisign | VRSN | Tech | $3,838 | $2,513 | $2,184 | $2,233 | $2,261 | Hold |
| Kroger | KR | Cons Staples | $3,587 | $3,371 | $3,124 | $3,618 | $2,166 | Trim |
| Ally Financial | ALLY | Financials | $1,130 | $1,137 | $1,313 | $1,138 | $1,241 | Trim |
| Lennar A | LEN | Cons Disc | $780 | $889 | $725 | $877 | $1,186 | Added |
| Liberty Live C | LLYVK | Comm Svcs | $886 | $1,059 | $908 | $996 | $1,118 | Hold |
| New York Times A | NYT | Comm Svcs | — | — | $352 | $1,268 | $1,099 | Hold |
| Capital One | COF | Financials | $1,521 | $1,520 | $1,733 | $1,304 | $602 | Trim |
| Liberty Live A | LLYVA | Comm Svcs | $396 | $470 | $406 | $457 | $505 | Hold |
| Louisiana-Pacific | LPX | Materials | $487 | $503 | $457 | $412 | $446 | Hold |
| Nucor | NUE | Materials | $857 | $868 | $1,045 | $661 | $414 | Trim |
| Macy's | M | Cons Disc | — | — | — | $55 | $173 | Added |
| NVR | NVR | Cons Disc | $82 | $89 | $81 | $73 | $76 | Hold |
| Lennar B | LEN.B | Cons Disc | $19 | $22 | $17 | $20 | $26 | Added |
| Jefferies | JEF | Financials | $24 | $28 | $27 | $18 | $22 | Hold |
| DR Horton | DHI | Cons Disc | $191 | $0 | — | — | $1 | New |
| Mid-period exits · held earlier in the window, zeroed by Q2 2026 | ||||||||
| Constellation Brands A | STZ | Cons Staples | $2,180 | $1,805 | $1,793 | $95 | $0 | Exited |
| Visa | V | Financials | $2,946 | $2,833 | $2,910 | $0 | — | Exited |
| Mastercard | MA | Financials | $2,240 | $2,268 | $2,276 | $0 | — | Exited |
| Amazon | AMZN | Cons Disc | $2,194 | $2,196 | $525 | $0 | — | Exited |
| UnitedHealth | UNH | Healthcare | $1,572 | $1,740 | $1,664 | $0 | — | Exited |
| Aon plc | AON | Financials | $1,463 | $1,462 | $1,271 | $0 | — | Exited |
| Domino's Pizza | DPZ | Cons Disc | $1,187 | $1,287 | $1,396 | $0 | — | Exited |
| Pool Corp | POOL | Cons Disc | $1,008 | $1,072 | $702 | $0 | — | Exited |
| Charter Comms A | CHTR | Comm Svcs | $434 | $292 | $221 | $0 | — | Exited |
| Heico A | HEI.A | Industrials | $335 | $329 | $327 | $0 | — | Exited |
| Liberty Formula One C | FWONK | Comm Svcs | $315 | $315 | $297 | $0 | — | Exited |
| Lamar Advertising A | LAMR | Real Estate | $142 | $147 | $152 | $0 | — | Exited |
| Allegion | ALLE | Industrials | $112 | $138 | $124 | $0 | — | Exited |
| Diageo ADR | DEO | Cons Staples | $23 | $22 | $20 | $0 | — | Exited |
| Liberty Latin Am A | LILA | Comm Svcs | $16 | $22 | $18 | $0 | — | Exited |
| Liberty Latin Am C | LILAK | Comm Svcs | $8 | $11 | $10 | $0 | — | Exited |
| Atlanta Braves C | BATRK | Comm Svcs | $10 | $9 | $5 | $0 | — | Exited |
| SEC-Reported Total ($M) | $257,522 | $267,335 | $274,160 | $263,096 | $299,254 | — | ||
The concentrated core — with a new member.
The five largest names carry 68.6% of the 13F portfolio at June 30, 2026, and for the first time the five are Apple, American Express, Coca-Cola, Alphabet and Bank of America — the 10-Q names the same five at 66% of total equity securities. Count Alphabet's two share classes together ($37.8B) and it is the #3 holding outright. Values are reported market value at 6/30/2026; share counts per the Information Table. Berkshire discloses cost basis only in aggregate: $106.5B against $323.8B of fair value for the whole equity book.
Untouched for four straight quarters after the 2024–25 scaledown. The position added $8.1B in Q2 on Apple's run toward $300 and a $5T market cap. Buffett said in March he had "sold Apple too soon"; at 227.9M shares it remains the single largest line and the largest dividend payer in the book.
151.6M shares, unchanged across all five quarters and most of three decades. The 10-Q restates the 1995 voting agreement and the 22.5% ownership stake. Up $5.4B in the quarter on price; the 1998-vintage cost basis makes the dividend yield on cost a rounding error.
400M shares, unchanged for the window and for decades. Holds #3 by share class, but on a combined-class basis Alphabet has now passed it. Implied $81.27 at quarter-end; the dividend alone returns roughly 60% of the original cost every year.
Initiated Q3 2025 at 17.85M shares; tripled in Q1 2026; grown another 45% in Q2, with a parallel 7.6× build in the Class C line (3.59M → 27.19M). Three consecutive quarters of buying, ~$15.5B of it in Q2 alone. Combined Alphabet stake of $37.8B is now 57% the size of the Apple position — this is the defining trade of the Abel era so far.
The multi-year unwind continues: 631.6M shares in early 2025, 513.6M in March, 483.4M in June — the largest dollar sale of the quarter at ~$1.6B. Even so, the position value rose $2.5B as BAC rallied 17%. Now #5 and below Alphabet's Class A line alone.
No shares traded in Q2 after the −35% cut in Q1, but the position lost $3.5B as crude unwound its Iran-war premium (WTI ~$69 by late June) and CVX fell from $207 to $166. From a top-5 anchor a year ago to #6 — the energy tilt has been halved by sales and price together.
Shares locked at 264.94M for a fifth quarter; value down $4.4B as OXY slid from $65 to $49. Equity-method accounted (26.7% owned); the 10-Q carries it at $10.7B against $12.9B fair value. Separately, Berkshire bought OxyChem from Occidental for $9.4B in January and still holds $8.5B of 8% preferred plus warrants on 83.9M shares at $59.59 — now out of the money.
Built under confidential treatment in 2023–24 and grown through Q4 2025; unchanged since. A specialty carrier layered on Berkshire's own insurance float. Up modestly on price in Q2.
Untouched share count across all five quarters and, effectively, since the D&B spin. Duopoly rating business remains a Berkshire archetype: negative working capital, high returns on incremental capital, minimal reinvestment need.
What moved in Q2 2026.
Additions include new positions and existing positions grown by more than 25% in the quarter. Exits show peak share count during the 5-quarter window and last reported dollar value; positions held fewer than four consecutive quarters are flagged. Q2 was the first net-buying quarter since 2022: 13F-based estimates put net purchases near $20B, and the 10-Q shows $39.4B bought against $27.8B sold for the half.
Recent Adds & New Buys · Q2 2026
Recent Exits & Trims · Q2 2026
What the tape is saying.
Six themes assemble the individual moves into a manager-level narrative. Dollar totals reflect Q2 2026 market value at 6/30/2026 and sum to the SEC total.
The Big 5 Anchor
The five legacy positions. Three of them (AAPL, AXP, KO) have not moved a share in five quarters; BAC is being sold down slowly; CVX was cut in Q1 and left alone in Q2. Their combined weight has slipped from ~75% a year ago as Alphabet took share of the book.
- AAPL$66.0B
- AXP$51.3B
- KO$32.5B
- BAC$27.5B
- CVX$14.0B
The Alphabet Reload
Three quarters, ~$30B deployed, from zero to the #3 holding. The only name Berkshire has bought at this scale since Apple in 2016–18, and the first time the manager has owned a Big Tech platform other than Apple in size. The Class C build (7.6× in one quarter) says the buying is not finished.
- GOOGL$28.2B
- GOOG$9.6B
Insurance & Financial Infrastructure
Chubb and Moody's are the untouched core; Capital One is being sold down (−58% in Q2) and Ally trimmed. Together with AXP and BAC in the Big 5, financials remain the largest sector exposure at ~43% of the book.
- CB$11.7B
- MCO$11.2B
- ALLY$1.2B
- COF · JEF$0.6B
Consumer, Media & Services
The middle of the book. Delta is the standout — doubled in value on adds plus a 41% rally. Kraft Heinz sits here on the 13F but is equity-method on the balance sheet ($8.8B carrying vs $7.7B fair value). Kroger was trimmed for the first time; Sirius, Verisign, Liberty Live and the Times were left alone.
- KHC · DVA · DAL$19.5B
- SIRI · VRSN · KR$8.1B
- LLYVK · NYT · LLYVA · M$2.9B
Occidental & the Oil Complex
OXY common untouched at 264.9M shares (26.7% owned) but down $4.4B on price. Berkshire deepened the relationship by other routes: OxyChem bought outright for $9.4B in January; $8.5B of 8% preferred still outstanding; warrants on 83.9M shares at $59.59 now out of the money with OXY at $48.57.
- OXY common$12.9B
- (OXY preferred, off-13F)$8.5B liq.
- (OxyChem, acquired)$9.4B
Housing & Materials Basket
Lennar added for a fourth quarter, DR Horton re-entered as a stub, NVR and Louisiana-Pacific held, Nucor cut by half. The real housing bet moved off the 13F on July 24, when Berkshire closed the $6.8B all-cash purchase of homebuilder Taylor Morrison — the basket was the reconnaissance.
- LEN · LEN.B · DHI$1.2B
- LPX · NUE$0.9B
- NVR$76M
Off-13F Structured Positions, Non-U.S. Equity & the Cash Pile
- Japanese Trading Houses — Itochu, Marubeni, Mitsubishi, Mitsui and Sumitomo. Cost ~$15.4B against ~$35.4B of market value at December 31, 2025 per the 2025 letter, and higher since: in May 2026 Berkshire lifted Sumitomo to 10.05% and Marubeni to 10.1%, taking all five stakes above 10%, and in September the Japan Foreign Trade Council said Berkshire "intends to hold its stakes … for the long term." Funded by $15.2B of yen-denominated Berkshire debt at a 1.4% average coupon. Foreign-listed, so not 13(f) securities.
- Occidental Preferred Stock & Warrants — non-voting Cumulative Perpetual Preferred accruing 8%, aggregate liquidation value ~$8.5B at June 30, 2026, redeemable at Occidental's option from 2029 at 105%. Warrants on up to 83.9M OXY shares at $59.59, exercisable until one year after full redemption — out of the money at quarter-end. Both carried at fair value within equity securities; neither is 13F-reportable.
- Kraft Heinz — 27.5% owned, equity-method. Carrying value $8.76B exceeds fair value $7.69B by $1.1B; no further impairment taken this quarter after the 2025 write-down.
- Cash & Treasuries — $35.1B of cash and $324.9B of T-bills in Insurance & Other at June 30 (~$360B), after spending $9.4B on OxyChem in January and before $6.8B for Taylor Morrison in July. Q2 brought $4.5B of buybacks (65 A-shares at ~$716K, 7.1M+ B-shares at ~$476–488), the first repurchases since 2024, and $16.1B of investment gains flowed through the quarter's earnings.
Prompt used to generate this report.
Restated verbatim for reproducibility and audit.