Berkshire Hathaway
Portfolio, five quarters running.
Berkshire Hathaway (CIK 1067983) files a standard 13F-HR each quarter as manager of the shared equity portfolio historically overseen by Warren Buffett and, since the CEO transition, Greg Abel. Across the trailing five quarters the tape tells a consistent story: the "Big 5" of Apple, American Express, Bank of America, Coca-Cola, and Chevron continue to anchor roughly three-quarters of the reported book, while the outer ring has been aggressively pruned — 16 positions were sold out in Q1 2026 alone. The quarter's headline change was not a purchase but a house-cleaning: complete exits from Visa, Mastercard, Amazon, UnitedHealth, Domino's, Charter, T-Mobile (earlier), Aon, and a raft of smaller names. Offsetting that, the manager quadrupled the Alphabet Class A stake (+204%), initiated Alphabet Class C and Delta Air Lines, and tripled New York Times — signals of a modest re-lean toward large-cap tech and cyclicals. The Q1 2025 filing is worth flagging: an amendment filed August 14, 2025 revealed four confidentially-treated positions (NUE, LEN, LEN-B, DHI) reconciling that quarter's total from $258.7B to $259.8B.
Every position, every quarter.
Values are Form 13F reported market value in $ millions at each period-end. "—" means the position pre-dated no reported holding; "0" means fully exited after prior appearance. Sector labels are our attribution. Totals reconcile to Berkshire's SEC-reported quarterly totals within rounding; Q1 2025 totals include the four confidential-treatment positions revealed in the 8/14/2025 amendment.
| Company | Ticker | Sector | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Move |
|---|---|---|---|---|---|---|---|---|
| Apple | AAPL | Tech | $66,639 | $57,448 | $60,656 | $61,962 | $57,843 | Trim |
| American Express | AXP | Financials | $40,791 | $48,361 | $50,359 | $56,088 | $45,859 | Hold |
| Coca-Cola | KO | Cons Staples | $28,648 | $28,300 | $26,528 | $27,964 | $30,420 | Hold |
| Bank of America | BAC | Financials | $26,356 | $28,641 | $29,307 | $28,451 | $25,039 | Trim |
| Chevron | CVX | Energy | $19,842 | $17,478 | $18,955 | $19,837 | $17,457 | Trim |
| Occidental Petroleum | OXY | Energy | $13,078 | $11,130 | $12,518 | $10,894 | $17,221 | Hold |
| Alphabet Class A | GOOGL | Comm Svcs | — | — | $4,338 | $5,586 | $15,600 | Added |
| Chubb | CB | Financials | $8,164 | $7,832 | $8,844 | $10,690 | $11,163 | Added |
| Moody's | MCO | Financials | $11,488 | $12,374 | $11,755 | $12,603 | $10,762 | Hold |
| Kraft Heinz | KHC | Cons Staples | $9,909 | $8,408 | $8,480 | $7,897 | $7,324 | Hold |
| DaVita | DVA | Healthcare | $5,376 | $4,814 | $4,273 | $3,608 | $4,626 | Trim |
| Kroger | KR | Cons Staples | $3,384 | $3,587 | $3,371 | $3,124 | $3,618 | Hold |
| Sirius XM | SIRI | Comm Svcs | $2,700 | $2,751 | $2,905 | $2,496 | $2,881 | Added |
| Delta Air Lines | DAL | Industrials | — | — | — | — | $2,647 | New |
| Verisign | VRSN | Tech | $3,374 | $3,838 | $2,513 | $2,184 | $2,233 | Trim |
| Capital One | COF | Financials | $1,282 | $1,521 | $1,520 | $1,733 | $1,304 | Hold |
| New York Times A | NYT | Comm Svcs | — | — | — | $352 | $1,268 | Added |
| Ally Financial | ALLY | Financials | $1,058 | $1,130 | $1,137 | $1,313 | $1,138 | Hold |
| Alphabet Class C | GOOG | Comm Svcs | — | — | — | — | $1,028 | New |
| Liberty Live C | LLYVK | Comm Svcs | $744 | $886 | $1,059 | $908 | $996 | Hold |
| Lennar A | LEN | Cons Disc | $222 | $780 | $889 | $725 | $877 | Added |
| Nucor | NUE | Materials | $693 | $857 | $868 | $1,045 | $661 | Trim |
| Liberty Live A | LLYVA | Comm Svcs | $335 | $396 | $470 | $406 | $457 | Hold |
| Louisiana-Pacific | LPX | Materials | $521 | $487 | $503 | $457 | $412 | Hold |
| Constellation Brands A | STZ | Cons Staples | $2,204 | $2,180 | $1,805 | $1,793 | $95 | Trim |
| NVR | NVR | Cons Disc | $80 | $82 | $89 | $81 | $73 | Hold |
| Macy's | M | Cons Disc | — | — | — | — | $55 | New |
| Lennar B | LEN.B | Cons Disc | $0.02 | $19 | $22 | $17 | $20 | Added |
| Jefferies | JEF | Financials | $23 | $24 | $28 | $27 | $18 | Hold |
| Mid-period exits · included in earlier quarters but zeroed by Q1 2026 | ||||||||
| Visa | V | Financials | $2,908 | $2,946 | $2,833 | $2,910 | $0 | Exited |
| Mastercard | MA | Financials | $2,185 | $2,240 | $2,268 | $2,276 | $0 | Exited |
| Amazon | AMZN | Cons Disc | $1,903 | $2,194 | $2,196 | $525 | $0 | Exited |
| Aon plc | AON | Financials | $1,636 | $1,463 | $1,462 | $1,271 | $0 | Exited |
| Domino's Pizza | DPZ | Cons Disc | $1,204 | $1,187 | $1,287 | $1,396 | $0 | Exited |
| UnitedHealth | UNH | Healthcare | — | $1,572 | $1,740 | $1,664 | $0 | Exited |
| T-Mobile US | TMUS | Comm Svcs | $1,036 | $0 | — | — | — | Exited |
| Pool Corp | POOL | Cons Disc | $466 | $1,008 | $1,072 | $702 | $0 | Exited |
| Charter Comms A | CHTR | Comm Svcs | $731 | $434 | $292 | $221 | $0 | Exited |
| Heico A | HEI.A | Industrials | $245 | $335 | $329 | $327 | $0 | Exited |
| Liberty Media F1 C | FWONK | Comm Svcs | $316 | $315 | $315 | $297 | $0 | Exited |
| DR Horton | DHI | Cons Disc | $192 | $191 | $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 | $24 | $23 | $22 | $20 | $0 | Exited |
| Liberty Latin Am A | LILA | Comm Svcs | $17 | $16 | $22 | $18 | $0 | Exited |
| Liberty Latin Am C | LILAK | Comm Svcs | $8 | $8 | $11 | $10 | $0 | Exited |
| Atlanta Braves C | BATRK | Comm Svcs | $9 | $10 | $9 | $5 | $0 | Exited |
| Citigroup | C | Financials | $0 | — | — | — | — | Exited |
| Nu Holdings | NU | Financials | $0 | — | — | — | — | Exited |
| SEC-Reported Total ($M) | $259,808 ¹ | $257,522 | $267,335 | $274,160 | $263,096 | — | ||
The concentrated core.
The top five names carry 66.1% of the 13F portfolio in Q1 2026. Values are reported market value at 3/31/2026; share counts are split-adjusted per SEC Form 13F Information Table. Approximate cost basis is stated at the total-portfolio level in Berkshire's 2025 annual letter — the five largest carry a combined cost basis of ~$24.5B against ~$194B fair value, a bookkeeping 8× that the manager has largely refused to disturb.
Legacy compounder acquired 2016–2018 at an average cost estimated near $36/share. Trimmed hard through 2024 and early 2025; steady for three quarters now. Buffett said in March 2026 he had "sold Apple too soon"; the remaining position still throws off the largest dividend line.
Untouched at 151.6M shares across all five quarters — the archetypal Berkshire compounder. Buffett has publicly stated Berkshire will not sell "so long as I'm alive"; ~21% of AXP outstanding, dividend income compounding on an inflation-adjusted cost that is now a rounding error.
400M shares unchanged for the entire 5-quarter window and, in fact, for decades. Ranked #3 in Q1 2026 after leapfrogging BAC on price appreciation. Yields ~7% on original cost basis.
The multi-quarter trim story of the tape: from ~631.6M shares in Q1 2025 to 513.6M — an 18.7% cut over the year, though only a token −3.7M share sale in Q1 2026 itself. Position sizing down from #2 to #4 as of the most recent filing.
A sharp reversal: shares were built from 118.6M (Q1'25) up to 130.2M (Q4'25) — a modest +9.7% accumulation — and then cut by 45.8M shares (−35.2%) in Q1 2026, taking the position back below the starting point. Combined with the Occidental holding (below), Berkshire retains the largest energy tilt on the tape.
Common stock held under equity method (28.1% of OXY outstanding at 6/30/2025). Zero trading activity across all five quarters — shares locked at 264.94M. A separate off-13F stake in OXY preferred stock and warrants sits on the balance sheet at fair value (see callout at end of Section 5).
New position initiated Q3 2025 at 17.85M shares. Grown by 204% (+36.4M shares) in Q1 2026, roughly tripling the stake and pulling GOOGL from a starter into a top-10 name in two quarters. Read as the manager's first meaningful re-lean toward Big Tech since the AAPL scaledown began.
Originally a confidential-treatment position (Q3 2023 amendment). Grown +15.9% in Q3 2025 then +9.3% in Q4 2025 to the current 34.25M shares. A high-quality specialty insurer that adds to Berkshire's already-outsized industry exposure.
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 Q1 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 — a red-flag for pattern of high-turnover, atypical of the manager's historical style.
Recent Adds & New Buys · Q1 2026
Recent Exits · Q1 2026
What the tape is saying.
Six themes assemble the individual moves into a manager-level narrative. Dollar totals reflect Q1 2026 combined market value at 3/31/2026.
The Big 5 Anchor
The five untouchable positions that would have to be sold together to move the concentration needle. Cost basis roughly $24.5B against ~$194B fair value across the total portfolio's top-5 — an 8× on-paper multiple the manager has structurally refused to disturb.
- AAPL$57.8B
- AXP$45.9B
- KO$30.4B
- BAC$25.0B
- CVX$17.5B
Insurance Barbell
Insurers and insurance-adjacent brokers form Berkshire's own operational core — CB adds a specialty carrier, AON was exited, MCO is credit-rating information infrastructure, AXP a payments franchise with insurance-like float.
- AXP$45.9B
- CB$11.2B
- MCO—
- (AON exit)—$1.3B
Energy Consolidation
The largest sector overweight vs the S&P 500. CVX was built through Q4 2025 then cut −35% in Q1 2026, taking the position back below the starting point; OXY common untouched at 264.9M shares. Read as a rebalancing of the energy tilt rather than a sector exit.
- CVX$17.5B
- OXY$17.2B
The Alphabet Reload
A meaningful re-lean toward Big Tech. GOOGL initiated Q3 2025, tripled in Q1 2026. GOOG initiated new. Together the Alphabet stakes are now nearly 30% the size of the (much-trimmed) AAPL position — this is not a starter anymore.
- GOOGL$15.6B
- GOOG$1.0B
Homebuilder Basket
A cross-cutting housing-cycle bet. Introduced under confidential treatment in Q1 2025, revealed in August 2025. LEN.A quadrupled. DHI already exited in Q3 2025 (<4-qtr hold). NVR untouched. The basket is small, but the choreography suggests active testing of homebuilder exposure.
- LEN$877M
- NVR$73M
- LEN.B$20M
- (DHI exit)—$192M
Cleaning House (Q1 '26)
Sixteen sold-outs in a single quarter. Payment rails (V, MA) go together. Amazon fully exited after a −77% Q4 trim. UNH held under four quarters. Long tail of stub positions (LILA/LILAK, BATRK, DEO, sub-$25M each) tidied up. Reads as portfolio simplification under new-CEO oversight.
- V + MA−$5.2B
- DPZ + POOL−$2.1B
- UNH + AON−$2.9B
- AMZN + CHTR−$0.7B
Off-13F Structured Positions & Non-U.S. Equity
- Occidental Preferred Stock & Common Warrants — the manager holds non-voting Cumulative Perpetual Preferred Stock accruing dividends at 8% p.a., with aggregate liquidation value of approximately $8.5B at 12/31/2025 (net of ~$1.5B of prior redemptions triggered by excess common-stock distributions). Redeemable at Occidental's option beginning 2029 at 105% of liquidation value. The associated warrants convey the right to purchase up to 83.9M OXY common shares at $59.59 per share, exercisable until one year after the preferred is fully redeemed. These instruments are recorded at fair value under equity securities but are not "Section 13(f) securities" and are therefore not reported on Form 13F.
- Japanese Trading Houses — Berkshire's five sōgō shōsha positions (Itochu, Marubeni, Mitsubishi, Mitsui, Sumitomo) collectively account for the majority of the off-13F delta. Buffett has publicly discussed these stakes since 2020; the group has been described by the company as a long-term holding. Foreign-listed equities not registered under Section 13(f) are not reportable on 13F.
- Kraft Heinz common stock — a legacy equity-method investment (~27.4% of KHC outstanding as of 6/30/2025). Note: KHC also appears on the 13F Information Table above at 325.6M shares / $7.3B at Q1 2026; the equity-method carrying amount on the balance sheet may differ from fair value.
Prompt used to generate this report.
Restated verbatim for reproducibility and audit.