Key Highlights
- A fresh $2.65 billion investment in Delta Air Lines marks Berkshire Hathaway’s first airline position since exiting the sector in April 2020
- Alphabet holdings expanded more than threefold to approximately 58 million shares, valued at roughly $17 billion
- New CEO Greg Abel divested holdings in Visa, Mastercard, Amazon, UnitedHealth, and Domino’s Pizza during the quarter
- Stock purchases totaled $15.94 billion while sales reached $24.09 billion in Q1 2026
- Portfolio adjustments included new or expanded positions in Macy’s and New York Times
Berkshire Hathaway has executed a significant overhaul of its equity holdings during the opening quarter of 2026, revealing a notable re-entry into airline investments and a substantial expansion of its Alphabet stake, Friday’s regulatory disclosure shows.
These strategic shifts represent the first major moves under Greg Abel’s leadership following his appointment as CEO on January 1, succeeding Warren Buffett.
Airlines Back on Berkshire’s Radar
The investment conglomerate acquired a 6.1% ownership position in Delta Air Lines, totaling 39.8 million shares valued at $2.65 billion at the end of March. This represents Berkshire’s first airline investment in six years.
In April 2020, during the early stages of the pandemic, Buffett liquidated Berkshire’s entire airline portfolio, which included positions in Delta, American Airlines, Southwest, and United Airlines. He explained that the aviation sector faced fundamental changes that altered its investment thesis.
Following the announcement, Delta’s stock price climbed 3.3% in extended trading hours.
Industry observers view Delta as among the strongest-managed major carriers in the United States. The airline has capitalized on the recovery in passenger travel following the pandemic, although the industry continues to grapple with escalating fuel expenses.
Google Parent Company Position Significantly Expanded
Berkshire dramatically increased its investment in Alphabet, Google’s parent company, growing from approximately 18 million shares to nearly 58 million shares. This expanded position, worth around $17 billion, now ranks among Berkshire’s most substantial publicly traded equity investments.
During the fourth quarter of 2025—Buffett’s final complete quarter at the helm—Berkshire maintained its existing Alphabet stake without additions.
Portfolio Exits Under New Leadership
Abel orchestrated complete exits from multiple positions that were primarily associated with former investment manager Todd Combs, who departed Berkshire in December 2025 for a role at JPMorgan Chase.
The company eliminated its stakes in Visa, Mastercard, Amazon, UnitedHealth, Domino’s Pizza, Aon, Charter, Diageo, and Pool Corp.
Additionally, Berkshire reduced its Chevron position by 35%, although the energy giant continues to rank as the conglomerate’s fifth-largest equity holding.
New Positions and Expansions
Among new investments, Berkshire established a position in Macy’s consisting of 3 million shares worth $55 million. The department store’s stock surged 6.3% in after-hours trading following the disclosure.
The company also approximately tripled its investment in the New York Times, expanding to around 15 million shares with a market value of roughly $1.3 billion.
In a February statement, Abel indicated he directly manages 94% of Berkshire’s stock portfolio, with investment manager Ted Weschler overseeing the remaining 6%.
As of March 31, Berkshire’s complete equity portfolio was valued at $288 billion.
