Warren Buffett's Portfolio 2026: What Berkshire Hathaway's 13F Reveals

Four times a year, investors around the world pause to see where Warren Buffett—the Oracle of Omaha, the greatest capital allocator in history—is putting his money. Every 13F filing from Berkshire Hathaway triggers thousands of headlines, spawns dozens of YouTube analysis videos, and moves billions in copycat capital.

The latest filing, covering Q4 2025 positions, reveals a portfolio in transition. Buffett continues to reduce his largest holding (Apple), has accumulated cash to record levels approaching $180 billion, and shows renewed interest in financial stocks and traditional value plays. At 95 years old, with succession planning underway, the question isn't just what Buffett owns—it's what his positioning signals about his view of market valuations and economic risks ahead.

After tracking Berkshire's 13F filings for over a decade and analyzing how his position changes correlate with broader market trends, I've learned that Buffett's portfolio isn't a crystal ball—but it's the closest thing we have to one. This guide breaks down the latest filing, explains what the changes mean, and shows you how to incorporate superinvestor tracking into your own research process.

Understanding Berkshire's 13F Filing

Berkshire Hathaway files Form 13F quarterly, disclosing all U.S. equity positions valued over $200,000 held as of the last day of the quarter. The filing is due 45 days after quarter-end, which means by the time you read it, the information is 6-10 weeks old.

Important caveats:

• Only U.S. equities are disclosed: Berkshire's international holdings, private investments, bonds, and cash aren't reported
• It's a snapshot: Positions may have changed significantly since quarter-end
• It includes Todd Combs and Ted Weschler: Buffett's two portfolio managers handle roughly $15-20 billion each; not every position reflects Buffett's personal decision
• Confidential treatment exists: Berkshire can (and does) request confidentiality for new positions it's still building, revealing them only after accumulation is complete

Despite these limitations, the 13F remains extraordinarily valuable. Buffett's long-term track record speaks for itself: a 20.1% annualized return from 1965-2024, nearly doubling the S&P 500's 10.5% return over the same period.

Top 10 Holdings (Q4 2025)

As of December 31, 2025, Berkshire Hathaway's public equity portfolio totaled approximately $350 billion. Here are the top ten positions:

1. Apple Inc. (AAPL) – $140 billion (40% of portfolio)

Apple remains Berkshire's largest holding by far, though Buffett has been trimming the position. In Q3 2024, Berkshire sold approximately 100 million AAPL shares. In Q4 2024, another 50 million. The Q4 2025 filing shows yet another reduction, bringing the total position down roughly 25% from its peak.

Why sell? Valuation. At 28-32x earnings, Apple trades well above Buffett's typical purchase multiples. He's taken enormous profits—Berkshire's cost basis on Apple is estimated around $35 per share, and the stock trades above $180. Booking gains and redeploying into cash makes sense when you can't find attractive alternatives.

Apple still represents the single largest allocation because the remaining position has appreciated so dramatically. Buffett has said publicly he views Apple as a consumer products business, not a tech stock—an exceptional brand with pricing power and a massive installed base generating recurring services revenue.

2. Bank of America (BAC) – $38 billion (10.8%)

Buffett's love affair with Bank of America continues. He began building this position in 2011 with a $5 billion preferred stock investment during the financial crisis aftermath, converting to common equity in 2017. The bank generates reliable earnings, has a fortress balance sheet post-Dodd-Frank, and pays a steady dividend.

Recent regulatory trends favoring deregulation under the current administration may boost profitability. Buffett sees BofA as a levered bet on the U.S. economy and consumer health.

3. American Express (AXP) – $35 billion (10%)

Berkshire has owned Amex since 1991—a 34-year position. It's the ultimate Buffett stock: strong brand, network effects, disciplined management, and pricing power. The business model generates float (customers prepay, Amex pays merchants later), which Berkshire can invest.

In an era of payment disruption (Stripe, Block, PayPal), Amex remains resilient because it's not just a payment rail—it's a membership club for affluent consumers. The charge card model (pay in full monthly) avoids credit risk that plagued many lenders in 2023-2024.

4. Coca-Cola (KO) – $25 billion (7.1%)

Berkshire's Coke position dates to 1988. Buffett calls it one of his greatest investments ever—the position has appreciated over 1,600% and pays massive dividends. Berkshire now receives more in annual dividends from Coke than its original cost basis.

Despite shifting consumer preferences away from sugary drinks, Coke's global distribution, brand equity, and diversification into water, juice, and coffee keep it relevant. Emerging market growth remains a tailwind.

5. Chevron (CVX) – $18 billion (5.1%)

Buffett built the Chevron position in 2020-2022 as energy stocks were deeply depressed. With oil above $70/barrel, Chevron generates substantial free cash flow, buyback shares aggressively, and pays a 3-4% dividend yield.

This is a value play on durable energy demand. While renewable energy grows, global oil consumption isn't disappearing anytime soon. Chevron has tier-one assets and the balance sheet to weather volatility.

6. Occidental Petroleum (OXY) – $15 billion (4.3%)

Berkshire owns 27% of Occidental, making it one of Buffett's most concentrated bets. He initially invested in preferred stock during Occidental's 2019 Anadarko acquisition, then began buying common stock heavily in 2022.

Many expect Berkshire to eventually acquire Occidental outright. The company has premier Permian Basin assets and benefits from the same oil price dynamics as Chevron. Buffett clearly believes oil will remain range-bound between $60-90/barrel for years.

7. Kraft Heinz (KHC) – $12 billion (3.4%)

This one's more complicated. Berkshire and 3G Capital partnered to create Kraft Heinz in 2015 through a merger. The deal hasn't lived up to expectations—aggressive cost-cutting under 3G damaged brands, and the company wrote down billions in asset values in 2019.

Buffett has admitted this was a mistake, specifically citing overpayment. Berkshire hasn't sold because the tax bill would be enormous, and the position pays dividends. But it's a rare Buffett misfire—a reminder he's not infallible.

8. Moody's Corporation (MCO) – $9 billion (2.6%)

Berkshire has owned Moody's since 2000, when it spun out of Dun & Bradstreet. It's a classic toll-bridge business: any company issuing debt needs a credit rating, and Moody's is one of only three major agencies (along with S&P and Fitch) that matter.

The business model generates 50%+ operating margins and requires minimal capital investment. Buffett loves high-return, capital-light businesses—Moody's checks every box.

9. DaVita Inc. (DVA) – $4.5 billion (1.3%)

A smaller, more speculative position likely managed by Todd Combs or Ted Weschler. DaVita operates kidney dialysis centers—a steady, recession-resistant business with Medicare/Medicaid reimbursement. The stock trades at single-digit P/E multiples, making it a deep value play.

10. Louisiana-Pacific (LPX) – $3.8 billion (1.1%)

Another likely Combs/Weschler pick. Louisiana-Pacific manufactures building materials (siding, OSB). It benefits from U.S. housing demand and homebuilding activity. The position increased in Q4 2025, suggesting continued conviction.

Notable Q4 2025 Changes

New Positions

None disclosed. Berkshire did not initiate any new public positions in Q4. This is consistent with Buffett's commentary about struggling to find attractively valued opportunities. The lack of new ideas reinforces his defensive cash accumulation strategy.

Increased Positions

• Bank of America (+8%): Continued accumulation signals confidence in U.S. banking sector recovery
• Louisiana-Pacific (+12%): Likely Combs/Weschler adding to a housing materials thesis

Reduced Positions

• Apple (-6%): Fifth consecutive quarter of trimming; position management at scale
• Capital One (-25%): Partial exit from this credit card/banking play, likely profit-taking

Eliminated Positions

• Paramount Global (PARA): Complete exit after a brief, unsuccessful foray into media
• Floor & Decor (FND): Small position eliminated, likely a Combs/Weschler cut

What the Cash Pile Means

Berkshire's cash and cash equivalents reached $180 billion by year-end 2025—the highest in company history, both in absolute terms and as a percentage of total assets. Buffett is sitting on a war chest equal to the GDP of Hungary.

This is the most important signal in the portfolio.

Buffett doesn't hold cash because he's bearish on America or capitalism—he's done well enough to know markets go up long-term. He holds cash because he can't find investments offering adequate returns relative to risk. When everything is expensive, the best investment is optionality.

Historical precedent: Berkshire held near-record cash in late 1999 (just before the dot-com crash) and again in 2007 (just before the financial crisis). In both cases, Buffett deployed that cash into crisis-driven opportunities at extraordinary prices.

What could trigger deployment? A significant market correction (20-30%), a credit event, a geopolitical crisis, or simply time—as valuations mean-revert over 2-3 years.

What This Portfolio Tells Us About Market Outlook

Reading between the lines of Berkshire's positioning:

1. Valuations Are Elevated

Buffett is a price-sensitive buyer. His trimming of Apple, lack of new positions, and record cash signal he views current market prices as unattractive. For context, the S&P 500's Shiller CAPE ratio has remained above 30 for most of 2024-2025—well above the historical average of 17.

2. Traditional Value Is Making a Comeback

The concentration in financials (Bank of America, American Express), energy (Chevron, Occidental), and consumer staples (Coca-Cola, Kraft Heinz) reflects a portfolio positioned for a value rotation. If interest rates stabilize and growth stocks face multiple compression, these positions should outperform.

3. No Fear of Energy Transition

Despite ESG pressures and renewable energy growth, Buffett has doubled down on oil via Chevron and Occidental. This signals his belief that fossil fuels will remain relevant for decades, and current energy stocks price in overly pessimistic demand scenarios.

4. Succession in Progress

Positions like DaVita and Louisiana-Pacific reflect Combs and Weschler's influence. As they take on greater responsibility (both are candidates to eventually succeed Buffett as CIO), expect the portfolio to diversify into smaller, growthier names that wouldn't have interested Buffett historically.

Should You Copy Buffett's Portfolio?

The temptation is strong: if Buffett owns it, shouldn't I? Here's the nuanced answer:

Pros of Following Berkshire's 13F

• Proven track record: 60 years of outperformance isn't luck
• High-quality businesses: Buffett invests in companies with durable moats, strong management, and pricing power
• Free research: Piggybacking on Berkshire's analysis team (and Buffett's intuition) is like getting free consulting from the world's best investor

Cons and Limitations

• 45-day lag: By the time you see the 13F, positions may have changed materially
• Scale differences: Berkshire can't buy small caps; you can, which opens opportunities Buffett doesn't have
• Time horizon mismatch: Buffett's holding period is "forever"; most retail investors need liquidity in 5-10 years
• Tax considerations: Berkshire's tax situation is unique; you may face different capital gains treatment
• Attribution uncertainty: You don't know if Buffett, Combs, or Weschler made a specific trade

The Better Approach

Use Berkshire's 13F as a research filter, not a buy list. When Buffett initiates a position, dig into the company yourself. Understand the thesis. Validate the valuation. Then decide if it fits your portfolio, risk tolerance, and time horizon.

Combine Berkshire's filings with other superinvestors. If Buffett, Seth Klarman, and Li Lu are all buying the same stock, you've found institutional convergence—a powerful signal worth investigating.

The Bottom Line

Warren Buffett's 2026 portfolio reflects a defensive, patient stance. He's trimming overvalued winners (Apple), accumulating cash for future opportunities, and maintaining concentrated positions in value stocks he believes are mispriced by the market.

The record cash pile is the loudest signal: Buffett is waiting. When markets correct, when fear exceeds greed, when high-quality businesses trade at bargain prices, he'll deploy that $180 billion faster than you can say "be greedy when others are fearful."

For retail investors, Berkshire's 13F is a masterclass in capital allocation. Study it. Learn from it. But don't blindly copy it. Your edge isn't mimicking Buffett—it's using his framework to find opportunities he's too big to access.

The next time Berkshire's 13F drops, you'll know what to look for: new positions (rare but significant), position sizing changes (trimming vs. doubling down), sector tilts (value rotation vs. growth), and most importantly, the cash level. That number tells you how bullish or bearish the Oracle really is.

Right now? He's waiting. And when Warren Buffett waits, the rest of us should pay attention.