Berkshire Hathaway ended 2025 as a net equity seller, trimming major holdings like Apple and Amazon, while increasing stakes in energy and insurance, notably taking a 3% position in The New York Times amid leadership changes and wildfire liabilities.
Berkshire Hathaway ended 2025 as a net seller of equities, trimming several of its largest positions even as it selectively bolstered holdings in energy and insurance and stepped back into the newspaper business.
According to CNBC’s review of the conglomerate’s latest filings, the fourth quarter marked another period of reductions in Apple and Bank of America and a steep cut to the company’s Amazon stake. Apple has been pared repeatedly since mid‑2023 and, despite sales in seven of the past nine quarters, remained Berkshire’s single largest equity holding, valued at roughly $60 billion at the end of the period. Bank of America has been reduced for six consecutive quarters, and the Amazon position was slashed by about 77% during Q4. CNBC notes those trimming moves helped widen the gap between Apple and second‑largest holding American Express to just under $8 billion.
Industry observers have described the pattern as part of a longer run of disciplined selling. Kiplinger reports Berkshire’s U.S. stock portfolio ended 2025 at about $274.2 billion and that the company has been a net seller for thirteen consecutive quarters, with an estimated $14 billion of dispositions during the year. Fintool’s analysis of the quarterly 13F filing highlights the concentration of the portfolio: the top five names, Apple, American Express, Bank of America, Coca‑Cola and Chevron, account for roughly 70% of the equity book.
Where shares were added, the emphasis was on energy and insurance. Berkshire increased its Chevron stake by roughly 6.5–6.6% in the quarter, adding more than $1 billion of market value as higher crude prices lifted the oil major’s shares. The group also expanded its position in insurer Chubb by about 9%, a move that added nearly $900–$1,000 million of value to that holding. Kiplinger and other outlets flag those increases among the most meaningful buys in Q4, alongside modest raises in Domino’s and a small addition to outdoor advertising shares.
Berkshire’s only new equity disclosed in the filing was a modest but symbolic position in The New York Times Company. CNBC and the Associated Press both report the stake is in the low hundreds of millions of dollars, roughly $350–$395 million, equal to a roughly 3% ownership of the company by market value. The AP notes the purchase comes six years after Warren Buffett declared the local‑newspaper business “toast” and after Berkshire divested its regional newspaper holdings in 2020, suggesting the Times entry reflects confidence in a national outlet that has rebuilt substantial digital revenue streams through subscriptions and auxiliary properties such as Wordle and The Athletic. Fintool and Kiplinger attribute the purchase more likely to Berkshire’s portfolio managers than to Buffett personally, and note Todd Combs’ departure to JPMorgan earlier in the quarter removed one of the investment team’s long‑time decision‑makers.
The personnel and governance picture shifted at the calendar turn. Greg Abel assumed the chief executive role on January 1, 2026, while Buffett remains chairman; CNBC and Kiplinger describe Abel and Ted Weschler as overseeing day‑to‑day portfolio decisions after Combs’ exit. Financial commentators say that personnel movements may help explain certain portfolio reallocations, including the large Amazon sale that some reports associate with trading previously overseen by Combs.
Beyond its securities activity, Berkshire moved to resolve massive wildfire exposure tied to its utility operations. The U.S. Department of Justice announced that PacifiCorp agreed to pay $575 million to settle federal claims alleging the company’s transmission lines ignited six fires in California and Oregon in 2020 and 2022. The DOJ emphasised the settlement addresses government fire‑suppression costs and natural‑resource losses while preserving PacifiCorp’s ability to provide electricity at fair prices. PacifiCorp, quoted in news releases cited by CNBC, said it continues to deny liability and has now resolved nearly 90% of known claims, paying more than $2.2 billion to provide “certainty for customers and progress toward a financially healthy utility.”
In a separate move to shore up the utility’s finances and simplify operations, PacifiCorp said it will sell $1.9 billion of Washington State assets to Portland General Electric, part of broader efforts to manage exposure from private claims that have been estimated as high as tens of billions of dollars.
Despite the portfolio churn, market reaction to Berkshire’s sales was muted; CNBC notes the stocks trimmed by the conglomerate finished the week higher. Company financials reported at year‑end showed a substantial cash position, figures cited in media coverage put cash and equivalents in the high hundreds of billions when combined with short‑term holdings, underscoring Berkshire’s capacity to redeploy capital selectively.
Taken together, the quarter reflects a cautious, concentrated approach by Berkshire’s investing team as leadership transitions and external risks, particularly wildfire liability for its utilities, remain prominent. Analysts writing for Kiplinger and other outlets characterise the activity as consistent with long‑standing Berkshire principles: heavy conviction in a small number of holdings, active risk management in operating businesses, and a readiness to reallocate capital when circumstances change.
- https://www.cnbc.com/2026/02/21/berkshire-was-a-net-seller-of-stocks-in-buffetts-final-quarter-as-ceo.html – Please view link – unable to able to access data
- https://www.cnbc.com/2026/02/21/berkshire-was-a-net-seller-of-stocks-in-buffetts-final-quarter-as-ceo.html – In Warren Buffett’s final quarter as CEO, Berkshire Hathaway was a net seller of stocks, reducing its holdings in Apple, Bank of America, and Amazon. The company also increased its stake in Chevron and Chubb, and made a new investment in The New York Times Company. Additionally, Berkshire’s utility subsidiary, PacifiCorp, settled federal wildfire claims by agreeing to pay $575 million to resolve damage claims over six fires in California and Oregon in 2020 and 2022.
- https://apnews.com/article/0538fa0915e5039fae4885b5fe0c571f – Six years after Warren Buffett declared the newspaper industry ‘toast’ and sold all of Berkshire Hathaway’s holdings in local newspapers, the company has made a surprising $350 million investment in The New York Times. This move, disclosed in a quarterly SEC filing, marks a renewed confidence in select media outlets, particularly those with strong digital platforms and national reputations. The investment comes during Buffett’s final quarter as CEO, though it is unclear whether he personally made this decision. Analysts see this as validation of the Times’ transformation into a digital media powerhouse, with assets including its Wordle game, The Athletic sports platform, and a large digital subscriber base.
- https://www.kiplinger.com/investing/stocks/warren-buffett-stocks-berkshire-hathaway-portfolio – As of the end of 2025, Berkshire Hathaway’s U.S. stock portfolio, valued at $274.2 billion, entered a new era following Warren Buffett’s retirement as CEO. While Buffett remains chairman, CEO Greg Abel and investment manager Ted Weschler now oversee the portfolio, with Todd Combs departing for JPMorgan Chase. The portfolio remains highly concentrated, with Apple, American Express, Bank of America, Coca-Cola, and Chevron making up 70% of the holdings—Apple alone accounts for 22.6%. Berkshire’s portfolio has evolved significantly in recent years. Traditional positions have given way to technology and energy stocks, notably Apple, Amazon, and Chevron. Recent activity includes increases in Chevron, Chubb, and Domino’s Pizza holdings, and a new position in The New York Times. Meanwhile, Berkshire has continued to trim positions in Apple, Bank of America, Amazon (down 77%), and others as it rebalances. Buffett remains bullish on long-standing favorites like Apple, AmEx, and Coca-Cola, emphasizing quality companies with strong cash flows. The investments reflect Buffett’s philosophy of minimal diversification: focusing instead on a few high-conviction bets that have historically driven returns.
- https://www.kiplinger.com/stocks-warren-buffett-is-buying-and-selling-berkshire-hathaway – As of Q4 2025, Warren Buffett’s Berkshire Hathaway maintained its cautious investment stance, continuing a 13-quarter streak as a net seller of stocks, with approximately $4 billion sold in the fourth quarter and an estimated $14 billion sold throughout 2025. The portfolio, currently managed by CEO Greg Abel with support from Ted Weschler after Buffett’s step-down as CEO, still reflects Buffett’s focused investment philosophy. Apple remains the largest holding, even after a 4% reduction, comprising nearly 23% of the portfolio. Berkshire also trimmed stakes in Bank of America, Amazon (cut by 77%), DaVita, Constellation Brands, and several others. Despite its conservative stance, Berkshire did make select buys, including increasing stakes in Chevron (+7%), Chubb (+9%), and Domino’s Pizza (+12%), and initiating a new position in The New York Times ($352M stake). The firm also made a minor addition to Lamar Advertising. These moves highlight Berkshire’s continued interest in energy, insurance, media, and consumer sectors amid record market valuations. Currently, the firm holds about $280 billion in stocks and over $380 billion in cash.
- https://fintool.com/news/buffett-final-quarter-amazon-apple-nyt – In what may be his most symbolic quarter as Berkshire Hathaway’s chief executive, Warren Buffett slashed the conglomerate’s Amazon stake by more than three-quarters, continued his methodical Apple exit, and made a $352 million bet on The New York Times—a full-circle return to the newspaper industry he abandoned in 2020 calling it ‘toast.’ The Q4 2025 13F filing, released February 17, marks the final quarterly snapshot of Buffett’s 60-year tenure atop Berkshire Hathaway. Greg Abel officially took the CEO reins on January 1, 2026, while the 95-year-old Oracle of Omaha remains chairman. The Numbers: A Quarter of Decisive Moves Berkshire’s $274.2 billion equity portfolio recorded its 13th consecutive quarter of net selling. The headline moves: Position | Action | Details — | — | — Amazon | Sold 77% | 7.7M shares sold, ~~2.3M remaining (~~$457M value) Apple | Trimmed 4.3% | 10.3M shares sold, still $62B position New York Times | New position | 5.07M shares, $352M (3% stake) Bank of America | Trimmed | Continued reduction Chevron | Added | Increased stake Chubb | Added | Increased stake The concentration remains extreme: the top five holdings—Apple, American Express, Bank of America, Coca-cola, and Chevron—account for 70.9% of the portfolio, with the top ten at 88%.
- https://wtop.com/news/2026/02/10-stocks-warren-buffett-just-bought-and-sold-2/ – Chevron Corp. (CVX) | 6.5% Chubb Ltd. (CB) | 8.6% Davita Inc. (DVA) | -5.2% Constellation Brands Inc. (STZ) | -3.0% Domino’s Pizza Inc. (DPZ) | 12.3% Aon PLC (AON) | -12.1% Amazon.com Inc. (AMZN) | -77.2% New York Times Co. (NYT) | New Sold: Apple Inc. (AAPL) In the fourth quarter, Buffett continued his selling of Berkshire’s largest holding — iPhone maker Apple. In 2024, Berkshire sold more than 600 million shares of Apple. In the third and fourth quarters of 2025, Berkshire sold another 53 million shares. Buffett has not given a specific public explanation for the Apple sales, but he first invested in Apple back in the first quarter of 2016. Since the beginning of 2016, Apple’s stock has generated a total return of more than 1,000%.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article discusses recent events, including Berkshire Hathaway’s Q4 2025 investment activities and the leadership transition from Warren Buffett to Greg Abel. The latest available information on these topics is from early February 2026, indicating that the content is relatively fresh. However, the article’s publication date is February 21, 2026, which is slightly over a week old. Given the rapidly evolving nature of financial markets and corporate developments, this slight delay is acceptable.
Quotes check
Score:
7
Notes:
The article includes direct quotes from various sources, such as Warren Buffett and analysts. While the Associated Press article from February 17, 2026, is cited, the specific quotes attributed to Buffett and others are not directly verifiable in the provided sources. This lack of direct verification raises concerns about the authenticity of the quotes. The absence of direct matches for some quotes suggests they may not be independently verifiable.
Source reliability
Score:
8
Notes:
The article is published on CNBC, a reputable news organisation known for its financial reporting. However, the Associated Press article cited is from February 17, 2026, which is slightly over a week old. Given the rapidly evolving nature of financial markets and corporate developments, this slight delay is acceptable. The article does not appear to be republished across low-quality sites or clickbait networks.
Plausibility check
Score:
9
Notes:
The claims made in the article align with known events, such as Berkshire Hathaway’s investment activities in Q4 2025 and the leadership transition to Greg Abel. The information is consistent with other reputable sources, including the Associated Press and Kiplinger. The article provides specific details, such as the reduction in Apple and Bank of America holdings and the new investment in The New York Times, which are corroborated by other reports.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article provides a factual account of Berkshire Hathaway’s Q4 2025 investment activities and the leadership transition to Greg Abel. While the content is generally consistent with other reputable sources, the inability to independently verify some direct quotes raises concerns about the authenticity of certain statements. Given the overall reliability of the sources and the corroboration of most information, the article passes the fact-check with medium confidence.