Each quarter, fund managers with at least $100 million in assets must publicly disclose their stock holdings to the U.S. Securities and Exchange Commission via form 13F. These forms provide unique insights into the investment strategies of popular money managers. One of the most anticipated quarterly reports comes from Warren Buffett and his $1.1 trillion company, Berkshire Hathaway Inc. (ticker: BRK.B, BRK.A).
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Berkshire’s recent fourth-quarter 13F filing is particularly significant as it will be Buffett’s last as CEO, with Greg Abel set to guide Berkshire’s strategy moving forward. Here’s a look at 10 changes the Oracle of Omaha made to Berkshire’s portfolio in his final quarter at the helm:
| Stock | Change in shares owned |
| Apple Inc. (AAPL) | -4.3% |
| Bank of America Corp. (BAC) | -8.9% |
| 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%. Even after the recent selling, Berkshire’s $62 billion remaining Apple stake is its largest public stock holding.
Sold: Bank of America Corp. (BAC)
Beginning in August 2024, Berkshire submitted a series of filings disclosing sales of Bank of America stock. In the fourth quarter, Berkshire sold an additional 50.8 million shares, reducing Buffett’s stake by another 8.9%. As of the end of December, Berkshire still holds more than 517 million shares of BAC stock worth about $28.5 billion. Buffett first invested in Bank of America back in 2011 during the European debt crisis, but he has exited or dialed back exposure to several bank stocks in recent years. Bank of America is still Berkshire’s third-largest holding.
Bought: Chevron Corp. (CVX)
Buffett first invested in U.S. oil major Chevron in the fourth quarter of 2020. He has since pivoted back and forth with his Chevron stake. Buffett sold Chevron in the first and second quarters of 2021, but Russia’s invasion of Ukraine sent oil prices soaring to 13-year highs in 2022. In response, Buffett bought Chevron again in 2022 but then resumed selling Chevron in the first three quarters of 2023. In the fourth quarter of 2025, Berkshire bought more than 8 million CVX shares, bringing Buffett’s stake back up to 130 million shares worth about $19.8 billion.
Bought: Chubb Ltd. (CB)
Chubb is the world’s largest publicly traded property and casualty insurance company. Buffett took a massive new stake in Chubb in the first quarter of 2024, adding to his sizable exposure to the insurance industry. He continued buying Chubb shares in the fourth quarter, adding nearly another 2.9 million shares and bringing Berkshire’s total investment up to more than 34.2 million shares worth roughly $10.7 billion. Berkshire’s investment represents about an 8.6% ownership stake in Chubb. Chubb’s stock has generated a 26.3% total return in the past year through Feb. 17, and Buffett obviously sees more upside ahead.
Sold: Davita Inc. (DVA)
Davita is a medical care services company that specializes in kidney dialysis services, pharmacy services and other disease management services. Buffett first invested in Davita back in 2011. In February 2025 filings, Berkshire disclosed the sale of 953,091 shares of Davita stock as part of a share repurchase agreement in which Davita agreed to buy back shares of stock to reduce Berkshire’s ownership stake to 45%. That selling continued in the fourth quarter of 2025, further reducing Berkshire’s stake to around 30.1 million shares worth roughly $3.2 billion and representing approximately a 42% ownership stake in the company.
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Sold: Constellation Brands Inc. (STZ)
Constellation Brands produces, markets and distributes beer, wine and spirits. Buffett first invested in Constellation Brands in the fourth quarter of 2024. Berkshire reduced its stake in Constellation by about 3% in the fourth quarter, selling 400,000 shares. Since the beginning of 2025, Constellation has generated a total return loss of roughly 30%. While the stock still looks like a value play at first glance, Constellation has reported three consecutive quarters of negative revenue growth and recently replaced its CEO. Despite the struggles, Berkshire still owns 13 million shares of STZ stock worth about $1.8 billion.
Bought: Domino’s Pizza Inc. (DPZ)
Domino’s Pizza is the world’s largest pizza company, operating in more than 90 international markets that are serviced by more than 21,700 Domino’s stores. Buffett took a brand new stake in Domino’s in the third quarter of 2024, and he continued building his position in the most recent quarter. Berkshire purchased another 368,055 shares of DPZ stock in the fourth quarter of 2025, increasing its stake by 12.3%. As of the end of December, Berkshire held more than 3.3 million shares of Domino’s stock worth roughly $1.4 billion. Domino’s stock has had a rough 12 months, declining about 20% overall.
Sold: Aon PLC (AON)
Aon is a professional services and consulting company focused on areas such as retirement, risk management and health care services. The company’s Risk Capital segment includes its reinsurance solutions and commercial risk business, while its Human Capital segment includes wealth solutions and health solutions. Buffett first invested in Aon in the first quarter of 2021. However, he trimmed his exposure in the fourth quarter, selling nearly 500,000 shares and bringing Berkshire’s total investment down to just over 3.6 million shares worth roughly $1.3 billion. Berkshire’s investment represents about a 1.7% ownership stake in Aon.
Sold: Amazon.com Inc. (AMZN)
Buffett famously missed out on much of Amazon’s historic rise in the early 2000s, but Berkshire finally got on the Amazon train in the first quarter of 2019. Unfortunately, Amazon’s stock price has failed to keep up with the S&P 500’s overall returns since the beginning of 2019. In fact, its share price is already down about 13% year to date in 2026. In the fourth quarter, Berkshire unloaded 7.7 million shares of AMZN stock, reducing the firm’s stake by 77.2%. If that aggressive selling has continued in the first quarter, Berkshire may have already exited its Amazon stake entirely.
Bought: New York Times Co. (NYT)
New York Times is a global media organization focused on collecting, creating and distributing news. Most quarters, Buffett takes at least one or two surprising new stakes. In the fourth quarter, media giant New York Times was Berkshire’s only brand new investment. While legacy newspapers and media platforms continue to face disruption from social media, artificial intelligence and independent journalism, New York Times stock has managed to outperform the S&P 500 by a wide margin in the past decade. In the fourth quarter, Berkshire bought more than 5 million shares of NYT stock worth more than $350 million.
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Update 02/18/26: This story was published at an earlier date and has been updated with new information.
