title: "Berkshire Hathaway 13F Filing February 2026: What Buffett Bought and Sold in Q4 2025" description: "Complete analysis of Berkshire Hathaway's Q4 2025 13F filing. New position in The New York Times, Apple trimmed again, Bank of America reduced, and $300B+ cash pile. Here's what it all means." date: "2026-02-21" category: "Stock Analysis" slug: "berkshire-hathaway-13f-q4-2025-filing-analysis"
Berkshire Hathaway 13F Filing February 2026: Complete Q4 2025 Analysis
Berkshire Hathaway filed its Q4 2025 13F on February 17, 2026, and this one is historic. It's the last filing under Warren Buffett as CEO. He officially retired on December 31, 2025, at age 95, handing the reins to Greg Abel.
The portfolio: 110 equity positions worth approximately $274.2 billion. But the real story is what changed, and what those changes tell us about Berkshire's direction under new leadership.
Here's everything that happened, what it means, and how you can use Moatifi's analysis to evaluate the same stocks Berkshire is buying.
The Headline Moves
Berkshire made 20 total changes in Q4 2025: 4 brand new positions, 4 increases, 9 decreases, and 3 complete exits. That's more active than usual, and the pattern tells a clear story.
New: The New York Times (NYT) - $375 Million
The most surprising move. Berkshire bought 5,065,744 shares of The New York Times, worth roughly $375 million. This is their first known investment in the newspaper company.
Why it makes sense: Buffett sold all of Berkshire's newspaper holdings years ago, saying the industry was in structural decline. But he always carved out an exception for the Times, the Journal, and the Washington Post, saying their digital models were strong enough to survive.
The numbers back it up. NYT has 12.2% net margins, 17.8% return on equity, and generated $551 million in free cash flow in 2025. Their digital subscription business creates recurring revenue with strong retention. That's exactly the type of moat Berkshire looks for: a trusted brand people pay for habitually.
This feels like a Todd Combs or Ted Weschler pick (before Combs departed to JPMorgan Chase), but it's fully consistent with Berkshire's philosophy. Durable brand, pricing power, recurring revenue, reasonable valuation.
Increased: Chevron (CVX), Chubb (CB), Domino's Pizza (DPZ), Lamar Advertising (LAMR)
Berkshire added to all four of these positions, continuing a trend from earlier in 2025.
Chevron is the energy play. Berkshire has been steadily building this position, signaling confidence in oil and gas generating strong cash flows for years to come. CVX has a massive dividend and aggressive buyback program.
Chubb is the insurance play. Berkshire knows insurance better than anyone, and Chubb is a premium underwriter with consistently superior combined ratios. This position has grown from a confidential holding into a core position.
Domino's Pizza might seem out of character, but it has one of the strongest franchise models in the world. Over 20,000 locations, nearly all franchised, with powerful unit economics and a tech-forward delivery operation.
Lamar Advertising owns 300,000+ billboard displays. Outdoor advertising has pricing power (limited supply of good billboard locations), recurring revenue from advertisers, and minimal competition from digital disruption. Classic Berkshire: boring business, wide moat, cash machine.
Trimmed: Apple (AAPL), Bank of America (BAC), Amazon (AMZN)
Apple was cut for the third straight quarter. It's still Berkshire's largest holding by far, but the trend is unmistakable. After selling roughly half the position in 2024, Berkshire continued trimming in every quarter of 2025. The most likely explanation: managing concentration risk and taking profits at elevated valuations. Apple's moat hasn't changed, but the price-to-value ratio has.
Bank of America saw about 50.8 million shares sold. Berkshire has been reducing this position for three straight quarters. BAC remains a top-five holding, but financial sector exposure is clearly being dialed down. After making tens of billions on the original 2011 investment, this looks like prudent portfolio management.
Amazon was also trimmed. With the stock trading at premium multiples and massive AI capital expenditure plans, Berkshire may see better risk-adjusted opportunities elsewhere.
Exited: 3 Positions
Berkshire completely sold out of three positions in Q4. This continues the pattern from recent quarters of consolidating the portfolio into higher-conviction names. The top five holdings still account for over 70% of the total equity portfolio.
The $300 Billion Cash Pile
The elephant in the room. Berkshire's cash position has grown to over $300 billion, the largest in the company's history. Is this bullish or bearish?
Both, depending on your timeframe.
Short-term bearish signal: Buffett isn't finding enough attractive investments at current market valuations. When the greatest stock picker in history is sitting on record cash, it suggests he sees limited margin of safety in today's market. Treasury bills yielding 4%+ give him a reasonable return while waiting.
Long-term bullish signal: When the market eventually corrects, Berkshire has more buying power than any entity on the planet. The cash is dry powder. History shows Berkshire deploys aggressively during downturns (Bank of America in 2011, Apple in 2016, Occidental Petroleum in 2022).
For everyday investors, this is a data point, not a trading signal. Buffett has held elevated cash levels before without an immediate crash following. But it does reinforce the case for maintaining your own margin of safety in stock selection.
The Post-Buffett Era Begins
This filing marks the official start of the Greg Abel era. Here's what stands out:
Continuity, not revolution. The core positions (Coca-Cola, American Express) remain untouched. The new buys (NYT, more Chevron) are consistent with Berkshire's historical philosophy. Abel isn't trying to reinvent the wheel.
Subtle shifts. More willingness to buy media (NYT) and franchise businesses (Domino's) alongside traditional Berkshire sectors like insurance and energy. The portfolio is gradually diversifying.
Todd Combs departure. Combs is leaving for JPMorgan Chase, reducing the investment team. Ted Weschler remains, but succession in the investment office is now a legitimate question for shareholders.
Greg Abel's first annual letter will be released on February 28, 2026, alongside Q4 earnings. That document will be closely watched for any signals about Berkshire's future capital allocation priorities.
What This Means for Your Portfolio
Berkshire's 13F is a free masterclass in capital allocation every quarter. Here's what individual investors can learn from this filing:
Quality over price. Every stock Berkshire bought or added to has strong competitive advantages. NYT has brand moat and recurring revenue. Chevron has resource moat and scale. Chubb has underwriting moat. Domino's has franchise moat. Use Moatifi's stock screener to find similar quality in your own research.
Concentration matters. Berkshire doesn't own 500 stocks. The top five holdings represent over 70% of the portfolio. Having strong conviction in fewer, better businesses beats diversifying into mediocrity.
Cash is a position. Holding $300 billion in cash isn't lazy. It's a statement about the opportunity set. If you're struggling to find stocks with genuine margin of safety, holding cash is a perfectly rational choice.
Think in decades. Coca-Cola has been in the portfolio since 1988. American Express since the 1990s. The best time to buy a great business is when you find one at a fair price, then hold it through everything.
How to Analyze These Stocks Yourself
Want to evaluate the moat strength of Berkshire's holdings? Use Moatifi to get instant AI-powered moat analysis on any of the 458 stocks in our database. Check the competitive advantage breakdown for brands like Apple, Coca-Cola, and American Express. Or use the stock screener to find your own wide-moat investments.
The goal isn't to copy Buffett's portfolio. It's to think like Buffett: find businesses with durable competitive advantages, buy them at reasonable prices, and hold them for the long run.