Berkshire Hathaway Q4 2025 13F Filing: Amazon and Apple Sales Total $2.5B as Buffett Exits Tech

In the final quarter of Warren Buffett’s 60-year tenure as CEO, Berkshire Hathaway made its most dramatic tech retreat yet: a 77% liquidation of Amazon, the 7th consecutive quarter of Apple selling, and another 50.8 million Bank of America shares sold. Together, these three sales shed over $4.2 billion in position value — and the money went not into more tech, but into energy, insurance, and a newspaper.

TL;DR: Berkshire Hathaway Q4 2025 13F — Amazon and Apple Sales

• Amazon (AMZN): Sold 7.72M shares (-77.2%), reducing from $2.2B to $525M
• Apple (AAPL): Sold 10.3M shares (-4.3%) for the 7th consecutive quarter; down from 905M shares at peak to 228M
• Bank of America (BAC): Sold 50.8M shares (-8.9%); 6+ quarters of continuous selling
• What was bought: Chevron +8.1M shares, Chubb +2.9M, New York Times NEW ($352M)
• Portfolio value: $274.2 billion (+2.6% QoQ despite the selling)
• Net selling streak: 13 consecutive quarters
• Context: Buffett’s final quarter as CEO (retired December 31, 2025)
• Cash reserve: Record $300B+ at the conglomerate level

The Amazon Exit: From “Idiot for Not Buying” to 77% Liquidation

When Berkshire first disclosed its Amazon position in Q1 2019, Buffett told CNBC he had been “an idiot” for not buying the stock sooner. The position grew to 10 million shares worth $2.2 billion by Q3 2025 — a meaningful sum for most investors, but just 0.82% of Berkshire’s portfolio.

In Q4 2025, Berkshire sold 7.72 million of those 10 million shares. The remaining 2.28 million shares are worth just $525 million, or 0.19% of the portfolio. Amazon has gone from Berkshire’s 17th-largest position to its 27th — effectively a vestigial holding.

Why the exit? Amazon never reached Berkshire’s conviction threshold. At its peak, it was under 1% of the portfolio — a position size that suggests it was always more of a toe-dip than a commitment. In a quarter focused on simplification, a sub-1% position with no clear path to becoming a core holding was an obvious candidate for harvesting.

The timing is also notable. This was Buffett’s last quarter. Selling Amazon cleans the portfolio for Greg Abel — no ambiguous mid-size tech positions to wonder about, just the core holdings Berkshire intends to own for decades.

Apple: The 7th Consecutive Quarter of Selling

The Apple selling has become Berkshire’s defining story over the past two years. The numbers are staggering:

• Q1 2024 peak: approximately 905 million shares
• Q4 2025: 227.9 million shares
• Total sold: approximately 677 million shares (-74.8%)
• Estimated proceeds: $115 billion+ cumulative

In Q4 2025 specifically, Berkshire sold 10.29 million shares (-4.3%). But here is the paradox: despite selling, the position’s value increased by $1.3 billion (from $60.66B to $61.96B) because Apple’s stock price rose 8.3% during the quarter.

This is not a bet against Apple. Buffett has repeatedly praised Apple’s business, calling it “a better business than any we own.” The selling is about three things:

1. Position sizing: At 905M shares, Apple was nearly 50% of the portfolio. At 228M shares, it is 22.6% — still enormous, but no longer existentially concentrated.
2. Tax management: Selling appreciated stock at favorable long-term capital gains rates generates cash while the tax environment is known.
3. Succession planning: Handing Greg Abel a portfolio where one stock is 50% creates an impossible management problem. At 23%, it is merely a large position.

Bank of America: The Quiet Unwind

While Amazon and Apple grab headlines, the Bank of America selling may be the most telling. Berkshire sold 50.77 million shares in Q4 (-8.9%), continuing a reduction that has persisted for six or more quarters.

Berkshire was once Bank of America’s largest shareholder. The position originated from a famous 2011 deal where Buffett invested $5 billion in preferred stock plus warrants during the bank’s post-crisis struggles. It was one of his most profitable trades. Now, the steady selling suggests Berkshire is harvesting those gains while BAC trades near all-time highs.

At 517.3 million shares ($28.45B), BAC remains the #3 position at 10.4% of the portfolio. But at the current pace of 50M+ shares per quarter, the position could be halved within two years.

What Berkshire Bought Instead: The Q4 2025 Additions

The contrast between what was sold and what was bought reveals a clear strategic direction:

Chevron (CVX) +8.1M shares: The largest buy. Buffett is building energy conviction while others are rotating away from fossil fuels. Chevron’s capital return program (dividends + buybacks) and disciplined CapEx make it a Buffett-style compounder.

Chubb (CB) +2.9M shares: Second straight quarter of buying. Swiss-based global insurer with best-in-class underwriting. This is Berkshire buying what it knows best — insurance.

Domino’s Pizza (DPZ) +370K shares: Small addition, big signal. Domino’s has a franchise model with 99% franchised stores, recurring royalty revenue, and strong unit economics — a consumer moat.

New York Times (NYT) — NEW $352M: 5.07 million shares. In 2020, Buffett called newspapers “toast.” In 2025, he invested in one. The difference: NYT is a digital subscription platform with 11M+ paying subscribers and recurring revenue. It is no longer a newspaper — it is a subscription business that happens to produce journalism.

Berkshire Hathaway Q4 2025 13F Filing: Amazon and Apple Sales in Context

Looking at the Berkshire Hathaway Q4 2025 13F filing, the Amazon and Apple sales are part of a larger 13-quarter pattern of net selling. Berkshire has reduced its 13F portfolio from a $351.9 billion peak (Q4 2023) to $274.2 billion today — a 22% contraction while the S&P 500 gained over 20%.

The rotation is clear: out of tech and financials, into energy and insurance. Among the top 10 holdings, only Chevron and Chubb saw share increases. Meanwhile, the three largest sells (Amazon, Apple, BAC) are all tech or finance. The top 10 now account for 88.3% of the portfolio, with 6 of those 10 positions completely unchanged — held without a single share bought or sold.

For the complete overview of this quarter’s filing, see our February 2026 13F filing analysis and the comprehensive Q4 deep dive.

What Analysts Might Misread About These Sales

1. “Buffett is bearish on Apple.” If Buffett were bearish, he would sell all 228 million shares, not 10 million. At $62 billion and 22.6% of the portfolio, Apple is the single highest-conviction position in the 13F. The selling is about reducing from dangerously concentrated (50% at peak) to merely large (23%).

2. “The Amazon exit means Buffett thinks Amazon is overvalued.” Unlikely. Amazon was never a core position — it peaked at 0.82% of the portfolio. This is a simplification move, not a valuation call. Buffett is removing positions that don’t justify the attention cost for a $274B portfolio.

3. “Berkshire is running from technology.” Apple is still 22.6% of the portfolio and Alphabet is 2%. Berkshire is not anti-tech — it is anti-concentration. Reducing Apple from 50% to 23% is prudent risk management, not a sector call.

4. “The buying (CVX, CB, NYT) is too small to matter.” In dollar terms, the buys ($1.5B in new capital deployed) are dwarfed by the sells ($4B+ harvested). But the direction matters more than the magnitude. Berkshire is telling you where it sees value: energy infrastructure, insurance quality, and subscription media.

Frequently Asked Questions

Why did Buffett sell Amazon stock in Q4 2025?

Berkshire sold 77.2% of its Amazon position (7.72 million of 10 million shares) in Q4 2025. The most likely explanation is portfolio simplification: Amazon was a sub-1% position that never reached Berkshire’s conviction threshold. In Buffett’s final quarter as CEO, clearing small positions helps Greg Abel manage a cleaner portfolio.

Is Buffett selling all his Apple shares?

No. After 7 quarters of selling, Berkshire still holds 227.9 million Apple shares worth $62 billion — making it the #1 position at 22.6% of the portfolio. The selling has slowed (4.3% in Q4 vs. much larger reductions in 2024). Apple remains Berkshire’s largest and most important holding.

How many Apple shares has Berkshire sold total?

From a peak of approximately 905 million shares (Q1 2024) to 228 million shares (Q4 2025), Berkshire has sold approximately 677 million Apple shares — a 74.8% reduction. The estimated cumulative proceeds exceed $115 billion.

What is Berkshire Hathaway buying instead of tech stocks?

In Q4 2025, Berkshire added to Chevron (+8.1M shares, energy), Chubb (+2.9M, insurance), and Domino’s Pizza (+370K, consumer franchise). The most notable new position was a $352 million investment in the New York Times (5.07M shares) — a digital subscription business.

Why is Berkshire selling Bank of America?

Berkshire has been selling BAC for 6+ consecutive quarters. The position originated from a 2011 crisis-era investment that has been enormously profitable. At near-record bank stock prices, Berkshire is likely harvesting gains. The position remains #3 at $28.5 billion but is shrinking steadily.

Methodology

Data sourced from Berkshire Hathaway’s Q4 2025 13F-HR filing (accession: 0001193125-26-054580), filed February 17, 2026. 13F filings disclose U.S. equity positions above $100 million. They do not include short positions, non-U.S. equities, derivatives, or wholly-owned subsidiaries. QoQ comparisons reference the Q3 2025 filing dated November 14, 2025. Apple share count trajectory is based on sequential 13F filings from Q1 2024 through Q4 2025.