Berkshire Hathaway’s Top 10 Holdings in Q4 2025: 88% of $274B in Just Ten Stocks

In Warren Buffett’s final quarter as CEO, Berkshire Hathaway’s portfolio reached a level of concentration that would make most institutional investors uncomfortable: 88.3% of $274.2 billion sits in just ten stocks. The Q4 2025 13F filing, submitted on February 17, 2026, reveals a portfolio that is less a diversified fund and more a collection of high-conviction bets — with Apple and American Express alone commanding 43% of assets.

TL;DR: Berkshire Hathaway Top 10 Holdings Q4 2025

• Total portfolio: $274.2 billion across 42 unique holdings (Q4 2025 13F)
• Top 10 concentration: 88.3% of portfolio ($242.0B) in just ten stocks
• Top 2 dominance: Apple ($62.0B, 22.6%) + American Express ($56.1B, 20.5%) = 43.1%
• Top 5 weight: 70.9% — nearly three-quarters in five names
• Active sells inside top 10: Apple (-10.3M shares, -4.3%) and Bank of America (-50.8M, -8.9%)
• Active buys inside top 10: Chevron (+8.1M shares, +6.6%) and Chubb (+2.9M, +9.3%)
• Bottom 32 positions: Share just 11.7% of the portfolio combined
• Filing context: Buffett’s final quarter as CEO — retired December 31, 2025

Berkshire Hathaway’s Top 10 Holdings in Q4 2025

The Berkshire Hathaway top 10 holdings in Q4 2025 represent $242.0 billion of the $274.2 billion 13F portfolio. Here is the complete breakdown, ranked by market value as of December 31, 2025:

#	Ticker	Company	Value	Weight	Shares	QoQ Change
1	AAPL	Apple Inc	$61.96B	22.60%	227.9M	-10.3M (-4.3%)
2	AXP	American Express	$56.09B	20.46%	151.6M	Unchanged
3	BAC	Bank of America	$28.45B	10.38%	517.3M	-50.8M (-8.9%)
4	KO	Coca-Cola	$27.96B	10.20%	400.0M	Unchanged
5	CVX	Chevron	$19.84B	7.24%	130.2M	+8.1M (+6.6%)
6	MCO	Moody’s Corp	$12.60B	4.60%	24.7M	Unchanged
7	OXY	Occidental Petroleum	$10.89B	3.97%	264.9M	Unchanged
8	CB	Chubb Limited	$10.69B	3.90%	34.2M	+2.9M (+9.3%)
9	KHC	Kraft Heinz	$7.90B	2.88%	325.6M	Unchanged
10	GOOGL	Alphabet Class A	$5.59B	2.04%	17.8M	Unchanged

Portfolio Concentration: An Extreme by Any Measure

To understand how unusual Berkshire’s concentration is, consider what the numbers actually mean:

• Top 1 (Apple): 22.6% — A single stock represents nearly a quarter of a $274B portfolio
• Top 2 (Apple + AmEx): 43.1% — Two stocks hold more than $118 billion combined
• Top 5: 70.9% ($194.3B) — Nearly three-quarters in five names
• Top 10: 88.3% ($242.0B) — Leaves just $32.2B across the remaining 32 positions

For comparison, a typical large institutional investor holds hundreds of positions with their top 10 rarely exceeding 30–40% of the portfolio. Berkshire’s 88% is more reminiscent of a concentrated hedge fund than a $274 billion conglomerate. This is deliberate — Buffett has long argued that diversification is “protection against ignorance” and that concentrated portfolios outperform when you know what you own.

The gap between Apple and American Express has narrowed significantly. A year ago, Apple led by over $10 billion; today the difference is just $5.9 billion. If the selling continues at this pace, American Express could become Berkshire’s largest holding within two quarters.

What Changed Inside the Top 10

Only 4 of the 10 positions saw share count changes. The other 6 — AXP, KO, MCO, OXY, KHC, and GOOGL — were held without a single share bought or sold.

Apple (AAPL) — Sold 10.3M shares (-4.3%): This marks the 7th consecutive quarter of Apple selling. Berkshire has reduced from approximately 905 million shares at the Q1 2024 peak to 228 million today — a 74.8% reduction. Despite selling, the position’s value actually rose $1.3 billion QoQ because Apple’s stock price appreciated 8.3% in Q4. For a deeper look at the Apple selling timeline, see our analysis of Berkshire’s Apple and Amazon sales.

Bank of America (BAC) — Sold 50.8M shares (-8.9%): The largest single reduction by share count in the top 10. BAC has been in steady sell-down for over 6 quarters. Once Berkshire’s largest bank position, it’s being methodically unwound while remaining the #3 holding at $28.5 billion.

Chevron (CVX) — Added 8.1M shares (+6.6%): One of only two top-10 positions with share increases. Buffett is actively building the energy position, signaling conviction in oil prices or Chevron’s capital return program.

Chubb (CB) — Added 2.9M shares (+9.3%): Second consecutive quarter of buying. The insurance giant’s value rose 20.9% QoQ to $10.69 billion, making it the #8 position. Chubb fits squarely in Berkshire’s insurance circle of competence.

The Holdings Outside the Top 10

The remaining 32 positions share just $32.2 billion (11.7% of the portfolio). The most notable moves outside the top 10:

• Amazon (AMZN): Slashed 77.2% of shares (10.0M to 2.28M). Once a $2.2B position, now just $525M — essentially a rounding error at 0.19% of the portfolio. See our February 2026 13F filing analysis for details.
• New York Times (NYT): Brand new $352M position (5.07M shares). Buffett called newspapers “toast” in 2020 — his return to the sector via NYT’s subscription-based digital model is symbolic.
• Domino’s Pizza (DPZ): Added 12.3% to reach $1.4 billion — a classic Buffett franchise play.

AUM History: From $352B Peak to $274B

Berkshire’s 13F portfolio value peaked at $351.9 billion in Q4 2023. Since then, it has contracted 22% to $274.2 billion — not because of market losses, but because of deliberate net selling for 13 consecutive quarters.

The S&P 500 gained over 20% during this same period. The divergence between portfolio value and market performance is Buffett’s clearest signal: he has been systematically harvesting gains and building cash (now exceeding $300 billion at the conglomerate level) rather than deploying capital. This is the portfolio of someone preparing for a handoff — simpler, more concentrated, and backed by unprecedented liquidity. For the full context of this quarter’s filing, see our comprehensive Q4 2025 deep dive.

What Analysts Might Misread

1. “Berkshire is bearish on Apple.” The selling is about position sizing, not conviction. At $62 billion, Apple is still 22.6% of the portfolio — enormous by any standard. Buffett has repeatedly praised Apple’s business. The selling is about reducing concentration risk and harvesting gains for tax and capital allocation purposes.

2. “The portfolio is shrinking because Berkshire is losing money.” The opposite: Berkshire is choosing to be smaller. With $300B+ in cash, this is active de-risking, not distress. The AUM decline is entirely from net selling, not market losses.

3. “The concentration is a risk.” For most funds, 88% in 10 stocks would be reckless. For Berkshire, whose wholly-owned operating businesses generate $35B+ in annual operating earnings, the 13F portfolio is just one leg of a much larger stool. The concentration reflects conviction, not recklessness.

4. “Unchanged positions mean Buffett isn’t paying attention.” Six of ten positions were held without a single share change. In Buffett’s framework, the best holding period is forever. Coca-Cola’s 400 million shares haven’t changed in years — that’s not neglect, it’s the highest form of endorsement.

Frequently Asked Questions

What are Berkshire Hathaway’s top 10 holdings in Q4 2025?

Berkshire’s top 10 holdings as of Q4 2025 are: Apple ($62.0B), American Express ($56.1B), Bank of America ($28.5B), Coca-Cola ($28.0B), Chevron ($19.8B), Moody’s ($12.6B), Occidental Petroleum ($10.9B), Chubb ($10.7B), Kraft Heinz ($7.9B), and Alphabet ($5.6B). Together they represent 88.3% of the $274.2B portfolio. View all holdings on the Berkshire Hathaway filer page.

What percentage of Berkshire’s portfolio is in its top holdings?

Apple alone is 22.6%. The top 2 (Apple + American Express) are 43.1%. The top 5 are 70.9%. And the top 10 holdings represent 88.3% of the $274.2 billion portfolio, leaving just 11.7% across the remaining 32 positions.

Is Warren Buffett still selling Apple stock?

Yes. In Q4 2025, Berkshire sold 10.3 million Apple shares (a -4.3% reduction). This is the 7th consecutive quarter of selling, bringing the total reduction from approximately 905 million shares at peak to 228 million — a 74.8% cumulative decrease. See our detailed Apple selling analysis.

What is Berkshire buying in Q4 2025?

In the top 10, Berkshire added to Chevron (+8.1M shares, +6.6%) and Chubb (+2.9M shares, +9.3%). Outside the top 10, the notable buy was a brand new $352M position in the New York Times (5.07M shares), plus small additions to Domino’s Pizza (+12.3%).

Why is Berkshire’s portfolio shrinking despite the market going up?

Berkshire has been a net seller of stocks for 13 consecutive quarters. The 13F portfolio is down 22% from its $352B peak in Q4 2023, even as the S&P 500 rose over 20%. This reflects Buffett’s deliberate strategy of harvesting gains, building the record $300B+ cash reserve, and simplifying the portfolio ahead of the Greg Abel CEO transition.

Methodology

Data sourced from Berkshire Hathaway’s Q4 2025 13F-HR filing (accession: 0001193125-26-054580), filed February 17, 2026 with the SEC. 13F filings report equity holdings above $100 million and may not reflect the complete portfolio. Short positions, derivatives, and non-equity assets are not included. Holdings are consolidated across Berkshire’s subsidiary managers. Quarter-over-quarter comparisons use the Q3 2025 13F filing dated November 14, 2025.