Buffett Dumps 77% of Amazon in His Final Quarter as CEO - Berkshire Hathaway Q4 2025 13F Deep Dive

Warren Buffett just filed his final 13F as CEO of Berkshire Hathaway — and it contains some striking signals. The biggest headline: a 77% reduction in Amazon, slashing the position from 10 million shares to just 2.28 million. But that's just one piece of a broader pattern. This is Berkshire's 13th consecutive quarter of net stock selling, and it comes as Buffett hands the CEO role to Greg Abel and investment lieutenant Todd Combs departs for JPMorgan.

TL;DR

• Portfolio: $274.2B across 42 holdings (Q3: $267.3B, 41 holdings)
• Top 5 concentration: 70.9% — AAPL (22.6%), AXP (20.5%), BAC (10.4%), KO (10.2%), CVX (7.2%)
• Biggest cut: AMZN slashed 77% (10M → 2.28M shares)
• Continued trimming: AAPL -4.3%, BAC -8.9% (50.8M shares sold)
• Additions: CVX +6.6%, DPZ +12.3%, Chubb +9.3%
• New position: New York Times (NYT) — $352M, 5.1M shares
• Context: Buffett's last quarter as CEO; Greg Abel takes over 2026

Portfolio Concentration: The Berkshire Signature

Berkshire's portfolio remains one of the most concentrated among major institutional investors. The top 10 holdings account for 88% of the $274.2B portfolio, with Apple and American Express alone commanding 43% of total assets. This is a portfolio that makes a clear statement: Buffett and his team have conviction in a handful of businesses, not broad diversification.

The financial sector dominates at roughly 40% of assets — driven by American Express, Bank of America, Moody's, and Visa. Energy is the second major overweight through Chevron and Occidental Petroleum (where Berkshire controls 26.9% of outstanding shares). Consumer staples round out the third pillar via Coca-Cola and Kraft Heinz.

AUM Trajectory: Selling Into Strength

Despite 13 straight quarters of net selling, Berkshire's portfolio value has stabilized and begun recovering. After peaking at $363.6B in Q1 2022 and declining to a trough of $257.5B in Q2 2025, the portfolio has rebounded to $274.2B — largely driven by price appreciation in existing holdings rather than new purchases.

This trajectory tells a clear story: Buffett is harvesting gains and building cash reserves. Berkshire's cash pile is expected to have grown even further when Q4 earnings are reported on February 28. The implication? Buffett sees limited opportunity at current market valuations — or is deliberately leaving dry powder for Greg Abel's tenure.

The Big Moves: What Changed in Q4 2025

Amazon: The 77% Reduction

The most dramatic move was slashing Amazon from 10 million shares to just 2.28 million — a 77.2% reduction worth roughly $1.7B in sales. This position was always small relative to Berkshire's portfolio (under 1%), and this likely reflects Todd Combs's departure. Multiple Combs-associated positions were trimmed, suggesting Berkshire is selectively unwinding positions where the departing manager had the strongest conviction.

Apple: Slow Bleed Continues

Apple was trimmed by 10.3 million shares (-4.3%), continuing a multi-quarter reduction that began in 2024. Before the selling campaign, Apple comprised over 50% of Berkshire's equity portfolio. At 22.6%, it remains the largest holding but is now at a level that looks more like a permanent core position than a dominant bet. The trimming appears systematic rather than panic-driven.

Bank of America: The Ongoing Exit

Berkshire sold another 50.8 million shares of Bank of America (-8.9%), continuing a reduction that has been underway for several quarters. BAC remains the third-largest holding at $28.5B and 10.4%, but the selling pace suggests Buffett is gradually right-sizing this position.

Where Berkshire Is Adding

Chevron saw 8.1 million shares added (+6.6%), reinforcing Berkshire's energy thesis. Combined with Occidental, Berkshire has a massive energy sector overweight — a bet on sustained fossil fuel demand.

Chubb (CB) received 2.9 million additional shares (+9.3%), bringing Berkshire's ownership to approximately 8.5% of the company. This insurance play aligns perfectly with Berkshire's core competency.

Domino's Pizza was boosted by 368K shares (+12.3%), a consumer name that fits Berkshire's preference for strong brand franchises with pricing power.

The New York Times Surprise

The lone new position is the New York Times (NYT) — 5.07 million shares worth $352M. This is fascinating given that Buffett sold all of Berkshire's newspaper properties in 2020 and has repeatedly questioned the newspaper business model. However, as he noted at the 2018 annual meeting, the NYT and Wall Street Journal are among the few papers that "successfully transitioned to digital media." At 0.13% of the portfolio, this is likely a Combs or Weschler pick rather than a Buffett-initiated position.

What the Market Is Likely Misreading

The headlines will focus on the Amazon sale, but the bigger story is structural. Nine holdings were trimmed in a single quarter — an unusually high number for Berkshire. This isn't Buffett souring on the market broadly. It's more likely a portfolio transition event: positions associated with the departing Todd Combs are being reduced, while positions that reflect the Abel-Weschler era are being maintained or grown.

Also worth noting: Berkshire's $274.2B 13F portfolio represents only the U.S. publicly traded equity portion. Berkshire's Japanese trading company stakes (Itochu, Marubeni, Mitsubishi, Mitsui, Sumitomo) — now worth over $30B — don't appear in the 13F. Buffett has said he expects Berkshire to own them for "fifty years or more."

Frequently Asked Questions

What did Buffett buy in Q4 2025?

Berkshire added to Chevron (+8.1M shares), Chubb (+2.9M shares), Domino's Pizza (+368K shares), and Sirius XM. The only new position was the New York Times (NYT, 5.07M shares worth $352M).

Did Buffett sell Amazon in Q4 2025?

Yes — Berkshire reduced its Amazon position by 77.2%, selling 7.72 million shares. The remaining 2.28 million shares are worth approximately $525M, down from $2.2B.

Why is Buffett selling Apple?

Apple was trimmed by 4.3% (10.3M shares) in Q4. This continues a multi-quarter right-sizing that began when Apple represented over 50% of the portfolio. At 22.6%, it remains Berkshire's largest holding.

Is this Buffett's last 13F filing?

This is Buffett's final 13F as CEO. Greg Abel assumed the CEO role starting 2026, and Todd Combs has departed for JPMorgan. Future filings will reflect the new leadership's investment decisions.

What are Berkshire Hathaway's top holdings?

As of Q4 2025: Apple (22.6%), American Express (20.5%), Bank of America (10.4%), Coca-Cola (10.2%), and Chevron (7.2%). The top 5 represent 70.9% of the $274.2B portfolio.

How big is Berkshire Hathaway's portfolio?

Berkshire's U.S. publicly traded equity portfolio totaled $274.2B across 42 holdings as of December 31, 2025. This doesn't include Berkshire's Japanese trading company stakes (worth $30B+), its wholly-owned businesses (BNSF, BHE, Geico), or its massive cash reserves.

Analyst's Take

This filing marks the end of an era. Buffett's 13th consecutive quarter of net selling isn't a bearish signal per se — it's the Oracle of Omaha doing what he's always done: being patient, harvesting overvalued positions, and building dry powder for opportunities that may emerge under Abel's leadership. The concentration in financials, energy, and consumer staples reflects a bet on durability over growth. Whether Abel maintains this posture or deploys the cash pile aggressively will define the next chapter of Berkshire Hathaway's investment story.

Explore more: Berkshire Hathaway full holdings | Apple institutional holders | Amazon institutional holders | Chevron institutional holders