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

Warren Buffett just made his loudest exit signal yet. In what turned out to be his final 13F filing as Berkshire Hathaway's CEO, Buffett slashed his Amazon position by a staggering 77% — dumping 7.7 million shares in a single quarter. Combined with continued selling of Apple and Bank of America, Berkshire's Q4 2025 filing paints a picture of a legendary investor methodically de-risking before handing the keys to successor Greg Abel.

The filing, submitted on February 17, 2026, covers the quarter ending December 31, 2025. It marks Berkshire's 13th consecutive quarter of net stock selling — and it's the last one with Buffett at the helm.

TL;DR — Berkshire Hathaway Q4 2025 13F Summary

• AUM: $274.2 billion (up 2.6% from $267.3B in Q3)
• Holdings: 42 unique positions (was 41 in Q3)
• Top 5 concentration: 70.9% of portfolio — AAPL (22.6%), AXP (20.5%), BAC (10.4%), KO (10.2%), CVX (7.2%)
• Biggest sell: AMZN cut 77.2% (10M → 2.28M shares)
• Biggest buys: CVX (+6.6%), CB (+9.3%), DPZ (+12.3%)
• New position: New York Times (NYT) — 5.07M shares ($352M)
• Context: Buffett's final quarter as CEO; Greg Abel succeeds him in 2026

Portfolio Composition — Top 10 Holdings

Despite the selling activity, Berkshire's portfolio remains remarkably concentrated. The top 10 holdings account for 88% of the total portfolio value, with Apple and American Express alone making up over 43%.

The concentration tells an important story: Buffett isn't diversifying — he's pruning. Positions he's less convicted about are getting cut, while core holdings like Coca-Cola and American Express remain untouched. This is portfolio housecleaning, not panic selling.

AUM Trajectory — The $274B Question

After a sustained drawdown from the $351.9B peak in Q4 2023 — driven largely by the historic Apple selling campaign — Berkshire's 13F AUM has quietly stabilized and begun recovering. Q4 2025 marks the second consecutive quarter of growth, reaching $274.2B.

It's worth noting that the AUM increase came despite continued net selling. Market appreciation in core holdings — particularly American Express and Chevron — more than offset the share reductions in Apple and Bank of America.

The Amazon Exit — What 77% Really Means

The headline number is dramatic: Berkshire sold 7,724,000 shares of Amazon, reducing its position from 10 million shares to just 2.28 million. At Q4 prices, this represents roughly $1.67 billion in proceeds.

But context matters. Amazon was never a Buffett-size position. Even at 10 million shares, it represented less than 1% of the portfolio. Todd Combs and Ted Weschler managed this position, and with Combs departing for JPMorgan, it's likely this reflects a Combs-managed position being wound down rather than a fundamental view on Amazon's business.

The remaining 2.28 million shares ($525M) are now just 0.19% of the portfolio — essentially a stub position that could disappear entirely in Q1 2026.

The Sells — Apple, BofA, and the Trimming Pattern

Apple continues its slow bleed, shedding another 10.3 million shares (-4.3%). This is notably smaller than previous quarters — Berkshire dumped roughly 500 million Apple shares between Q1 and Q3 2024. The deceleration suggests Buffett is approaching his target allocation rather than exiting entirely.

Bank of America saw a more significant reduction: 50.8 million shares sold (-8.9%). This continues a selling program that began in mid-2024, though BAC remains Berkshire's third-largest holding at $10.4B (10.4% of portfolio).

Several smaller positions were also trimmed:

• STZ (Constellation Brands): 13.4M → 13.0M shares (-3.0%)
• AON: 4.1M → 3.6M shares (-12.1%)
• POOL (Pool Corp): 3.46M → 3.07M shares (-11.3%)
• DVA (DaVita): 32.2M → 31.8M shares (-1.2%)
• BATRK (Liberty Braves): 223,645 → 115,428 shares (-48.4%)

The Buys — Chevron, Chubb, Domino's, and a Surprise

While the narrative is dominated by selling, Berkshire was selectively adding to positions it likes:

Chevron saw the largest add in dollar terms: +8.1 million shares (+6.6%), pushing the position to 130.2M shares worth $19.7B. This makes CVX Berkshire's fifth-largest holding at 7.2% of the portfolio, reinforcing Buffett's long-standing energy thesis.

Chubb (CB) was increased by 2.9 million shares (+9.3%) to 34.2M shares. The insurance play continues to be one of Buffett's favorite sectors.

Domino's Pizza was bumped by +12.3% to 3.35M shares — the largest percentage increase among existing positions. This Combs/Weschler pick has been growing steadily since its initial appearance in the portfolio.

The most interesting new position: New York Times (NYT) at 5.07 million shares ($352M). While small at 0.13% of the portfolio, it's a notable entry given Buffett's historic love of newspapers — he owned the Buffalo News for decades and once said newspapers had "unbreakable" franchises. The digital transformation of the NYT, with 11M+ subscribers, may have rekindled his interest.

The Succession Context

This filing can't be analyzed in isolation. Warren Buffett announced in May 2025 that Greg Abel would take over as CEO effective January 1, 2026. Todd Combs, who co-managed a portion of the equity portfolio, is departing for JPMorgan Chase.

The Q4 selling pattern — particularly the Amazon exit and continued Apple/BAC trimming — likely reflects final housekeeping. Buffett appears to be simplifying the portfolio for his successor: fewer positions, higher concentration in blue-chip stalwarts, and a massive cash pile (Berkshire's cash hoard exceeded $325B at year-end).

Berkshire also entered an agreement to sell its Washington state power assets for $1.9 billion, further signaling a streamlining approach.

What the Smart Money Is Missing

Most coverage will focus on the Amazon dump and Apple selling. Here's what matters more:

1. The Chevron add is the real signal. While everyone watches tech sells, Buffett is quietly building his energy position. CVX is now 7.2% of the portfolio and growing.
2. Cash is the biggest position. With $325B+ in cash and equivalents, Berkshire's 13F equity portfolio ($274B) is actually smaller than its cash pile. Buffett sees better value in T-bills than equities.
3. NYT is a sleeper. A small position today, but Buffett's media nostalgia combined with NYT's digital moat makes this one to watch under Abel's tenure.
4. The selling is decelerating. Apple sold 10.3M shares vs. 100M+ per quarter in 2024. The pruning is nearly done.

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 opened a new position in New York Times (5.07M shares). Liberty Media positions were also restructured.

Why did Buffett sell 77% of Amazon?

The Amazon position was likely managed by Todd Combs, who is departing Berkshire for JPMorgan. The wind-down appears tied to Combs' exit rather than a bearish view on Amazon's fundamentals.

Is Buffett still selling Apple stock?

Yes, but at a much slower pace. Berkshire sold 10.3 million Apple shares in Q4 (-4.3%), compared to 100M+ per quarter during the massive 2024 reduction. Apple remains the #1 holding at 22.6% of the portfolio.

How big is Berkshire Hathaway's portfolio in Q4 2025?

Berkshire Hathaway's 13F portfolio was valued at $274.2 billion as of December 31, 2025, up 2.6% from $267.3B in Q3 despite continued net selling.

What are Berkshire's top holdings?

The top 5 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%). These five stocks represent 70.9% of the total portfolio.

Who is replacing Buffett as Berkshire CEO?

Greg Abel, who has been Berkshire's Vice Chairman overseeing non-insurance operations, became CEO effective January 1, 2026. Buffett remains Chairman of the Board.

The Bottom Line

Buffett's final 13F as CEO is less a dramatic exit and more a careful handoff. The 77% Amazon cut grabs headlines, but the real story is a portfolio being simplified and fortified for the post-Buffett era: fewer positions, deeper conviction, and an unprecedented cash buffer.

For investors tracking Berkshire Hathaway's moves, the Q1 2026 filing — Greg Abel's first — will be the one to watch. Will Abel maintain Buffett's defensive posture, or start deploying that $325B war chest?

Track Berkshire's full portfolio and get alerts on future changes at Berkshire Hathaway's filer page.