Berkshire Hathaway portfolio moves in 2025: Buffett trims Apple, grows cash, and reinforces Bank of America and American Express

Warren Buffett reshaped Berkshire Hathaway’s portfolio before transferring control to Greg Abel on December 31, 2025. Buffett reduced several shareholdings and lifted cash to about $373 billion. Even so, Berkshire still held an equity portfolio worth well above $300 billion. More than half stayed focused on Apple, American Express, and Bank of America.

The concentration highlighted Buffett’s long-running preference for resilient businesses. Berkshire’s biggest positions were linked to strong brands and durable advantages. The late-stage selling also showed caution, with liquidity rising sharply. Alongside the trimming, Buffett made selective changes elsewhere in the listed portfolio. These moves set the starting point for Greg Abel’s next phase.

Apple stayed Berkshire Hathaway’s largest holding, despite heavy selling. At the end of 2024, Berkshire owned about 300 million shares. That stake was worth near $75 billion and equalled roughly 2% of Apple. By the end of 2025, Berkshire held around 228 million shares. The value was about $62 billion.

Berkshire’s Apple position changed over time as sales continued. Berkshire sold shares in three of four consecutive quarters by end-2025. The figures below show the shift in shares and value.

Period	Approx. Apple shares held	Approx. value	Approx. share of Apple outstanding
End of 2024	300 million	$75 billion	About 2%
End of 2025	228 million	$62 billion	Not stated

American Express remained another key Berkshire holding. In the 2023 annual letter, Buffett called American Express one of Berkshire’s "indefinite" holdings. Buffett valued the payments model and its repeat revenue. American Express earned merchant fees when transactions ran on the network. American Express also collected annual card fees. Interest income added returns from carried balances.

Berkshire Hathaway portfolio: Bank of America and Warren Buffett’s long focus on financial services

Financial services drew Buffett’s attention for decades, and Bank of America stood out in that group. Buffett praised the bank’s management and performance in downturns. Bank of America expanded lending through recessions and crisis periods. Despite repeated uncertainty, the loan book grew over time. The bank also strengthened its standing in the US banking system.

Berkshire Hathaway portfolio: final Warren Buffett moves before Greg Abel took over

Before stepping down, Buffett also started a position in The New York Times. Buffett increased Berkshire holdings in Chevron and Chubb as well. The adjustments complemented the large cash build. Together, the decisions reflected a focus on business quality and management strength. Berkshire ended the period with ample liquidity and large stakes in a few major companies.