Warren Buffett Portfolio 2026: Every Stock Berkshire Hathaway Owns (and Why)

Every quarter, Warren Buffett gives the investing world a masterclass — not through interviews or books, but through a single SEC filing.

It's called the 13F, and it reveals every publicly traded stock that Berkshire Hathaway owns. The latest filing, covering holdings as of December 31, 2025, shows us exactly where the greatest investor of all time is putting his money.

And there are some surprises.

Let's break down the entire Berkshire Hathaway portfolio for 2026 — what Buffett owns, how much of each position, and what his moves tell us about where he sees value.

The Big Picture: $274 Billion in Stocks

As of the Q4 2025 filing, Berkshire's public stock portfolio is worth approximately $274 billion spread across about 42 positions.

But here's what makes Buffett's portfolio unique: it's incredibly concentrated. His top 5 holdings account for roughly 75% of the entire portfolio. Most financial advisors would call that reckless. Buffett calls it conviction.

"Diversification is protection against ignorance. It makes little sense for those who know what they are doing." — Warren Buffett

The Top 10 Holdings

1. Apple (AAPL) — ~28% of Portfolio

Despite reducing his Apple stake significantly through 2024 and into 2025, Apple remains Berkshire's largest holding by a wide margin at roughly $75-80 billion. Buffett has called Apple "probably the best business in the world."

Why Buffett owns it: Apple generates over $100 billion in annual free cash flow. It has an ecosystem of 2+ billion active devices that creates switching costs no competitor can match. The services business (App Store, iCloud, Apple Music, Apple TV+) now generates over $100 billion annually with software-like margins.

The Graham angle: At around 30x earnings, Apple isn't a classic Graham stock. But Buffett evolved beyond Graham's pure quantitative approach. He's paying a fair price for an extraordinary business — what he calls a "wonderful company at a fair price."

2. American Express (AXP) — ~15% of Portfolio

Buffett has owned AmEx since the 1990s, and it's been one of his best investments. The position is worth roughly $40+ billion.

Why Buffett owns it: American Express has what Buffett calls a "moat" — a competitive advantage that's nearly impossible to replicate. AmEx cardholders spend 3-4x more per transaction than Visa/Mastercard holders. The brand attracts high-income customers that merchants can't afford to turn away.

The Graham angle: AmEx trades at roughly 20x earnings with return on equity consistently above 30%. The stock has appreciated enormously, but Buffett's cost basis is so low that his dividend yield on cost is astronomical.

3. Bank of America (BAC) — ~11% of Portfolio

Berkshire owns roughly 13% of Bank of America, making it the bank's largest shareholder. The position is worth approximately $30+ billion, though Buffett reduced it somewhat in recent quarters.

Why Buffett owns it: Bank of America is the second-largest bank in the U.S. by assets. It benefits enormously from higher interest rates — each 100 basis point increase in rates adds billions to net interest income. The bank has dramatically improved its balance sheet since the 2008 crisis.

The Graham angle: BAC trades around 12-14x earnings with a dividend yield near 2.5% and regularly returns capital through buybacks. For a mega-cap bank, these are reasonable value metrics.

4. Coca-Cola (KO) — ~9% of Portfolio

Buffett has owned Coca-Cola since 1988 and has never sold a share. The position is worth roughly $25 billion.

Why Buffett owns it: The ultimate brand moat. Coca-Cola sells beverages in over 200 countries. It has raised its dividend for 62 consecutive years. Buffett's original investment of about $1.3 billion now generates over $700 million per year in dividends alone — that's a 50%+ annual yield on his original cost.

The Graham angle: At around 25x earnings, Coke isn't cheap by Graham standards. But the business quality is extraordinary — consistent earnings, massive dividend growth, zero chance of obsolescence. Buffett's holding period is literally "forever."

5. Chevron (CVX) — ~6% of Portfolio

Buffett built a large position in Chevron starting in 2020-2021 when oil stocks were deeply out of favor. The position is worth approximately $17-18 billion.

Why Buffett owns it: Chevron is one of the best-managed oil majors with a pristine balance sheet, low production costs, and a commitment to returning cash to shareholders. Buffett views energy as essential infrastructure — the world isn't going to stop using oil anytime soon.

The Graham angle: Chevron trades at approximately 13-15x earnings with a dividend yield around 4%. It passes most Graham screens: low P/E, moderate debt, consistent dividends, and a stock price near or below book value.

6. Kraft Heinz (KHC) — ~4% of Portfolio

Buffett has acknowledged that Kraft Heinz was a mistake — he overpaid in the 2015 merger. But he hasn't sold. The position is worth roughly $10-11 billion.

Why he still holds it: The dividend yield is attractive (around 4.5%), and the brands (Heinz ketchup, Oscar Mayer, Philadelphia cream cheese) still generate massive cash flow. Selling would trigger a large tax bill on what's left of the gains.

The lesson: Even Buffett makes mistakes. The takeaway? Don't overpay, even for great brands. This is margin of safety in action — or rather, what happens when you ignore it.

7. Occidental Petroleum (OXY) — ~4% of Portfolio

Buffett has been aggressively buying Occidental since 2022, now owning roughly 28% of the company. Berkshire also owns warrants to buy even more.

Why Buffett owns it: Similar thesis to Chevron — energy is undervalued relative to its importance. But OXY also has a massive carbon capture initiative (Direct Air Capture) that could be a long-term asset if carbon credits become more valuable.

The Graham angle: OXY trades at roughly 12-14x earnings with improving free cash flow and aggressive debt reduction. Buffett is clearly betting big on energy.

8. Moody's (MCO) — ~4% of Portfolio

Berkshire has owned Moody's since before it was spun off from Dun & Bradstreet. The position is worth approximately $10-11 billion.

Why Buffett owns it: Moody's is a duopoly (with S&P Global) in credit ratings. Almost every bond issued in the world needs a rating from one of these two companies. It's a toll bridge business with recurring revenue.

The Graham angle: Moody's trades at a premium (~35x earnings), but the business quality justifies it — 40%+ profit margins, massive moat, and essential service.

9. DaVita (DVA) — ~2% of Portfolio

Buffett recently increased his DaVita stake to roughly 46% of the company — his largest ownership percentage of any public stock.

Why Buffett owns it: DaVita operates kidney dialysis centers. It's an essential, recurring healthcare service with stable demand (kidney disease doesn't follow economic cycles). The company dominates its niche alongside Fresenius.

The Graham angle: DVA trades at approximately 15-17x earnings with solid free cash flow and consistent buybacks that boost per-share value.

10. Five Japanese Trading Houses

In one of his most celebrated moves, Buffett began buying stakes in Japan's five largest trading companies (sogo shosha) in 2020:

Itochu (8001.T)
Marubeni (8002.T)
Mitsubishi (8058.T)
Mitsui (8031.T)
Sumitomo (8053.T)

He now owns approximately 8-9% of each.

Why Buffett owns them: These conglomerates trade at shockingly low valuations — many below 10x earnings with dividend yields of 3-4%. They're diversified across commodities, energy, food, chemicals, and real estate. Buffett funded the purchases with yen-denominated bonds, creating a natural currency hedge.

The Graham angle: This might be the most "Graham-like" move in Buffett's entire career. Buying diversified businesses below book value with fat dividend yields? That's straight out of Security Analysis.

What Buffett Has Been Selling

The 13F doesn't just show what Buffett bought — it shows what he sold. Recent notable sales include:

Apple — Reduced significantly (but still the largest holding)
Bank of America — Trimmed position through late 2024 and into 2025
HP Inc. — Fully exited
Paramount Global — Fully exited at a loss

The pattern? Buffett has been raising cash aggressively. Berkshire's cash pile has grown to over $325 billion — an all-time record. Some interpret this as Buffett being cautious about market valuations. Others think he's preparing for a massive acquisition.

What Can Regular Investors Learn?

1. Concentration Beats Diversification (If You Know What You're Doing)

Buffett's top 5 positions make up 75% of his portfolio. He'd rather own a lot of his best ideas than a little of everything. For most people, that means owning 10-20 stocks maximum, not 50-100.

2. The Best Time to Buy Is When Everyone Else Is Selling

Buffett built his Japanese trading house positions when Japan was deeply unfashionable. He bought Chevron and OXY when oil stocks were pandemic-era pariahs. He loaded up on Bank of America during the 2011 banking crisis. Value investing means being greedy when others are fearful.

3. Quality Matters More Than Cheapness

Graham's original approach was purely quantitative — buy anything below net current asset value. Buffett evolved this into buying wonderful businesses at fair prices. Apple at 30x earnings is a better investment than a dying retailer at 5x earnings.

4. Cash Is a Position

Buffett sitting on $325 billion in cash isn't "doing nothing." It's a deliberate choice. When the market crashes — and it will, eventually — he'll have the ammunition to buy while everyone else is selling.

5. Dividends Are Essential

Almost every stock in Buffett's portfolio pays a dividend. Coca-Cola, AmEx, Chevron, Bank of America, the Japanese trading houses — these companies pay you to own them. Buffett's dividend income from his portfolio exceeds $6 billion per year.

How to Invest Like Buffett on a Budget

You don't need $274 billion to use Buffett's principles:

Use our Graham Number Calculator to find stocks trading below intrinsic value
Focus on quality — look for companies with consistent earnings, low debt, and competitive advantages
Be patient — Buffett often waits years for the right price. So should you.
Reinvest dividends — The compounding effect over decades is how real wealth is built
Keep it simple — Own what you understand. Buffett avoided tech for decades because he didn't understand it. When he finally understood Apple's ecosystem, he bought aggressively.

The Bottom Line

Warren Buffett's 2026 portfolio is a masterclass in patience, concentration, and value. He owns American icons (Apple, Coca-Cola, AmEx), energy infrastructure (Chevron, OXY), essential services (DaVita, Moody's), and international bargains (Japanese trading houses).

The message is clear: buy quality businesses at reasonable prices, hold them for decades, and let compounding do the heavy lifting.

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The information on this site is for educational purposes only. Poor Man's Stocks does not provide financial advice, and nothing here should be interpreted as a recommendation to buy or sell any security. Always do your own research and consult a licensed financial advisor before making investment decisions.