Warren Buffett's Top Stock Picks for 2026: What Berkshire Hathaway Is Buying

Every quarter, investors around the world wait for one document: Berkshire Hathaway's 13F filing. This SEC-required report reveals exactly what Warren Buffett and his team are buying and selling.

In 2026, Buffett's moves are more interesting than ever. With a record cash pile and selective buying, the Oracle of Omaha is sending clear signals about where he sees value. Let's break down his latest portfolio.

How to Track Buffett's Moves

Every institutional investor managing over $100 million must file a 13F report with the SEC within 45 days of each quarter's end. Berkshire Hathaway's filing is the most-watched in the world.

A few important caveats:

There's a delay — By the time you see the filing, Buffett may have already changed positions
It doesn't show short positions — Only long equity positions are reported
Some positions are split — Ted Weschler and Todd Combs manage portions of the portfolio
Buffett thinks in decades — Don't try to trade alongside him quarterly

With those caveats in mind, here's what Berkshire's portfolio looks like heading into 2026.

Buffett's Top Holdings (By Portfolio Weight)

1. Apple (AAPL) — ~28% of Portfolio

Despite trimming his position throughout 2024-2025, Apple remains Buffett's largest holding by far. He's called it "probably the best business I know in the world."

Why Buffett loves Apple:

Massive ecosystem with 1.5+ billion active devices
Services revenue growing at double digits
Enormous free cash flow (~$100B annually)
Aggressive share buyback program
Brand loyalty that creates a wide economic moat

Graham's take: Apple trades at a premium P/E ratio, which Graham wouldn't love. But Buffett evolved beyond pure Graham — he'll pay fair prices for exceptional businesses.

2. Bank of America (BAC) — ~12% of Portfolio

Buffett has been a major Bank of America shareholder since 2011, when he invested $5 billion in preferred stock during the financial crisis aftermath.

Why it's a Buffett favorite:

Largest U.S. bank by deposits
Net interest income benefits from higher rates
Strong digital banking platform
Consistent dividend growth
Trading at attractive valuations

3. American Express (AXP) — ~10% of Portfolio

Buffett has owned Amex since the 1990s. This is classic Buffett: a dominant brand with a network effect that's nearly impossible to replicate.

The moat: American Express has a closed-loop network (they're both the card issuer and payment processor) and targets affluent customers who spend more and default less.

4. Coca-Cola (KO) — ~8% of Portfolio

Perhaps Buffett's most famous holding. He bought his first shares in 1988 and has never sold a single one. His cost basis is roughly $3.25 per share — meaning his annual dividends now exceed his original investment by several multiples.

Lessons from this trade:

Buy wonderful companies at fair prices
Hold forever if the thesis doesn't change
Reinvested dividends create enormous wealth over decades
The best time to buy was yesterday; the second best is today

5. Chevron (CVX) — ~6% of Portfolio

Buffett's energy bet has been a significant position since 2020. Chevron represents Buffett's view that oil and gas will remain essential for decades, regardless of the energy transition narrative.

What Buffett Has Been Buying Recently

Based on the most recent 13F filings, Berkshire has been:

Adding to Existing Positions

Occidental Petroleum (OXY) — Berkshire continues accumulating shares and now owns roughly 28% of the company. Buffett clearly believes energy stocks are undervalued.
Chubb Limited (CB) — The insurance giant aligns perfectly with Berkshire's insurance expertise.

New Positions

Buffett has been more selective than ever, preferring to grow his cash pile rather than make large acquisitions. Recent smaller additions suggest his team (Weschler and Combs) are finding value in:

Japanese trading companies — Berkshire owns ~9% stakes in five major Japanese trading houses (Mitsubishi, Mitsui, Itochu, Marubeni, Sumitomo)
Select financial services firms — Particularly those benefiting from higher interest rates

What Buffett Has Been Selling

This is equally telling:

Trimming Apple — While still his largest position, Buffett has reduced his Apple stake significantly since 2024
Reducing bank positions — He's sold portions of several bank holdings
Building cash — Berkshire's cash pile has grown to record levels (over $300 billion), suggesting Buffett doesn't see many bargains at current market valuations

Buffett's Investing Principles You Can Use Today

You don't need billions to invest like Buffett. Here are his core principles any investor can apply:

1. Buy Businesses, Not Stocks

Buffett doesn't buy ticker symbols. He buys ownership stakes in businesses he understands. Before buying any stock, ask: "Would I be comfortable owning this entire business?"

2. Demand a Margin of Safety

This comes directly from Benjamin Graham's teaching. Buffett only buys when the stock price is significantly below his estimate of intrinsic value. Use our calculator to estimate intrinsic value using the Graham formula.

3. Focus on Economic Moats

Buffett wants businesses with durable competitive advantages — what he calls "moats." These include:

Brand power (Coca-Cola, Apple)
Network effects (American Express, Visa)
Switching costs (Oracle, Microsoft)
Cost advantages (GEICO, Costco)

4. Think Long-Term

Buffett's favorite holding period? "Forever." He bought Coca-Cola 38 years ago. American Express 30+ years ago. When you find a great business at a fair price, patience is your greatest advantage.

5. Be Greedy When Others Are Fearful

When markets crash, most investors panic. Buffett goes shopping. Some of his best investments came during the 2008 financial crisis and the 2020 pandemic.

How to Build a "Buffett-Style" Portfolio

You don't need to replicate Berkshire's exact holdings. Instead, follow the principles:

Step 1: Focus on businesses you understand Step 2: Look for strong balance sheets with low debt Step 3: Demand reasonable valuations (use the Graham Number) Step 4: Prioritize companies with growing dividends Step 5: Hold for the long term and reinvest dividends via DRIP

Or, if you prefer simplicity, just buy BRK.B (Berkshire Hathaway Class B shares). At ~$500 per share, you get instant access to Buffett's entire portfolio plus his insurance, railroad, and energy businesses.

The $300+ Billion Question

The most debated topic in investing right now: What will Berkshire do with its massive cash pile?

Some possibilities:

A major acquisition (Buffett has said he's looking)
More stock buybacks (Berkshire has been buying its own shares)
Waiting for a market crash (Buffett's cash grows when fear rises)
Preparing for succession (Greg Abel is the designated successor)

Whatever Buffett does next, one thing is certain: he won't rush. As he's fond of saying, "The stock market is a device for transferring money from the impatient to the patient."

The Bottom Line

Warren Buffett's 2026 portfolio tells a clear story: he's cautious on current valuations but bullish on energy, insurance, and dominant consumer brands. His massive cash position suggests he's waiting for better opportunities.

For everyday investors, the lesson isn't to copy his exact trades — it's to adopt his principles. Buy quality businesses at fair prices, hold them forever, and let compounding do its magic.

Ready to find undervalued stocks like Buffett? Try our free intrinsic value calculator to screen stocks using Benjamin Graham's proven formula.

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Disclaimer: This article is for educational purposes only and does not constitute financial advice. Holdings and portfolio weights are based on publicly available 13F filings and are approximate. Stock prices change daily. Past performance does not guarantee future results. Always do your own research before investing.