Warren Buffett's Portfolio 2026: Holdings, Cash Pile & What Retail Investors Can Learn
June 20, 2026 · 13 min read · Full portfolio breakdown
Warren Buffett has managed Berkshire Hathaway for 60+ years and compounded capital at ~19.8% annually since 1965 — more than double the S&P 500. His 2026 portfolio: ~$330B in equities, a record $330B cash pile, and a concentrated bet on durable businesses that dominate their industries. Here is the complete breakdown.
Buffett Portfolio at a Glance — 2026
Total portfolio value
~$330B+
equity holdings (13F)
Number of positions
~45
public equities disclosed
Top holding
AAPL ~40%
Apple at peak; trimmed significantly
Cash & T-bills
~$330B
6-month rolling T-bills
Years managing Berkshire
60+
since 1965
Buffett's age (2026)
94
retired as CEO Jan 2026
Annual CAGR since 1965
~19.8%
vs ~10.2% for S&P 500
Annual letters
berkshirehathaway.com
free, required reading
Why Buffett's moves matter — and what 13F filings actually tell you
Every institutional investor managing more than $100 million in US equities must file a Form 13F with the SEC within 45 days after each calendar quarter ends. That means Berkshire's Q1 2026 holdings (January–March) became public in mid-May 2026.
When Berkshire files its 13F, Wall Street analysts, fund managers, and retail investors dissect every position change. A new position signals Buffett sees value. A sell-down signals either valuation concern, tax management, or a need for capital elsewhere. The filings move markets — stocks Berkshire adds routinely jump 5–10% on the filing date.
Important caveats about 13F filings
13Fs are delayed — you see what Buffett owned 45 days ago, not today. He may have already changed the position.
13Fs only show public US equities. Berkshire's private subsidiaries (BNSF, GEICO, BHE, manufacturing businesses) are not visible.
13Fs do not show short positions, options hedges, or international holdings.
Copying Buffett blindly ignores his cost basis, holding period, tax situation, and the context behind each position.
Still, the filings are the best public window into how the world's most studied investor thinks about value.
Top 10 holdings breakdown — with thesis for each
Berkshire's portfolio is concentrated. The top 10 positions represent over 85% of the equity portfolio. Each position reflects a specific, articulable thesis.
Stock
Ticker
% of Portfolio
Held Since
Buffett's Thesis
Apple
AAPL
~40% (at peak)
2016
Consumer ecosystem moat; recurring revenue; buybacks; brand loyalty unmatched by any tech company
American Express
AXP
~13%
1991
Network effect; affluent cardholder base; float economics; 'gets better as it gets bigger'
Bank of America
BAC
~11%
2011
Bought during crisis at deep discount; largest US deposit franchise; being gradually sold
Coca-Cola
KO
~9%
1988
Global distribution, brand, and taste preference that Pepsi has failed to dislodge in 40 years
Chevron
CVX
~6%
2020
Energy security play; dividend yield; strong balance sheet relative to peers
Occidental Petroleum
OXY
~5%
2019
Permian Basin operator; CEO Vicki Hollub's capital discipline; warrants give option to acquire control
Kraft Heinz
KHC
~4%
2015
Acknowledged mistake; 'overpaid'; still holds due to tax cost of selling
Moody's
MCO
~3.5%
2000
Oligopoly with S&P and Fitch; every bond issued globally needs a rating; pricing power is extraordinary
VeriSign
VRSN
~1.5%
2012
Monopoly on .com domain registry; government-backed pricing power; no viable competition possible
HP Inc.
HPQ
~0%
2022 (exited)
Admitted mistake; PC business weaker than expected; exited within 2 years
The "forever holdings" — why Buffett will never sell these
Buffett has explicitly said certain positions are permanent — he will hold them regardless of price, as long as the business remains excellent. These are not trades; they are ownership stakes in institutions.
KOCoca-Colasince 1988
Buffett bought KO after the 1987 crash and has held every share since. He cites three reasons for permanence: (1) the tax cost of selling would be enormous given a cost basis under $3/share vs ~$65 today; (2) the brand is genuinely irreplaceable — Pepsi has been trying for 130 years; (3) Coke pays Berkshire over $700M/year in dividends on shares that cost $1.3B — a 50%+ yield on cost that would be impossible to replicate.
AXPAmerican Expresssince 1991
Berkshire first bought AXP in 1994 (building on earlier positions). The thesis: American Express operates a 'closed loop' network where it both issues cards and processes transactions — unlike Visa/Mastercard which are pure networks. This gives AXP data advantages and the ability to serve both merchants and cardholders. The affluent cardholder base (average income >$100K) provides recession-resistant spending.
MCOMoody'ssince 2000
Berkshire received MCO shares when Dun & Bradstreet spun off its ratings business. Moody's, S&P, and Fitch collectively rate almost every bond issued globally — there is simply no alternative. Regulators require ratings. Issuers must pay. The business has essentially zero marginal cost on each additional rating. Buffett has called it one of the greatest businesses he has ever owned.
VRSNVeriSignsince 2012
VeriSign holds the exclusive government-sanctioned contract to operate the .com and .net top-level domains — in perpetuity, subject to renewal. Every time someone registers a .com domain (~170M domains), VeriSign gets paid. The contract is renewed by ICANN without competitive bidding. Buffett has described it as 'the most protected business I've ever seen.'
Common thread: dominant moats with no viable competition
Every forever holding shares one characteristic: the competitive position is structurally protected. KO has brand loyalty built over a century. AXP has a closed-loop network that took decades to build. MCO has regulatory mandate. VRSN has a government contract. These are not businesses that can be disrupted by a startup with $100M in VC funding.
Recent moves (2024–2026) — and what they signal
SELLING AAPL heavily
Berkshire sold roughly 600M Apple shares (nearly 60% of its peak holding) between late 2023 and 2025. Buffett cited tax management — locking in gains at current corporate rates before potential future tax increases. He emphasized Apple remains an extraordinary business; this was position sizing, not a change in conviction.
SELLING BAC (gradual)
Berkshire has been trimming Bank of America, now approaching the 10% ownership threshold that triggers enhanced regulatory scrutiny and reporting requirements. Staying below that level reduces compliance burden. The sale also locks in significant profits on shares bought during the 2011 financial crisis at a steep discount.
ADDING OXY (continuing)
Berkshire has steadily accumulated Occidental Petroleum shares and holds warrants to buy 83.9M more shares at $59.62 — a price well below recent trading. This is widely read as a precursor to a full OXY acquisition. Buffett has praised CEO Vicki Hollub repeatedly and received regulatory approval to own up to 50% of OXY voting stock.
EXITING HP Inc. (admitted mistake)
Berkshire bought HPQ in 2022 and sold the entire position by 2024. Buffett privately acknowledged it was a mistake — the PC business was more commoditized and margin-challenged than he expected. The exit is notable because Buffett rarely admits mistakes quickly; the HPQ sale was unusually fast.
BUILDING CASH to $330B+
The cash pile is deliberate, not a failure to deploy. Buffett has stated clearly: he sees no large businesses at prices that offer adequate returns. The S&P 500's elevated valuation means Berkshire would be buying earnings at expensive multiples. Waiting for a 'fat pitch' — his term for a rare, obvious value opportunity — is the strategy.
The $330B cash pile — Berkshire's greatest asset or biggest mistake?
Berkshire holds over $330 billion in US Treasury bills, rolled on a 6-month basis. At the 2025-2026 Fed funds rate of approximately 5.25%, this cash generates roughly $17 billion per year in risk-free interest income — more than most S&P 500 companies earn in total profit.
Annual interest income
~$17B/yr
at ~5.25% on T-bills
Size of cash vs S&P
Top 20
larger than most company market caps
2008 crisis deployment
$15B+
Goldman, GE, Wrigley in 6 weeks
Minimum deal size needed
$10B+
to meaningfully move Berkshire needle
The cash pile illustrates the "size problem" that has plagued Berkshire for a decade. In 1973, Buffett could buy a great newspaper for $10 million. In 1988, Coke cost $1.3 billion. Today, Berkshire needs to find a business worth at least $10–20 billion to deploy meaningful capital. The universe of companies at that size that are (a) excellent businesses, (b) available for sale, and (c) offered at fair prices is extremely small.
Buffett's comparison point: in the 2008 financial crisis, he deployed $15 billion in six weeks — into Goldman Sachs, General Electric, and Wrigley — at terms he described as "better than anything I've ever seen." He is waiting for the next version of that environment. A recession or market panic would let him deploy the $330B war chest at crisis prices, potentially generating the best returns in Berkshire's history.
Buffett's investment principles — distilled to their essence
1
Only buy businesses you understand
Buffett's 'circle of competence' concept: you do not need to understand every business, but you must be honest about the boundaries of what you do understand. He avoided tech for decades because he couldn't predict which companies would win. He bought Apple only after concluding it was a consumer brand, not a technology bet.
2
Moat is essential
A moat is a durable competitive advantage that protects a business from competition. Brands (KO), networks (AXP), regulation (MCO, VRSN), switching costs, and low-cost production are the five types Buffett recognizes. Without a moat, a great business today is just a target for competitors tomorrow.
3
Good management at a fair price beats fair management at a great price
Buffett evolved from pure value investing (buying terrible businesses at half of book value) to buying excellent businesses at fair prices. He credits Charlie Munger for this shift. A great manager running a mediocre business still usually loses to a mediocre manager running a great business.
4
Never lose money (risk aversion above all)
Rule 1: Never lose money. Rule 2: Never forget Rule 1. This is not about individual stocks — Berkshire has lost money on individual positions. It is about structuring the portfolio and the enterprise so that a single mistake, recession, or crisis cannot permanently impair capital. Berkshire has never borrowed against its portfolio.
5
Long-term compounding beats trading
Taxes and transaction costs create a massive drag on active trading. A dollar that compounds at 15% for 30 years becomes $66. If that same dollar is actively traded and loses 30% of gains to taxes each year, it becomes $22. Berkshire's KO position has compounded for 36 years with zero tax friction — that is the power of inaction.
What retail investors can learn from Buffett
Most retail investors cannot replicate Berkshire's scale, deal flow, or insurance float. But the principles are fully transferable:
Concentrate in your best ideas — Buffett's top 5 positions regularly exceed 60% of the portfolio. Diversification protects against ignorance; if you know what you own, concentration maximizes returns.
Hold cash as 'dry powder' — earning 5% on T-bills while waiting for great opportunities is not laziness; it is strategy. Most retail investors deploy cash too quickly at mediocre prices.
Buy fear, sell greed — Buffett's most famous quote: 'Be fearful when others are greedy, and greedy when others are fearful.' He bought his best positions during crises (KO post-1987, BAC in 2011, AXP in various pullbacks).
Hold forever if the thesis is intact — most of Buffett's gains come from doing nothing after buying. The taxes saved by not selling KO for 36 years have compounded into billions of dollars of extra value.
Avoid trading — every trade creates a taxable event and a transaction cost. Berkshire's turnover ratio is among the lowest of any large portfolio in the world.
Size up your mistakes quickly and cut them — HPQ was exited within 2 years. KHC was held too long (admitted mistake). Buffett's record shows he is better at identifying mistakes than holding through them.
Buffett vs the S&P 500 — decade by decade
Buffett's 19.8% CAGR since 1965 vs the S&P's ~10.2% sounds modest, but compounded over 60 years the difference is staggering: $1,000 invested in Berkshire in 1965 is worth roughly $43 million today; the same $1,000 in the S&P 500 is worth ~$300,000.
Decade
Berkshire Approx CAGR
S&P 500 Approx CAGR
Verdict
Key context
1970s
~29%/yr
~5%/yr
Massive outperformance
Buffett finds undervalued insurers and media; inflation era favors his approach
Tech boom lifts S&P; Buffett avoids tech but still wins via consumer brands
2000s
~10%/yr
~-1%/yr
Outperformance
Two bear markets; Buffett's conservatism shines; 2008 crisis investments
2010s
~12%/yr
~13%/yr
Slight underperformance
Tech mega-caps drive S&P; Buffett avoided FAANG until late in decade
2020s
~14%/yr
~12%/yr
Slight outperformance
AAPL bet finally paid off massively; then Buffett sold, capturing gains
The debate over whether Buffett's approach "still works" in the tech era misses the point. Buffett compounded $1B into $700B without ever buying Amazon, Google, or Meta. His 2010s "underperformance" was still double-digit annual gains. The real question is whether his successor, Greg Abel, can maintain Berkshire's culture as the company grows to $1T+ market cap.
Bull case vs Bear case for BRK.B in 2026
Bull Case
Proven 60-year compounder with deeply embedded culture — not dependent on any single person
$330B cash pile earns $17B/yr risk-free AND provides crisis-deployment optionality
Greg Abel has managed BHE and other subsidiaries with exemplary capital discipline
Wholly-owned businesses (BNSF, GEICO, manufacturing) generate $30B+/yr in operating earnings
Next recession = Berkshire's biggest buying opportunity in a decade
Buffett remains Chairman and available for consultation; continuity is higher than feared
Bear Case
Abel is untested on the investment/acquisition side at Berkshire's scale
Size makes outperformance mathematically harder — $330B+ needs $50B+ moves to matter
Succession premium compression: Buffett's cultural gravity and investor following may fade
Tech avoidance thesis hurt 2010s returns; next decade's winners may again be tech-heavy
KHC, BNSF declining relative to e-commerce growth; some subsidiaries showing margin pressure
Cash drag in a bull market: $330B earning 5% vs S&P earning 12%+ creates opportunity cost
Berkshire Hathaway — key metrics at a glance (Q1 2026)
Total equity portfolio~$290–330Bvaries by quarter as positions are trimmed or built
Cash & T-bills~$330Brecord high — 6-month rolling Treasury bills
Largest positionApple (AAPL)~25–40% of equity portfolio depending on quarter
Second largestAmerican Express (AXP)~13% of portfolio; held since 1991
Third largestCoca-Cola (KO)~9%; held since 1988; will never be sold
BRK.B share price range (2026)~$500–530near all-time highs post-transition
BRK market cap~$1.1Tone of the world's 5 largest companies by market cap
Operating earnings (2025)~$47Bfrom wholly-owned subsidiaries, not equity portfolio
Annual return since 1965~19.8% CAGRvs S&P 500's ~10.2% CAGR over same period
Annual letterberkshirehathaway.comreleased each February — essential reading for any investor
How to Mimic Buffett's Approach
You cannot replicate Berkshire's insurance float, deal flow, or negotiating leverage — but Buffett's core framework is fully available to any retail investor with patience and discipline. These four strategy cards distill 60 years of practice into actionable principles.
1
Buy quality at fair prices
Screen for ROIC above 15% — a business earning strong returns on reinvested capital compounds for shareholders automatically. Look for a moat: network effects (AXP, V), switching costs (MSFT enterprise), cost advantages (COST, UNP), or brand (KO, AAPL). On valuation, target a PEG ratio below 2× — price-to-earnings divided by long-term earnings growth. If a stock is trading at 30× earnings but growing at 30%, the PEG is 1 — potentially fair. Avoid "hot" sectors where capital floods in and destroys returns.
2
Concentrate in your best ideas
Buffett has called diversification "protection against ignorance" — if you know what you own deeply, owning 50 companies dilutes returns. His top 5 positions have routinely represented 80%+ of Berkshire's public equity portfolio. This only works if you have done the research. For most retail investors, 8–15 deeply-understood positions is a reasonable concentration target. Never concentrate by accident — only concentrate in businesses whose competitive position you can explain in three sentences.
3
Think long-term — hold forever
Buffett's stated favorite holding period is "forever." The discipline is to sell only when the investment thesis breaks — the moat has eroded, management has changed, or a better alternative demands reallocation — not because the price has fallen or Wall Street has soured on the sector. Holding compresses tax drag: every year you don't sell, your deferred capital gain keeps compounding for you instead of going to the IRS. Berkshire's 36-year KO position has saved billions in taxes through pure inaction.
4
Keep a cash reserve
Buffett's cardinal rule: never be forced to sell. A fully-invested portfolio has no ability to act when prices collapse — and the best buying opportunities arrive precisely when other investors are liquidating. Cash is not a failure to deploy; it is optionality. Berkshire's $330B cash pile let it write $15B in checks during the 2008 crisis at terms Buffett called the best of his career. For retail investors, maintaining 10–20% in cash or short-term T-bills ensures you are a buyer, not a seller, in the next market panic.
Quick Berkshire snapshot 2026
A concise reference for Berkshire Hathaway's key financials and portfolio stats as of mid-2026, drawn from the most recent 10-K, 13F filings, and Q1 2026 earnings release.
Market cap~$1Tone of the five largest companies in the world by market cap
Cash & T-bills~$330Brecord high; rolled in 6-month Treasury bills at ~5% yield
Book value per share (A shares)~$650,000BRK.B is 1/1,500th of an A share; useful for price-to-book analysis
Equity portfolio~$330Bapproximately 45 public equity positions across sectors
Wholly owned businesses~90 subsidiariesincluding BNSF, GEICO, Berkshire Hathaway Energy, and dozens of manufacturing cos.
Bottom line
Warren Buffett built the most studied investing track record in history by doing a few things extraordinarily well: buying excellent businesses at fair prices, holding them forever, and keeping mountains of cash to deploy when others were panicking. His 19.8% annual CAGR over 60+ years is almost certainly unrepeatable — too much money now chases too few opportunities for anyone to replicate that edge.
What is replicable: the principles. Concentrate in your best ideas. Hold as long as the thesis is intact. Use cash as a strategic asset, not dead weight. Buy during panics. Avoid trading. Understand what you own.
For BRK.B investors: the thesis is intact under Greg Abel. The culture, the capital, and the wholly-owned businesses are durable. The "Buffett premium" may compress slightly as time passes, but the underlying enterprise has never been stronger. For most long-term investors, owning BRK.B alongside a broad index fund captures the best of both worlds: quality concentration and market-wide diversification.