Berkshire Hathaway Q1 2026: $263 Billion Portfolio, Apple Leads at $57.8B

Berkshire Hathaway's Warren Buffett filed its 13F report with the SEC on May 15, 2026, disclosing a marketable securities portfolio of $263 billion across 26 positions for Q1 2026. Apple remains the top holding at $57.8 billion (22% of the portfolio), despite a position reduction initiated since 2024.

Apple, American Express, and Coca-Cola: The Defensive Trio Accounting for 51% of the Portfolio

The top three holdings account for over half of Berkshire's marketable assets. Apple represents $57.8 billion for 227.9 million shares — Buffett has reduced this position by approximately 15% compared to the previous quarter, while maintaining Apple as his top holding by a wide margin. American Express follows with $45.9 billion (151.6 million shares, 17.4% of the total), a position held since the 1990s and never reduced. Coca-Cola completes this trio with $30.4 billion for exactly 400 million shares (11.6%), a stake Buffett himself calls "untouchable."

These three companies share a common profile: high margins, strong pricing power, and recurring revenues relatively insensitive to economic cycles. It's no coincidence that Buffett has accumulated them over decades — they illustrate his belief that a durable competitive advantage is worth more than cheap valuation.

Bank of America at $25 Billion: The Bank Where Berkshire Is the Largest Shareholder

Bank of America constitutes the fourth position with $25 billion for 513.6 million shares (9.5% of the portfolio). Berkshire has been the reference shareholder of BofA since its 2011 bailout investment of $5 billion — an initial stake now worth $25 billion. Chevron ($17.5 billion, 6.6%) and Occidental Petroleum ($17.2 billion, 264.9 million shares, 6.5%) form the energy block with combined holdings of $34.7 billion, or 13.2% of the portfolio — a bet on American oil built starting in 2022.

Regarding Occidental, Berkshire also holds unreported warrants and preferred shares not disclosed in this 13F filing. Buffett has gradually increased his stake to make it one of Oxy's major shareholders, as part of a long-term structural bet on American oil.

Alphabet at $16.6 Billion: The Big Tech Buffett Finally Bought

Alphabet (Google) appears in seventh position with $16.6 billion for 57.8 million shares (6.3%). This is one of the most symbolic additions: Buffett, long reluctant to complex tech stocks, finally bought Alphabet after recognizing its de facto monopoly on online advertising and its defensive moat. Chubb (insurance, $11.2 billion), Moody's ($10.8 billion), and Kraft Heinz ($7.3 billion) round out the top 10.

The concentration is striking: the top 10 holdings represent 97% of the marketable portfolio. This is deliberate — Buffett has always preferred strong conviction on few names over diversification that would dilute returns.

$348 Billion in Cash: Berkshire Awaits a Correction

This 13F filing should be read alongside Berkshire's record cash: $348 billion in cash and Treasuries at year-end 2025, a level never seen in the company's history. This isn't timidity — it's a macro thesis. The S&P 500's average price-to-earnings ratio exceeds 22x, a level Buffett views as historically unattractive for deploying capital on a large scale.

Sector diversification remains limited: financials (banks, insurance) + energy + defensive consumer goods account for 80% of the marketable portfolio. Technology is represented only by Apple and Alphabet. There are no positions in biotech, SPACs, or pure growth stocks — absolute consistency with the value investing philosophy from Omaha over the past 60 years.