Quick Answer
Berkshire Hathaway's Q1 2026 13F filing, released on May 15, 2026, reveals the most dramatic portfolio reshuffle in the company's modern history. New CEO Greg Abel exited UnitedHealth, Amazon, Visa, Mastercard, Aon and Domino's, among others.
On the buy side, Berkshire opened a new $2.65 billion position in Delta Air Lines and tripled its Alphabet stake to roughly $16.6 billion. Chevron was trimmed by about 35 percent.
The filing also confirms that share buybacks have resumed after nearly two years on pause, while the cash pile sits near a historic $400 billion.
The Real Story: Greg Abel Is Now Driving
For decades, every Berkshire 13F was scrutinized as a window into Warren Buffett's mind. The Q1 2026 filing is the first where that lens no longer applies cleanly. Buffett remains Chairman, but Greg Abel is now CEO, and the trades in this quarter look like a CEO stamping his identity on the portfolio rather than a continuation of the prior decade.
Abel is widely seen as more willing than Buffett to admit a thesis is broken and move on. He is also operationally inclined, which tends to translate into faster decisions and less sentimental attachment to long held positions.
The Exits: Cleaning House Across Healthcare, Payments, and Retail
Berkshire fully eliminated more than 15 positions in the quarter. The headline names include:
- UnitedHealth Group. The roughly five million share stake built in August 2025 is gone in full. The position was largely associated with former portfolio manager Todd Combs, who left for JPMorgan in late 2025.
- Visa and Mastercard. Two of the most consistently praised compounders of the last decade are now zero weight in the portfolio.
- Amazon. The toe in position that Buffett famously credited to one of his lieutenants is fully liquidated.
- Aon, Domino's Pizza, and several smaller positions. Each was a clean exit rather than a trim.
The common thread is not sector. It is conviction. Abel appears to be reducing the number of small and medium sized positions and concentrating capital into a smaller list of big bets.
"The UNH exit takes some air out of the stock near term, but it reflects a personnel and strategic shift inside Berkshire more than a fundamental verdict on the insurer." Market analyst note, May 2026.
The Big Buys: Delta and Alphabet
The buy side tells you where Abel is willing to take risk.
Delta Air Lines. Berkshire bought 39.8 million shares of Delta, a position worth roughly $2.65 billion at quarter end. This is a striking reversal of Buffett's 2020 decision to dump every airline holding during the pandemic. The thesis appears to be that the US airline industry has consolidated to a point where pricing power is structurally higher and balance sheets are healthier than they were five years ago.
Alphabet. The Alphabet stake was increased by 224 percent in a single quarter, taking the holding to about $16.6 billion. That makes Alphabet Berkshire's seventh largest equity position and signals a clear bet that Google's search and cloud businesses can absorb the AI disruption rather than be eaten by it.
Q1 2026 Move Snapshot
| Ticker | Company | Action | Estimated Impact |
|---|---|---|---|
| UNH | UnitedHealth | Full exit | ~5M shares liquidated |
| AMZN | Amazon | Full exit | Position closed |
| V / MA | Visa, Mastercard | Full exit | Long held compounders sold |
| DAL | Delta Air Lines | New position | ~$2.65 billion |
| GOOGL | Alphabet | +224 percent | ~$16.6 billion stake |
| CVX | Chevron | ~35 percent trim | About $8 billion reduction |
The Cash Pile and Buyback Question
Berkshire is sitting on roughly $400 billion of cash and short term Treasuries, the largest cash position the company has ever carried. For years, shareholders have asked when Abel and Buffett would put this money to work in size.
Q1 2026 offers a partial answer. The Alphabet and Delta buys are meaningful, but they barely dent the cash pile. More interesting is the resumption of share repurchases after a nearly two year pause. That decision signals Abel views Berkshire's own stock as the most attractive use of incremental capital at current prices, which is itself a comment on the broader market.
What This Means for Berkshire Watchers
Three takeaways for anyone tracking the company.
- The portfolio will turn faster. The era of decade long static positions is fading. Expect more clean exits and more concentrated bets.
- Sectors that were off limits are back on the table. Airlines are the clearest example. Do not be surprised if other previously banned categories reappear.
- Big Tech conviction is hardening. Apple remains the anchor and Alphabet is now a top ten position. The financial holding has tilted noticeably toward platform technology companies.
Frequently Asked Questions
Is Warren Buffett still involved at Berkshire?
Yes. Buffett continues as Chairman. Greg Abel is now Chief Executive Officer and is driving day to day capital allocation.
Why did Berkshire exit UnitedHealth so quickly?
The position was largely tied to former portfolio manager Todd Combs, who left for JPMorgan in late 2025. With Combs gone and the stock having recovered roughly 20 percent in early 2026, Abel closed the trade.
Did Berkshire really buy airline stock again?
Yes. The Q1 13F shows a new 39.8 million share position in Delta Air Lines worth about $2.65 billion, reversing the 2020 decision to exit the airline sector.
How big is the cash pile?
Roughly $400 billion in cash and Treasury equivalents, the largest in company history.
The Bottom Line
Q1 2026 is the quarter Greg Abel stopped being a successor on paper and started being the CEO in practice. The portfolio is leaner, the convictions are sharper, and the willingness to break with Buffett era taboos is now on full display. Whether Abel's instincts prove as durable as his predecessor's is the question that will define Berkshire for the next decade. The May 15 filing is the first real evidence either way.
