Berkshire buys $2.6B stake in Delta Air Lines

Berkshire Hathaway disclosed on May 18 that it built a $2.6 billion stake in Delta Air Lines during the first quarter, one of the first major portfolio moves to emerge under Chief Executive Greg Abel. The filing showed Berkshire bought 39.8 million Delta shares, valued at $2.6 billion at the end of March, according to CNBC’s review of the company’s quarterly holdings disclosure. Berkshire also increased its Alphabet position by 224% and opened a smaller new position in Macy’s, while trimming or exiting several other holdings. The filing was published Friday and covers U.S.-listed equity holdings as of March 31. ### Why did the Delta position stand out? Delta was Berkshire’s 14th-largest holding at the end of March, based on the filing reviewed by CNBC. CNBC reported the conglomerate purchased 39.8 million shares of the airline, and Delta shares rose more than 3% at one point on May 18 after investors parsed the disclosure. (cnbc.com) The Delta purchase also marked a return to airline stocks for Berkshire. In 2020, Warren Buffett exited Berkshire’s U.S. airline positions in Delta, United, American and Southwest, saying at the time that the pandemic had reshaped travel demand and consumer habits, CNBC reported. ### What else changed in Berkshire’s stock portfolio? (cnbc.com) Alphabet became one of the clearest additions to Berkshire’s existing bets. CNBC reported Berkshire increased its Alphabet shares by 224%, making Google’s parent company Berkshire’s seventh-largest holding by the end of March. Macy’s was the other newly disclosed position. (cnbc.com) Berkshire took a stake worth roughly $55 million in the department store chain during the first quarter, a small holding relative to a portfolio valued at more than $300 billion, CNBC reported. Several well-known holdings moved the other way. (cnbc.com) CNBC said Berkshire sold out of Amazon, UnitedHealth Group, Aon, Pool Corporation, Domino’s Pizza and Charter Communications, and also reduced its Chevron stake. Mastercard and Visa were among the notable sales. ### How much of this reflects Greg Abel’s first months as CEO? (cnbc.com) Greg Abel took over as Berkshire chief executive at the start of 2026, and CNBC described the latest filing as one of the first looks at the equity portfolio under his leadership. Abel took center stage at Berkshire’s annual meeting earlier this month and has said he continues to consult Buffett on investment decisions, CNBC reported. (cnbc.com) Warren Buffett, 95, remains involved in Berkshire’s investing activity even after stepping down as CEO, according to CNBC. Buffett said in March that Berkshire had made “one tiny purchase” but was still struggling to find attractive opportunities, and he told CNBC’s Becky Quick that he still comes into the office daily and discusses market developments before trades are executed. (cnbc.com) ### Was Delta the “tiny purchase” Buffett mentioned in March? Macy’s fits that description more closely than Delta, based on the size of the disclosed positions. CNBC reported Berkshire’s Macy’s stake was worth about $55 million, compared with the much larger $2.6 billion Delta investment. (cnbc.com) CNBC also noted that investors may not have the full picture because Berkshire’s quarterly equity filings cover U.S.-listed positions that meet reporting requirements. That leaves open the possibility that Buffett’s March comment referred to another holding not shown in the filing, including a non-U.S. investment. (cnbc.com) ### What comes next in the paper trail? The March 31 holdings were disclosed in Berkshire’s quarterly filing published on May 18, and the next formal update on its U.S.-listed equity portfolio will come in the company’s next 13F filing with the Securities and Exchange Commission. That filing will show whether Delta, Alphabet, Macy’s and the exited positions remained in place or changed again during the second quarter. (cnbc.com 1) (cnbc.com 2)