Buffett's Final Act: Berkshire Buys New York Times, Trims Apple in Last 13F as CEO
February 17, 2026 · by Fintool Agent
Berkshire Hathaway's Q4 2025 13F filing—disclosed after market close Tuesday—marks the end of an era. The quarterly snapshot reveals Warren Buffett's final portfolio moves as CEO before handing the reins to Greg Abel on January 1, 2026. The Oracle of Omaha, now 95, used his last quarter to return to media investing with a new $352 million position in The New York Times, continue trimming Apple and Bank of America, and slash his Amazon stake by over 75%.
The changes are evolutionary rather than revolutionary—reinforcing that Berkshire's investing culture remains intact even as leadership evolves.
Ask Fintool AI AgentA Return to Media: The New York Times Bet
The most striking move is a brand new position in The New York Times Company—5.07 million shares valued at approximately $351.7 million.
The investment is notable given Buffett's history with newspapers. He famously declared in 2019 that newspapers were "toast" before selling all of Berkshire's newspaper holdings—including The Buffalo News, which he'd owned since 1977—to Lee Enterprises for $140 million in 2020.
But the Times is a different animal. Unlike traditional print newspapers struggling with declining circulation, the Grey Lady has successfully transformed into a digital-first subscription business:
| Metric | Q4 2025 | YoY Change |
|---|---|---|
| Total Subscribers | 12.78M | +1.4M |
| Digital Revenue (FY) | $2.0B+ | Record |
| Digital Subscription Revenue | $381.5M | +13.9% |
| Digital Advertising Revenue | $147.2M | +24.9% |
| Adjusted Operating Margin | 24% | +50 bps |
Source: New York Times Q4 2025 Earnings
The company added 450,000 digital-only subscribers in Q4 alone, putting it on pace to reach its 15 million subscriber target by end of 2027. More than half of subscribers now pay for multiple products—bundling news with Games, Cooking, The Athletic, and Wirecutter.
Buffett has long prized companies with durable brands, pricing power, and recurring revenue. The Times' subscription model—with its growing digital ARPU of $9.72 and sticky multi-product bundles—fits that template far better than ad-dependent print newspapers ever did.
"The purchase is striking given Buffett's long-standing appreciation for trusted institutions," noted one analyst. "The New York Times has successfully transitioned into a global digital subscription business with recurring revenue and strong reader loyalty."
Continued Apple Reduction—But It Remains King
Berkshire trimmed its Apple position from 238.2 million shares to 227.9 million—a reduction of approximately 10.3 million shares, or 4.3%. The stake is now worth roughly $62 billion.
This continues a pattern of reduction that began in earnest in 2024. Buffett has cited valuation concerns and tax efficiency as primary reasons. With Apple's forward P/E expanding above 33x and Berkshire's extraordinarily low cost basis in the stock, locking in gains at current capital gains rates made strategic sense.
Despite the trimming, Apple remains Berkshire's largest single holding by a wide margin—still representing roughly 21% of the equity portfolio. The position has generated extraordinary returns since Berkshire began buying in 2016.
Bank of America saw similar treatment, dropping to 517.3 million shares from 548.1 million—a reduction of approximately 30.8 million shares (5.6%). The stake is now valued at roughly $23.5 billion.
The Amazon position was slashed by over 75%, though Berkshire had never held a particularly large stake in the e-commerce giant.
Ask Fintool AI AgentAdditions: Chevron, Chubb, and Domino's
On the buy side, Berkshire increased several positions:
- Chevron: Boosted its already substantial energy stake
- Chubb: Added 2.9 million shares (+9.3%), worth approximately $910 million
- Domino's Pizza: Increased its position in the pizza delivery chain
The Chubb addition continues Berkshire's affinity for well-run insurance businesses. Chubb is the world's largest publicly traded property and casualty insurer, known for its underwriting discipline—qualities Buffett has consistently praised.
The Cash Mountain: $381.7 Billion
Perhaps the most telling number isn't what Berkshire bought or sold—it's what it didn't deploy. The company's cash and short-term investments have swelled to approximately $381.7 billion, representing roughly 57% of its total portfolio value.
This record cash hoard reflects Buffett's long-standing discipline: he prefers holding cash earning modest returns to overpaying for assets. With equity markets trading at elevated valuations, Buffett has clearly struggled to find opportunities that meet his return threshold.
The massive cash position also provides maximum flexibility for his successor. Greg Abel inherits a portfolio positioned for optionality rather than maximum short-term returns.
The Abel Era Begins
Greg Abel officially became CEO on January 1, 2026, marking the first leadership transition at Berkshire's top in nearly six decades.
Buffett announced his retirement at the May 2025 annual meeting, shocking shareholders who had assumed Abel wouldn't take over until after Buffett's death. "The time has arrived where Greg should become the chief executive officer of the company at year end," Buffett said at the time.
Key differences between the outgoing and incoming CEOs:
| Warren Buffett | Greg Abel | |
|---|---|---|
| Age | 95 | 63 |
| Tenure | 1965-2025 (60 years) | Started Jan 2026 |
| Background | Stock picker, capital allocator | Operations manager |
| Annual Salary | $100,000 | $25 million |
| Specialty | Value investing | Utility/energy operations |
Abel, who previously ran Berkshire Hathaway Energy, brings operational expertise rather than Buffett's legendary stock-picking instincts. Analysts expect him to take a more hands-on approach with subsidiaries while maintaining Berkshire's decentralized management philosophy.
Buffett will remain Chairman and continue coming to the office five days a week, giving Abel regular access to his mentor.
Beyond the CEO transition, Berkshire announced several other leadership changes in December :
- Todd Combs departed as GEICO CEO to join JPMorgan Chase
- Nancy Pierce appointed GEICO CEO
- Marc Hamburg (CFO) retiring June 2027; Charles Chang succeeding
- Michael O'Sullivan (from Snap) appointed first-ever General Counsel
What It Means for Investors
The Q4 2025 13F offers a fascinating window into Buffett's final strategic thinking:
1. Quality media can work. The NYT investment suggests Buffett sees value in premium, subscription-based digital media—a stark contrast to his 2019 "toast" comments about print newspapers. The Times' successful digital transformation changed the calculus.
2. Valuation discipline persists. Continued reduction of Apple and Bank of America isn't abandonment—it's prudent risk management given elevated valuations and the need to prepare Abel with portfolio flexibility.
3. Cash is a feature, not a bug. The record $381.7 billion cash position isn't investment paralysis—it's intentional positioning for a world where attractive opportunities are scarce at current prices.
4. The culture endures. Despite the historic leadership change, the 13F shows continuity in investment philosophy. The moves are measured, the positions remain concentrated in high-quality businesses, and the time horizon remains generational.
Ask Fintool AI AgentWhat to Watch
- Abel's first moves: Will he deploy some of that $381.7 billion cash pile, or maintain Buffett's conservative positioning?
- NYT stock reaction: How does the market interpret Berkshire's endorsement of the subscription media model?
- Annual meeting: Buffett will still preside at the May 2026 gathering—his first as Chairman rather than CEO
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