Buffett's Final Act: Berkshire Dumps 77% of Amazon, Buys Into The New York Times
February 21, 2026 · by Fintool Agent
In what may be his most symbolic quarter as Berkshire Hathaway's chief executive, Warren Buffett slashed the conglomerate's Amazon stake by more than three-quarters, continued his methodical Apple exit, and made a $352 million bet on The New York Times—a full-circle return to the newspaper industry he abandoned in 2020 calling it "toast."
The Q4 2025 13F filing, released February 17, marks the final quarterly snapshot of Buffett's 60-year tenure atop Berkshire Hathaway. Greg Abel officially took the CEO reins on January 1, 2026, while the 95-year-old Oracle of Omaha remains chairman.
The Numbers: A Quarter of Decisive Moves
Berkshire's $274.2 billion equity portfolio recorded its 13th consecutive quarter of net selling. The headline moves:
| Position | Action | Details |
|---|---|---|
| Amazon | Sold 77% | 7.7M shares sold, |
| Apple | Trimmed 4.3% | 10.3M shares sold, still $62B position |
| New York Times | New position | 5.07M shares, $352M (3% stake) |
| Bank of America | Trimmed | Continued reduction |
| Chevron | Added | Increased stake |
| Chubb | Added | Increased stake |
The concentration remains extreme: the top five holdings—Apple, American Express, Bank of America, Coca-cola, and Chevron—account for 70.9% of the portfolio, with the top ten at 88%.
Ask Fintool AI AgentThe Amazon Exit: A Cloud of Doubt
The Amazon reduction stands out for its scale. Berkshire cut more than three-quarters of its stake in a single quarter, turning what had been a $2.1 billion position at the end of Q3 into roughly $457 million.
The timing is notable: Amazon Web Services powers a significant share of the AI infrastructure boom, and cloud spending projections from Gartner suggest multi-trillion dollar AI-related capital deployment ahead. Yet Berkshire sold into strength, with Amazon shares rising 5% during Q4 2025.
This wasn't a sudden decision. The 13F shows Berkshire had been trimming Amazon for several quarters before taking the larger bite at year-end—a controlled, multi-step de-risking process consistent with Berkshire's historically measured approach to position exits.
The question for investors: Does this signal concern about hyperscaler valuations, AI capex intensity, or simply portfolio manager turnover? Todd Combs, who departed for JPMorgan in December, was widely thought to have championed Berkshire's technology positions including Amazon.
The Apple Retreat: From 50% to 23%
Apple's decline in Berkshire's portfolio tells a longer story. What was once a $175 billion position representing more than half the equity portfolio has shrunk to approximately $62 billion—still the largest holding at 23%, but no longer the dominant force.
The Q4 2025 trim of 4.3% (about 10.3 million shares) continues a selling pattern that began in late 2023. Through 2024, Berkshire slashed its Apple stake by roughly two-thirds. The pace slowed in 2025, but the direction remained clear.
Ironically, Apple just delivered record results. In its Q1 2026 earnings call (January 29, 2026), CEO Tim Cook reported "the best-ever quarter" with $143.8 billion in revenue, up 16% year-over-year. iPhone revenue hit an all-time record of $85.3 billion (+23% YoY), with Greater China growing 38%. EPS reached $2.84, up 19%.
| Metric | Q1 FY26 | YoY Change |
|---|---|---|
| Revenue | $143.8B | +16% |
| iPhone Revenue | $85.3B | +23% |
| Services Revenue | $30.0B | +14% |
| EPS | $2.84 | +19% |
| Gross Margin | 48.2% | +100bps seq. |
Source: Apple Q1 FY2026 Earnings Call
The disconnect between Berkshire's selling and Apple's execution suggests the sales reflect portfolio concentration risk management rather than fundamental concerns about the business.
Ask Fintool AI AgentThe New York Times: Full Circle
The most unexpected move was the $352 million stake in The New York Times—5.07 million shares representing roughly 3% of the company.
This marks Berkshire's return to media six years after Buffett sold all 31 of the conglomerate's newspapers to Lee Enterprises for $140 million, declaring most newspapers "toast" due to advertising declines.
The bet reflects a different thesis: The New York Times is no longer primarily a newspaper. It's a digital subscription business with 10.8 million paying subscribers, advertising revenue growing at double digits, and expanding franchises like The Athletic, Wordle, and Wirecutter.
The financials support the transformation narrative:
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $2.16B | $2.29B | $2.52B |
| Net Income | $232M | $294M | $344M |
| EBITDA Margin | 15.9% | 17.1% | 18.7% |
"It's a full circle moment for Berkshire Hathaway in reinvesting in news and a huge vote of confidence by Berkshire in the business strategy of The New York Times," said Tim Franklin, professor and chair of local news at Northwestern's Medill School of Journalism.
NYT shares rose 4% in after-hours trading following the disclosure.
Ask Fintool AI AgentThe Abel Era Begins
This filing marks more than a portfolio update—it's a leadership transition document. Greg Abel officially succeeded Buffett as CEO on January 1, 2026, with his salary raised to $25 million from $21 million. Buffett's final year compensation: $100,000 plus $305,111 in other compensation.
The organizational changes extend beyond the CEO suite:
- Todd Combs departed for JPMorgan to run a $10 billion "Strategic Investment Group" under the bank's new $1.5 trillion Security and Resiliency Initiative.
- Ted Weschler remains as the sole portfolio manager, with questions about whether Berkshire will hire additional investment managers.
- Adam Johnson (NetJets CEO) was appointed President of Consumer Products, Service and Retailing businesses—a new layer of management.
- Michael O'Sullivan was hired as Berkshire's first general counsel.
The moves signal Berkshire transitioning from the famously decentralized "Berkshire way" toward a more conventional corporate structure.
Stock Performance: Underperforming the Index
Berkshire shares underperformed the S&P 500 by a wide margin in 2025—10.9% total return versus 17.9% for the index. Year-to-date 2026, both are essentially flat.
The massive cash pile—which grew further through 2025 as Berkshire sold more than it bought—provides downside protection but also explains the underperformance during a rising market. No stock buybacks have occurred for more than a year, with Berkshire's price-to-book ratio at 1.6x, likely above the repurchase threshold.
What to Watch
The full picture of Buffett's final year arrives February 28, 2026 when Berkshire releases its annual report and Greg Abel's first shareholder letter. Key questions:
- Cash pile size: How much dry powder accumulated through 2025?
- Insurance results: Abel's expertise in P/C risk management will be on display
- Operating company performance: BNSF, Berkshire Hathaway Energy, Geico
- Annual meeting preview: May 2026 will be Abel's first as CEO
The 13F provides a quarterly snapshot, but the annual report will reveal the financial trajectory of a conglomerate entering its first year without its founder at the helm.
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