Buffett's final move before retirement: Berkshire Hathaway's first purchase of The New York Times, reducing Apple and Amazon holdings by 70%

A 60-year era comes to an end. Warren Buffett’s final 13F filing before stepping down reveals: a first-time purchase of The New York Times and continued reductions in Apple holdings.
(Background: Buffett’s 60-year leadership at Berkshire Hathaway concludes with his retirement, reflecting on six key career decisions.)
(Additional context: After waiting six years, Buffett finally buys Google! Investing $4.3 billion, Alphabet becomes Berkshire’s tenth-largest holding.)

Table of Contents

• Rare new bet in media: First acquisition of The New York Times
• Tech giants continue to trim: Apple remains top holding
• Financial exposure adjustments: U.S. banks holdings decline
• Increased energy investments, core holdings unchanged
• Leadership transition unchanged: investment philosophy persists

Berkshire Hathaway announced after the close on February 17, 2026, for the fourth quarter ending December 31, 2025, the 13F holdings report. This document marks not only Warren Buffett’s final investment record before retiring as CEO but also signifies the end of a 60-year legendary era.

Buffett officially retired on December 31, 2025, at age 95, with Greg Abel taking over daily leadership. The report shows that Berkshire, during this leadership transition, carefully adjusted its portfolio—reducing some tech and financial stocks—and notably made a new media investment by purchasing The New York Times.

Rare New Bet in Media: First Acquisition of The New York Times

The most notable move in this filing is Berkshire’s first-ever stake in The New York Times (NYSE: NYT), acquiring approximately 5.0657 million shares valued at about $352 million. This is a rare new media investment for Buffett over decades. Although Berkshire sold all its newspaper assets in 2020, citing bleak prospects for traditional newspapers, The New York Times has successfully transitioned to a digital subscription model with stable recurring revenue and strong reader loyalty.

Tech Giants Continue to Trim: Apple Remains Top Holding

Berkshire continued to reduce its Apple (NASDAQ: AAPL) holdings, decreasing from about 238.2 million shares to approximately 227.9 million shares, a reduction of about 4.3%, with the value dropping to roughly $61.96 billion. Despite multiple reductions, Apple remains Berkshire’s largest stock holding, reflecting long-term confidence in its ecosystem, customer loyalty, and strong cash flow. Additionally, Amazon (NASDAQ: AMZN) holdings were cut by over 70%, from 10 million shares to about 2.276 million, possibly indicating profit-taking or reassessment of valuation and risk.

Financial Exposure Adjustments: U.S. Bank Holdings Decline

Another significant reduction was in U.S. Bancorp (NYSE: BAC), from about 568.1 million shares to approximately 517.3 million shares, a decrease of about 9%. This may be part of a strategy to rebalance financial sector exposure, especially after notable gains in recent years, with some reallocation.

Increased Energy Investments, Core Holdings Unchanged

Berkshire increased its stake in Chevron (NYSE: CVX), from about 122.1 million shares to approximately 130.2 million shares, indicating continued confidence in this integrated energy giant’s stable cash flow and shareholder returns amid commodity cycles. Meanwhile, several core holdings remain unchanged, including Alphabet (Google’s parent), American Express, and the iconic Coca-Cola (4 billion shares). These reflect Buffett’s consistent preference for simple, durable, high-quality companies with strong moats and global influence.

Leadership Transition, Investment Philosophy Continues

Although Buffett has officially stepped down as CEO, this 13F filing sends a clear message: Berkshire will not drastically change its strategy due to leadership change. Adjustments are cautious and limited, maintaining focus on high-quality, durable, long-term value. With Greg Abel as CEO and Buffett as Chairman, investors can expect the familiar Berkshire playbook to continue.