Key Highlights
- Berkshire expanded its Alphabet position by 83%, reaching 106 million shares valued at $37.9 billion
- The Google parent company now ranks as Berkshire’s third-biggest equity position
- The conglomerate purchased a net $20 billion in equities, marking its most aggressive buying since 2022
- Delta Air Lines position expanded 44% to reach $5.4 billion in value; Lennar increased nearly 30%
- Berkshire’s cash reserves declined from $397 billion to $365 billion amid increased capital deployment
Warren Buffett’s investment powerhouse executed its most aggressive stock acquisition strategy in years throughout Q2 2026, headlined by a substantial expansion of its Alphabet holdings. The firm currently owns approximately 106 million Alphabet shares valued at $37.9 billion, representing an 83% surge over the prior quarter.
A significant portion of this expansion stemmed from a $10 billion private placement transaction completed in early June, through which Alphabet offered discounted shares to finance its artificial intelligence infrastructure buildout. Additionally, Berkshire acquired 19.6 million shares through open market transactions throughout the quarter.
The search giant now occupies the third spot among Berkshire’s publicly traded U.S. equity investments by total value. Only Apple, valued at approximately $66 billion, and American Express, standing at roughly $51 billion, maintain larger positions.
Warren Buffett, currently serving as chairman following his transition of the CEO position to Greg Abel at the beginning of 2026, confirmed his involvement in the Alphabet investment decision. Abel endorsed the strategic move.
Alphabet shares have climbed approximately 170% during the previous three years, fueled by market enthusiasm surrounding its competitive position in artificial intelligence development.
Aviation and Real Estate Sectors See Expanded Investment
Berkshire extended its buying activity beyond Alphabet. The investment firm grew its Delta Air Lines position by 44% during the three-month period, expanding its ownership to 57.3 million shares valued at approximately $5.4 billion at the end of June.
This represents a notable return to airline investments for Berkshire, which notably liquidated its entire airline portfolio during the initial phase of the coronavirus pandemic.
Within the homebuilding sector, Berkshire boosted its Lennar Class A shares by roughly 30%, reaching 13.1 million shares valued at about $1.19 billion. The firm additionally established a modest new stake in D.R. Horton, owning 3,600 shares when the quarter concluded.
New Leadership Brings Portfolio Transformation
The second quarter represented the first period in 14 consecutive quarters where Berkshire operated as a net purchaser of equities. The firm deployed $23.5 billion acquiring shares while divesting only $3.7 billion, representing a notable departure from the conservative approach that characterized Buffett’s concluding years as chief executive.
Berkshire additionally repurchased $4.5 billion of its own shares, establishing the largest quarterly buyback amount since 2021.
The firm’s cash holdings decreased from an unprecedented $397.4 billion to $365.5 billion. Berkshire also finalized its purchase of Taylor Morrison, a homebuilder based in Arizona, during this period.
Regarding portfolio reductions, Berkshire cut its Capital One and Nucor positions by approximately half, reduced its Bank of America and Kroger stakes, and completely eliminated its Constellation Brands holding.
The quarterly filing substantiated what market observers had anticipated: a more dynamic Berkshire under Abel’s stewardship, actively deploying its enormous cash stockpile following an extended period of investment restraint.
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