Berkshire Hathaway Returns to Airlines With $2.6B Delta Stake

CNBC reported Friday that Berkshire Hathaway has quietly assembled a Berkshire Hathaway Delta stake worth more than $2.6 billion. The position makes Delta the conglomerate’s fourteenth-largest equity holding as of the end of March.

Berkshire Hathaway Delta Stake Signals a Sector Return

The investment marks a clear reversal of Berkshire’s dramatic 2020 airline exit. During the pandemic, the Omaha giant liquidated its entire airline book, which included stakes across Delta, United, American, and Southwest worth over $4 billion combined. At the time, Warren Buffett argued the virus had permanently reshaped how people fly and spend on travel.

Six years later, the bet appears back on. Delta now sits alongside a meaningfully expanded Alphabet position, which Berkshire has elevated to its seventh-largest holding after adding to the stake throughout the first quarter. The conglomerate also initiated a small position in Macy’s, valued at roughly $55 million at quarter-end.

Background: A Leadership Transition at the Top

This is the first full quarter managed under CEO Greg Abel, who inherited the top job from Buffett after the legendary investor stepped down following more than six decades as chief executive. Buffett, now 95, remains chairman and continues to work out of the Omaha office daily. Abel has said he regularly consults Buffett on capital deployment and investment decisions, including the decision to resume share buybacks during the quarter.

The portfolio reshaping also reflects the departure of longtime investment lieutenant Todd Combs, who left Berkshire for JPMorgan at the close of 2025. Combs had co-managed a portion of the equity book alongside Ted Weschler, who stays on and still oversees roughly six percent of holdings.

Unwinding the Combs Legacy

Several sales during the quarter appear tied to positions Combs championed during his tenure. Berkshire exited its stakes in Mastercard and Visa, the first two stocks Combs bought after joining the firm. Those holdings closely mirrored bets he made at his prior fund, Castle Point Capital.

The firm also fully closed its Amazon position after trimming it late last year, along with selling out of UnitedHealth Group, Aon, Pool Corporation, Domino’s Pizza, and Charter Communications.

Buffett recently acknowledged the difficulty of the current environment. Berkshire’s cash reserves are approaching a record $400 billion, and the chairman conceded the backdrop is not ideal for putting that capital to work quickly.

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