More than 60 years after taking a controlling interest in , former CEO Warren Buffett stepped away from his role with the firm he turned into a multinational conglomerate on the final day of 2025.
On Saturday, Feb. 28, the holding company reported full-year and Q4 2025 earnings, marking the final fiscal year and quarter with the Oracle of Omaha at the helm. And although it was new Berkshire CEO Greg Abel who penned his first annual letter to shareholders, the results the company announced over the weekend were the last to bear the fingerprints of his predecessor and mentor.
Here’s how Berkshire performed in 2025 and in its final quarter, and what investors can expect going forward under the leadership of its new chief executive.
Berkshire’s Final Quarter Under Buffett
On the surface, Berkshire’s last quarter under the direction of Buffett was not the going-away party the market envisioned. Insurance investment income fell by nearly 25%, earnings from operations were down more than 29%, and most notably, insurance underwriting profits fell by approximately 54%.
But the company—which through its subsidiaries engages in industries ranging from insurance and freight rail transportation to global utilities—attributed the lower earnings to $4.5 billion in impairments and write-downs, including those related to and —the former of which newly entrenched CEO Abel has exited entirely in Q1 2026.
Overall, earnings per share (EPS) of $4.73 missed analyst expectations by 44 cents, with revenue of $94.23 billion beating analyst expectations of $92.91 billion.
Full-year operating profit fell 6% to $44.49 billion, while net income for the year dropped 25% to $66.97 billion.
Still, the company has maintained a near-record cash reserve of $373.3 billion—down from a record $381.6 billion in Q3—which positions Abel to make major acquisitions and bolster the portfolio going forward. Buffett left the portfolio in excellent shape, thanks in part to his final moves in his final quarter.
Since taking the reins in 1965, Buffett has led Berkshire to average annual gains of 19.7%, nearly double the ’s compounded gains over the same period. During the same time, Berkshire’s gains exceeded 6,099,294%, while the S&P 500 gained 46,061%, with reinvested dividends, as Abel noted in his inaugural letter to shareholders.
Buffett’s Concluding Portfolio Moves for Berkshire
According to the company’s more recently published Form 13F filing, which reflects the securities Berkshire bought, sold, and held in Q4, Buffett was certainly not resting on his laurels before riding off into a retirement replete with Diet Coke and table tennis.
Unsurprisingly, Magnificent Seven member remains Berkshire’s largest holding at nearly 228 million shares. But perhaps less expected was Buffett’s top buy in Q4. The company’s position in the global property and casualty insurance company was increased by 0.59%, and shares of CB have gained nearly 10% year-to-date (YTD).
Buffett also expanded Berkshire’s position in oil major by 0.15%—a move which has since proven prescient with the energy sector dominating the S&P 500 this year, with a more than 23% gain. For context, materials have posted the second-best performance among all 11 sectors with a gain of nearly 17%, while tech has lost more than 2% so far in 2026. For its part, Chevron is up nearly 20% YTD.
Media company The saw the third-largest position increase for Berkshire, as the company expanded its shares of the newspaper publisher by 0.13%. The stock is up more than 14% YTD, leaving Buffett’s three biggest Q4 buys with an average gain of 14.66% through the first two months of the year.
Meanwhile, the firm made notable reductions in numerous positions, the three most prominent of which were by 77%, by almost 9%, and —a leading provider of kidney care services that specializes in the management and operation of outpatient dialysis centers.
His timing could not have been better. Amazon’s struggles—which have been well-publicized—have continued in 2026, with the stock having lost more than 7%. Bank of America has been wrapped up in the broad struggles of the financials sector, whose 4.14% YTD is the worst among all S&P 500 sectors. Shares of BAC have tumbled nearly 11% YTD.
The Q4 reduction in DaVita may look like a misstep, as shares of the healthcare company are up more than 36% YTD. However, Buffett sold the shares back to DaVita as part of a scheduled share repurchase agreement, so the sale was non-discretionary.
When all was said and done, Buffett exited Berkshire with its top five portfolio holdings being:
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Apple: 22.6%
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: 20.46%
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Bank of America: 10.38%
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: 10.2%
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Chevron: 7.24%
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