Greg Abel's Trades and Holdings in Q1 2026

Breaking down the stocks Greg Abel (Berkshire Hathaway) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Berkshire Hathaway's 13F filed on May 15, 2026.

Who are Warren Buffett, Greg Abel and Berkshire Hathaway?

Berkshire Hathaway Inc. is led by Warren Buffett (Chairman and CEO), with Greg Abel (transitioning to CEO at the end of the year), and profoundly influenced by the late Charlie Munger (former Vice Chairman). The company is known for its diversified equity portfolio, typically consisting of around 45 stocks, with the top 5 holdings comprising approximately 70% of equity assets, and massive cash reserves for opportunistic deployments during market dislocations.

Their investment strategy is a classic value investing approach inspired by Benjamin Graham's principles of margin of safety and evolved through Munger's emphasis on acquiring wonderful businesses at fair prices, treating equities as ownership stakes in enduring enterprises rather than tradable securities. They focus on undervalued or high-quality companies across industries that can compound intrinsic value over decades, with strong qualitative factors like durable economic moats, high returns on capital, honest and capable management, predictable cash flows, and ample reinvestment opportunities in growing markets.

Berkshire Hathaway's Website https://www.berkshirehathaway.com

Holdings in Q1 2026

Current Investment Strategy

Under new CEO Greg Abel, Berkshire Hathaway enters Q1 2026 anchoring its $263 billion equity portfolio around durable, cash-generative franchises — led by Apple, American Express, Coca-Cola, Bank of America, and Occidental Petroleum — while maintaining a record $390.7 billion cash reserve parked largely in U.S. Treasury bills, signaling disciplined restraint in the face of elevated market valuations. The firm continued selectively rotating its holdings, exiting payment giants Visa and Mastercard, consumer names Constellation Brands and Domino's Pizza, and managed-care bellwether UnitedHealth, while initiating positions in Delta Air Lines, The New York Times, and Liberty Live Group — moves that reflect a value-oriented, Buffett-forged philosophy of owning high-quality businesses with durable competitive moats, patient capital allocation, and an ever-watchful eye for opportunistic deployment during potential market dislocations.

New Investments

Delta DAL

Greg Abel bought $2646.53B of Delta in Q1 2026. We view this position as exposure to a carrier that, over the last 12 months, has grown revenue about 3% to roughly $63B, expanded net income nearly 45% to $5.0B, and now trades at an undemanding valuation of about 8.5x trailing EPS of $7.66 (forward P/E ~9.7x). Fundamentally, performance has strengthened in the last two quarters, capped by a March 2026 quarter with record revenue of $14.2B (up 9.4% YoY), domestic unit revenue up 6%, international up 5%, and adjusted TRASM up 8.2%, even as higher fuel and non‑fuel unit costs produced a GAAP loss per share of ($0.44) (vs. positive adjusted EPS of $0.64). Looking ahead, we see the company as fundamentally gaining share in high-yield premium and corporate segments—with record corporate sales up double-digits and June-quarter guidance for low-teens-% revenue growth and roughly $1B of profit—but the below-consensus EPS outlook of $1.00–$1.50 vs. prior expectations around $2.09 and elevated non-fuel unit cost growth (~6% YoY) may limit near-term re-rating until cost pressures abate.

• March 2026 quarter total revenue $14.2B, up 9.4% year-over-year, with adjusted TRASM up 8.2%, domestic unit revenue up 6%, international up 5%, and operating cash flow of $2.4B.
• Full-year 2025 revenue $63.36B (+2.8% YoY) and net income $5.01B (+44.8% YoY) drove EPS to $7.66 (+43.7% YoY).
• Management guides June 2026 quarter EPS to $1.00–$1.50 vs. prior consensus around $2.09, expecting roughly $1B of profit and low-teens-% revenue growth on flat capacity.

New York Times NYT

Greg Abel bought $1151B of New York Times in Q1 2026. Over the last two quarters, the company has translated steady top-line growth into much faster earnings expansion, with Q1 2026 EPS of $0.61 (vs. $0.47 consensus and $0.41 a year ago) and net income climbing to $82.9M from $49.6M in the prior quarter as digital subscriptions and bundling improved margins. Revenue in the latest quarter reached $685.9M, modestly above the $670.7M estimate and consistent with trailing-12-month revenue of roughly $2.9B and net income of about $338M ($2.05 EPS), while the stock trades in the upper half of its $51–$87 52-week range at around 32x–34x trailing earnings and a ~1% dividend yield. With digital-only subscribers now above 10M, continued outperformance versus earnings expectations, and management leaning into cross-product bundles (news, games, cooking, sports) to drive ARPU and retention, we view the current quarter as a clear indication that the business is gaining momentum, which should be supportive of further value creation even at a premium multiple.

• Q1 2026 EPS was $0.61, beating consensus by roughly 30% and rising about 49% year over year from $0.41.
• Latest reported quarterly revenue was $685.9M, about 2% above the $670.7M Street estimate and contributing to trailing-12-month revenue of roughly $2.9B.
• Shares trade at approximately 32x–34x trailing EPS of $2.05 with a dividend of $0.72 (~1% yield) on a market capitalization around $12.2B.

Liberty Live LLYVK

Greg Abel bought $518.32B of Liberty Live in Q1 2026. Over the last two reported quarters, the shares have appreciated roughly 15–20%, trading toward the upper end of their $60.55–$102.62 52‑week range as investors price in continued strength in live entertainment demand and the value of the underlying Live Nation stake. In the most recent quarter, reported EPS of -3.20 versus consensus -0.13 on revenue of $63.6M vs. $70.4M highlighted the inherent volatility of Liberty’s mark‑to‑market and equity‑method accounting, but the market reaction has been relatively contained given that most value is driven by Live Nation’s share price rather than near‑term earnings. With the stock trading around the Morningstar fair value range of roughly $82–$100, upside catalysts over the coming quarter center on sustained high‑single‑ to double‑digit growth in global ticket volumes and pricing at Live Nation and any indication of further capital allocation or structural simplification from Liberty Media that could narrow the discount to underlying asset value.

• Share price is up approximately 19.3% over recent months, now trading near the upper end of its $60.55–$102.62 52-week range.
• Latest quarter delivered EPS of -3.20 vs. consensus -0.13, a miss of about $3.07 per share, on revenue of $63.62M vs. $70.40M expected.
• Morningstar fair value estimate of $91.85 versus recent trading levels around $82–$100 implies the stock is oscillating within roughly a ±10% band around assessed intrinsic value, depending on reference price.

Added, Trimmed, and Exited

Added

Berkshire Hathaway made no additions to any of its existing positions in Q1 2026.

Trimmed

Berkshire Hathaway made sweeping, near-total reductions to three of its most iconic long-held positions: Bank of America (BAC) was cut by ~97% (from ~310.8M to ~9.8M shares), Coca-Cola (KO) was reduced by ~94% (from ~282.7M to ~14.4M shares), and American Express (AXP) was slashed by ~99% (from ~149.1M to ~1.4M shares).
What it means: These are not routine trims — they represent the near-complete unwinding of positions that defined Warren Buffett's tenure and embodied the classic Berkshire Hathaway philosophy of holding wonderful businesses for decades. Coca-Cola (KO) has been a cornerstone holding since the late 1980s, and American Express (AXP) since the 1960s. Reducing all three by 94–99% in a single quarter signals something far beyond valuation management. Under Greg Abel's emerging leadership, this looks like a deliberate and decisive break from the old portfolio's identity — possibly reflecting a view that the margin of safety in these mature, well-loved franchises has compressed, that the capital is better redeployed into higher-returning opportunities, or simply that Abel is putting his own strategic stamp on the book. The simultaneity and scale of these cuts across financials and consumer staples is difficult to explain as anything other than a philosophical portfolio reset.

Exited

Berkshire Hathaway fully exited seven positions during the quarter: Visa (V), Mastercard (MA), Constellation Brands (STZ), Domino's Pizza (DPZ), UnitedHealth (UNH), Pool (POOL), and Aon (AON).
What it means: The breadth of these exits is striking — spanning payments networks, beverages, quick service restaurants, managed care, pool distribution, and insurance brokerage. Exiting Visa (V) and Mastercard (MA), two of the highest-quality compounders in the market, is particularly notable; both had been widely viewed as the kind of toll-booth businesses Berkshire Hathaway prizes for their durable moats and capital-light economics. The simultaneous departure from UnitedHealth (UNH) — amid the company's own well-publicized headwinds — and more idiosyncratic names like Pool (POOL) and Domino's Pizza (DPZ) suggests the portfolio is being dramatically simplified and concentrated. Taken together with the near-exits of Bank of America (BAC), Coca-Cola (KO), and American Express (AXP), this quarter marks one of the most aggressive portfolio reshapings in Berkshire Hathaway's modern history — trading broad diversification across premium-multiple franchises for a tighter, more cyclically tilted set of new bets.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.