Everyone thinks they know the Warren Buffett Berkshire Hathaway companies playbook. Buy a soda company, hold it for forty years, and wait for the dividends to roll in while you eat a Dairy Queen Blizzard. Simple, right?
Well, not exactly.
If you’ve been watching the moves coming out of Omaha lately, things look a little different than they did in the 1990s. We’re in 2026 now. The "Oracle" is officially stepping back. Greg Abel is taking the wheel. And the portfolio? It’s basically a massive, multi-layered machine that owns everything from your carpet to the private jet you wish you had.
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But there’s a massive gap between the stocks people talk about and the businesses Berkshire actually owns lock, stock, and barrel.
The Confusion Between Owning Stocks and Owning Businesses
Honestly, most people trip up here. They see Berkshire owns Apple stock and think Apple is a "Berkshire company." It’s not. It’s a massive investment.
A real Berkshire company is one where Buffett (or now Abel) sent a wire transfer, bought 100% of the thing, and installed a manager who hasn't been fired in twenty years. We're talking about the "powerhouse five" and the weird collection of subsidiaries that make the cash.
The Railroad and the Grid
You can't talk about Warren Buffett Berkshire Hathaway companies without mentioning BNSF Railway. It’s the backbone. Berkshire bought it in 2010 for about $34 billion. Today, it moves the stuff that keeps America's lights on. Speaking of lights, Berkshire Hathaway Energy (BHE) is the other titan. They just finished buying out the remaining minority stakes in October 2024, making them the 100% owners of a utility empire that spans from Iowa to Great Britain.
These aren't sexy tech startups. They are "moat" businesses. They have huge physical assets that nobody else can afford to build.
The Weird, Wonderful, and Totally Random Subsidiaries
Most people forget that Berkshire owns Geico. Yes, the lizard. That was a long-term play that started decades ago and finished in 1996. It’s the "float" machine. The premiums you pay for car insurance sit in Berkshire’s bank account until you crash your car. In the meantime, Buffett uses that cash to buy other things.
It's genius.
Then you have the stuff that makes you go, "Wait, he owns that too?"
- Duracell: Bought from Procter & Gamble in a weird stock-swap deal in 2016.
- Fruit of the Loom: Picked up out of bankruptcy in 2002.
- See’s Candies: The "dream" business. It requires almost no new money to run but spits out cash every Christmas.
- Brooks Running: They set sales records at the 2025 annual meeting.
- Dairy Queen: Buffett’s favorite place for a burger, and a 99% owned subsidiary since 1997.
What’s Changing in 2026?
The big news recently wasn't a buy. It was a goodbye.
Buffett announced he’s stepping down as CEO at the end of 2025. As of January 1, 2026, Greg Abel is the man in charge. This is a massive shift. For sixty years, it was Warren’s show. Now, we’re seeing the portfolio get "cleaned up."
Berkshire has been sitting on a mountain of cash—over $340 billion at last count. Why? Because Buffett thinks the "casino" (the stock market) is too expensive. He’s been selling. He trimmed Apple significantly over the last two years. He’s been dumping Bank of America shares like they’re going out of style.
He’s basically preparing the war chest for Greg Abel to make a "big elephant" acquisition when the market finally cracks.
The Tech Pivot (Sorta)
Even though Buffett claims he doesn't "get" tech, the younger guys, Todd Combs and Ted Weschler, have been busy. Berkshire now has a meaningful stake in Alphabet (Google) and Amazon.
They aren't just buying "cigar butts" anymore. They are buying the infrastructure of the internet. It’s a recognition that in 2026, a "moat" isn't just a physical railroad track—it’s a search bar or a cloud server.
The 2026 Portfolio Breakdown (The "Big Five" Stocks)
Even with all the selling, the equity portfolio is still top-heavy. As we head into 2026, these five names represent the bulk of Berkshire’s paper wealth:
- Apple (AAPL): Still the king, even after the trims. Buffett loves the "stickiness" of the iPhone.
- American Express (AXP): He says he’ll own this "indefinitely." It’s a brand moat.
- Bank of America (BAC): Even with the recent sales, it’s a massive core holding.
- Coca-Cola (KO): The classic. He bought it in 1988 and hasn't touched it. The dividend yield on his original cost is now insane—somewhere around 60%.
- Chevron (CVX): A huge bet on energy that balances out the tech exposure.
Why This Matters for Your Wallet
You don't need to be a billionaire to use the Warren Buffett Berkshire Hathaway companies strategy. The takeaway isn't "buy Coke." It’s "buy quality."
Buffett looks for businesses with high Return on Equity (ROE) and managers who don't do stupid things with cash. He hates debt. He loves companies that can raise prices when inflation hits without losing customers.
If you’re looking at your own portfolio for 2026, ask yourself the "See’s Candies" question: If this company raised prices by 5% tomorrow, would the customers leave? If the answer is yes, Buffett wouldn't touch it.
Actionable Insights for Investors
- Check the "Float": Look for companies with high cash flow that they don't have to pay back immediately.
- Don't Overpay for Growth: Berkshire’s cash pile is a signal. If the greatest investor ever can't find anything to buy, maybe you should be cautious too.
- Ignore the Noise: Buffett literally ignores the daily stock market. He looks at the business. If the business is earning more money this year than last year, the stock price will eventually follow.
The transition from Buffett to Abel is the end of an era, but the "cathedral" of Berkshire is built to last 100 years. It’s a collection of cash-generating machines disguised as a boring insurance company. And that’s exactly how they like it.
Next Step: You should pull up Berkshire's latest 13-F filing to see the exact share counts for their top holdings, as these numbers shift every quarter. It's the best way to see where the "smart money" is actually moving in real-time.