Warren Buffett, the legendary chairman and CEO of Berkshire Hathaway, is known for his disciplined, long-term approach to investing. His portfolio, built over decades, reflects a mix of iconic brands, financial powerhouses, and strategically selected businesses with durable competitive advantages.
While Berkshire owns dozens of stocks, its value is concentrated in just ten holdings. As of March 31, 2025, these top positions comprise the core of Buffett’s equity portfolio, offering insight into his investment philosophy and priorities.
1. Apple (AAPL) – 25.76% of Portfolio
Apple is Berkshire Hathaway’s most significant single stock holding, representing over a quarter of the portfolio. Buffett began building the position in 2016, which surprised some investors given his historic reluctance toward technology companies. Over time, he has called Apple “probably the best business I know in the world,” citing its strong brand, customer loyalty, and recurring revenue from its ecosystem of products and services.
Beyond the iPhone, Apple’s services segment has become a powerful profit engine, while its aggressive share repurchase program steadily increases Berkshire’s ownership stake without additional purchases. The company’s consistent dividend and ability to generate massive free cash flow make it a textbook Buffett holding.
2. American Express (AXP) – 15.77% of Portfolio
American Express is a Buffett classic, with a relationship that dates back to the 1960s. He first invested heavily during the “salad oil scandal,” when the company faced a crisis that drove down its share price. Buffett recognized the enduring strength of its brand and its affluent customer base, which provided a strong economic moat.
Today, American Express remains a top Berkshire holding, offering steady earnings growth and a reliable dividend. Its closed-loop payment network and premium card offerings give it a unique position in the financial services industry. Buffett has often praised its management and competitive advantages, which have kept him invested for decades.
3. Coca-Cola (KO) – 11.07% of Portfolio
Buffett’s Coca-Cola investment is one of the most famous in history. In 1988, he began buying shares and quickly built a massive position of over 400 million shares, which Berkshire still holds today. The company’s brand strength, global distribution network, and ability to sell billions of servings daily make it one of the world’s most enduring consumer goods businesses.
Coca-Cola’s steady dividend and ability to maintain pricing power even during inflationary periods align perfectly with Buffett’s preference for predictable cash flows. He has often used Coca-Cola as an example of brand dominance, noting its ability to maintain customer loyalty across generations.
4. Bank of America (BAC) – 10.19% of Portfolio
Bank of America is Berkshire’s largest bank holding, originating from a 2011 crisis-era deal in which Berkshire purchased preferred shares and warrants. Those warrants were later converted into common stock, making Berkshire the bank’s largest shareholder.
Buffett has expressed strong confidence in Bank of America’s management and the overall health of the U.S. banking system. The company’s focus on efficiency, strong capital position, and shareholder returns through dividends and buybacks has made it a long-term fit for Berkshire’s portfolio.
5. Chevron (CVX) – 7.67% of Portfolio
Chevron became a significant holding in 2022 when Buffett significantly increased Berkshire’s stake in the oil giant. As one of the largest integrated energy companies in the world, Chevron benefits from a diversified business model spanning upstream exploration, refining, and marketing.
For Buffett, Chevron offers stable cash flows, a strong dividend, and a hedge against inflation through its exposure to energy prices. While the position has seen adjustments, it remains a substantial part of the portfolio, reflecting Buffett’s willingness to invest heavily in companies tied to essential global commodities.
6. Occidental Petroleum (OXY) – 5.06% of Portfolio
Occidental Petroleum is another significant energy holding. Berkshire began building its stake in 2019 through a preferred stock deal that helped finance Occidental’s acquisition of Anadarko Petroleum. That investment also included warrants to buy common shares, which Buffett has exercised to grow Berkshire’s stake.
Buffett has praised CEO Vicki Hollub’s leadership and Occidental’s operational efficiency. The company’s strong position in U.S. shale oil production and focus on debt reduction have made it a compelling long-term energy investment for Berkshire.
7. Moody’s (MCO) – 4.44% of Portfolio
Buffett’s history with Moody’s dates back to its spin-off from Dun & Bradstreet in 2000. Since then, the credit rating agency has become a global leader in providing ratings, research, and risk analysis. Its dominant market share and high barriers to entry create a wide moat, something Buffett has always valued.
Moody’s benefits from recurring revenue and high profit margins, making it a consistent earnings generator. Its role in global financial markets ensures steady service demand regardless of short-term economic fluctuations.
8. The Kraft Heinz Company (KHC) – 3.83% of Portfolio
Berkshire’s involvement with Kraft Heinz began in 2015 when it partnered with 3G Capital to merge the two iconic food companies. While the combined entity has faced challenges such as changing consumer tastes and brand write-downs, it remains one of the largest packaged food companies in the world.
Buffett acknowledged that the investment hasn’t performed as hoped, yet Berkshire holds a significant stake. Kraft Heinz still offers consistent dividend income and owns a portfolio of household brands with broad market reach.
9. Chubb (CB) – 3.16% of Portfolio
Chubb is a global property and casualty insurance company that recently became a Berkshire holding. Buffett has long been drawn to well-run insurers because of the “float” generated by premiums, which can be invested before claims are paid.
Chubb’s diversified business, strong underwriting record, and disciplined risk management align with Berkshire’s insurance philosophy. Its global presence and ability to generate consistent profits make it a natural fit for the portfolio.
10. DaVita (DVA) – 2.08% of Portfolio
DaVita is one of the largest providers of kidney dialysis services in the United States. Berkshire has held shares for over a decade, attracted to the company’s stable demand, driven by its services’ essential nature.
The dialysis industry has high barriers to entry, and DaVita commands a leading market share. Its ability to generate steady cash flows and operate in a recession-resistant sector makes it a reliable, if smaller, component of Berkshire’s portfolio.
Conclusion
Warren Buffett’s top ten stock holdings reveal much about his investment philosophy. They are concentrated in companies with strong brands, durable competitive advantages, consistent cash flows, and capable management. From long-term stalwarts like Coca-Cola and American Express to large energy bets in Chevron and Occidental, each position reflects a careful balance of stability and opportunity.
While the portfolio contains dozens of other holdings, these ten comprise the bulk of Berkshire’s equity investments, offering a clear view of the businesses Buffett trusts to deliver value over the long haul.