Omaha-based Berkshire Hathaway has stepped back into the airline business. The conglomerate disclosed a new $2.65 billion position in Delta Air Lines, its first major aviation bet since dumping every airline holding in 2020. The move comes under new CEO Greg Abel. It signals a reassessment of an industry once declared permanently altered by the pandemic.
The 13F filing, released May 15, shows Berkshire purchased 39.8 million shares of Delta during the first quarter. That stake equals 6.1% of the carrier. At quarter-end it ranked as Berkshire’s 14th-largest equity holding. Delta shares jumped 3.3% in after-hours trading following the news. Investors took the disclosure as a vote of confidence.
But this isn’t a simple return to form. Six years ago Warren Buffett shocked markets by selling Berkshire’s stakes in Delta, United Airlines, American Airlines and Southwest Airlines. The sales came as the virus grounded fleets worldwide. Buffett declared the world had changed for aviation. Consumer habits shifted. Business travel faced long-term threats. Berkshire had poured $7 billion to $8 billion into those four carriers starting in 2016. It exited with billions in losses.
Now the calculus appears different. Air travel rebounded strongly after restrictions lifted. Delta stands out among major U.S. carriers for operational reliability and financial discipline. Yet fresh pressures loom. Carriers face higher fuel expenses tied to conflicts in the Middle East. Demand patterns continue evolving. So why buy now?
Berkshire’s Portfolio Overhaul Under New Leadership
Greg Abel took over as CEO at the start of 2026. He oversees roughly 94% of Berkshire’s stock portfolio. Ted Weschler manages the rest. Abel consults regularly with Buffett, who remains chairman and still reports to the office daily at age 95. The Delta purchase marks one of the first major visible shifts in the equity book on Abel’s watch.
Berkshire also more than tripled its Alphabet position to $16.6 billion. It opened a small $55 million stake in Macy’s. On the sell side the firm exited Amazon completely. It dumped full positions in UnitedHealth Group, Visa, Mastercard, Domino’s Pizza and others. Many of those sales appear tied to the departure of longtime portfolio manager Todd Combs, who left for JPMorgan at the end of 2025. Berkshire trimmed its Chevron stake by 35% but kept the energy giant as its fifth-largest holding.
The equity portfolio stood at $288 billion at the end of March. Berkshire bought $15.94 billion in stocks and sold $24.09 billion during the quarter. Cash continues to swell. It approaches a record near $400 billion. Buffett has voiced frustration with the lack of attractive deployment opportunities. “It isn’t our ideal surrounding area — or environment, I should say — in terms of deploying cash for Berkshire,” he said recently.
Delta’s appeal likely rests on its execution edge. The airline posted solid results through the post-pandemic recovery. It maintains a strong balance sheet relative to peers. Management earns praise for steady performance amid industry volatility. Yet the bet carries risks. Fuel costs spiked in recent months. Geopolitical tensions add uncertainty. Passenger traffic growth may moderate as fares adjust.
Berkshire’s history with airlines runs long and uneven. Initial 2016 purchases drew criticism. Many viewed the sector as capital-intensive with low returns and exposure to oil prices, labor disputes and economic cycles. Buffett once called airlines a death trap for investors. Then he bought in anyway. The 2020 exit seemed to validate that old skepticism. Now the return invites fresh questions about what has changed. And what hasn’t.
Industry insiders watch closely. Delta did not immediately comment on the investment. The purchase boosts Berkshire’s visibility in a sector still consolidating and adapting. Other carriers may see indirect benefits if the move lifts sector sentiment. Yet Berkshire’s stake remains modest compared with its overall portfolio. This isn’t an all-in wager. It’s a measured reentry.
Abel’s influence will draw increasing scrutiny in coming quarters. The Delta buy, paired with technology and retail additions, shows no radical departure from past discipline. Focus stays on quality businesses at reasonable prices. Still, the airline reversal stands out. It breaks a six-year absence rooted in a very public pandemic-era call.
Markets reacted positively. Macy’s shares rose 6.3% after hours on news of Berkshire’s small position. The broader filing reveals a conglomerate pruning legacy holdings while testing select opportunities. Cash remains the dominant feature. Berkshire bought back some of its own stock in the quarter. Abel has continued that program.
Buffett’s shadow lingers. He built the airline positions years ago. He oversaw their complete sale. Now, with Abel in the chief executive role, Berkshire tests the waters again. The $2.65 billion Delta stake won’t move the needle on Berkshire’s results. Its symbolism does. It suggests the post-pandemic airline story may hold more promise than feared in 2020. Or at least that one well-run carrier merits a fresh look.
Details emerged from Berkshire’s latest 13F. The filing offers only a backward glance at quarter-end positions. Further purchases or sales could have occurred since March. Still, the disclosure sets a new data point. Observers will parse every future move for signs of Abel’s independent stamp. For now the message reads continuity with selective openness to a sector once abandoned.
Delta itself faces typical airline headwinds. Capacity discipline, premium product strength and loyalty program economics support its edge. Those factors likely factored into Berkshire’s analysis. The investment arrives as fuel prices fluctuate and demand shows signs of normalization. Timing reflects improved visibility into sustainable profitability for top operators.
Berkshire Hathaway’s return to airlines therefore carries layers. Part reassessment of past judgments. Part portfolio housekeeping after personnel changes. Part signal under new executive leadership. The $2.6 billion buys attention. It doesn’t rewrite Berkshire’s conservative approach. It does reopen a chapter many thought closed for good.
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