Honestly, trying to track every single business under the Berkshire umbrella is a bit like trying to count every raindrop in a thunderstorm. Most people think of it as just a "stock" they see on the news. But Berkshire Hathaway isn't just a ticker symbol; it’s a massive, sprawling city-state of commerce.
Warren Buffett officially stepped down as CEO on January 1, 2026. This was the moment everyone feared, yet the transition to Greg Abel has been surprisingly quiet.
The portfolio Abel inherited is a strange, beautiful beast. It’s split into two main worlds: the companies Berkshire owns outright (the subsidiaries) and the famous "stock market" bets where they just own a piece of the pie. If you look at the 2026 landscape, you'll see some shocking shifts.
Apple is still there, sure. But it’s not the gargantuan, 40% chunk of the portfolio it used to be. Buffett and Abel spent 2024 and 2025 trimming that position down significantly. Why? Because even "The Oracle" knows when a tech giant’s growth starts to cool off.
The Powerhouse Subsidiaries You Use Every Day
When we talk about companies Berkshire Hathaway owns, we usually start with the ones that have their own CEOs but report directly to Omaha. These aren't just investments; they are the "holy grails" of the conglomerate.
GEICO is the crown jewel here. You’ve seen the gecko. You’ve probably paid them for car insurance. Berkshire owns 100% of it. While other insurers struggled with rising repair costs in the mid-2020s, GEICO used its massive "float"—the money it holds between collecting premiums and paying claims—to fund other acquisitions.
Then there’s the BNSF Railway. It’s one of the largest freight railroad networks in North America. Think about it: every time you see a massive train hauling coal, grain, or consumer goods across the Midwest, there’s a decent chance Berkshire is making money on that track.
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A Quick Peek at the Wholly-Owned List:
- Duracell: Yes, the batteries. Berkshire bought the whole thing from Procter & Gamble years ago.
- Dairy Queen: The "Blizzard" is a Buffett favorite. They own the entire chain.
- See’s Candies: This was Buffett’s first real lesson in "brand power." It’s still a cash-cow.
- Clayton Homes: The biggest builder of manufactured housing in the U.S.
- Benjamin Moore: The paint on your walls might be a Berkshire product.
- Fruit of the Loom: Even your underwear might be contributing to the Berkshire balance sheet.
It’s an eclectic mix. Bricks, batteries, and boxers. Basically, if it’s a boring business that generates steady cash, Berkshire probably wants to own it.
The 2026 Equity Portfolio: What’s New?
This is where the headlines usually focus. The stock portfolio is currently worth over $300 billion, and it looks a lot different than it did five years ago.
Apple remains the top holding, but as of early 2026, it accounts for roughly 21% of the invested assets—a far cry from its peak. The big story recently has been Alphabet (Google). In a move that shocked many traditional value investors, Berkshire recently poured billions into Google’s parent company.
Ted Weschler, who now oversees much of the public equity strategy, seems to be leaning harder into the "Magnificent Seven" than Buffett ever did. They now hold significant stakes in Apple, Amazon, and Alphabet.
American Express is another lifer. Buffett has said they’ll own it "indefinitely." Amex is currently flirting with becoming Berkshire's largest holding by market value if Apple continues to be trimmed. It’s a perfect Berkshire business: a premium brand with a "moat" that competitors can't easily cross.
The Shift Toward Energy and Infrastructure
One thing Greg Abel brought to the table—long before he took the CEO seat—was a deep expertise in energy. This is reflected in the massive bets on Occidental Petroleum and Chevron.
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Berkshire has been aggressively buying Occidental shares, leading many to speculate about an eventual total takeover. As of today, they own over 27% of the company. It’s not just about oil; it’s about "Direct Air Capture" technology and the future of carbon management.
Then you have Berkshire Hathaway Energy (BHE). This isn't a stock you can buy on the New York Stock Exchange. It’s a subsidiary that owns utilities like MidAmerican Energy and NV Energy. In 2025, BHE made headlines by announcing a massive pivot toward natural gas plants designed specifically to power AI data centers.
What Most People Get Wrong About Berkshire
The biggest misconception is that Berkshire is "old fashioned." People see Buffett eating a McDonald's breakfast and think the company is stuck in 1985.
That’s a mistake.
While they love "boring" businesses, they are sitting on a cash pile that recently eclipsed $370 billion. That is an insane amount of money. To put it in perspective, they could buy almost any company in the S&P 500—outright, in cash—tomorrow if they wanted to.
They don't buy because they're bored; they buy when there's blood in the streets. They are the "lender of last resort" for the corporate world. When the 2025 market volatility hit, Berkshire didn't panic. They went shopping.
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Why This Matters to You
You might not own a single share of BRK.A or BRK.B. But if you have a 4001(k) or an index fund, you’re likely an indirect owner of these businesses.
Understanding the companies Berkshire Hathaway owns gives you a roadmap of the American economy. They own the rails, the power lines, the insurance, and the tech hardware we can’t live without.
The strategy in 2026 is clear: preserve the "old guard" (Coke, Amex, GEICO) while slowly pivoting into the infrastructure required for the AI era. It's a balancing act that Greg Abel has handled with surprising grace.
Actionable Insights for Investors:
- Don't ignore the cash: Berkshire's $370B+ cash pile is a signal. They aren't finding many "cheap" deals in the current market, which suggests you should be cautious with your own valuations.
- Watch the energy pivot: The heavy investment in Occidental and Chevron isn't just a bet on gas prices; it's a bet on the long-term necessity of energy infrastructure for data centers.
- The "Moat" still wins: Whether it's the brand power of Coca-Cola or the licensing monopoly of Sirius XM (where Berkshire owns 37%), the lesson is to look for companies that have a "legal" or "brand" wall that protects their profits.
- Check the 13-F filings: Every quarter, Berkshire has to tell the SEC what they bought and sold. Following these filings is the only way to get the "truth" behind the rumors.
If you're looking to build a portfolio that lasts decades, look at the companies Berkshire has held for 30+ years, like Coca-Cola. There's a reason they never sell. Stable dividends and a product that people will still be buying in 2050 are the ultimate safety nets.
To get the most out of this data, you should pull the latest 13-F filing from the SEC EDGAR database. It lists the exact share counts for every public company they have a stake in, providing the most accurate picture of where the "smart money" is moving this year.