Catenaa, December 24, 2025- Berkshire Hathaway sold more than $24 billion worth of equities in the first nine months of 2025, trimming major holdings as Warren Buffett signaled caution on market valuations ahead of his planned exit as chief executive.
Regulatory filings show Berkshire reduced or exited positions in six companies during the third quarter: Apple, Bank of America, VeriSign, DaVita, D.R. Horton and Nucor. The sales extended a multiyear shift toward a more defensive posture, even as U.S. equity benchmarks reached record highs.
Apple accounted for the largest reduction. Berkshire sold about $10.6 billion worth of shares in the iPhone maker during the quarter, continuing a pattern of steady trimming since late 2023. Despite the cuts, Apple remains Berkshire’s single largest equity holding.
The conglomerate also sold roughly $1.92 billion of Bank of America stock, extending quarterly reductions that began in 2024. Berkshire’s remaining stake in the bank was still valued at more than $29 billion at the end of the period.
VeriSign sales totaled about $1.2 billion, largely aimed at keeping Berkshire’s ownership below regulatory thresholds. Smaller reductions included $217 million in DaVita shares and $199 million in D.R. Horton, fully exiting the homebuilder position.
Berkshire also trimmed its Nucor stake by about 3.1%, a sale valued near $29 million.
Buffett has offered limited public explanation for the moves, but has repeatedly indicated that attractive opportunities are scarce at current prices. The sales coincided with Berkshire accumulating cash as Greg Abel prepares to assume the CEO role, reinforcing expectations that the company is positioning itself for future deployments once valuations reset.
