Berkshire Hathaway has returned to the airline sector with a roughly $2.6 billion investment in Delta Air Lines, marking one of the first major portfolio shifts under CEO Greg Abel following Warren Buffett’s transition from the top executive role.
The investment was disclosed in Berkshire Hathaway’s latest quarterly regulatory filing and represents a notable reversal of Buffett’s decision to exit airline holdings in 2020 during the COVID-19 pandemic. At the time, Berkshire had sold stakes in Delta, American Airlines, Southwest Airlines, and United Airlines as the travel industry faced unprecedented disruption, according to Reuters.
The new Delta position is viewed as a signal that Berkshire sees renewed long-term strength in the airline industry, particularly in premium travel demand and operationally resilient carriers. Delta has differentiated itself in recent years by focusing on higher-income travelers, premium cabin offerings, and loyalty-driven revenue streams.
The filing also highlighted broader portfolio changes under Abel’s leadership. Berkshire significantly expanded its stake in Alphabet while exiting several investments tied to former investment manager Todd Combs, including positions in Amazon, Visa, Mastercard, and UnitedHealth Group.
The Delta investment has also drawn attention because Buffett historically expressed skepticism toward airlines, once describing the industry as a difficult business with limited durable competitive advantages. Berkshire’s renewed airline exposure is therefore being interpreted as both a strategic shift and an indication of confidence in Delta’s financial profile and industry positioning.
According to reports, Berkshire’s equity portfolio stood at approximately $288 billion at the end of the first quarter, with the company purchasing nearly $16 billion in equities while selling more than $24 billion during the period.
