Warren Buffett Spent $3.5 Billion on 5 Stocks in His Last Quarter as Berkshire Hathaway CEO. Here's the Best of the Bunch.

Key Points
Buffett started one new position and added to four other stocks in Berkshire's portfolio last quarter.
The stock purchases are relatively small, but indicate Buffett saw value in those shares.
The best of the bunch was on Buffett's buy list for six straight quarters.
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Warren Buffett spent the last few years of his time at the helm of Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) waiting for a great investment opportunity. Unfortunately, the market had other ideas. Buffett was a net seller of stocks in each of his last 13 quarters in charge of Berkshire's portfolio.
In that time, Buffett made a few relatively small investments in a handful of stocks. That includes spending $3.5 billion on five companies in his final quarter in charge.
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Here's what Buffett bought to close out 2025, and the one stock that stands out above the rest.
Buffett's final stock purchases for Berkshire Hathaway
While Berkshire Hathaway doesn't disclose exactly how much it paid for every stock it buys, it does disclose how much it spends purchasing equities and how much cash it raises from selling equities on its cash flow statement every quarter. Its fourth-quarter statement of cash flows showed an increase in equity purchases of $3.5 billion last quarter, but sales increased by $6.6 billion.
While $3.5 billion would be a lot for most money managers, it represents less than half a percentage point of Berkshire Hathaway's liquid assets, which include $373 billion in cash and Treasury bills as of the end of 2025. Still, the purchases are noteworthy, as they suggest Buffett sees value in these companies.
Here are the five stocks Buffett and his team of investment managers bought to close out 2025:
- Chubb Limited (NYSE: CB)
- Chevron (NYSE: CVX)
- The New York Times (NYSE: NYT)
- Domino's Pizza (NASDAQ: DPZ)
- Lamar Advertising
Buffett's investment in Chubb dates back to 2023, when he started accumulating shares for Berkshire while receiving a disclosure exemption from the SEC. That allowed him to build a sizable position in the insurer, which is now worth more than $11 billion. Buffett's familiarity with the insurance industry may have allowed him to recognize Chubb's ability to continue raising underwriting premiums to grow earnings. The market has caught up with that idea, however, pushing the valuation from about 10 times earnings expectations to more than 12 times earnings.
Buffett established a sizable position in Chevron in late 2020 and added to it in 2022. While exposure to the oil and gas company has fluctuated, it remains one of Berkshire's largest holdings. Volatile oil prices have sent the stock soaring this year, as it holds key assets in the Permian Basin and the Gulf of Mexico and executes plans to reduce costs while increasing production. But long-term investors don't depend on oil prices remaining abnormally high, which makes its current price look expensive.
Buffett's newest addition to the portfolio is The New York Times. The newspaper publisher has bucked the trend of print media with its digital transformation, which includes popular games and recipes apps. While other publishers are seeing declining subscriber counts and pageviews, The New York Times has added subscribers and increased total revenue per subscriber. Still, the premium investors will pay for the stock has climbed since the fourth quarter. It now trades at close to 30 times earnings expectations.
The stock that stands out as best of the bunch, though, has been on Buffett's buy list for six straight quarters. And it might be worthy of further purchases in 2026.
The best of Buffett's recent buys
Buffett has quickly amassed a substantial stake in Domino's Pizza over the last six quarters. Berkshire Hathaway now owns nearly 10% of the pizza purveyor after accounting for the company's most recent round of share repurchases. In fact, that may be the biggest reason Buffett didn't buy more of the stock, as a 10% stake would require additional and more frequent SEC disclosures for each transaction.
Domino's has executed well, leveraging its strong brand and technology to take share in the quick-service restaurant pizza category. Its fortressing strategy -- putting multiple stores in close proximity -- has increased awareness, driven more high-margin carryout orders, and reduced delivery times, all benefiting its bottom line. Despite the high concentration of stores, it has managed to increase same-store sales quarter after quarter. Most recently, it posted 3.7% same-store growth in the U.S.
Domino's scale gives it a significant cost advantage over smaller competitors. As a result, it's able to offer great value to customers while ensuring franchisees benefit from its supply chain.
While the growing popularity of delivery apps threatens one of the key attractions of the pizza category, Domino's has struck deals with them while maintaining its best deals for its most loyal customers who order directly from the restaurant. That's enabled the company to expand its customer base, and management said it experienced growth across all income cohorts in 2025.
With strong same-store sales growth, steady expansion of its store count, and improving margins from increased carryout orders and scale, Domino's is poised to continue producing strong earnings growth for the foreseeable future. With the stock trading for just 19 times earnings expectations, it looks like a great Buffett stock to buy right now.
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Adam Levy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway, Chevron, Domino's Pizza, and The New York Times Co. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.