Overview
- Warren Buffett exited as Berkshire Hathaway CEO at the end of 2025, leaving a portfolio that blends long-held financials with newer technology stakes.
- American Express stands as one of Berkshire’s largest equity holdings, valued at more than $45 billion and estimated at about 15% of the equity portfolio.
- The card issuer posted fourth-quarter 2025 revenue of $19.0 billion, up 10% year over year, and a record $72.2 billion in full-year revenue.
- Net card fees at American Express reached a record $10 billion in 2025, marking the 30th straight quarter of double-digit fee growth.
- Alphabet is a more recent Berkshire investment made before Buffett stepped down, and current commentary weighs its prospects against AmEx as some analysts highlight AmEx’s pullback of more than 20% in the past two months.