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Berkshire Hathaway owned 151.6 million American Express shares at December 31, 2025, equal to 22.1% of American Express’s outstanding common stock. Berkshire’s annual report assigned that position a $56.088 billion year-end market value, against a $1.287 billion cost basis, and reported $479 million in American Express dividends received during 2025.
How much of American Express does Berkshire Hathaway own?
Berkshire Hathaway’s 2025 annual report states that it held approximately 151.6 million American Express shares on December 31, 2025. That represented 22.1% of American Express common stock outstanding, making Berkshire the company’s largest disclosed shareholder and giving the position substantial influence in Berkshire’s equity portfolio.
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A later U.S. Securities and Exchange Commission Form 13F information table reported 151,610,700 American Express shares across three entries, with a combined reported value of $51,282,319,275. A Form 13F describes holdings for its own reporting date and uses market prices at that date, so its value should not be substituted for the annual report’s December 31 figure.
What is Berkshire’s American Express stake worth?
| Measure | Reported figure | What it represents |
|---|---|---|
| Shares | 151.6 million | Berkshire annual-report holding at December 31, 2025 |
| Ownership | 22.1% | Share of American Express common stock outstanding at that date |
| Cost basis | $1.287 billion | Berkshire’s accounting cost for the investment |
| Market value | $56.088 billion | Fair value at December 31, 2025 |
| 2025 dividends | $479 million | Cash dividends Berkshire reported receiving during 2025 |
| SEC Form 13F value | $51,282,319,275 | Value reported for the 13F’s filing period, not necessarily December 31, 2025 |
The difference between the $56.088 billion annual-report value and the $51.282 billion 13F value reflects different reporting dates and market prices, rather than a documented change in the number of shares. The cost basis is a separate historical accounting measure; it is not the position’s current value.
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Why does Berkshire keep holding American Express?
Berkshire’s 2025 shareholder letter places American Express among a small group of core American businesses that Berkshire understands well, respects for the quality of their leaders and expects to compound over decades. The letter names American Express alongside Apple, Coca-Cola and Moody’s as examples of this concentrated strategy.
That approach means Berkshire does not treat every quarter’s share price as a reason to trade. The company says activity in these core holdings should remain limited unless the businesses’ long-term economic prospects change fundamentally. The rationale is therefore based on the durability and compounding potential of American Express’s business, rather than a short-term market call.
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How important is the holding inside Berkshire’s portfolio?
American Express was one of Berkshire’s five largest equity holdings at December 31, 2025. Taken together, those five positions accounted for 65% of the fair value of Berkshire’s equity securities. The American Express stake is consequently a major driver of Berkshire’s public-stock exposure, dividend income and changes in reported equity-securities value.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchIts 22.1% ownership percentage also makes the position different from a small, diversified investment. Berkshire has an unusually large economic interest in American Express, while still reporting the shares as an investment carried at fair value.
Why does Berkshire use fair-value accounting instead of the equity method?
Berkshire says it has had an agreement with American Express since 1995 under which it votes a significant portion of its shares in line with American Express board recommendations. Berkshire also reports passivity commitments with the Federal Reserve that limit its ability to exercise significant influence over American Express’s operating and financial policies.
Because those commitments constrain the influence Berkshire can exercise, Berkshire records the American Express investment at fair value rather than using the equity method. The accounting treatment means changes in the quoted market price flow through Berkshire’s reported investment values, while the $479 million of 2025 dividends is recognized as dividend income under Berkshire’s reporting.
Does Warren Buffett still own American Express?
The disclosed owner is Berkshire Hathaway, not Warren Buffett personally. Berkshire’s 2025 annual report identifies Gregory E. Abel as CEO and Warren E. Buffett as chairman and former CEO. The available official figures establish Berkshire’s position at the stated reporting dates, but they do not establish that Buffett personally made a particular purchase or sale.
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Attributing current trading decisions solely to Buffett would go beyond the dated filings and statements. Any claim about a new transaction requires a specific Berkshire filing or an identified management statement.
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What is not known from the current filings?
The cited official materials do not provide a complete transaction-by-transaction history of Berkshire’s American Express investment, including every purchase date and price. Secondary timelines may estimate how the position was built, but those details should not be presented as established facts without supporting primary records.
The annual report’s $56.088 billion figure is a December 31, 2025 snapshot. The SEC Form 13F’s $51,282,319,275 figure belongs to that filing’s reporting period. Neither number should be used as a live quotation for the stake after its respective date.
Frequently Asked Questions
How many American Express shares does Berkshire Hathaway own?
Berkshire’s 2025 annual report reports 151.6 million shares at December 31, 2025. A subsequent SEC Form 13F information table lists 151,610,700 shares for its own reporting period.
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How much did American Express pay Berkshire in dividends in 2025?
Berkshire reported receiving $479 million in American Express dividends during 2025.
Is Berkshire Hathaway’s American Express stake carried at fair value?
Yes. Berkshire reports the investment at fair value because Federal Reserve passivity commitments restrict its ability to exercise significant influence over American Express’s operating and financial policies.
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