$BRK Raises Its $DAL Stake 44% as Buffett’s Airline Stance Changes

Berkshire Hathaway increased its stake in Delta Air Lines by 44% in Q2 2026, reaching 57.3 million shares worth roughly $5.4 billion at the end of June.
Delta reported record Q2 revenue of $17.7 billion, up 14% year over year, with 12.4% unit revenue growth, $1.4 billion in pretax profit, and $3.4 billion in trailing free cash flow. Premium seating, loyalty, cargo, and maintenance generated 61% of total revenue.
The move marks a sharp change from Warren Buffett’s previous view of airlines as a “capital trap.” After Berkshire exited its entire airline portfolio in 2020, the conglomerate has now nearly doubled its Delta position in a single quarter, suggesting its current leadership sees more durable value in the airline.