Berkshire Holds 13.9% of Moody’s as Q4 Operating Earnings Drop 29.8%
Berkshire Hathaway’s annual report lists a 13.9% stake in Moody’s as its fourth-largest equity holding in a $297.8 billion portfolio. Operating earnings fell 29.8% to $10.2 billion in Q4 and cash reserves dipped to $373.3 billion, underlining management’s emphasis on capital discipline over buybacks.
1. Berkshire’s 13.9% Stake in Moody’s
Berkshire Hathaway’s equity portfolio, valued at $297.8 billion as of December 31, 2025, includes a 13.9% position in Moody’s Corporation, ranking it among the top five holdings behind American Express, Coca-Cola, Apple and one other. This sizeable stake underscores Berkshire’s confidence in Moody’s credit-ratings business and its long-term growth prospects.
2. Q4 Earnings Decline and Capital Discipline
In the fourth quarter, Berkshire’s operating earnings fell 29.8% year-over-year to $10.2 billion, while cash balances decreased to $373.3 billion despite no share repurchases. Management highlighted disciplined underwriting and a policy of retaining capital when projected returns on reinvestments exceed dividend payouts, suggesting limited immediate buyback activity that could influence demand for Moody’s shares.