Buffett Returns to Airlines After 6 Years — Buys $2.6 Billion in Delta

Warren Buffett bought $2.647 billion in Delta Air Lines in Q1 2026 — his first airline investment since famously dumping all four airline stocks at a loss in 2020 and declaring he was wrong.

Warren Buffett is back in airlines. Berkshire Hathaway's Q1 2026 13F shows a new $2.647 billion position in Delta Air Lines (DAL) — the first time Berkshire has owned an airline since the infamous 2020 exit.

The 2020 Exit — "I Was Wrong"

In 2016, Buffett ended decades of airline avoidance by buying American, Delta, United, and Southwest simultaneously. Four years later, COVID killed the trade. At the 2020 annual meeting, Buffett disclosed he'd sold all four at losses — and said it plainly:

"I was wrong about the airlines. The world changed. I wish them well, but I'm not going to put money into that."

Warren Buffett, 2020 Berkshire Annual Meeting

Back — But Just Delta

This time Buffett bought one airline, not four. Delta is widely considered the strongest of the US majors — premium cabin focus, the lucrative Amex co-branded card partnership, and a loyal high-spend customer base. Post-COVID travel demand fully recovered; business and premium leisure travel keeps growing. Delta's strategy avoids low-cost carrier fare wars entirely.

Q1 Key Moves: Delta + Alphabet In, Visa/Mastercard/Amazon Out

• Delta Air Lines (DAL): $2.647B new — first airline buy in 6 years
• Alphabet (GOOG): $1.028B new — AI-era search/cloud bet
• Visa (V) + Mastercard (MA): fully exited — payments moat gone
• UnitedHealth (UNH), Amazon (AMZN): fully exited
• Lennar (LEN): increased (homebuilder)

What the Return Signals

Returning to the sector where he most publicly admitted a mistake says something. Buffett confirmed post-COVID structural recovery in aviation and judged Delta's premium strategy as a durable competitive advantage. He corrects his own calls without hesitation — that is the real lesson.