Warren Buffett's Berkshire raises stake in world's largest airline

Warren Buffett, known for his criticism of airlines as a "capital trap," dramatically shifted Berkshire Hathaway's stance on the industry. After selling its entire airline portfolio in 2020, Berkshire has been steadily increasing its stake in Delta Air Lines. In the second quarter of 2026, the conglomerate added 44% more shares, bringing its ownership to 57.3 million shares, valued at around $5.4 billion.

This move aligns with Berkshire's strategy of holding core positions and staying disciplined with the rest. Delta Air Lines reported strong second-quarter revenue growth of 14%, with a unit revenue growth of 12.4% and a pretax profit of $1.4 billion. The airline's diverse revenue streams, including premium seating, loyalty programs, cargo, and maintenance work, contributed to a 61% revenue share.

Delta's strategic focus on these areas, coupled with a partnership with American Express, has led to a significant increase in card spending. Despite this, the airline remains focused on long-term goals, aiming for mid-teens operating margins and returns on invested capital.