Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTAditya RaghunathSun, August 16, 2026 at 11:47 PM GMT+2 4 min readWarren Buffett spent years telling anyone who would listen that airlines were a terrible business to own.Buffett called them a "capital trap," a place where fuel costs and fare wars could erase profits almost overnight.Then Covid hit, and Berkshire Hathaway dumped its entire airline portfolio in 2020, locking in steep losses. "The world has changed for airlines," Buffett said at the time. So it says something that Berkshire (BRK.A) has now done the opposite. The conglomerate has been steadily building a position in Delta Air Lines, and the numbers show real conviction. Berkshire raises stake in Delta Air Lines stockAccording to recent 13F filings, Berkshire's stake in Delta jumped 44% during the second quarter of 2026, climbing to 57.3 million shares. That position was worth roughly $5.4 billion at the end of June.Back in May, I reported that Berkshire had already built a Delta position worth about $2.6 billion as of the end of March 2026. That earlier purchase came during Greg Abel's first quarter running Berkshire after taking over as chief executive from Buffett in January.Abel had laid out his approach to shareholders in February. He wrote that Berkshire has "core" positions it will not sell, but outside those, the firm plans to stay disciplined and concentrated. The Delta buy, and the decision to nearly double down on it a quarter later, fits that description closely.Why Delta looks different nowDelta's numbers help explain the appeal.The airline reported record second-quarter revenue of $17.7 billion, up 14% from a year earlier, even though capacity only grew about 1%. It reported a unit revenue growth of 12.4% in Q2.Pretax profit stood at $1.4 billion, with earnings of $1.56 per share and an operating margin of 9%, all ahead of the guidance Delta gave at the start of the quarter. Return on invested capital stood at 11%, comfortably above the company's cost of capital.More Airlines:Another airline cancels flights until August, offers some refundsAnother airline will be dissolved, all flights canceledAirline shuts down, all flights grounded after accidentDelta is also less dependent on ticket sales than it used to be. Diverse revenue streams, things like premium seating, loyalty programs, cargo, and maintenance work, made up 61% of total revenue in the quarter. Premium and loyalty revenue each grew nearly 20%. Cargo revenue jumped 39%, and the airline's third-party maintenance business grew more than 30%.The American Express partnership is a big piece of that shift. Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info