For years, billionaire investor Warren Buffett avoided airline stocks, calling the industry a capital trap – vulnerable to fuel spikes, fare wars, and economic shocks. When COVID-19 hit, Berkshire Hathaway (BRK.A) (BRK.B) dumped its airline holdings in 2020 at heavy losses, with Buffett admitting, “The world has changed for the airlines. And I don't know how it's changed and I hope it corrects itself in a reasonably prompt way .”
Hence, Wall Street is paying close attention now. After years of skepticism toward the sector, Berkshire has quietly returned to the sector with a massive $2.6 billion investment in Delta Air Lines (DAL), representing a sharp reversal that suggests Buffett sees something different this time around. And Delta’s Q1 2026 numbers offer some explanation.
