Hutner Capital Management Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Hutner Capital Management Inc. reported 44 stock positions worth $239.6 million. Its top holding was Berkshire Hathaway Class A (BRK.A) at 12.9% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 8.8%) and Alphabet Class C (GOOG, 5.2%). Compared with Q3 2025, it opened 1 new position, sold out of 1, added to 18 and reduced 20. The biggest buy was Johnson & Johnson (JNJ, shares +2%) and the biggest sale Costco Wholesale (COST, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- MANCHESTER, VT
- CIK
- 0000944733
- Portfolio Value
- $239.6M (Q4 2025)
- SEC Filing
- 0000944733-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 44 stocks · $239.6M
| BRK.A Berkshire Hathaway Inc. Class A | 12.92% | 41 | $30.9M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 8.79% | 41,919 | $21.1M | Reduce -0.7% |
| GOOG Alphabet Inc. Class C | 5.19% | 39,654 | $12.4M | Reduce -0.1% |
| COST Costco Wholesale Corp. | 5.07% | 14,094 | $12.2M | Reduce -0.7% |
| PM Philip Morris International | 4.93% | 73,603 | $11.8M | Reduce -0.6% |
| KO The Coca-Cola Co. | 4.49% | 153,961 | $10.8M | Reduce -0.8% |
| MCD McDonald's Corp. | 4.46% | 34,955 | $10.7M | Add +0.9% |
| FNV Franco-Nevada Corp. | 4.09% | 47,233 | $9.8M | Add +1.0% |
| ABBV Abbvie Inc. | 3.99% | 41,872 | $9.6M | Reduce -0.6% |
| PEP Pepsico Inc. | 3.91% | 65,214 | $9.4M | Add +4.4% |
| JNJ Johnson & Johnson | 3.91% | 45,214 | $9.4M | Add +2.4% |
| PG The Procter & Gamble Co. | 3.22% | 53,814 | $7.7M | Reduce -0.2% |
| ENB Enbridge Inc. | 3.19% | 159,798 | $7.6M | Add +3.3% |
| AXP American Express Co. | 3.15% | 20,409 | $7.6M | Reduce -1.2% |
| MO Altria Group Inc. | 2.73% | 113,534 | $6.5M | Reduce -0.6% |
| WMT Walmart Inc. | 2.71% | 58,185 | $6.5M | Reduce -2.8% |
| AAPL Apple Inc. | 2.51% | 22,085 | $6.0M | Reduce -0.1% |
| ABT Abbott Laboratories | 2.30% | 43,996 | $5.5M | Add +1.9% |
| EPD Enterprise Products Partners | 1.83% | 137,053 | $4.4M | Reduce -0.5% |
| CB Chubb Ltd. | 1.47% | 11,278 | $3.5M | Add +7.7% |
| ADI Analog Devices Inc. | 1.33% | 11,741 | $3.2M | Add +4.1% |
| GPC Genuine Parts Co. | 1.28% | 25,028 | $3.1M | Add +0.5% |
| O Realty Income Corp. | 1.21% | 51,541 | $2.9M | Add +6.9% |
| UNP Union Pacific Corp. | 1.19% | 12,276 | $2.8M | Reduce -0.4% |
| ORLY O'reilly Automotive Inc. | 1.12% | 29,395 | $2.7M | Add +2.8% |
| VRSK Verisk Analytics Inc. | 1.05% | 11,200 | $2.5M | No change |
| V Visa Inc. Class A | 1.01% | 6,923 | $2.4M | Add +37.9% |
| NSC Norfolk Southern Corp. | 0.90% | 7,454 | $2.2M | No change |
| HSY The Hershey Co. | 0.71% | 9,284 | $1.7M | Add +9.0% |
| YUM Yum! Brands Inc. | 0.62% | 9,801 | $1.5M | Add +27.2% |
| DEO Diageo PLC-Sponsored ADR | 0.60% | 16,606 | $1.4M | Reduce -1.0% |
| WFC Wells Fargo & Co. | 0.59% | 15,087 | $1.4M | Reduce -0.1% |
| PGR Progressive Corp. | 0.57% | 6,039 | $1.4M | Add +9.0% |
| QSR Restaurant Brands Intern | 0.51% | 17,788 | $1.2M | Add +12.7% |
| SHW The Sherwin-Williams Co. | 0.49% | 3,605 | $1.2M | Add +15.9% |
| EXPD Expeditors Intl Wash Inc. | 0.40% | 6,492 | $967K | Reduce -0.4% |
| NVS Novartis AG-Sponsored ADR | 0.39% | 6,832 | $942K | Add +6.2% |
| WEC WEC Energy Group Inc. | 0.24% | 5,356 | $565K | Reduce -1.3% |
| OKE Oneok Inc. | 0.21% | 6,962 | $512K | Reduce -56.6% |
| MCO Moody's Corp. | 0.20% | 945 | $483K | No change |
| UPS United Parcel Service Class B | 0.18% | 4,340 | $431K | Reduce -1.1% |
| ZTS Zoetis Inc. | 0.14% | 2,729 | $343K | No change |
| AMT American Tower Corp. | 0.11% | 1,468 | $258K | Reduce -2.8% |
| GOOGL Alphabet Inc. Class A | 0.10% | 794 | $249K | New |
Portfolio Sells Q3 2025 → Q4 2025
| COST Costco Wholesale Corp. | Reduce -0.7% | 5.07% | −0.48 |
| MO Altria Group Inc. | Reduce -0.6% | 2.73% | −0.46 |
| PG The Procter & Gamble Co. | Reduce -0.2% | 3.22% | −0.29 |
| OKE Oneok Inc. | Reduce -56.6% | 0.21% | −0.28 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.7% | 8.79% | −0.18 |
| PM Philip Morris International | Reduce -0.6% | 4.93% | −0.15 |
| ABBV Abbvie Inc. | Reduce -0.6% | 3.99% | −0.13 |
| MDLZ Mondelez International Inc. Class A | Sold out | 0.00% | −0.09 |
| DEO Diageo PLC-Sponsored ADR | Reduce -1.0% | 0.60% | −0.08 |
| UNP Union Pacific Corp. | Reduce -0.4% | 1.19% | −0.05 |
| WEC WEC Energy Group Inc. | Reduce -1.3% | 0.24% | −0.03 |
| AMT American Tower Corp. | Reduce -2.8% | 0.11% | −0.02 |
| EPD Enterprise Products Partners | Reduce -0.5% | 1.83% | +0.01 |
| UPS United Parcel Service Class B | Reduce -1.1% | 0.18% | +0.02 |
| WFC Wells Fargo & Co. | Reduce -0.1% | 0.59% | +0.05 |
| EXPD Expeditors Intl Wash Inc. | Reduce -0.4% | 0.40% | +0.07 |
| WMT Walmart Inc. | Reduce -2.8% | 2.71% | +0.10 |
| AAPL Apple Inc. | Reduce -0.1% | 2.51% | +0.12 |
| KO The Coca-Cola Co. | Reduce -0.8% | 4.49% | +0.14 |
| AXP American Express Co. | Reduce -1.2% | 3.15% | +0.25 |
| GOOG Alphabet Inc. Class C | Reduce -0.1% | 5.19% | +1.10 |
Portfolio Buys Q3 2025 → Q4 2025
| JNJ Johnson & Johnson | Add +2.4% | 3.91% | +0.44 |
| V Visa Inc. Class A | Add +37.9% | 1.01% | +0.29 |
| CB Chubb Ltd. | Add +7.7% | 1.47% | +0.22 |
| PEP Pepsico Inc. | Add +4.4% | 3.91% | +0.20 |
| ADI Analog Devices Inc. | Add +4.1% | 1.33% | +0.16 |
| YUM Yum! Brands Inc. | Add +27.2% | 0.62% | +0.12 |
| GOOGL Alphabet Inc. Class A | New | 0.10% | +0.10 |
| QSR Restaurant Brands Intern | Add +12.7% | 0.51% | +0.08 |
| NVS Novartis AG-Sponsored ADR | Add +6.2% | 0.39% | +0.04 |
| SHW The Sherwin-Williams Co. | Add +15.9% | 0.49% | +0.03 |
| HSY The Hershey Co. | Add +9.0% | 0.71% | +0.03 |
| MCD McDonald's Corp. | Add +0.9% | 4.46% | +0.01 |
| PGR Progressive Corp. | Add +9.0% | 0.57% | −0.00 |
| O Realty Income Corp. | Add +6.9% | 1.21% | −0.03 |
| ENB Enbridge Inc. | Add +3.3% | 3.19% | −0.11 |
| ABT Abbott Laboratories | Add +1.9% | 2.30% | −0.14 |
| GPC Genuine Parts Co. | Add +0.5% | 1.28% | −0.18 |
| ORLY O'reilly Automotive Inc. | Add +2.8% | 1.12% | −0.18 |
| FNV Franco-Nevada Corp. | Add +1.0% | 4.09% | −0.32 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 43 | $252.1M | BRK.A, BRK.B, GOOG, COST, PM |
| Q1 2026 | 44 | $243.4M | BRK.A, BRK.B, COST, PM, KO |
| Q4 2025 | 44 | $239.6M | BRK.A, BRK.B, GOOG, COST, PM |
| Q3 2025 | 44 | $236.4M | BRK.A, BRK.B, COST, PM, MCD |
| Q2 2025 | 44 | $219.8M | BRK.A, BRK.B, COST, PM, KO |
| Q1 2025 | 48 | $234.3M | BRK.A, BRK.B, COST, PM, KO |
| Q4 2024 | 45 | $207.1M | BRK.A, BRK.B, COST, MCD, PM |
| Q3 2024 | 45 | $200.9M | BRK.A, BRK.B, COST, KO, MCD |
| Q2 2024 | 44 | $182.4M | BRK.A, COST, BRK.B, KO, PG |
| Q1 2024 | 43 | $184.4M | BRK.A, BRK.B, COST, MCD, PEP |