I reportBphysics results from the CLEO collaboration, highlighting measurements of the Cabibbo‐Kobayashi‐Maskawa matrix elements |Vcb| and |Vub|. I report a recent measurement of |Vub| through study of theq2dependence ofB¯→ &pgr;lv¯andB¯→ &rgr;lv¯. I also describe new measurements of the inclusive semileptonic branching fractionB(B¯ → Xev¯) and of moments of the hadronic invariant mass spectrum inB¯ → Xlv¯, with impact on |Vcb|. © 2004 American Institute of Physics