Mark Drakeford has vowed to be “radical” and “ambitious” in government as his party remains in power in Wales.
Labour has equalled its best ever Senedd election result by winning 30 seats - just one short of a majority - though it did not take any of the four regional seats declared on Saturday.
With the final results in, the Welsh Conservatives have 16 seats, while Plaid Cymru has 13 and the Liberal Democrats have one.
Mr Drakeford can now choose whether to form a minority government or invite members of other parties into a Labour-led administration, giving the party greater control of the Senedd.