Berkshire Hathaway · Year by year
Berkshire HathawayLetters to shareholders
Warren Buffett wrote to Berkshire's shareholders every year from 1965 to 2024. Sixty letters and thirty-two annual-meeting transcripts, 1994 to 2025, one page per year.
| Annual percentage change | ||||
| Book value | Market price | S&P 500 | Documents | |
| 1965 | 23.8 | 49.5 | 10.0 | Letter |
| 1966 | 20.3 | (3.4) | (11.7) | Letter |
| 1967 | 11.0 | 13.3 | 30.9 | Letter |
| 1968 | 19.0 | 77.8 | 11.0 | Letter |
| 1969 | 16.2 | 19.4 | (8.4) | Letter |
| 1970 | 12.0 | (4.6) | 3.9 | Letter |
| 1971 | 16.4 | 80.5 | 14.6 | Letter |
| 1972 | 21.7 | 8.1 | 18.9 | Letter |
| 1973 | 4.7 | (2.5) | (14.8) | Letter |
| 1974 | 5.5 | (48.7) | (26.4) | Letter |
| 1975 | 21.9 | 2.5 | 37.2 | Letter |
| 1976 | 59.3 | 129.3 | 23.6 | Letter |
| 1977 | 31.9 | 46.8 | (7.4) | Letter |
| 1978 | 24.0 | 14.5 | 6.4 | Letter |
| 1979 | 35.7 | 102.5 | 18.2 | Letter |
| 1980 | 19.3 | 32.8 | 32.3 | Letter |
| 1981 | 31.4 | 31.8 | (5.0) | Letter |
| 1982 | 40.0 | 38.4 | 21.4 | Letter |
| 1983 | 32.3 | 69.0 | 22.4 | Letter |
| 1984 | 13.6 | (2.7) | 6.1 | Letter |
| 1985 | 48.2 | 93.7 | 31.6 | Letter |
| 1986 | 26.1 | 14.2 | 18.6 | Letter |
| 1987 | 19.5 | 4.6 | 5.1 | Letter |
| 1988 | 20.1 | 59.3 | 16.6 | Letter |
| 1989 | 44.4 | 84.6 | 31.7 | Letter |
| 1990 | 7.4 | (23.1) | (3.1) | Letter |
| 1991 | 39.6 | 35.6 | 30.5 | Letter |
| 1992 | 20.3 | 29.8 | 7.6 | Letter |
| 1993 | 14.3 | 38.9 | 10.1 | Letter |
| 1994 | 13.9 | 25.0 | 1.3 | Letter · Meeting |
| 1995 | 43.1 | 57.4 | 37.6 | Letter · Meeting |
| 1996 | 31.8 | 6.2 | 23.0 | Letter · Meeting |
| 1997 | 34.1 | 34.9 | 33.4 | Letter · Meeting |
| 1998 | 48.3 | 52.2 | 28.6 | Letter · Meeting |
| 1999 | 0.5 | (19.9) | 21.0 | Letter · Meeting |
| 2000 | 6.5 | 26.6 | (9.1) | Letter · Meeting |
| 2001 | (6.2) | 6.5 | (11.9) | Letter · Meeting |
| 2002 | 10.0 | (3.8) | (22.1) | Letter · Meeting |
| 2003 | 21.0 | 15.8 | 28.7 | Letter · Meeting |
| 2004 | 10.5 | 4.3 | 10.9 | Letter · Meeting |
| 2005 | 6.4 | 0.8 | 4.9 | Letter · Meeting |
| 2006 | 18.4 | 24.1 | 15.8 | Letter · Meeting |
| 2007 | 11.0 | 28.7 | 5.5 | Letter · Meeting |
| 2008 | (9.6) | (31.8) | (37.0) | Letter · Meeting |
| 2009 | 19.8 | 2.7 | 26.5 | Letter · Meeting |
| 2010 | 13.0 | 21.4 | 15.1 | Letter · Meeting |
| 2011 | 4.6 | (4.7) | 2.1 | Letter · Meeting |
| 2012 | 14.4 | 16.8 | 16.0 | Letter · Meeting |
| 2013 | 18.2 | 32.7 | 32.4 | Letter · Meeting |
| 2014 | 8.3 | 27.0 | 13.7 | Letter · Meeting |
| 2015 | 6.4 | (12.5) | 1.4 | Letter · Meeting |
| 2016 | 10.7 | 23.4 | 12.0 | Letter · Meeting |
| 2017 | 23.0 | 21.9 | 21.8 | Letter · Meeting |
| 2018 | 0.4 | 2.8 | (4.4) | Letter · Meeting |
| 2019 | 23.0 | 11.0 | 31.5 | Letter · Meeting |
| 2020 | 9.8 | 2.4 | 18.4 | Letter · Meeting |
| 2021 | 19.4 | 29.6 | 28.7 | Letter · Meeting |
| 2022 | (5.5) | 4.0 | (18.1) | Letter · Meeting |
| 2023 | 20.3 | 15.8 | 26.3 | Letter · Meeting |
| 2024 | 16.0 | 25.5 | 25.0 | Letter · Meeting |
| 2025 | — | — | — | Meeting |
Note: figures in parentheses are losses. Source: Berkshire Hathaway annual reports; the meeting held in 2025 has no letter and no figures of its own.
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