Reports and shareholder letters

Every file below says what it is and what it weighs before you click it. Berkshire's own pages declare neither, and the most recent annual report is close to ten megabytes.

Shareholder letters

One run, newest first. On Berkshire's site the 2025 letter is not on the letters page — that page ends at 2024 and looks abandoned — but behind a separate link whose destination never names its author.

• 2025 — Gregory E. Abel — PDF, 89 KB
  Abel's first letter as chief executive. On Berkshire's site this is not on the letters page at all — it sits behind a separate link whose destination never names him.
• 2024 — Warren E. Buffett — PDF, 63 KB
  The last of Buffett's 48 consecutive annual letters as chief executive.
• 2023 — Warren E. Buffett — PDF, 120 KB
• 2022 — Warren E. Buffett — PDF, 54 KB
• 2021 — Warren E. Buffett — PDF, 63 KB
• Every letter from 1977 onwards — web page
  Every letter from 1977 onwards, on Berkshire's own site. Those from 1977 to 2003 open as web pages; 2004 onwards download as PDFs, and the page does not say where the boundary falls.

Annual reports

• 2025 annual report — PDF, 9.4 MB
  The most recent annual report. Berkshire links this with no indication of its size.
• 2024 annual report — PDF, 1.8 MB
  Annual report for the 2024 year.
• 2023 annual report — PDF, 2.9 MB
  Annual report for the 2023 year.
• 2025 Form 10-K — PDF, 3.0 MB
  The 2025 Form 10-K. Almost everything factual on this site is sourced from it — including the description of what the company does, which appears nowhere in HTML on Berkshire's own site.
• Annual and quarterly reports back to 1995 — web page
  Annual reports back to 1995 and quarterly reports back to 1996, on Berkshire's own site. The links there are images rather than text, and route through five different URL schemes depending on the year.

The shares

• BRK.A — Class A common stock
  New York Stock Exchange
• BRK.B — Class B common stock
  New York Stock Exchange

A Class B share carries the economic rights of one fifteen-hundredth of a Class A share, but only one ten-thousandth of the voting rights. Class A converts to 1,500 Class B at the holder's option, and the conversion runs one way only.

Shares outstanding

• 511,820 Class A shares
  As at 2026-01-31
• 1,389,605,139 Class B shares
  As at 2026-01-31