2023
Warren Buffett's Letters to Shareholders
26 annual Berkshire Hathaway letters, 1998 to 2023, available as PDF downloads.
2020s4 letters
2010s10 letters
2000s10 letters
1990s2 letters
ReturnsBerkshire vs. S&P 500, 1981–2026
| Year | Annual % Change in Per-Share Market Value of Berkshire | Annual % Change in S&P 500 with Dividends Included | Relative Results (Berkshire − S&P) |
|---|---|---|---|
| 1981 | 31.8 | (4.9) | 36.7 |
| 1982 | 38.4 | 21.6 | 16.8 |
| 1983 | 69.0 | 22.6 | 46.5 |
| 1984 | (2.7) | 6.3 | (8.9) |
| 1985 | 93.7 | 31.7 | 62.0 |
| 1986 | 14.2 | 18.7 | (4.5) |
| 1987 | 4.6 | 5.2 | (0.6) |
| 1988 | 59.3 | 16.6 | 42.7 |
| 1989 | 84.6 | 31.7 | 52.9 |
| 1990 | (23.1) | (3.1) | (19.9) |
| 1991 | 35.6 | 30.5 | 5.1 |
| 1992 | 29.8 | 7.6 | 22.2 |
| 1993 | 38.9 | 10.1 | 28.9 |
| 1994 | 25.0 | 1.3 | 23.6 |
| 1995 | 57.4 | 37.6 | 19.8 |
| 1996 | 6.2 | 23.0 | (16.7) |
| 1997 | 34.9 | 33.4 | 1.5 |
| 1998 | 52.2 | 28.6 | 23.6 |
| 1999 | (19.9) | 21.0 | (40.9) |
| 2000 | 26.6 | (9.1) | 35.7 |
| 2001 | 6.5 | (11.9) | 18.4 |
| 2002 | (3.8) | (22.1) | 18.3 |
| 2003 | 15.8 | 28.7 | (12.9) |
| 2004 | 4.3 | 10.9 | (6.6) |
| 2005 | 0.8 | 4.9 | (4.1) |
| 2006 | 24.1 | 15.8 | 8.3 |
| 2007 | 28.7 | 5.5 | 23.2 |
| 2008 | (31.8) | (37.0) | 5.2 |
| 2009 | 2.7 | 26.5 | (23.8) |
| 2010 | 21.4 | 15.1 | 6.4 |
| 2011 | (4.7) | 2.1 | (6.8) |
| 2012 | 16.8 | 16.0 | 0.8 |
| 2013 | 32.7 | 32.4 | 0.3 |
| 2014 | 27.0 | 13.7 | 13.3 |
| 2015 | (12.5) | 1.4 | (13.9) |
| 2016 | 23.4 | 12.0 | 11.5 |
| 2017 | 21.9 | 21.8 | 0.1 |
| 2018 | 2.8 | (4.4) | 7.2 |
| 2019 | 11.0 | 31.5 | (20.5) |
| 2020 | 2.4 | 18.4 | (16.0) |
| 2021 | 29.6 | 28.7 | 0.9 |
| 2022 | 4.0 | (18.1) | 22.1 |
| 2023 | 15.8 | 26.3 | (10.5) |
| 2024 | 25.5 | 25.0 | 0.5 |
| 2025 | 10.8 | 17.9 | (7.0) |
| 2026* | 1.5 | 12.8 | (11.2) |
| Compounded Annual Gain 1981–2025 | 18.1% | 11.8% | 6.3 |
| Overall Gain 1981–2025 | 177,468% | 15,155% | — |
* 2026 is year-to-date and excluded from the compounded and overall figures. Berkshire: change in BRK.B price (Berkshire pays no dividends). S&P 500: total return. Source: Slickcharts.