On the evening of February 28, Beijing time, Berkshire Hathaway officially published its highly anticipated annual shareholder letter on its corporate website. The 2026 shareholder letter, authored for the first time by new CEO Greg Abel, primarily reviews the company's operational performance and strategic considerations for the year 2025.

The tradition of the Berkshire shareholder letter is renowned for its profound investment wisdom, long-term perspective, and rational decision-making. This year's letter signifies the company's entry into the "post-Buffett era." Abel has maintained the core principles of value investing while infusing the letter with practical insights from business operations, ensuring it remains essential reading for investors seeking philosophical guidance.

At the end of last year, 95-year-old Warren Buffett formally stepped down from his role as CEO, concluding his legendary six-decade tenure at the helm. In a statement issued in November 2025, he indicated he would be "going quiet," with Greg Abel taking full operational control of the company. Buffett remains Chairman of the board and occasionally offers counsel, but the primary responsibility for the annual letter and key addresses at the shareholder meeting has now transitioned to Abel. Abel, who was designated as the successor in 2021, has earned the trust of the board and the family through his steady management style and deep understanding of Berkshire's diverse businesses.

The full translation of the Berkshire Hathaway 2026 shareholder letter follows. (Updates to follow...)