Annual reports for over 10,000 international companies

“Other guys read Playboy. I read annual reports.”

Abbott Laboratories

Healthcare
Annual Reports:
2022
2021

Abbvie Inc

Healthcare
Annual Reports:
2022
2021

Accenture plc

Technology
Annual Reports:
2022
2021

Bank of America Corporation

Financial
Annual Reports:
2022
2021

Berkshire Hathaway

Financial
Annual Reports:
2022
2021

Chevron Corporation

Basic Materials
Annual Reports:
2022
2021

Coca Cola

Consumer Goods
Annual Reports:
2022
2021

Eli Lilly & Co.

Healthcare
Annual Reports:
2022
2021

Exxon Mobil Corporation

Basic Materials
Annual Reports:
2022
2021

General Electric

Industrial Goods
Annual Reports:
2022
2021

JPMorgan Chase & Co

Financial
Annual Reports:
2022
2021

Linde plc

Basic Materials
Annual Reports:
2022
2021

Mastercard Incorporated

Services
Annual Reports:
2022
2021

McDonalds Corporation

Services
Annual Reports:
2022
2021

Merck & Co. Inc.

Healthcare
Annual Reports:
2022
2021

Oracle Corporation

Technology
Annual Reports:
2022
2021

Financial Health

Evaluate the financial health of the company

Business Strategy

Understand the company's strategy and goals

Quality of Management

Assess the quality of management and governance

How to read annual reports like Warren Buffett?

Start with the CEO letter

The CEO letter is usually the first section of the annual report. It provides an overview of the company's performance in the past year and its goals for the future. Warren Buffett recommends reading the CEO letter first because it gives you an idea of how management thinks about the business and its prospects.

Analyze the financial statements

The financial statements are the heart of the annual report. They provide information on the company's revenue, expenses, assets, liabilities, and cash flow. Warren Buffett recommends focusing on Return on Equity (ROE), Earnings per Share (EPS), Price-to-Earnings (P/E) ratio.

Look for competitive advantages

Warren Buffett is a big believer in investing in companies with strong competitive advantages that allow them to generate above-average profits over time. He calls these companies "economic moats." When reading annual reports, look for evidence of competitive advantages such as brand recognition, patents, customer loyalty, unique assets, or network effects. These advantages can provide a barrier to entry for competitors and allow the company to earn high returns on invested capital.

Assess the quality of management

Another key factor to consider when analyzing annual reports is the quality of management and governance. Look for evidence of strong leadership, clear communication, and effective risk management practices. Pay attention to executive compensation, board composition, and internal controls. Warren Buffett is a big proponent of investing in companies with honest and competent management teams that align their interests with shareholders.