CEO and Chairman Letters in 2026

Letters in both annual and quarterly reports remain one of the most closely read sections. In 2026, as investors are navigating lower growth expectations, heightened regulatory scrutiny, and increasing demand for accountability, leadership messages are no longer viewed as symbolic. They are assessed as signals of credibility, governance quality, and strategic clarity.

4 things you should think about as you plan this year’s letter

• Less narrative, more substance. By 2026, investors have little tolerance for generic language. Phrases about resilience, uncertainty, or long-term value without supporting explanation tend to erode trust rather than build it. The goal is specificity, self-awareness, and alignment between words and reported results.

          High-quality CEO letters do three things consistently:

• Explain performance drivers clearly, including what worked and what did not
• Link financial outcomes to strategic decisions taken during the year
• Outline priorities for the next year with discipline and realism

• Anchored in capital allocation. In a tighter global capital environment, capital allocationis key. Letters that speak about growth without explaining trade-offs between capex, dividends, leverage, and balance sheet strength can be perceived as incomplete. Clear articulation of capital priorities helps investors understand management discipline and risk tolerance.
• Sustainability risks are now financial topics. Don’t treat sustainability as a separate topic. In a year when ISSB is becoming mandatory in Mexico, letters should reflect how sustainability-related risks and opportunities affect cash flows, assets, and long-term competitiveness.

• Tone matters more than optimism. Investors do not expect leadership letters to predict the future accurately. They do expect them to reflect judgment, realism, and preparedness. Overly optimistic language, especially when macroeconomic growth expectations remain moderate, can undermine credibility. Conversely, balanced acknowledgment of risks paired with clear mitigation actions tends to strengthen investor confidence. Credibility is built through tone as much as content. Investors reward leadership teams that communicate with discipline and restraint.

3 best practice examples:

• Warren Buffett (Berkshire Hathaway). Considered the gold standard in investor communication. They explain complex capital allocation decisions in plain language, openly discuss mistakes, and maintain absolute consistency between words and long-term outcomes. Investors like to read these letters because they are educational, candid, and aligned with shareholder interests.
• Larry Fink (BlackRock). These letters shape global investor discourse. They clearly articulate how long-term risks, including climate and governance, affect capital allocation and portfolio resilience.
• Jamie Dimon (JP Morgan). These letters are particularly comprehensive. They combine macro analysis, regulatory context, strategy, and risk management. They are known for their depth and the willingness to address difficult topics.

At Miranda IR, we work closely with leadership and investor relations teams to ensure letters meet evolving investor expectations. We help companies structure messages that are clearly differentiated, aligned with best governance practice, and grounded in financial, strategic, and risk realities. We would be happy to help.

For more information, please contact: ana.ybarra@miranda-ir.com o damian.fraser@miranda-partners.com