Annual Report

An annual report is a company's yearly summary of its financial performance and operations, sent to shareholders, typically including a letter from the CEO, financial statements, and a discussion of the business's results and outlook. Publicly traded companies are required to produce one.

The annual report and the 10-K overlap heavily in content but serve different audiences: the 10-K is the exhaustive, legally mandated SEC filing, while the annual report is often a more polished, narrative-driven version aimed at shareholders and sometimes wrapped in glossier design and photography.