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Find an Annual Report

What is an annual report?

An annual report is an official document produced annually for investors or shareholders that describes a company's financial condition and operations from the previous year and may also include its future needs and prospects and desired direction of the company.

The term annual report is normally used to describe one of two documents, the company's 10-K form, which is submitted to the SEC, or the company's Annual Report to Shareholders.

10-K

  • Official form filed with the Securities & Exchange Commission (SEC)
  • Focuses on data and factual information (i.e., no pictures or charts)
  • Includes risks, legalities, corporate agreements, and market performance, as well as a full analysis of the relevant industry, the marketplace, and individual business operations

Annual Report to Shareholders

  • Produced by the company and normally found on their website
  • Usually includes colorful graphics and pictures; very friendly in tone
  • Will have letters from the CEO and other executives as well as summaries of company activities
  • Tends to highlight the positives about the company and downplay the negatives

How do I find an annual report?

Check out these resources to find a company's annual report. We recommend starting at the top of the list and working your way down as we've ordered this list to reflect the places you're most likely to find the report. (But, if you don't find it in the first place, keep searching! Just because it's not on their website doesn't mean it doesn't exist elsewhere.)

  • Company website
    Annual reports tend to be tucked away on the company's website. Look for links called Investors, Our Company, Financial Reports, or About. Many times, these links can be found at the bottom of the homepage.

How do I read an annual report?

The components of an annual report may vary slightly, but here's an overview of some of the key sections found in almost all annual reports.

  • General corporate information/business description: Provides an overview of the company
  • Operating and financial highlights from the previous year: Offers a high-level view of what occurred in the past year
  • Letter to the shareholders from the CEO: Summarizes the company's operations
  • Management's discussion and analysis (MD&A): Highlights activities that align with the company's vision and strategy and provides a breakdown of factors that impacted the company
  • Financial statements: Includes the balance sheet, income statement, and cash flow statement
  • Auditor's report: Comments about the company's financials
  • Corporate governance report: Provides insights on corporate governance and may include the structure of the board of directors, as well as brief information about the directors of the company
  • Notes to the financial statement: Provides additional information about each financial statement, including how the numbers were derived

A word of warning!

Annual reports are written by the company and tend to show the company in a positive light. We've bolded that statement not to yell at you but to point out that annual reports tend to be heavily biased in favor of the company.

To get a well-rounded picture of a company, you'll want to do additional research, which is critical for decision-making in any business. Some different things you should look at include:

  • Investor reports: Can highlight concerns and prospects of a company, especially those released after an annual report is published
  • Company profiles: Offers summaries of executives, products and services, and competitors
  • News articles: Provides current state information on a company's performance
  • SWOT analysis: Gives insight into a company's potential and obstacles

Here are some databases you can use to fill out your research on your company.

Like this guide or have feedback on it? Let us know!

Ask Us!

Finding an annual report can be hit or miss. Sometimes, you strike gold right away. But, other times, you don't. No need to get frustrated; we're here to help! If you're stuck or need help finding additional information on your company, Ask Us! We're here to assist at any step of your research.

10-K Tips

Struggling to find or read a 10-K? Encountering some jargon you don't understand? No judgments; we struggle, too. 10-Ks are notoriously dense, and it can be hard to parse information out of them. We recommend checking out these resources to learn how to find 10-Ks in EDGAR and efficiently read through them.