An annual report is a yearly publication that gives shareholders, investors, and the public a complete picture of a company's financial health, achievements, and future outlook.
It typically includes the income statement, balance sheet, cash flow statement, auditor's report, management discussion, and notes to financial statements. Public companies are legally required to publish them.
Beyond numbers, annual reports often include the CEO's letter, strategic goals, risk factors, and corporate social responsibility initiatives. They are a key tool for investors to evaluate whether a company is worth investing in.