Definition: The annual report is a publication issued to a company's shareholders, creditors, and regulatory organizations following the end of its fiscal year. The report typically contains at least an income statement, balance sheet, statement of cash flows, and accompanying footnotes. It may also contain a letter to shareholders, management comments, an audit report, and various supporting schedules that may be required by regulatory organizations. This document used to be a major product of the investor relations department, but it has declined in importance over time.
A less expensive annual report is the wrap report, which a public company's Form 10-K, with an annual report cover wrapped around it.