Why the difference matters
Understanding the difference can help you know which document to read when researching a public company.
What Is an Annual Report?
An annual report is a document that companies prepare each year for shareholders and the general public.
It typically includes:
- A letter from the CEO
- Business highlights
- Financial statements
- Company achievements
- Future strategy
- Photos and graphics
Annual reports are designed to be easy to read and present the company's performance in a visually appealing format.
What Is a 10-K?
A 10-K is the official annual filing submitted to the U.S. Securities and Exchange Commission (SEC).
Unlike an annual report, the 10-K follows strict SEC reporting requirements and includes much more detailed disclosures, such as:
- Risk factors
- Audited financial statements
- Management's Discussion and Analysis (MD&A)
- Legal proceedings
- Executive compensation
- Notes to the financial statements
Because of its level of detail, many investors consider the 10-K the more valuable research document. For more context, read our 10-K explainer.
Key Differences
Annual reports and 10-Ks cover similar time periods, but they are built for different audiences and purposes.
- Annual report - Prepared for shareholders; 10-K - Filed with the SEC
- Annual report - Often includes branding and graphics; 10-K - Focuses on regulatory disclosures
- Annual report - Easier to read; 10-K - More detailed and technical
- Annual report - Highlights company performance; 10-K - Provides comprehensive financial and business information
Which Should You Read?
If you're looking for a quick overview of a company, an annual report is a great place to start.
If you're performing detailed investment research, the 10-K is usually the better choice because it contains significantly more information about the company's finances, risks, and operations.
Many investors read both: the annual report for a high-level summary and the 10-K for a deeper understanding. To read more efficiently, see our guide on how to read a 10-K like a professional investor.
Where Can You Find Them?
You can find a company's 10-K through the SEC's EDGAR database.
Many companies also publish both their annual report and 10-K on their investor relations website, making it easy to compare the two documents. For help searching EDGAR, read our guide to finding any company's SEC filings.
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