The annual report to shareholders is the principal document used by most public companies to disclose corporate information to their shareholders. It is usually a state-of-the-company report, including an opening letter from the Chief Executive Officer, financial data, results of continuing operations, market segment information, new product plans, subsidiary activities, and research and development activities on future programs.
Form 10-K, which must be filed with the SEC, typically contains more detailed information about the company’s financial condition than the annual report. (Descriptions taken from http://www.sec.gov/answers/annrep.htm)
