Compare two or more annual reports and see where they differ, with sources
Between one annual report and the next, a company can reorder its divisions, redefine an adjusted profit measure, drop a target it missed and add new principal risks, all without a single sentence saying so. Across companies the same words often mean different things. Put the reports, usually the PDFs each company publishes, into one Search+ workspace and ask a comparison question per topic; the answer cites the passage in each report so you can read the old and new wording yourself.
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Last updated October 2026
How to compare annual reports in one workspace
- Load every report you want to set against each other
Upload the reports, normally as PDFs, for example three consecutive years from one company, or the latest report from each of four competitors. A five-year summary that a company issues as an Excel file can sit beside them. Rename the workspace after the comparison so you can return to it next season.
- Name the comparison criteria in Workspace Context
Write the yardsticks once, such as "compare organic growth, operating margin as reported, net debt and the top five principal risks; say which year or company each point comes from". Every comparison question then follows the same frame.
- Take one criterion per question
Ask about a single point, like how segment definitions changed, rather than everything at once. A narrow question gives a cited answer you can check against each report, and the conversation is saved for the next round.
Comparison questions for annual reports
Did the company change how it reports its segments between these two years, and does the newer report restate the prior year to match?
How did the definition of adjusted operating profit change from last year's report to this one?
Which medium-term targets in the older report are no longer mentioned in the latest one?
Compare the principal risks in the two reports. Which were added, removed or described as increasing?
How do these four companies each describe their priorities for dividends, buybacks and acquisitions?
Did the key audit matters in the auditor's report change from one year to the next?
Comparison points that matter for annual reports
When a group reorganizes, a division's numbers can jump simply because units moved in or out. Check whether the newer report restates comparatives before reading growth across two years.
Two companies can both report underlying profit and exclude different items. Compare the definitions and reconciliations before comparing the figures themselves.
Peers may close their year in different months and report in different currencies. A comparison across companies should state the period and currency of each figure it uses.
A target, project or risk that features one year and is absent the next is often the most telling change. Ask directly whether an earlier item is still mentioned.
A new standard or a change in policy can alter reported figures without any change in the business. The accounting policies note usually says when this happened and what the effect was.
Search+ compares two or more documents in chat and points out where they differ, citing each source, so every side of the comparison can be opened and read.
What to compare and how to ask
| Comparison point | Why it matters | A question to ask Search+ |
|---|---|---|
| Segment structure | Reorganizations distort growth figures | Were any segments merged, split or renamed between these reports? |
| Adjusted measure definitions | Headline profit may exclude different items each year | Which items are excluded from adjusted profit in each report? |
| Principal risks | New or rising risks show what the board now worries about | Which principal risks appear only in the newer report? |
| Targets and KPIs | Dropped or reset targets can signal a change of plan | Which KPI targets were changed or removed? |
| Outlook language | Shifts from confident to cautious wording | How does the outlook statement in each year describe demand? |
| Key audit matters | Where the auditor saw the most judgment | Which key audit matters are new this year? |
| Capital allocation | Priorities for cash between dividends, buybacks and deals | How did the stated order of capital allocation priorities change? |
What an annual report comparison in Search+ is
A comparison in Search+ is a chat answer that sets two or more annual reports against each other on the point you ask about, with inline citations to the passage in each report. It is prose you can question further, not a redline or a diff file of the documents.
Questions about comparing annual reports
How many annual reports can I compare at once?
Will it notice that a segment was redefined?
Can it compare companies that use different currencies or year ends?
Does it produce a redlined version of the two reports?
Can a comparison tell me which company is the better buy?
What if the comparison misses something?
See what changed, page by page
Start a workspace, add the annual reports you want to set side by side, and ask about one difference at a time.
Start a workspace