Financial reports are documents that provide a summary of a company's financial performance and position. They typically include key information such as revenue, expenses, profits, and assets. These reports help stakeholders, like investors and managers, understand how well the company is doing and make informed decisions about its future. There are several types of financial reports, including the income statement, balance sheet, and cash flow statement. The income statement shows how much money the company earned and spent over a specific period, while the balance sheet provides a snapshot of what the company owns and owes at a given time. The cash flow statement tracks the flow of cash in and out of the business.