Form 10-K
Form 10-K is the annual report that publicly traded companies must file with the SEC. It provides a comprehensive overview of the company's financial performance, business operations, risk factors, and management discussion.
The Trader's Take
The Signal
Form 10-K filings contain critical information about company fundamentals, insider ownership, and risk factors that can significantly impact stock valuation and trading decisions.
The Noise
Annual 10-K filings are expected and may not create immediate trading opportunities unless they contain unexpected information.
Actionable Insights
- 1Review the "Risk Factors" section for new or changing risks.
- 2Check insider ownership tables to see changes in executive holdings.
- 3Analyze management discussion for forward-looking statements and guidance.
- 4Compare year-over-year financial metrics to identify trends.
Regulatory Context & Context
| Timing / Deadline | Reporting Requirement |
|---|---|
| 60 Days | For large accelerated filers (after fiscal year end). |
| 75 Days | For accelerated filers (after fiscal year end). |
| 90 Days | For non-accelerated filers (after fiscal year end). |
Form 10-K vs Form 10-Q
Form 10-K
Form 10-K is the annual report that publicly traded companies must file with the SEC. It provides a comprehensive overview of the company's financial performance, business operations, risk factors, and management discussion.
Form 10-Q
Form 10-Q is the quarterly report that publicly traded companies must file with the SEC. It provides unaudited financial statements and updates on business operations for each of the first three quarters of the fiscal year.
Common Misconceptions
10-K is not the same as the annual report sent to shareholders—that's often a glossy summary.
The 10-K contains audited financial statements, unlike quarterly 10-Q filings.
All publicly traded companies must file 10-K, regardless of size.
Frequently Asked Questions
When is Form 10-K due?
Form 10-K must be filed within 60-90 days after the end of the fiscal year, depending on company size.
What is the difference between Form 10-K and Form 10-Q?
Form 10-K is the annual report with audited financials, while Form 10-Q is the quarterly report with unaudited financials.