Public companies in the US are required to file annual, quarterly, and current reports based on SEC regulations. Annual and quarterly reports include financial statements for the period covered by the report, and 8-K reports are filed when a significant event occurs.
| Form Type |
Description |
| 10-K |
This is a company's annual report. It provides audited annual financial statements, a discussion of material risk factors for the company and its business, and a management’s discussion and analysis of the company’s results of operations for the prior fiscal year. |
| 10-Q |
These are quarterly reports. A 10-Q includes unaudited quarterly financial statements, updates regarding material risks that the company faces, and management’s discussion and analysis of the company’s results of operations for the prior fiscal quarter. |
| 8-K |
Current reports which disclose material events or information that the company chooses or is required to make public prior to its next scheduled quarterly or annual report. |
Source: EDGAR Guide
Working With 10-K Reports
10-K reports are valuable sources of information for company, industry, and financial research. They are often very long, but they follow a standard format that helps with navigating and finding relevant details to guide researchers. Two important sections of 10-K reports are:
- Item 1A: the "Risk Factors" section. This will include information about a company's most significant risks, including both internal and external factors. Often each individual factor will be listed in bold type, making it easier to skim through.
- Item 7: "Management’s Discussion and Analysis of Financial Condition and Results of Operations", also called MD&A. This is where managers describe, in their own words, the company's operations and financial results as well as detailed discussion of key business risks.
The information in these sections of reports can serve as clues to your own business risks and help to guide your research using tools in the Economics and Marketing pages of this guide.
