What Is SEC Form 10-Q?
SEC Form 10-Q is a quarterly financial report that every public company in the U.S. must submit to the Securities and Exchange Commission. Unlike the annual 10-K, which is audited, the 10-Q is unaudited but still provides a detailed snapshot of a company's financial performance. I view it as a window into a company’s operations, one that investors can use to track trends, compare periods, and assess the outlook for a stock.
Every public company must file a 10-Q for each of the first three fiscal quarters. The fourth quarter is covered by the audited 10-K.
Why It Matters
Form 10-Q isn’t just numbers on a page. It contains financial statements, management’s discussion and analysis, disclosures, and notes on internal controls. It’s your chance to see how a company is really performing, quarter by quarter. Filing deadlines depend on company size, and missing them has consequences.
Here’s the breakdown:
- Large accelerated filers (public float of $700 million or more) have 40 days to file.
- Accelerated filers ($75 million to $700 million public float) also have 40 days.
- Non-accelerated filers (under $75 million public float) get 45 days.
If a company misses the deadline, it must submit an NT 10-Q explaining why and requesting a five-day extension. Typical reasons include mergers, litigation, audit reviews, or bankruptcy issues. The SEC usually grants extensions if the explanation is reasonable, but missing even the extended deadline can risk SEC registration, stock exchange listing, and legal repercussions.
What’s Inside a 10-Q
A 10-Q has two main parts:
- Part One:
- This section includes condensed financial statements, management’s discussion and analysis, disclosures on market risk, and commentary on internal controls.
- Part Two:
- Here you’ll find legal proceedings, unregistered equity sales, use of proceeds, defaults on senior securities, and any other relevant information. Exhibits are also included.
The form was created under the Securities Exchange Act of 1934 to promote transparency. By filing, companies provide investors with timely information about their financial condition.
How Investors Use It
I use the 10-Q to track a company’s financial health. It shows changes in working capital, inventory levels, share buybacks, and even potential legal risks. Comparing a company’s 10-Q to its competitors’ gives insight into performance gaps, strengths, and weaknesses.
In short, it’s a reliable tool for monitoring quarterly results, evaluating management’s strategy, and assessing whether a company is a solid investment.
Other SEC Filings
The 10-Q is one of several mandatory filings:
- Form 10-K: Annual report, audited, includes the final quarter, detailed financials, management’s outlook, and legal issues.
- Form 8-K: Filed for unscheduled events, like executive changes, asset acquisitions, or legal matters.
- Annual report: Company-produced report with financials, CEO letters, and company news, available through investor relations or the SEC.
All U.S. public companies trading on exchanges must file a 10-Q. Each filing must be signed by an authorized officer and the principal financial or accounting officer.
10-Qs are generally unaudited and not accompanied by accountants’ reports. The SEC reviews them for accuracy and clarity, ensuring companies aren’t misleading investors.
The Bottom Line
SEC Form 10-Q is essential for investors who want a quarterly view of a company’s financial health. It offers detailed financial data, management insights, market risk disclosures, and operational updates. The final quarter is captured in the audited 10-K, but the 10-Q remains a crucial tool for staying informed, evaluating performance, and making smarter investment decisions.
Other articles for you
You want to grow your wealth without spending hours learning to trade stocks, stress over market movements, or hire expensive financial advisors.
You can achieve financial freedom with just 10 paid-off rental properties, not a massive portfolio.
Real estate investing is one of the most powerful vehicles for building long-term, generational wealth.
You don’t need to buy real estate, or sign a lease, not even need to spend a dollar upfront to make money on Airbnb.
A mobile home park is a residential community where individual plots—called pads—are rented to mobile home owners.
At first, the concept was simple: invest directly in a property, think of it like crowdfunding a building.
Are you thinking about jumping into commercial real estate, but feel stuck because you don’t have any capital?
The Rise and Fall of the 0x (ZRX) Protocol
1%/10 net 30 is a payment term where buyers can save 1% by paying within 10 days, but if they forgo the discount they must pay the full amount within 30 days,
Form 10-K is an annual report that gives investors a complete, official view of a company’s finances, operations, and risks.