What is 10-K and 10-Q filings?
10-K va 10-Q hisobotlari
In short
The official reports US companies file with the SEC: the 10-K is annual (audited), the 10-Q is quarterly.
Also known as: 10-K, 10-Q, SEC filing
The 10-K and 10-Q are the official reports US public companies file with the SEC (the US Securities and Exchange Commission). The 10-K is annual, audited by an independent auditor and the most complete document. The 10-Q is the quarterly report for the first three quarters; it is not fully audited. Material events (a CEO change, a big acquisition) get a separate 8-K filing.
What is inside a 10-K
- Business — what the company does and how it makes money.
- Risk factors — the main risks as the company itself describes them.
- MD&A — management's discussion of results: what grew, what fell and why.
- Financial statements — the income statement, balance sheet, cash flow statement and their notes.
Why read it
News stories and the earnings press release are short and emphasise the positives. The 10-K/10-Q is a legal document: details like customer concentration, lawsuits, debt maturities and stock-based pay live here.
Practical notes
Filings are free on the SEC's EDGAR system. Many companies' fiscal years do not match the calendar year, so "fiscal 2026" may cover different months. A 10-K usually comes out within 2–3 months after the year ends.
Example
A 20-minute pass through a hypothetical company's 10-K:
- Business: 70% of revenue from subscriptions, 30% from hardware sales.
- Risk factors: "40% of our revenue comes from a single customer" — an important risk not mentioned in the press release.
- MD&A: revenue grew 12%, but management attributes half of the growth to price increases.
- Notes: $300 million of the $500 million of debt is due within the next 18 months.
- Cash flow: operating cash flow $250 million, stock-based pay $60 million — so roughly a quarter of the flow comes from adding back stock-based pay.
Conclusion: behind the headline "12% growth" there are several serious questions.
Mistakes and tips
Don't try to read the whole thing: start with Risk factors, MD&A and the debt notes.
Compare this year's 10-K with last year's — newly added risk factors are often the most interesting part.
Check "adjusted" numbers from the press release against the official figures in the 10-Q/10-K.
Frequently asked questions
- What is the difference between a 10-K and a 10-Q?
- The 10-K is the full annual report and is audited. The 10-Q is quarterly, shorter and not fully audited; the fourth quarter is covered by the 10-K rather than a separate 10-Q.
- Where can I find a company's 10-K?
- Search the SEC's EDGAR site for free by company name or ticker. The company's investor relations page usually links to it as well.
Learn it in the Academy
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