How to Read SEC Filings
Clear, jargon-free answers to the questions investors actually ask about SEC filings — what each form and item means, and how to read the parts that matter. Educational reference only; nothing here is investment advice.
What is an SEC 8-K filing?
An 8-K is a "current report" that public companies file with the SEC to disclose major events between their regular quarterly and annual reports. Examples include earnings releases, executive changes, acquisitions, and bankruptcies. Most 8-Ks must be filed within four business days of the triggering event.
Read explainer →What does 8-K Item 5.02 mean?
Item 5.02 of an 8-K discloses the departure, election, or appointment of a company's directors or principal officers — including the CEO, CFO, and board members. It covers resignations, terminations, retirements, and new hires, and often includes the terms of severance or new compensation arrangements.
Read explainer →What is a going-concern qualification?
A going-concern qualification is a warning — from a company's management or its auditor — that there is substantial doubt about the company's ability to continue operating for at least the next twelve months. It signals serious financial distress and appears in the notes to the financial statements or the auditor's report.
Read explainer →10-K vs 10-Q: what's the difference?
A 10-K is a company's comprehensive annual report; a 10-Q is a shorter quarterly report filed for the first three quarters of the year. The 10-K is audited and far more detailed; the 10-Q is unaudited (reviewed) and updates investors on recent quarterly performance. There is no fourth 10-Q because the 10-K covers the final quarter.
Read explainer →What is an EPS surprise and why does it matter?
An EPS surprise is the gap between a company's actual reported earnings per share and the consensus estimate analysts expected, usually stated as a percentage. A positive surprise (a "beat") means results exceeded expectations; a negative surprise (a "miss") means they fell short. Surprises often drive sharp short-term stock moves.
Read explainer →How do I read the Risk Factors section of a 10-K?
Read a 10-K's Risk Factors (Item 1A) to find what management believes could hurt the business. Focus on company-specific risks over generic boilerplate, note the order (most material tends to come first), and compare against the prior year to spot newly added risks — those additions are often the most telling.
Read explainer →What is an 8-K Item 2.02?
Item 2.02 of an 8-K is the "Results of Operations and Financial Condition" item — how public companies disclose quarterly and annual earnings. It is the filing that accompanies an earnings press release, typically attached as Exhibit 99.1, and is usually "furnished" to the SEC rather than formally "filed."
Read explainer →What does a 10-K MD&A section tell you?
MD&A — Management's Discussion and Analysis — is the section of a 10-K (and 10-Q) where management explains the numbers in plain language: why revenue and profit changed, the drivers behind them, liquidity and cash flow, and known trends or uncertainties. It is the narrative bridge between the raw financial statements and what they mean.
Read explainer →What is XBRL in SEC filings?
XBRL (eXtensible Business Reporting Language) is a machine-readable data format the SEC requires in financial filings. It tags each figure — like revenue or net income — with a standardized label, so computers can extract and compare financial data across companies automatically instead of parsing human-readable documents.
Read explainer →What is an 8-K Item 1.01?
Item 1.01 of an 8-K discloses that a company has entered into a "material definitive agreement" outside the ordinary course of business. Examples include major supply contracts, credit agreements, merger or acquisition agreements, and significant partnerships. It signals the company has committed to a consequential deal.
Read explainer →How soon after quarter-end must a company file a 10-Q?
A company must file its 10-Q within 40 days of the end of the fiscal quarter if it is a "large accelerated" or "accelerated" filer, and within 45 days if it is a smaller (non-accelerated) filer. The deadline depends on the company's public float and filing status, not on when it announces earnings.
Read explainer →What is a Form 4 and what does insider buying signal?
A Form 4 is a filing that corporate insiders — officers, directors, and holders of more than 10% of a company's stock — must submit to the SEC to report changes in their ownership, such as buying or selling shares. It is due within two business days of the transaction. Insider buying is often read as a bullish signal.
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StockHuntr provides these explainers for educational purposes only. They are general information about SEC disclosure documents and do not constitute investment, financial, legal, or tax advice.