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.

Scope and depth

The 10-K is the definitive annual disclosure. It includes a full description of the business, comprehensive risk factors, management's discussion and analysis (MD&A) of the full year, and complete, audited financial statements with extensive footnotes. It is the single best document for understanding a company in depth.

The 10-Q is a lighter-weight quarterly update. It focuses on the most recent quarter and year-to-date results, with condensed financial statements and a shorter MD&A. It highlights what changed since the last annual report rather than restating everything.

Audited vs reviewed

A key distinction is assurance level. The financial statements in a 10-K are audited by an independent accounting firm, which provides an opinion on whether they are fairly stated. The financial statements in a 10-Q are unaudited; the auditor performs a lighter "review" rather than a full audit. This is one reason the 10-K carries more weight for detailed analysis.

Timing and frequency

Companies file one 10-K per fiscal year and three 10-Qs (for the first, second, and third fiscal quarters). The fourth quarter is not reported on a separate 10-Q because the annual 10-K already covers the full year, including Q4. Filing deadlines depend on company size, with large "accelerated filers" facing tighter deadlines than smaller companies.

Related questions

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.

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.

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.

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.

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